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<SEC-DOCUMENT>0001156973-05-000583.txt : 20050429
<SEC-HEADER>0001156973-05-000583.hdr.sgml : 20050429
<ACCEPTANCE-DATETIME>20050429133851
ACCESSION NUMBER:		0001156973-05-000583
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		32
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20050429
DATE AS OF CHANGE:		20050429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DRDGOLD LTD
		CENTRAL INDEX KEY:			0001023512
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28800
		FILM NUMBER:		05784318

	BUSINESS ADDRESS:	
		STREET 1:		45 EMPIRE ROAD
		STREET 2:		PARKTOWN
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			2193
		BUSINESS PHONE:		27113817800

	MAIL ADDRESS:	
		STREET 1:		PO BOX 390
		STREET 2:		MARAISBURG
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			1700

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DURBAN ROODEPOORT DEEP LTD
		DATE OF NAME CHANGE:	19960924
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F/A
<SEQUENCE>1
<FILENAME>u07700e20vfza.htm
<DESCRIPTION>20-F/A
<TEXT>
<HTML>
<HEAD>
<TITLE>e20vfza</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">As filed with the Securities
and Exchange Commission on April&nbsp;29, 2005


<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">






<P align="center" style="font-size: 14pt">SECURITIES AND EXCHANGE COMMISSION


<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B></DIV>


<DIV align="center" style="font-size: 18pt">Form&nbsp;20-F/A</DIV>


<DIV align="center" style="font-size: 12pt">(Amendment
No.&nbsp;3)</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>OR</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#120;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>OR</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>For the fiscal year ended June&nbsp;30, 2004</B>



<P align="center" style="font-size: 10pt"><B>Commission file number 0-28800</B>



<P align="center" style="font-size: 24pt"><B>DRDGOLD LIMITED</B>


<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter</DIV>


<DIV align="center" style="font-size: 10pt">and translation of Registrant&#146;s name into English)</DIV>



<P align="center" style="font-size: 10pt"><B>REPUBLIC OF SOUTH AFRICA</B><BR>
(Jurisdiction of incorporation or organization)<BR>
<B>45 EMPIRE ROAD, PARKTOWN, JOHANNESBURG, SOUTH AFRICA, 2193</B><BR>
(Address of principal executive offices)



<P align="center" style="font-size: 10pt">Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act<BR>
<B>None</B>



<P align="center" style="font-size: 10pt">Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act.<BR>
<B>None</B>



<P align="center" style="font-size: 10pt">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act.<BR>
<B>None</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate the number of outstanding shares of each of the issuer&#146;s classes
of capital or common stock as of the close of the period covered by the annual
report.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>As of June&nbsp;30, 2004, the Registrant had outstanding 233,307,667 ordinary
shares, of no par value.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1)&nbsp;has filed all reports
required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12&nbsp;months (or for such shorter period that the
registrant was required to file such reports), and (2)&nbsp;has been subject to such
filing requirements for the past 90&nbsp;days. Yes <FONT face="Wingdings">&#120;</FONT> No <FONT face="Wingdings">&#111;</FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark which financial statement item the registrant has
elected to follow. Item&nbsp;17 <FONT face="Wingdings">&#111;</FONT> Item&nbsp;18 <FONT face="Wingdings">&#120;</FONT>


<P align="center" style="font-size: 10pt">Contact details:<BR>
Niel Pretorius &#150; Group Legal Counsel<BR>
DRDGOLD Limited, 45 Empire Road, Parktown, Johannesburg, South Africa, 2193<BR>
Telephone: &#043;2711 381 7800



<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">



<P align="center" style="font-size: 10pt">Explanatory Note:
<P align="left" style="font-size: 10pt">This Amendment No.&nbsp;3 on Form 20-F/A to the Annual Report on Form 20-F of DRDGOLD Limited for the
fiscal year ended June&nbsp;30, 2004, amends portions of that Annual Report in response to comments
received from the Securities and Exchange Commission. These amendments principally comprise
substantial revision to the disclosure in Item&nbsp;5A.: &#147;Operating Results &#151; Restatement of US GAAP
Quarterly Results&#148; and the disclosure in Item&nbsp;15.: &#147;Controls and Procedures,&#148; and the disclosure of
an additional risk factor in Item&nbsp;3D.: &#147;Risk Factors&nbsp;&#151; Risks related to our business and
operations,&#148; relating to the weaknesses we have identified in
our internal controls. In addition, the Consolidated Statement of
Operations on page&nbsp;F-3 has been revised to eliminate the
presentation of Gross Profit as a separate line item. The remainder
of the Form&nbsp;20-F remains unchanged except for immaterial conforming and amending revisions. This
Amendment No.&nbsp;3 does not reflect all events occurring after December&nbsp;3, 2004, the filing date of
Amendment No.&nbsp;1 to the Form&nbsp;20-F. These subsequent events include those described in the Company&#146;s
press releases dated February&nbsp;18, March&nbsp;17 and
March&nbsp;22, 2005 filed under cover of Form&nbsp;6-K, which
are incorporated by reference in response to certain items in this Annual Report and filed as
exhibits hereto.





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:20px; text-indent:-10px"><A href="#101">PART I</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#102">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#103">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#104">ITEM 3. KEY INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#105">ITEM 3A. Selected Financial Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#106">ITEM 3B. Capitalization and Indebtedness</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#107">ITEM 3C. Reasons For The Offer And The Use Of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#108">ITEM 3D. Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#109">ITEM 4. INFORMATION ON THE COMPANY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#110">ITEM 4A. History And Development Of The Company</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#111">ITEM 4B. Business Overview</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#112">ITEM 4C. Organizational Structure</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#113">ITEM 4D. Property, Plant And Equipment</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#159">ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</A></DIV
></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#160">ITEM 5A. Operating Results</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#161">ITEM 5B. Liquidity And Capital Resources</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#162">ITEM 5C. Research And Development, Patents And Licenses Etc.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#163">ITEM 5D. Trend Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#164">ITEM 5E. Off-Balance Sheet Items</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">126</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#165">ITEM 5F. Tabular Disclosure Of Contractual Obligations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#166">ITEM 5G.
Safe Harbor</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#114">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#115">ITEM 6A. Directors And Senior Management</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#116">ITEM 6B. Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#117">ITEM 6C. Board Practices</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">134</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#118">ITEM 6D. Employees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#119">ITEM 6E. Share Ownership</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">141</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#120">ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#121">ITEM 7A. Major Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">143</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#122">ITEM 7B. Related Party Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">145</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#167">ITEM 7C. Interest Of Experts And Counsel</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#123">ITEM 8. FINANCIAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#124">ITEM 8A. Consolidated Financial Statements And Other Financial Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#125">ITEM 8B. Significant Changes</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#126">ITEM 9. THE OFFER AND LISTING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#127">ITEM 9A. Offer And Listing Details</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#128">ITEM 9B. Plan Of Distribution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#129">ITEM 9C. Markets</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#130">ITEM 9D. Selling Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#131">ITEM 9E. Dilution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#132">ITEM 9F. Expenses Of The Issue</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#133">ITEM 10. ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#134">ITEM 10A. Share Capital</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#135">ITEM 10B. Memorandum And Articles Of Association</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#136">ITEM 10C. Material Contracts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">154</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#137">ITEM 10D. Exchange Controls</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">160</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

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    <TD width="94%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#138">ITEM 10E. Taxation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#139">ITEM 10F. Dividends And Paying Agents</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#140">ITEM 10G. Statement By Experts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#141">ITEM 10H. Documents On Display</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#142">ITEM 10I. Subsidiary Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#143">ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">169</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#144">ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">173</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-10px">PART II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#146">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#147">ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#148">ITEM 15. CONTROLS AND PROCEDURES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#149">ITEM 16. CORPORATE GOVERNANCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#150">ITEM 16A. Audit Committee Financial Expert</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#151">ITEM 16B. Code Of Ethics</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#152">ITEM 16C. Principal Accountant Fees And Services</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#168">ITEM 16D. Exemptions From The Listing Standards For Audit Committees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#169">ITEM 16E. Purchase Of Equity Securities By The Issuer</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TR valign="bottom">

<TD align="center"><DIV style="margin-left:30px; text-indent:-10px">PART III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#153">ITEM 17. FINANCIAL STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#154">ITEM 18. FINANCIAL STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#155">ITEM 19. EXHIBITS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>

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<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w63.txt">PORGERA JOINT VENTURE OPERATING AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w64.txt">EMPLOYMENT AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w65.txt">BANKING FACILITIES AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w66.txt">EMPLOYMENT AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w67.txt">SERVICE AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w68.txt">EMPLOYMENT AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w69.txt">SERVICE AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w70.txt">SUBSCRIPTION AND OPTION AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w71.txt">FORWARD BULLION TRANSACTION AGREEMENTS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w72.txt">LOAN AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w73.txt">TERMINATION AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w74.txt">NOVATION AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w75.txt">MEMORANDUM OF UNDERSTANDING</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w76.txt">CCMA SETTLEMENT AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w77.txt">LOAN AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w78.txt">SUBSCRIPTION AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w79.txt">COMMON TERMS AGREEMENT OF LOAN</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv4w80.txt">FACILITY A LOAN AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv8w1.txt">LIST OF SUBSIDIARIES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv12w1.txt">CERTIFICATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv12w2.txt">CERTIFICATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv13w1.txt">CERTIFICATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv13w2.txt">CERTIFICATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv14w1.txt">CONSENT OF KPMG INC.</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv14w2.txt">CONSENT OF DELOITTE & TOUCHE</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u07700exv15w1.txt">CONSOLIDATED FINANCIAL STATEMENT</A></FONT></TD></TR>
</TABLE>


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<P align="center" style="font-size: 10pt">&nbsp;
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Preparation of Financial Information</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are a South African company and during the three years ended
June&nbsp;30, 2004, the majority of our
operations, as measured in production ounces, were located there. Accordingly,
our books of account are maintained in South African Rand. Our financial
statements attached hereto are presented in United States Dollars and in
accordance with generally accepted accounting principles in the United States,
or US GAAP. All references to &#147;Dollars&#148; or &#147;$&#148; herein are to United States
Dollars, references to &#147;Rand&#148; or &#147;R&#148; are to South African Rands, references to
&#147;A$&#148; are to Australian Dollars and references to &#147;Kina&#148; or &#147;K&#148; are to Papua New
Guinean Kinas.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain information in this Annual Report presented in Rands, Australian
Dollars or Kinas has been translated into Dollars. Unless otherwise stated, the
conversion rates for currency translations for the 2004 fiscal year are R6.275
per $1.00, A$1.45 per $1.00 and K3.237 per $1.00, which reflect the noon buying
rate in New York City at June&nbsp;30, 2004. For statement of operations amounts,
the average conversion rate for Rand during the 2004 fiscal year of R6.90013
per $1.00 is used. The rates used for currency translations for transactions
occurring during the 2003 and 2002 fiscal years are the respective year end
exchange rates for balance sheet amounts and the average exchange rate for that
year for statements of operations amounts. By including convenience currency
translations in this Annual Report, we are not representing that the Rand,
Australian Dollars or Kinas amounts actually represent amounts shown in Dollars
or that these amounts could be converted at the rates indicated into Dollars.


<P align="left" style="font-size: 10pt"><B>DRDGOLD Limited</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December&nbsp;2004, we changed our name from Durban Roodepoort Deep,
Limited to DRDGOLD Limited. When
used in this Annual Report, the term the &#147;Company&#148; refers
to DRDGOLD Limited and the terms &#147;we,&#148; &#147;our,&#148; &#147;us&#148; or &#147;the Group&#148; refer
to the Company and its subsidiaries, associate and joint venture, as
appropriate in the context.


<P align="left" style="font-size: 10pt"><B>Special Note Regarding Forward-Looking Statements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the information in this Annual Report may contain projections or
other forward looking statements regarding future events or other future
financial performance, including forward-looking statements (as that term is
defined in the Private Securities Litigation Reform Act of 1995) and
information relating to us that are based on the beliefs of our management, as
well as assumptions made by and information currently available to our
management. When used in this report, the words &#147;estimate,&#148; &#147;project,&#148;
&#147;believe,&#148; &#147;anticipate,&#148; &#147;intend,&#148; &#147;expect&#148; and similar expressions are
intended to identify forward-looking statements. These statements include our
ability to grow our operations outside South Africa, our ability to
successfully restructure our South African operations, statements regarding
future production and throughput capacity, our ability to enter into borrowing
facilities under negotiation on acceptable terms or to fund our operations in
the next 12&nbsp;months, and anticipated production costs, cash costs
per ounce<SUP>1</SUP>,
total costs per ounce<SUP>2</SUP>. Such statements reflect our current views with respect
to future events and are subject to risks, uncertainties and assumptions. Many
factors could cause our 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 continuing strengthening of the Rand against the
Dollar, regulatory developments adverse to us or difficulties in maintaining
necessary licenses or other governmental approvals, changes in our competitive
position, changes in business strategy, any major disruption in production at
our key facilities or adverse changes in foreign exchange rates and various
other factors. For a discussion of such risks, see Item&nbsp;3D.: &#147;Risk Factors.&#148;
Readers are cautioned not to place undue reliance on these forward-looking



<P>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%" align="left"><SUP>1</SUP>
 Cash costs per ounce is a non-US GAAP financial measure of performance that
we use to determine cash generating capacities of the mines and to monitor
performance of our mining operations. For a reconciliation to
production costs see Item 5A.: &#147;Operating Results.&#148;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%" align="left"><SUP>2</SUP> Total costs per ounce is a non-US GAAP financial measure of performance that
we use to determine cash generating capacities of the mines and to monitor
performance of our mining operations. For a reconciliation to production costs see Item&nbsp;5A.: &#147;Operating
Results.&#148;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">1
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<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">statements, which speak only as of the date hereof. We do not undertake any
obligation to publicly update or release any revisions to these forward-looking statements to reflect events or

circumstances after the date of this report or to reflect the occurrence of
unanticipated events.


<P align="left" style="font-size: 10pt"><B>Imperial units of measure and metric equivalents</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units stated in this Annual Report are measured in Imperial and Metric.

<DIV align="center">
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<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Metric</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Imperial</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Imperial</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Metric</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1 metric tonne</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.10229 short tons</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 short ton</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.9072 metric tonnes</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1 kilogram</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.20458 pounds</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 pound</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.4536 kilograms</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1 gram</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.03215 troy ounces</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 troy ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31.10353 grams</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1 kilometer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.62150 miles</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 mile</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.609 kilometres</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1 meter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.28084 feet</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 foot</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.3048 metres</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1 liter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.26420 gallons</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 gallon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.785 liters</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1 hectare</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.47097 acres</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 acre</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.4047 hectares</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1 centimeter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.39370 inches</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 inch</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.54 centimetres</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1 gram/tonne</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.0292 ounces/ton</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 ounce/ton</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">34.28 grams/tonnes</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">0 degree Celsius</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">32 degrees Fahrenheit</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0 degrees Fahrenheit</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- 18 degrees Celsius</TD>
</TR>

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</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Glossary of Terms and Explanations</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Adularia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A transparent or translucent variety of common feldspar.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Archaean
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A period of the geological time scale between 2.5 and 4.6&nbsp;billion years ago, the
earliest part of the Precambrian.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Auriferous
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Containing gold.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bonanza
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unexpected high-grade occurrences.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Breccia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rock consisting of fragments, more or less angular, in a matrix of finer-grained
material or of cementing material.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Care and maintenance
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cease active mining activity at a shaft, but continue to incur costs to ensure that
the Ore Reserves are open, serviceable and legally compliant.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cash costs per ounce
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Production costs are costs incurred directly in the production of gold and include
labor costs, contractor and other related costs, inventory costs and electricity
costs. Cash costs per ounce are calculated by dividing cash costs by ounces of gold
produced. Production costs have been calculated on a consistent basis for all
periods presented. This is a non-US GAAP financial measure and should not be
considered a substitute measure of costs and expenses reported by us in accordance
with US GAAP.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Caving
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A type of mining in which the ore is blasted and drawn in a manner causing the
overhead rock to cave in.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Conglomerate
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A coarse-grained sedimentary rock consisting of rounded or sub-rounded pebbles.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cut-and-fill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A mining method in which a slice of rock is removed after blasting and replaced
with a slice of fill material to provide workers with a platform to mine the next
slice of rock.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cut-off grade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The minimum in situ grade of ore blocks for which the cash costs per ounce,
excluding overhead costs, are equal to a projected gold price per ounce.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Depletion
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The decrease in the quantity of ore in a deposit or property resulting from
extraction or production.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dilution
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Broken rock entering the ore flow at zero or minimal grade and therefore diluting
the gold content.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Diorite
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">An igneous rock formed by the solidification of molten material.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The amount of gold contained within auriferous material generally expressed in
ounces per ton or grams per tonne of ore.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">g/t
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grams per ton.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Horizon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A plane indicating a particular position in a stratigraphic sequence. This may be a
theoretical surface with no thickness or a distinctive bed.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hanging wall
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The mass of rock above a geological structure.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Igneous rock
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rock which is magmatic in origin.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In-situ deposit
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reserves still in the ground calculated at a realistic stoping width, but not
discounted for mining efficiencies.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Intrusive
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rock which while molten, penetrated into or between other rocks, but solidified
before reaching the surface.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Life of mine
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Projected life of a mining operation based on the Proven and Probable Ore Reserves.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Metallurgical recovery factor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gold extracted from the ore, treated in a metallurgical process and expressed as a
percentage, once the tailings component has been discarded into residue.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Metallurgical plant
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A processing plant (mill)&nbsp;erected to treat ore and extract the contained gold.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mineable
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That portion of a mineral deposit for which extraction is technically and
economically feasible.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mine call factor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This is the gold content recovered expressed as a percentage of the gold content
called.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material passed through the metallurgical plant for processing.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Million tons.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ore
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A mixture of valuable and worthless minerals from which the extraction of at least
one of the minerals is technically and economically viable.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ore Reserves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total Ore Reserves of wholly-owned subsidiaries and our 20% attributable share of
the Ore Reserves from the Porgera Joint Venture.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pay limit
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The minimum in-situ grade of ore blocks for which cash costs, including all
overhead costs, are equal to a projected gold price per ounce.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Proven (Measured) Ore<BR>
Reserves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reserves for which (a)&nbsp;the quantity is computed from dimensions revealed in
outcrops, trenches, workings or drill holes; grade and/or quality are computed from
the results of detailed sampling and (b)&nbsp;the sites for inspection, sampling and
measurement are spaced so closely and the geologic character is so well defined
that size, shape, depth, and mineral content of Ore Reserves are well-established.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Probable (Indicated) Ore<BR>
Reserves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reserves for which quantity and grade and/or quality are computed from information
similar to that used for proven Ore Reserves, but the sites for inspection,
sampling, and measurement are farther apart or are otherwise less adequately
spaced. The degree of assurance, although lower than that for proven Ore Reserves,
is high enough to assume continuity between points of observation.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">oz/t
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ounces per ton.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Quartzite
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A metamorphic rock consisting primarily of quartz grains, formed by the
recrystallization of sandstone.</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Reef
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A gold-bearing sedimentary horizon, normally a conglomerate band that may contain
economic levels of gold.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Refining
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The final purification process of a metal or mineral.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rehabilitation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The process of restoring mined land to a condition approximating its original state.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Reserves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That part of a mineral deposit which could be economically and legally extracted or
produced at the time of the reserve determination.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sand dump
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The finely ground rock from which valuable minerals have been extracted by milling,
or any waste rock, slimes or residue derived from any mining operation or
processing of any minerals.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sedimentary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formed by the deposition of solid fragmental material that originated from
weathering of rocks and was transported from a source to a site of deposition.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Shaft
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">An opening cut downwards for transporting personnel, equipment, supplies, ore and
waste. A shaft is also used for ventilation and as an auxiliary exit. It is
equipped with a hoist system that lowers and raises a cage in the shaft,
transporting equipment, personnel, materials and ore. A shaft generally has more
than one compartment.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Shrinkage stoping
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A mining method in which a small percentage of the broken ore is drawn as mining
progresses to make room for subsequent mining activities. Most of the blasted ore
is left to accumulate in the stope and is drawn after the stope is completely
mined.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Slimes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The fraction of tailings discharged from a processing plant after the valuable
minerals have been recovered.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sloughing
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The localized failure of part of the slimes dam wall caused by a build up of water
within the dam.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stope
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underground production working area on the ore horizon.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sub-level stoping
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A method of mining in which the ore is blasted, on multiple levels in one stope,
and drawn off as it is blasted, leaving an open stope.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tailings
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Finely ground rock from which valuable minerals have been extracted by milling, or
any waste rock, slimes or residue derived from any mining operation or processing
of any minerals.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tailings dam
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A dam created from waste material of processed ore after the economically
recoverable gold has been extracted.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Telluride
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A rare nonmetallic element, analogous to sulphur and selenium.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tonnage/Tons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quantities where the metric tonne is an appropriate unit of measure. Typically used
to measure reserves of gold-bearing material in-situ or quantities of ore and waste
material mined, transported or milled.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total costs per ounce
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total costs is a non-US GAAP financial measure that represents the full amount of
costs incurred and represents the difference between revenues from gold bullion
delivered to refineries and profits or losses before taxation. Total costs per
ounce are calculated by dividing total costs by ounces of gold produced. This is a
non-US GAAP financial measure and should not be considered a substitute measure of
costs and expenses reported by us in accordance with US GAAP.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tpm
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tons per month.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Up-dip mining
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A mining method in which the drilled and blasted ore gravitates into slushers or
gullies leaving an open space. This is normally used in narrow stopes.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Waste rock
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-auriferous rock.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yield
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The amount of recovered gold from production generally expressed in ounces or grams
per ton of ore.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="101"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PART I</B>


<DIV align="left">
<A name="102"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable

<DIV align="left">
<A name="103"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable

<DIV align="left">
<A name="104"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 3. KEY INFORMATION</B>


<DIV align="left">
<A name="105"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>3A. SELECTED FINANCIAL DATA</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following selected consolidated financial data as of June&nbsp;30, 2004 and
2003 and for the years ended June&nbsp;30, 2004, 2003 and 2002 are derived from our
consolidated financial statements set forth elsewhere in this Annual Report,
which have been prepared in accordance with US GAAP. These consolidated
financial statements have been audited by KPMG Inc as of and for the years
ended June&nbsp;30, 2004 and June&nbsp;30, 2003 and Deloitte &#038; Touche for the year ended
June&nbsp;30, 2002, whose reports with respect to these financial statements appear
elsewhere in this Annual Report. The selected consolidated financial data as of
June&nbsp;30, 2001 and 2000 and for the years ended June&nbsp;30, 2001 and 2000 are
derived from audited consolidated financial statements not appearing in this
Annual Report which have been prepared in accordance with US GAAP. The selected
consolidated financial data set forth below should be read in conjunction with
Item&nbsp;5.: &#147;Operating and Financial Review and Prospects&#148; and with the
consolidated financial statements and the notes thereto and the other financial
information appearing elsewhere in this Annual Report.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of anticipated changes in our audit team, on December&nbsp;13,
2002, we requested that Deloitte &#038; Touche resign as our independent
accountants. Deloitte &#038; Touche indicated orally to us that effective December
31, 2002, they intended to resign and their letter dated December&nbsp;31, 2002, was
subsequently received. In response to this, we engaged KPMG Inc as our new
independent accountants effective January&nbsp;1, 2003. Our Audit Committee
recommended, and our board of directors authorized and approved, the decision
to accept the resignation of Deloitte &#038; Touche and to replace them with KPMG
Inc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The report of Deloitte &#038; Touche on our financial statements for the fiscal
year ended June&nbsp;30, 2002 contained no adverse opinion or disclaimer of opinion
and was not qualified or modified as to uncertainty, audit scope or accounting
principle.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our audit for the fiscal year ended June&nbsp;30, 2002 there
have been no disagreements between us and Deloitte &#038; Touche on any matter of
accounting principle or practice, financial statement disclosure, or auditing
scope or procedure, which disagreements if not resolved to the satisfaction of
Deloitte &#038; Touche would have caused Deloitte &#038; Touche to make reference thereto
in its reports on our financial statements for such years. During the fiscal
year ended June&nbsp;30, 2002, we did not, nor did any other person on our behalf,
consult with KPMG Inc on any application of accounting principle or any other
matter set forth in Item&nbsp;304(a)(2)(i) or (ii)&nbsp;of Regulation&nbsp;S-K under the US
Securities Exchange Act of 1934, as amended, or the Exchange Act.


<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Selected Consolidated Financial Data<BR>
(in thousands, except share, per share and ounce data)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2000</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&nbsp;&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&nbsp;&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&nbsp;&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&nbsp;&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&nbsp;&#146;000</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Consolidated Statement of Operations

Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,568</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(277,491</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(235,359</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(218,056</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(247,098</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(303,484</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net operating (loss)/income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(37,633</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(94,974</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,920</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(169,469</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">(Loss)/profit before tax and other
items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32,686</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(94,573</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(91,744</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(172,467</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income and mining tax (expense)/
benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,230</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(41,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,724</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity in loss from associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,452</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(76</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net (loss)/profit applicable to common
stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,709</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(84,481</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(170,819</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Basic (loss)/profit per share (cents)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(164</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Diluted (loss)/profit per share (cents)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(164</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Consolidated Balance Sheet Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,786</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,597</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(200,194</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(197,145</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(212,777</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(214,188</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(203,134</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(59,865</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(63,149</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25,368</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,273</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,589</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stockholders&#146; (equity)/deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(83,852</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,236</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(29,463</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total liabilities and stockholders&#146;
equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(284,975</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(202,381</TD>
        <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(197,306</TD>
        <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(193,621</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(232,597</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Number of shares issued as at June&nbsp;30</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,307,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,222,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,173,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,529,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,990,746</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non-US GAAP Financial Data</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Working capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(24,993</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(34,311</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(35,059</TD>
    <TD nowrap>)</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash costs per ounce<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total costs per ounce<SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">441</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" align="left"><SUP>1</SUP>
     Cash costs per ounce is a non-US GAAP financial measure of performance that
we use to determine cash generating capacities of the mines and to monitor
performance of our mining operations. For a reconciliation to
production costs see Item 5A.: &#147;Operating Results.&#148;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" align="left"><SUP>2</SUP>
 Total costs per ounce is a non-US GAAP financial measure of performance that
we use to determine cash generating capacities of the mines and to monitor
performance of our mining operations. For a reconciliation to production costs
see Item&nbsp;5A.: &#147;Operating Results.&#148;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="106"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>3B. CAPITALIZATION AND INDEBTEDNESS</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable

<DIV align="left">
<A name="107"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>3C. REASONS FOR THE OFFER AND THE USE OF PROCEEDS</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable

<DIV align="left">
<A name="108"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>3D. RISK FACTORS</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to other information contained in this Annual Report,
investors in our securities should consider carefully the risks described
below. Our business, financial condition or operating results could be
materially adversely affected by any of these risks.


<P align="left" style="font-size: 10pt">Some of the most relevant risks are summarized below and have been organized
into the following categories:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risks related to our business and operations</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risk related to the gold mining industry</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risks related to doing business in South Africa and Papua New Guinea</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risks related to ownership in our ordinary shares or ADSs</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Risks related to our business and operations</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>A strong Rand and a weak gold price negatively affect our operations.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the majority of our production costs are in Rands, while gold is
generally sold in Dollars, our financial condition has been and could be
materially harmed in the future by an appreciation in the value of the Rand.
For our South African operations, the continuing appreciation of the Rand since
December&nbsp;2001 has resulted in a sustained reduction in revenue received by us
in Rands. Consequently, in September&nbsp;2003, the North West Operations underwent
a restructuring when underground operating costs were $104 per ounce above the
average Dollar gold price received, resulting in the retrenchment of 2,400
employees at a cost of $6.5&nbsp;million. A further restructuring took place in
March&nbsp;2004 with 600 employees retrenched at a cost of $0.6&nbsp;million. In June
2004, the North West Operations and Blyvoor Section underwent further
restructuring when the cash costs were $26 and $72 per ounce above the average
Dollar gold price recovered in the fourth quarter, respectively. Due to the
marginal nature of our mines in South Africa, any sustained decline in the
market price of gold below the cost of production, which averaged a cash cost
and total cost<SUP>1</SUP> of $393 per ounce and $458 per ounce respectively for the South
African operations, in fiscal 2004, could result in the closure of these mines
which would result in significant costs and expenditure for example, incurring
retrenchment costs earlier than expected, that would negatively and adversely
affect our financial situation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Changes in the market price for gold, which in the past has fluctuated
widely, and exchange rate fluctuations affect the profitability of our
operations and the cash flows generated by those operations.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generally do not enter into forward contracts to reduce our exposure to
market fluctuations in the Dollar gold price or the exchange rate movements of
the Rand and Kina. We sell our gold and trade our foreign currency at the spot
price in the market on the date of trade. If the Dollar gold price should fall
and the regional functional currencies should strengthen against the Dollar,
resulting in revenue below our cost of production and remain at such levels for
any sustained period, we may experience losses and may be forced to curtail or
suspend some or all of our operations. In addition, we might not be able to
recover any losses we may incur during that period or maintain adequate gold
reserves for future exploitation.



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Cash cost per ounce and total cost per ounce are non-US GAAP financial
measures of performance that we use to determine cash generating capacities of
the mines and to monitor performance of our mining operations. For
a reconciliation to production costs see Item&nbsp;5A.: &#147;Operating Results.&#148;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">7
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">








<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange rates are influenced by global economic trends which are beyond
our control. In fiscal 2004, 2003 and 2002, the Rand appreciated against the
Dollar by 16%, 28% and 29%, respectively. As at June&nbsp;30, 2004, the Rand had
appreciated by 54.7% since reaching R13.84 = $1.00 in December&nbsp;2001. The
following table illustrates the movement in the closing and average Rand/Dollar
exchange rates over the last three years:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%&nbsp;movement</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%&nbsp;movement</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%&nbsp;movement</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Average for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23.8</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11.0</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.60</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Closing for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16.0</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28.0</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.05</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at October&nbsp;31, 2004, the Rand/Dollar exchange rate was R6.14 = $1.00.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kina has also experienced significant fluctuations against the Dollar
over this period. In fiscal 2003, the Kina strengthened against the Dollar by
29% and weakened in fiscal 2004 by 7%. A decrease in the gold price and a
strengthening of the foreign exchange rate of the Rand and Kina has resulted
and could continue to result in a decrease in profitability. In fiscal 2004 and
2003, 71% and 91% of production, respectively, was from South African mines
providing significant exposure to the strengthening of the Rand and a decrease
in profitability. If the Rand continues to appreciate in such a manner, our
South African operations could experience a reduction in cash flow and
profitability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We have a history of losses and may continue to incur losses in the
future.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incurred net losses of $55.8&nbsp;million for fiscal 2004, $51.7&nbsp;million for
fiscal 2002 and $84.5&nbsp;million for fiscal 2001. We may continue to incur
substantial losses in the future. Our loss during fiscal 2004 would have been
higher had we not experienced an 18% increase in the average Dollar price of
gold from $334 in fiscal 2003 to $389 in fiscal 2004. The acquisition of a 20%
interest in the mineral assets mined under the unincorporated Porgera Joint
Venture and our resultant proportionate participation in its production and
costs from October&nbsp;14, 2003, increased our gold production by 147,475 ounces at
a cash cost of $215 per ounce. This partially offset the losses incurred at our
South African operations with production of 574,955 ounces, or 71% of total
production, at a cash cost of $393 per ounce.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our profits and cash flows of the South African operations are directly
exposed to the strength of the Rand and higher input costs as we generally do
not hedge. These mines are also regarded as older, higher cost and lower-grade
gold producers. Our ability to identify Ore Reserves that can be mined
economically and to maintain sufficient controls on production and other costs
will have a material influence on the future viability of these mines.



<P align="left" style="font-size: 10pt"><B><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not be able to meet
our cash requirements because of a number of factors, many of which
are beyond our control.</i></B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of November&nbsp;30, 2004 we estimated that the cost of restructuring our South African operations
and other anticipated commitments for fiscal 2005, including capital
expenditure, working capital and interest payments on our convertible
notes, would be between $60.0 million to $65.0 million. This range
excluded our obligation to subscribe for rights under Emperor&#146;s
2004 rights offering, which amounted to a maximum of A$9.2 million ($7.0
million). We funded our participation in this rights offering out
of the third debt facility of $15 million negotiated with Investec
(Mauritius). Our ability to meet our cash requirements is dependent
upon our future performance, our ability to successfully restructure
our South African Operations, which will be subject to financial,
business and other factors affecting our operations, many of which
are beyond our control. As at October 31, 2004 we had $2.9 million of
undrawn amounts under our existing facilities to use for general
purposes. If we are unable to meet our cash requirements out of cash
flows generated from our operations, we would need to fund these cash
requirements from alternative financing. We may not be able to obtain
alternative financing and we cannot guarantee that
any such financing would be on acceptable terms, or would be
permitted under the terms of our existing financing arrangements. In
the absence of such financing, our ability to respond to changing
business and economic conditions, make future acquisitions, react to
adverse operating results, meet our debt service obligations or fund
required capital expenditures or increased working capital requirements
may be adversely affected.



<P align="center" style="font-size: 10pt">8
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The failure to discover or acquire new Ore Reserves could negatively affect our
cash flow, results of operations and financial condition</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our future cash flow, results of operations and financial condition are
directly related to the success of our exploration and acquisition efforts and
our ability to replace depleted South African reserves with reserves offshore.
In fiscal 2004, our Ore Reserves decreased by 24% from 14.4&nbsp;million ounces at
June&nbsp;30, 2003 to 11.0&nbsp;million ounces at June&nbsp;30, 2004, as a result of shaft
closures at certain of our South African operations and the strength of the
Rand causing a decline in the Rand gold price. Mining higher grade reserves in
our South African mines is likely to be more difficult in the future and could
result in increased production costs and reduced profitability. A failure to
discover or acquire new reserves in sufficient quantities to maintain or grow
the current level of our reserves will negatively affect our future cash flow,
results and financial condition. We can make no assurances that any of our new
or ongoing exploration programs will result in new mineral producing
operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The ability to grow through acquisitions may be restricted by limited
acquisition opportunities at an appropriate price.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time we consider the acquisition of mining assets including
Ore Reserves, development properties, operating mines or mining companies. The
decision to acquire mining assets is based on our strategy to expand or replace
current production outside South Africa. The market for acquisitions is
competitive and we may not always be successful in purchasing assets. The
ability to conduct a comprehensive due diligence analysis could also be
restricted due to available information. This may result in the use of a
combination of historical and projected data in order to evaluate the financial
and operational feasibility of the target assets. These analyses are based on a
variety of factors including historical operating results, estimates of and
assumptions about future reserves, cash and other operating costs, metal prices
and projected economic returns and evaluations of existing or potential
liabilities associated with the property and its operations. Other than
historical operating results, all of these parameters could differ
significantly from the estimates and assumptions used in the evaluation
process, which could result in an incorrect evaluation of the quality of the
assets to be acquired. Our inability to make suitable acquisitions at an
appropriate price could adversely affect our ongoing business and financial
position, particularly if the Rand continues to strengthen against the Dollar.
Furthermore, we could experience financial loss through costs incurred in
evaluating and pursuing failed acquisitions or overpayment for an acquisition.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We may not be able to continue our growth if our acquisition strategy is
not successful.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our objective is to grow our business by improving efficiency at our
existing operations as well as through acquisitions outside South Africa. Our
success at completing any acquisitions depends on a number of factors,
including:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>identifying acquisitions which fit our strategy;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>negotiating acceptable terms with the seller of the business to be acquired;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtaining the financing necessary to complete future acquisitions; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtaining approval for the funding and ownership structure from
regulatory and central banking authorities in South Africa and in the
jurisdiction of the business to be acquired.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether an acquisition will have a positive effect on our results, depends
on a variety of factors including:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assimilating the operations of an acquired business in a timely and efficient manner;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintaining our financial and strategic focus while integrating the acquired business;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>implementing uniform standards, controls, procedures and policies at the acquired business; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent that we make an acquisition outside of markets in which
we have previously operated, conducting and managing operations in a new
operating environment.</TD>
</TR>

</TABLE>

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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt">As a marginal gold producer, in the past we have acquired, and we plan to
continue to acquire, marginal mines with
relatively higher production costs and lower returns. We may not be able to
reduce the production costs or increase the returns on these mines in the short
to medium term, due to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>high employment costs;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accessibility of reserves on an economically feasible basis;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unexpected technical difficulties; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the inability to extend the life of mine.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiring additional businesses could place increased pressure on our cash
flow if such acquisitions are accomplished by utilizing cash. Acquisitions
financed through the issue of shares may result in a dilution in the value of
our shares if the value of the business acquired is not realized. The
integration of our existing operations with any acquired business will require
significant expenditure of time, management attention and funding. Achievement
of the benefits expected from the consolidation of newly acquired businesses
into the group will require us to incur significant costs in connection with,
among other things, implementing standardized financial internal controls over
financial reporting, disclosure controls and procedures, management and other
planning systems. We may not be able to integrate the operations of recently
acquired companies or restructure our previously existing operations without
encountering difficulties. Our inability to exercise effective control over
entities in which we have a significant minority interest and to gain control
of the business, as has been the case to date with Emperor, will restrict our
ability to implement operational and financial changes to the business in line
with our acquisition strategy. Over the short-term, difficulties associated
with integration and restructuring could result in decreased production,
increased costs and decreased profitability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The cost to fund the development of a new mining project is dependent on
third party financing which may not be obtainable.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New mining projects take several years to bring into production and
require a significant amount of capital funding. The ability to raise funding
for a long-term project requires considerable support from shareholders,
financial institutions and investors. Due to the long duration to develop a
new mining project, the feasibility of the project could be impacted by
volatile input factors, including the price of gold. This may require
additional capital contributions during the course of the project and the
success of the project could ultimately be dependent on the ongoing financial
support of shareholders, financial institutions and investors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Because we rely on two mining operations for the majority of our cash
flow, our business and operating results will be harmed if one or both of those
operations are negatively impacted.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal 2004, the Tolukuma Section and our interest in Porgera accounted
for 29% of total production and 117% of gross profit. In fiscal 2003, 8% of
total production and 14% of gross profit was from the Tolukuma Section. Any
negative developments affecting the Tolukuma Section or Porgera Joint Venture
(such as seismic events, underground fires and labor interruptions) could cause
our results of operations, cash flows and the price of our securities to
decline. In fiscal 2004, insurance coverage for our 20% share of loss of profit
at the Porgera Joint Venture was not available at an affordable premium. In
fiscal 2005, we obtained insurance coverage, against this risk, for the
Tolukuma Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We do not control the operations at CGR, including the Crown and ERPM
Sections, Porgera Joint Venture or Emperor Section.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not control Crown Gold Recoveries, or CGR, the Porgera Joint Venture
or Emperor Mines Limited, or Emperor, and cannot unilaterally cause these
entities to adopt a particular budget, pay dividends or repay indebtedness,
including debt held by us. Because we do not control these entities, current
management may not continue to manage these entities in a manner that is
favorable to us. With a minority interest stake in these entities, our ability
to raise funding is dependent on access to capital from their shareholders,
joint venture partners or third party financiers. Decisions which reduce gold
production, revenues or profitability, over which we have no control, may serve
to reduce our cash flows and decrease our profitability, especially with
regards to revenues, profitability and cash flows from the Porgera Joint
Venture, on which we depend.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>East Rand Proprietary Mines Ltd, or ERPM, may experience ongoing risks
during the controlled closure of the underground section.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A multi-disciplinary consultative forum with broad based stakeholder
representation concluded on July&nbsp;4, 2004, that continued underground mining at
ERPM had become unsustainable, even at a significantly higher Rand gold price.
As a result ERPM&#146;s underground operations have been placed on a controlled
closure program which was expected to be completed in March&nbsp;2005, but has been
postponed. The decision was preceded by a 60-day operational review, conducted
in accordance with the provisions of the South African Labour Relations Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The controlled closure of the underground section will require the
co-operation of all stakeholders including the Department of Minerals and
Energy, or DME, labor unions, shareholders, creditors and employees, in order
to meet the financial obligations of the mine. During the closure program
limited underground mining operation will continue in line with the reduction
in the labor force. Surface operations may continue uninterrupted both during
and after the closure of the underground section. ERPM believes anticipated
funds generated from the continued surface operations and the controlled
closure of the underground mining will fund retrenchment costs, environmental
management costs and rehabilitation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The continued operation of the underground section is dependent on the
safety of workers. Increased seismicity associated with the peculiar geological
composition of underground workings may cause the premature closure of the
underground section and limit the future cash generating ability of the mine.
ERPM may as a result, not be able to fund its financial obligations in respect
of, amongst other things, retrenchment, environmental management and
rehabilitation costs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ability of our associates, CGR and ERPM, to continue as a going
concern conducting business depends on the support of their stockholders,
secured lenders and creditors, including us. At June&nbsp;30, 2004, we recognized
losses against amounts owing to us by CGR and ERPM and these loans are
therefore carried at a nil value. If CGR and ERPM are forced into premature
closure they will experience a rehabilitation funding shortfall of $14.7
million. As managers of the Crown and ERPM Sections, we could be held
proportionately liable for claims resulting from non-compliance with certain
legislative standards of environmental practice, if the various statutory
criteria providing for liability beyond the corporate veil are applicable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our production costs may fluctuate and have an adverse effect on our
results of operations.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our historical production costs have varied significantly and we cannot
predict what our production costs may be in the future. Production costs are
affected by, amongst other things:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>labor stability, lack of productivity and increases in labor costs;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unforeseen changes in ore grades and recoveries;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unexpected changes in the quality or quantity of reserves;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unstable or unexpected ground conditions and seismic activity;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>technical production issues;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>environmental and industrial accidents;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gold theft;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>environmental factors; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pollution.</TD>
</TR>

</TABLE>




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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Increased production costs would affect profitability.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of our production costs consist of labor, steel, electricity
and water. The production costs incurred at our South African operations have,
and could in the future, increase at rates in excess of our annual expected
inflationary increase and result in the restructuring of these operations at
substantial cost. The majority of our South African labor force is unionized
and their wage increase demands are usually above the then prevailing rates of
inflation. In 2003, we entered into a two year wage agreement with the local
South African labor unions that limited wage increases to the greater of
inflation as measured by the Consumer Price Inflation Index, or CPIX, plus 1%,
or 7%. This agreement took effect from July
1, 2004, with an actual increase of 7%. In addition, we have received
notification of price increases, far in excess of the current rate of
inflation, to be imposed by our South African steel suppliers and parastatal
entities which supply us with electricity and water. These, combined with the
increase in labor costs, could result in our costs of production increasing
above the gold price received. Discussions with suppliers to moderate price
increases have so far been unsuccessful. The costs of fuels, lubricants and
other oil and petroleum based products have increased in fiscal 2004 as a
result of the general increase in the cost of crude oil in global markets.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the location of the Tolukuma section in the highlands of Papua New
Guinea, all transportation to the mine site is by heavy lift helicopters.
Approximately $25 per ounce, or 10%, of production costs relate to
transportation, including the cost of JET A1 fuel for the helicopters. In the
event that the increase in crude oil prices continues, this will have a
significant impact on production costs at the Tolukuma section and will
increase the cost of mining at our other operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our initiatives to reduce costs may not be sufficient to offset the
increases imposed on our operations and could negatively affect our business
and operating results.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our operations are subject to extensive environmental regulations which
could impose significant costs and liabilities.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations are subject to increasingly extensive laws and regulations
governing the protection of the environment, under various state, provincial
and local laws, which regulate air and water quality, hazardous waste
management and environmental rehabilitation and reclamation. Our mining and
related activities impact the environment, including land, habitat, streams and
environment near the mining sites. Delays in obtaining, or failures to obtain
government permits and approvals may adversely impact our operations. In
addition, the regulatory environment in which we operate could change in ways
that could substantially increase costs to achieve compliance, therefore having
a material adverse effect on our profitability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have made, and expect to make in the future, expenditures to comply
with these laws and regulations. We have estimated these liabilities and
included them in the $39.1&nbsp;million provision for the Group&#146;s environmental
rehabilitation, reclamation and closure costs on our balance sheet as at June
30, 2004. However the ultimate amount of rehabilitation costs may in the future
exceed the current estimates due to influences beyond our control, such as
changing legislation or unidentified rehabilitation costs. The closure of
mining operations, without sufficient financial provision for the funding of
rehabilitation liabilities, or unacceptable damage to the environment,
including pollution or environmental degradation, may expose us and our
directors to litigation and potentially significant liabilities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our Papua New Guinea operations are subject to environmental risks
associated with tailings discharge.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma and Porgera Sections in Papua New Guinea have site specific
environmental risks associated with their operations. Tailings are routinely
discharged into the surrounding river systems in accordance with approved
environmental water discharge permits issued by the Papua New Guinea Department
of the Environment and Conservation under the Papua New Guinea Environmental
Act 2000 and Regulations 2000. The Papua New Guinea Government has approved
disposal into certain natural rivers as the most appropriate method for treated
tailings and soft incompetent waste rock because the mines are located in
extremely rugged mountainous terrain, subject to seismic activity, high
rainfall and landslides, so construction of a tailings impoundment would be
very difficult and the risk of an engineering failure high.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the elevated concentrations of heavy metals naturally occurring in
the ore, in particular lead, mercury and arsenic, discharges are monitored in
accordance with the terms of our approved environmental management monitoring
program. Cyanide associated with the tailings deposited is detoxified and
cyanide levels are monitored daily. However, should we be unable to control the
levels of lead, mercury, arsenic or cyanide, it could pose potential adverse
health risks to


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">the surrounding communities and may result in us violating our
environmental water discharge permit and may expose us to civil and criminal
liability. While our Papua New Guinea operations currently comply with the
applicable license conditions accepted by the Papua New Guinea Government in
granting approval, the eventual, cumulative environmental impacts could be
greater than the estimates in, or contemplated by, the environmental plans and
environmental management monitoring programs approved by the Papua New Guinea
Government. In such event the Papua New Guinea Government could require
us to remedy such consequences and the costs of such remediation could be
material. We have also encountered opposition from local people and landowners
regarding our discharge of tailings. This opposition could cause delays or
stoppages which could reduce our production capacity and results of operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in Papua New Guinean Government legislation or policy on
regulatory discharges into the environment could result in operational
disruptions, especially if the government changes the method it requires for us
to test tailings discharges, and may have a material adverse affect on
profitability as additional costs may need to be incurred to facilitate other
waste discharge methods.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Flooding at our operations may cause us to incur liabilities for
environmental damage.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flooding of underground mining areas is an inherent risk at our South
African operations. If the rate of rise of water is not controlled, water from
our workings could potentially rise to the surface or decant into surrounding
underground workings or natural underground water sources. Due to the
withdrawal of Government pumping subsidies at Durban Deep and West Wits,
we have ceased active pumping of underground water. We expect that the
progressive flooding where these operations are located could eventually cause
the discharge of polluted water to the surface and to local water sources.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimates of the probable rate of rise of water in those mines are
contradictory and lack scientific support, however, should underground water
levels not reach a natural subterranean equilibrium, and in the event that
underground water rises to the surface, we may face claims relating to
environmental damage and pollution of ground water, streams and wetlands.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Underground and opencast mines in Papua New Guinea may experience flooding due
to excessive annual rainfall.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We have ageing assets in South Africa, which exposes us to greater risk of
our infrastructure failing and higher maintenance costs.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our South African assets are made up predominantly of mature assets, which
we acquired after they had reached the end of the planned production cycle
under their previous owners, and our strategy has been to revive these assets
through specialist planning and mining techniques. The ageing infrastructure
and installations typical of these operations require constant maintenance and
continuing capital expenditure. This materially increases our operational
costs. The mature state of these assets, coupled with the technology applied in
many of our installations was not regularly updated and accordingly has become
obsolete compared to the technology used in more modern mines. As a result the
risk of technology failure is high, and the maintenance of these installations,
costly.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>If we are unable to attract and retain key personnel our business may be
harmed.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The success of our business will depend, in large part, upon the skills
and efforts of a small group of management and technical personnel including
Mr.&nbsp;M.M. Wellesley-Wood, our Chief
Executive Officer, and Mr.&nbsp;I.L. Murray, our Chief Financial Officer. Factors critical to retaining
our present staff and attracting additional highly qualified personnel include
our ability to provide these individuals with competitive compensation
arrangements, equity participation and other benefits. If we are not successful
in retaining or attracting highly qualified individuals in key management
positions, our business may be harmed. We do not maintain &#147;key man&#148; life
insurance policies on any members of our executive team. The loss of any of our
key personnel could prevent us from executing our business plans, which may
result in decreased production, increased costs and decreased profitability.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Events may occur for which we are not insured which could affect our cash
flows and profitability.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may become subject to liability for pollution or other hazards against
which we have not insured or are unable to insure, including those in respect
of past mining activities. Our existing property and liability insurance
contains certain exclusions and limitations on coverage. We have coverage in
the amount of $1,083&nbsp;million (R6,798&nbsp;million) for assets, $297&nbsp;million (R1,861
million) for loss of profits due to business interruption and $90&nbsp;million (R567
million) for general liability. This policy is limited by initial deductible
amounts covering the loss of surface and underground assets, and losses due to
seismic events, machinery breakdown, flooding, fire and accidents. Business
interruption is only covered from the
time the loss actually occurs. The deductible amounts vary between categories
with the maximum deductible of $4.8&nbsp;million (R30&nbsp;million) for any underground
loss. Claims for each and every event are limited by the insurers to $159.4
million (R1&nbsp;billion). A specific limitation of $15.9&nbsp;million (R100&nbsp;million)
applies for loss suffered or claims as a result of any landslide at the
Tolukuma Section. In fiscal 2004, the asset program also had a number of
sub-limits for different categories of claims.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future insurance coverage may not cover the extent of claims against us,
including claims for environmental, industrial or pollution related accidents,
for which coverage is not available. If we are required to meet the costs of
claims which exceed our insurance coverage, our costs may increase which could
decrease our profitability.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We have discovered material weaknesses in our internal controls in relation to our US GAAP
financial reporting. If we fail to remedy these weaknesses and establish and maintain an effective
system of internal controls, our reported financial results under US GAAP may not be accurate. As a
result, current and potential shareholders could lose confidence in our financial reporting, which
could adversely affect the trading price of our shares.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2004, we discovered material weaknesses in our internal controls. Effective
internal controls are necessary for us to provide reliable US GAAP financial reports. Failure to
remedy these weaknesses and provide reliable US GAAP financial reports could have an adverse effect
on our share price. Remedying these material weaknesses is challenging in light of the limited
availability within South Africa, where our headquarters are located, of internal accounting
employee candidates who have sufficient knowledge and experience regarding the application of US
GAAP and SEC requirements and of potential external advisers with US GAAP expertise to supplement
our internal resources.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During our 2004 audit, our auditors identified accounting errors in our reported US GAAP
quarterly results, as disclosed in Item&nbsp;5A under &#147;Restatement of US GAAP Quarterly Results,&#148; which
required us to restate certain amounts in those quarterly financial statements. In addition, it
also took us nearly twelve months to prepare and file separate US GAAP historical financial
statements and pro forma financial statements in connection with our acquisition, on October&nbsp;14,
2003, of a 20% interest in the Porgera Joint Venture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering these accounting errors and the late filing of financial statements for our 20%
interest in the Porgera Joint Venture, our senior management, in conjunction with our auditors,
identified the following material weaknesses in our internal control over US GAAP financial
reporting at a Group level: (i)&nbsp;a lack of sufficient knowledge and experience among our internal
accounting personnel regarding the application of US GAAP and SEC requirements; (ii)&nbsp;insufficient
written policies and procedures for accounting and financial reporting with respect to the
requirements and application of US GAAP and SEC requirements; and (iii)&nbsp;insufficient emphasis by
management on evaluating our compliance with US GAAP and SEC requirements. These weaknesses were
most likely to manifest themselves in accounting errors in our US GAAP financial reporting for the
periods in which we did not utilize the assistance of external accounting advisers with US GAAP
expertise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are continuing to work to improve our internal control over financial reporting, including
in the areas of compliance with US GAAP and SEC reporting requirements. We cannot be certain that
these measures will result in processes that provide reasonable assurance regarding the reliability
of our US GAAP financial reporting and the preparation of financial statements for external
purposes in accordance with US GAAP. Any failure to implement necessary new or improved controls,
including those needed to remediate any control weaknesses discovered in preparation for the
requirements of Section&nbsp;404 of the U.S. Sarbanes-Oxley Act of 2002, or difficulties encountered in
their implementation, could cause us to fail to meet our US GAAP reporting obligations. If we are
unable to correct the material weaknesses in our internal control over US GAAP financial reporting
and we are required to continue to report that we have material weaknesses in those internal
controls, investors could lose confidence in our reported financial information, which could have a
negative effect on the trading price of our shares.

<P align="left" style="font-size: 10pt"><B>Risks related to the gold mining industry</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Changes in the price of gold, which in the past has fluctuated widely, is
beyond our control.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, the gold price has fluctuated widely and is affected by
numerous industry factors, over which we have no control, including:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the physical supply of gold from world-wide production and scrap
sales, and the purchase, sale or divestment by central banks of their
gold holdings;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the demand for gold for investment purposes, industrial and commercial
use, and in the manufacturing of jewellery;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>speculative trading activities in gold;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the overall level of forward sales by other gold producers;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the overall level and cost of production of other gold producers;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>international or regional political and economic events or trends;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the strength of the Dollar (the currency in which gold prices
generally are quoted) and of other currencies;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial market expectations regarding the rate of inflation; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest rates.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the average, high and low London Bullion market
price of gold in Dollars during the last three fiscal years:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Average</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">269</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">291</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">260</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;30, 2004, the afternoon fixing price of gold on the London Bullion
Market was $395.80 per ounce and on October&nbsp;31, 2004, was $425.55 per ounce.


<P align="center" style="font-size: 10pt">14
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The exploration of mineral properties is highly speculative in nature,
involves substantial expenditures, and is frequently unproductive.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must continually replace Ore Reserves that are depleted by production.
Our future growth and profitability will depend, in part, on our ability to
identify and acquire additional mineral rights, and on the costs and results of
our continued exploration and development programs. Gold mining companies may
undertake exploration activities to discover gold mineralization, which in turn
may give rise to new gold bearing ore bodies. Exploration is highly speculative
in nature and requires substantial expenditure for drilling, sampling and
analysis of ore bodies in order to quantify the extent of the gold reserve.
Many exploration programs, including some of ours, do not result in the
discovery of mineralization and any mineralization discovered may not be of
sufficient quantity or quality to be mined profitably. If we discover a viable
deposit, it usually takes several years from the initial phases of exploration
until production is possible. During this time, the economic feasibility of
production may change. Moreover, we rely on the evaluations of professional
geologists, geophysicists, and engineers for estimates in determining whether
to commence or continue mining. These estimates generally rely on scientific
and economic assumptions, which in some instances may not be correct, and could
result in the expenditure of substantial amounts of money on a deposit before
it can be determined with any degree of accuracy whether or not the deposit
contains economically recoverable mineralization. Uncertainties as to the
metallurgical recovery of any gold discovered may not warrant mining on the
basis of available technology. As a result of these uncertainties, we may not
successfully acquire additional mineral rights, or identify new Proven and
Probable Ore Reserves in sufficient quantities to justify commercial operations
in any of our properties. Our mineral exploration rights may also not contain
commercially exploitable reserves of gold. The cost incurred on unsuccessful
exploration activities are, as a result, not likely to be recovered and we
could incur a write-down on our investment in that interest or the
irrecoverable loss of funds spent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>There is uncertainty with our Ore Reserve estimates.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Ore Reserve figures described in this document are the best estimates
of our current management as of the dates stated and are reported in accordance
with the requirements of Industry Guide 7 of the Securities and Exchange
Commission, or SEC. These estimates may be imprecise and may not reflect actual
reserves or future production.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should we encounter mineralization or formations different from those
predicted by past drilling, sampling and similar examinations, reserve
estimates may have to be adjusted and mining plans may have to be altered in a
way that might ultimately cause our results of operations and financial
condition to decline. Moreover, if the price of gold declines, or stabilizes at
a price that is lower than recent levels, or if our production costs, and in
particular our labor costs, increase or recovery rates decrease, it may become
uneconomical to recover Ore Reserves containing relatively lower grades of
mineralization. Under these circumstances, we would be required to re-evaluate
our Ore Reserves. Short-term operating factors relating to the Ore Reserves,
such as the need for sequential development of ore bodies and the processing of
new or different grades, may increase our production costs and decrease our
profitability during any given period. These factors have and could result in
reductions in our Ore Reserve estimates, which could in turn adversely impact
upon the total value of our mining asset base and our business and operating
results.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Gold mining is susceptible to numerous events that could have an adverse
impact on a gold mining business.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business of gold mining takes place in underground mines, open pit
mines and surface operations for the retreatment of rock dumps and tailings
dams. These operations are exposed to numerous risks and events the occurrence
of which may result in the death of, or personal injury to, employees, the loss
of mining equipment, damage to or destruction of mineral properties or
production facilities, monetary losses, delays in production, environmental
damage, loss of the license to mine and potential legal claims. The risks and

events associated with the business of gold mining include, but are not limited
to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>environmental hazards and pollution, including the discharge of
gases, toxic chemicals, pollutants, radioactive materials and other
hazardous material into the air and water;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seismic activity which could lead to rock bursts, cave-ins, pit slope
failures or, in the event of a significant event, total closure of
sections or an entire underground mine;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">15
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unexpected geological formations which reduce or prevent mining from
taking place;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>flooding, landslides, sinkhole formation, ground subsidence, ground
and surface water pollution, and waterway contamination;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>underground fires and explosions, including those caused by flammable
gas;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accidents caused from and related to drilling, blasting, removing,
transporting and processing material, and the collapse of pit walls and
tailings dams; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>decrease in labor productivity due to labor disruptions, work
stoppages, disease, slowdowns or labor strikes.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, deep level underground mines in South Africa, as compared to
other gold mining countries, involve significant risks and hazards not
associated with open pit or surface rock dump and tailings dam retreatment
operations. The level of seismic activity in a deep level gold mine varies
based on the rock formation and geological structures in the mine. The
occurrence of any of these hazards could delay production, increase production
costs and may result in legal claims.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground and opencast mines in Papua New Guinea may experience pit wall
failures, landslides and flooding, due to excessive annual rainfall. The
transport of supplies and employees to and from the mine site may be inhibited
by incessant rain and damage to roads. In addition, excessive land movement
caused by excessive rain may destabilize existing building and plant
infrastructure and restrict access into the mines.


<P align="left" style="font-size: 10pt"><B>Risks related to doing business in South Africa and Papua New Guinea</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Political or economic instability in the regions in which we operate may
reduce our production and profitability.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporated and own significant operations in South Africa. As a
result, political and economic risks relating to South Africa could reduce our
production and profitability. Large parts of the South African population are
unemployed and do not have access to adequate education, health care, housing
and other services, including water and electricity. Government policies aimed
at alleviating and redressing the disadvantages suffered by the majority of
citizens under previous governments may increase our costs and reduce our
profitability. In recent years, South Africa has experienced high levels of

crime. These problems have impeded fixed inward investment into South Africa
and have prompted emigration of skilled workers. As a result, we may have
difficulties attracting and retaining qualified employees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recently, the South African economy has been growing at a relatively slow
rate, inflation and unemployment have been high by comparison with developed
countries, and foreign currency reserves have been low relative to other
emerging market countries. In the late 1980s and early 1990s, inflation in
South Africa reached record highs of 20.6%. This increase in inflation resulted
in considerable year on year increases in operational costs. In recent years,
the inflation rate has decreased and as of July&nbsp;2004, the CPIX inflation rate
stood at 4.4%. A return to high levels inflation in South Africa, without a
concurrent devaluation of the Rand or increase in the price of gold, could
result in an increase in our costs which could reduce our profitability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In South Africa and Papua New Guinea there is a greater level of political
and economic risk as compared to other developed countries in the world. For
example, open pit operations at Porgera were suspended from August&nbsp;27, 2002 to
October&nbsp;12, 2002, due to interruptions in the electrical power supply as a
result of election-related vandalism in Papua New Guinea. There is also a risk
that social unrest and government intervention could be exacerbated during the
mine closure process. Mine infrastructure, including power, water and fuel, may
be at risk of sabotage.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At present, Papua New Guinea is experiencing political instability
relating to upcoming governmental elections. As a result, the recurrence of
election related vandalism experienced in 2002 could be experienced yet again.
Landowners in the area, whose interests are consolidated with those of the
provincial government in a Papua New Guinea registered entity, Mineral
Resources Enga, or MRE, had an expectation of receiving from us a 5% stake in
the Porgera Joint Venture. This expectation arose from an undertaking we gave
at the time of acquiring our interest in Porgera, to sell a 5% stake to MRE on
commercial terms, which was subsequently cancelled as MRE failed to meet
certain conditions precedent after renegotiated, extended deadlines. This issue
may become the subject of some political campaigning and canvassing in the
upcoming elections.
<P align="center" style="font-size: 10pt">16
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Porgera mine has also on a number of occasions experienced delays
receiving operating permits and licenses, necessary for this mine to conduct
its lawful operations. If at any time in the future permits essential to lawful
operations are not obtained or exemptions not granted, there is a risk that the
Porgera mine may not be able to operate for a period of time. Future government
actions, or actions of other quasi-government or landowner groups, cannot be
predicted but may impact on the operations and regulation of mines including
the Porgera Joint Venture. Any suspension of operations at the Porgera Joint
Venture would decrease our attributable production and profitability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>AIDS poses risks to us in terms of productivity and costs.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquired Immune Deficiency Syndrome, or AIDS, and tuberculosis which is
closely associated with the onset of the disease and is exacerbated in the
presence of HIV/AIDS, represents a very serious health care challenge in the
mining industry. Human Immunodeficiency Virus, or HIV, is the virus that causes
AIDS and South Africa has one of the highest HIV infection rates in the world.
It is estimated that approximately 30%-40% of the mining industry workforce in
South Africa are HIV positive. The exact extent to which our mining workforce
both within and outside South Africa is infected with HIV/AIDS is unknown at
this stage. Papua New Guinea has recently been identified as a high risk
country for the HIV/AIDS pandemic and this could have a direct impact on our
workforce and productivity in that country. The exact impact of increased
mortality rates due to AIDS-related deaths on the cost of doing business is as
yet undefined. The only available treatments for HIV/AIDS are anti-retroviral
drugs, which slow down the advancement of the disease but do not present a
complete cure for the disease. The cost and availability of anti-retroviral
drugs could inhibit the introduction of treatment programs at our mines in
South Africa and Papua New Guinea to reduce the impact of HIV/AIDS on our
mining workforce and our businesses. The existence of the disease poses a risk
to us in terms of the potential reduction in productivity and increase in
medical costs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Government policies in South Africa may adversely impact our operations
and profits</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Government Regulation</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mining industry in South Africa is extensively regulated through
legislation and regulations issued through government&#146;s administrative bodies.
These involve directives in respect of health and safety, the mining and
exploration of minerals, and managing the impact of mining operations on the
environment. A variety of permits and authorities are required to mine
lawfully, and government enforces its regulations through the various
government departments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Mineral and Petroleum Resources Development Act, 2002</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;1, 2004, the new Minerals and Petroleum Resources Development Act,
or the MPRD Act, was enacted, which places all mineral and petroleum resources
under the custodianship of the state. Private title and ownership in minerals,
or the &#147;old order rights,&#148; are to be converted to &#147;new order rights,&#148;
essentially the right to mine. The MPRD Act allows the existing holders of
mineral rights a period of five years to apply for the conversion of used old
order rights, and one year for the conversion of unused old order rights. We
will need to submit a mining work program and thereby substantiate the area and
period of the new order rights and also comply with the requirements of the
Mining Charter as described below. Once these periods have lapsed, the holders
may have to compete to acquire the right to mine minerals previously held under
old order rights. To the extent that we are unable to convert some of our old
order rights, we may have a claim for compensation based on expropriation. It
is not possible to forecast with any degree of certainty whether a claim will
be enforceable against government, and the extent to which we may be
compensated. Factors that are taken into account are market value, as well as
the history of acquisition of these rights.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where new order rights are obtained under the MPRD Act, these rights will
not be equivalent to our existing property rights. The area covered by the new
order rights may be reduced by the State if it finds that the prospecting or
mining work program submitted by an applicant does not substantiate the need to
retain the area covered by the old order rights. The duration of the new order
rights will no longer be perpetual but rather, in the case of new order mining
rights,


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">for a maximum of 30&nbsp;years with renewals of up to 30&nbsp;years each and, in
the case of prospecting rights, up to five years with one renewal of up to
three years. In addition, the new order rights will only be transferable
subject to the approval of the Minister. Mining or prospecting must commence
within one year or 120&nbsp;days, respectively, of the mining right or
prospecting right becoming effective, and must be conducted continuously and
actively thereafter. The new rights can be suspended or cancelled by the
Minister on breach of or, in the case of mining rights, on non-optimal mining
in accordance with the mining work program.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The implementation of the MPRD Act will result in significant adjustments
to our property ownership structure. To the extent that we are unable to
convert some of our old order rights to new order rights, and that the
exclusive rights to minerals we enjoyed under the previous statutory regime are
diminished, the operations of the MPRD Act may result in significant
adjustments to our property ownership structure, which in turn could have a
material adverse effect on the underlying value of our operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Possible taxation reform and mining royalties</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The South African government has declared its intention to revisit the
taxation regime of South African gold mining companies. The South African gold
mining industry is taxed under the gold taxation formula which recognizes the
high level of capital expenditure required to sustain a mining operation over
the life of the mine. This results in an additional tax benefit not afforded to
other commercial companies. In addition, the South African Government has
indicated that it is looking at a revenue based royalty for mining companies,
as outlined in the draft Mineral and Petroleum Royalty Bill, 2003, or Royalty
Bill, which was released in March&nbsp;2003 for comment. The Royalty Bill proposed a
three percent royalty on gross revenue for gold mining companies. In
conjunction with the South African Mining Development Association we have made
submissions to the government outlining our concerns about a revenue based
royalty and recommended a profit based royalty be introduced instead. In his
budget speech in February&nbsp;2004, the South African Finance Minister acknowledged
that the draft Royalty Bill may need some refinement, but also stated that
government&#146;s preference is for a revenue based royalty, with introduction of
the royalty as of 2009. The introduction of the proposed royalty would have an
adverse effect on the profitability of our South African operations. We are
currently evaluating the impact of the proposed royalty.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Broad Based Socio-Economic Empowerment Charter</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Broad Based Socio-Economic Empowerment Charter for the South African
Mining Industry, or Mining Charter, establishes certain numerical goals and
timeframes to transform equity participation in the mining industry in South
Africa and is effective from May&nbsp;1, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The goals set by the Mining Charter include that each mining company must
achieve 15&nbsp;percent ownership by historically disadvantaged South Africans of
its South African mining assets within five years and 26&nbsp;percent ownership
within ten years from May&nbsp;1, 2004. This is to be achieved by, among other
methods, the sale of assets to historically disadvantaged persons on a willing
seller/willing buyer basis at fair market value. When considering applications
for the conversion of existing rights, the State will take a &#147;scorecard&#148;
approach, evaluating the commitments of each company to the different facets of
promoting the objectives of the Mining Charter. Failure on our part to comply
with the requirements of the Mining Charter and the scorecard could subject us
to negative consequences. We may incur expenses in giving additional effect to
the Mining Charter and the scorecard, including costs which we may incur in
facilitating the financing of initiatives towards ownership by historically
disadvantaged persons. There is also no guarantee that any steps we might take
to comply with the Mining Charter would ensure that we could successfully
acquire new order mining rights in place of its existing rights. In addition,
the terms of such new order rights may not be as favorable to us as the terms
applicable to its existing rights. Based on present indications, however, we
believe that we should be able to successfully acquire new order rights on
reasonable terms.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Land Claims</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our privately held land and mineral rights in South Africa could be
subject to land restitution claims under the Restitution of Land Rights Act,
1994 (as amended), or Land Rights Act. Under the Land Rights Act, any person
who was dispossessed of rights to land in South Africa as a result of past
racially discriminatory laws or practices is granted certain remedies,
including the restoration of the land. The initial deadline for such claims was
December&nbsp;31, 1998. We have not been notified of any land claims, but it is
possible that administrative delays in the processing of claims could have
delayed such notification. Any claims of which we are notified in the future
could have a material adverse effect on our right to the properties to which
the claims relate and prevent us using that land and exploiting any mineral
reserves located there.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Since our South African labor force has substantial trade union
participation, we face the risk of disruption from labor disputes and new South
African labor laws.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labor costs constitute 50% of our production costs for fiscal 2004, and
42% and 41% for fiscal 2003 and 2002, respectively. As at June 30,
2004, we employed and contracted approximately 13,737 people. Of
these, 12,986 people were in South
Africa, of whom, approximately 70% were members of trade unions or employee
associations. This excludes all employees of our associates CGR and ERPM. We
have entered into various agreements regulating wages and working conditions at
our South African mines to June&nbsp;30, 2005, at which time we will need to
re-negotiate these agreements. Unreasonable wage demands could increase
production costs to levels where our South African operations are no longer
profitable. This could lead to accelerated mine closures and labor
disruptions. We may also experience labor unrest at operations at which we have
an equity interest. In particular, during October and November&nbsp;2002, ERPM
experienced some labor unrest during which several striking contract workers
were wounded and two workers were killed by employees of a private security
company. Our business could suffer if such activities are repeated.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recent years, labor laws in South Africa have significantly changed in
ways that affect our operations. In particular, laws that provide for mandatory
compensation in the event of termination of employment for operational reasons
and that impose large monetary penalties for non-compliance with the
administrative and reporting requirements of affirmative action policies could
result in significant costs to us. In addition, future South African
legislation and regulations relating to labor may further increase our costs or
alter our relationship with our employees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our financial flexibility could be materially constrained by South African
currency restrictions.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South African law provides for exchange control regulations, which
restrict the export of capital from the Common Monetary Area, including South
Africa. The Exchange Control Department of the South African Reserve Bank, or
SARB, is responsible for the administration of exchange control regulations.
In particular, South African companies:


<P>
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    <TD width="1%">&nbsp;</TD>
    <TD>are generally not permitted to export capital from South Africa or to hold foreign currency without the approval of SARB;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are generally required to repatriate, to South Africa, profits of foreign operations; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are limited in their ability to utilize profits of one foreign business to finance operations of a different foreign
business.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These restrictions could hinder our corporate functioning and acquisition
strategy, including because investments of less than a 50% plus 1 share
interest can only be held subject to exchange approval. We hold 45.33% of Emperor and accordingly SARB may require us to divest our
interest in Emperor if we do not acquire 50% plus 1 share interest.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the South African Government has relaxed exchange controls in recent
years, it is difficult to predict whether or how it will further relax or
abolish exchange control measures in the future. For further information see
Item&nbsp;10D.: &#147;Additional Information&#151;Exchange Controls.&#148;


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<P align="left" style="font-size: 10pt"><B>Risks related to ownership of our ordinary shares or ADSs</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Your ability to sell a substantial number of ordinary shares may be
restricted by the limited liquidity of ordinary shares traded on the
Johannesburg Securities Exchange, or JSE.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary listings for our ordinary shares is the JSE and the Australian
Stock Exchange, or ASX. The principal trading market for our ADSs is the Nasdaq
SmallCap Market. On a historical basis, the trading volumes and liquidity of
shares listed on the JSE have been low in comparison with the Nasdaq SmallCap
Market. For the 12&nbsp;months ended June&nbsp;30, 2004, only 9% of the ordinary shares
publicly traded were traded on the JSE. The limited liquidity of the ordinary
shares traded on the JSE could limit your ability to sell a substantial number
of ordinary shares on the JSE in a timely manner, especially by means of a
large block trade.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Sales of large volumes of our ordinary shares or ADSs or the perception
that these sales may occur, could adversely affect the prevailing market price
of such securities.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of our ordinary shares or ADSs could fall if substantial
amounts of ordinary shares or ADSs are sold by our stockholders, or there is
the perception in the marketplace that such sales could occur. Current holders
of ordinary shares or ADSs may decide to sell them at any time. Sales of
ordinary shares or ADSs, if substantial, or the perception that these sales may
occur and be substantial, could exert downward pressure on the prevailing
market prices for the ordinary shares or ADSs, causing their market prices to
decline. Trading activity of hedge funds and the ability to borrow script in
the market place will increase trading volumes and may place the share price
under pressure.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Your rights as a shareholder are governed by South African law, which
differs in material respects from the rights of shareholders under the laws of
other jurisdictions.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Company is a public limited liability company incorporated under the
laws of the Republic of South Africa. The rights of holders of our ordinary
shares, and therefore many of the rights of our ADS holders, are governed by
our memorandum and articles of association and by South African law. These
rights differ in material respects from the rights of shareholders in companies
incorporated elsewhere, such as in the United States. In particular, South
African law significantly limits the circumstances under which shareholders of
South African companies may institute litigation on behalf of a company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>It may not be possible for you to effect service of legal process, enforce
judgments of courts outside of South Africa or bring actions based on
securities laws of jurisdictions other than South Africa against us or against
members of our board.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Company, certain members of our board of directors and executive
officers are residents of South Africa. In addition, our cash producing assets
are located outside the United States, and a major portion of the assets of
members of our board of directors and executive officers are either wholly or
substantially located outside the United States. As a result, it may not be
possible for you to effect service of legal process, within the United States
or elsewhere outside South Africa, upon most of our directors or officers,
including matters arising under United States federal securities laws or
applicable United States state securities laws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover, it may not be possible for you to enforce against our Company or
the members of its board of directors and executive officers judgments obtained
in courts outside South Africa, including the United States, based on the civil
liability provisions of the securities laws of those countries, including those
of the United States. A foreign judgment is not directly enforceable in South
Africa, but constitutes a cause of action which will be enforced by South
African courts provided that:


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    <TD width="1%">&nbsp;</TD>
    <TD>the court which pronounced the judgment had jurisdiction to entertain
the case according to the principles recognized by South African law
with reference to the jurisdiction of foreign courts;</TD>
</TR>

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    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
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    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the judgment is final and conclusive (that is, it cannot be altered by the court which pronounced it);</TD>
</TR>



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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the judgment has not lapsed;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the recognition and enforcement of the judgment by South African
courts would not be contrary to public policy, including observance of
the rules of natural justice which require that no award is enforceable
unless the defendant was duly served with documents initiating
proceedings, that he was given a fair opportunity to be heard and that
he enjoyed the right to be legally represented in a free and fair trial
before an impartial tribunal;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the judgment was not obtained by fraudulent means;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the judgment does not involve the enforcement of a penal or revenue law; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the enforcement of the judgment is not otherwise precluded by the
provisions of the Protection of Business Act, 1978 (as amended), of
South Africa.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the policy of South African courts to award compensation for the
loss or damage actually sustained by the person to whom the compensation is
awarded. Although the award of punitive damages is generally unknown to the
South African legal system that does not mean that such awards are necessarily
contrary to public policy. Whether a judgment was contrary to public policy
depends on the facts of each case. Exorbitant, unconscionable, or excessive
awards will generally be contrary to public policy. South African courts cannot
enter into the merits of a foreign judgment and cannot act as a court of appeal
or review over the foreign court. South African courts will usually implement
their own procedural laws and, where an action based on an international
contract is brought before a South African court, the capacity of the parties
to the contract will usually be determined in accordance with South African
law. It is doubtful whether an original action based on United States federal
securities laws may be brought before South African courts. A plaintiff who is
not resident in South Africa may be required to provide security for costs in
the event of proceedings being initiated in South Africa. Furthermore, the
Rules of the High Court of South Africa require that documents executed outside
South Africa must be authenticated for the purpose of use in South African
courts. It is not possible therefore for an investor to seek to impose criminal
liability on us in a South African court arising from a violation of United
States federal securities laws.


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<A name="109"></A>
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<P align="left" style="font-size: 10pt"><B>ITEM 4. INFORMATION ON THE COMPANY</B>


<DIV align="left">
<A name="110"></A>
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<P align="left" style="font-size: 10pt"><B><I>4A. HISTORY AND DEVELOPMENT OF THE COMPANY</I></B>



<P align="left" style="font-size: 10pt"><B>Introduction</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRDGOLD Limited is a gold mining company engaged in
underground and surface gold mining including exploration, extraction,
processing and smelting. Our South African operations consist of the North West
Operations, comprising the Harties Section and the Buffels Section, the Blyvoor
Section and our 40% interest in CGR comprising the Crown Section and ERPM
Section. On March&nbsp;22, 2005, however, we announced the provisional liquidation of Buffelsfontein Gold Mines
Limited, our subsidiary that owns our North West Operations, as discussed in our Form 6-K filed
with the SEC on March&nbsp;22, 2005, which is incorporated by reference in this Annual Report.
 Our Australasian operations consist of the Tolukuma Section and our
20% interest in the unincorporated Porgera Joint Venture, or Porgera, both of
which are in Papua New Guinea and a 45.33% interest in Emperor Mines Limited,
or Emperor, as of October&nbsp;31, 2004 (19.78% as of June&nbsp;30, 2004), which owns the
Vatukoula gold mine in Fiji. We also have exploration projects in South Africa,
Papua New Guinea and Australia, though our principal focus is on our operations
in South Africa and Papua New Guinea.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a public company, incorporated on February&nbsp;16, 1895, and our shares
were listed on the JSE in that same year. In 1898, our milling operations
commenced with 30 stamp mills and we treated 38,728 tons of ore and produced
22,958 ounces of gold. In South Africa we have focused our operations on the
West Witwatersrand basin which has been a gold production region for over 100
years. The Blyvoor Section (acquired on September&nbsp;15, 1997, in exchange for
12,693,279 of our ordinary shares) and North West Operations, which comprise of
the Buffels Section (acquired on September&nbsp;15, 1997, in exchange for 14,300,396
of our ordinary shares) and the Harties Section (acquired on August&nbsp;16, 1999,
in exchange for $7.4&nbsp;million), are predominantly underground operating mines
located within the Witwatersrand Basin, exploiting gently to moderately dipping
gold bearing quartz pebble conglomerates in addition to certain surface
sources. The Crown Section (CGR was acquired on September&nbsp;14, 1998, in exchange
for 5,925,139 of our ordinary shares), also located within the Witwatersrand
Basin, exploits various surface sources, including sand and slime tailings
deposited as part of previous mining operations. Since 1999 our focus has been
to expand our operations outside South Africa and increase our production base
from the Pacific Rim region. The Tolukuma Section (acquired from September&nbsp;1999
to June&nbsp;2001, in exchange for 8,125,082 shares and $3.3&nbsp;million in cash)
provided an initial base in that region, and the acquisition of a 20% interest
in the unincorporated Porgera Joint Venture (acquired in October&nbsp;2003, in
exchange for 6,643,902 shares and $60.3&nbsp;million in cash) increased total
production in the region to 233,190 ounces in fiscal 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To ensure access to global markets our shares and/or related instruments
trade on the JSE, Nasdaq SmallCap Market, London Stock Exchange, the Marche
Libre on the Paris Bourse, the Brussels Bourse in the form of International
Depository Receipts, the Australian Stock Exchange, or ASX, the Port Moresby
Stock Exchange in Papua New Guinea (as from August&nbsp;18, 2004), the Over The
Counter, or OTC, market in Berlin and Stuttgart and the Regulated Unofficial
Market on the Frankfurt Stock Exchange. Effective August&nbsp;18, 2003, we are
included as a member of the Philadelphia Gold and Silver Index. This is a
capitalization weighted index comprised of the leading publicly traded
companies involved in the mining of silver and gold, of which we currently
constitute approximately 0.64% of the index.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our registered office and business address is 45 Empire Road, Parktown,
Johannesburg, South Africa, 2193. The postal address is P.O. Box 390,
Maraisburg 1700, South Africa. Our telephone number is (&#043;27 11) 381-7800 and
our facsimile number is (&#043;27 11) 482-4641. We are registered under the South
African Companies Act, 1973 (as amended) under registration number
1895/000926/06. For our ADSs, The Bank of New York, at 101 Barclay Street., New
York, NY 10286 has been appointed as agent.


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<P align="left" style="font-size: 10pt"><B>Important Events in Our Development Generally and in the Current Year</B>



<P align="left" style="font-size: 10pt"><I>Review and restructuring of South African operations</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;21, 2003, we entered into a 60-day review period on our North West
Operations designed to restore the operations to profitability. The time period
of the review coincides with statutory limitations imposed by the Labour
Relations Act to implement strategic changes involving a substantial reduction
in labor force. This proposal was submitted to all stakeholders, including
organized labor, the Department of Labour and the Department of Minerals and
Energy for their input. An agreement was reached with all labor organizations
and the process was completed on September&nbsp;21, 2003, with approximately 2,400
employees retrenched at a cost of $6.5&nbsp;million and the placing of certain
infrastructure (Number 6 Shaft at the Harties Section) on a &#147;care and
maintenance&#148; program. This resulted in a 5% reduction of the planned production
profile.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;16, 2004, we reopened the Number 6 Shaft in the Harties Section
of the North West Operations, to mine higher grade areas on a selective basis.
We recalled 400 staff previously retrenched from the North West Operations to
man this shaft. On February&nbsp;18, 2004, we announced that the Number 11 Shaft at
the Buffels Section of the North West Operations was to be closed after the
revised work practices, implemented based on the operational review, proved to
be unsustainable. As a result, 600 employees were retrenched, at a cost of $0.6
million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;4, 2004, our associate, ERPM, entered into a 60-day review period
of its underground section designed to restore the operations to profitability.
A task team comprising management, union representatives and labor was
established to assess the proposals and make a final recommendation. On July&nbsp;4,
2004, at the end of the process, ERPM&#146;s management and the consultative forum
concluded that continued mining of the underground section was not sustainable,
even at a higher Rand gold price of R2,650 per ounce. As a result, a controlled
closure program of the underground section was implemented and was expected to
be completed by March&nbsp;2005. Following the retrenchment of 806 employees in
August&nbsp;2004 at a cost of $0.6&nbsp;million (R3.7&nbsp;million), the mine has achieved a
reduction in costs coupled with improved productivity. As a result, the
original planned closure of the underground section has been postponed. It is
estimated that approximately 1,480 employees could be retrenched at a cost of
approximately $1.9&nbsp;million (R12.3&nbsp;million) if the closure program is completed.
The remainder of the employees will either be transferred within the CGR group,
leave the service of the company through natural attrition or remain to work on
the Cason Dump. ERPM believes that anticipated funds generated from the
continued surface operations and the controlled closure of the underground
mining will fund retrenchment costs, environmental management costs and
rehabilitation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;26, 2004, and June&nbsp;28, 2004, respectively, we entered into a
further 60-day review period at the Buffels Section at our North West
Operations and at our Blyvoor Section designed to restore the operations to
profitability. Proposals were received into a consultative forum in which both
management and organized labor participated, and was distributed to the
Department of Labour and the Department of Minerals and Energy, for their
input. At the Buffels Section, agreement was reached with all the relevant
parties early in August&nbsp;2004 to close the Number 9 Shaft, but to keep the
Number 10 and 12 Shafts in operation on condition that certain defined
sustainability thresholds are met. This agreement resulted in the
retrenchment of 120 employees at this mining operation during
fiscal 2005 at a cost of R3.7&nbsp;million ($0.6&nbsp;million). At the
Blyvoor Section, the 60-day review was extended by two weeks to conclude on
September&nbsp;13, 2004. On October&nbsp;5, 2004, it was announced that 1,619 employees
have been retrenched at a cost of approximately R32.0&nbsp;million ($5.1&nbsp;million),
with possible future restructuring initiatives depending on the economic
circumstances. In terms of the agreement organized labor recorded its
commitment to certain production targets, and undertook not to disrupt
production for at least six months for reason relating to restructuring of the
operations. On March&nbsp;22, 2005, however, we announced the provisional liquidation of Buffelsfontein Gold Mines
Limited, our subsidiary that owns our North West Operations, as discussed in our Form 6-K filed
with the SEC on March&nbsp;22, 2005, which is incorporated by reference in this Annual Report.



<P align="left" style="font-size: 10pt"><I>Emperor Mines Limited (Emperor Mine, Vatukoula, Fiji)</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the period December&nbsp;2002 to July&nbsp;2004, we acquired a 45.33% interest
in Emperor Mines Limited, or Emperor, an Australian listed gold mining company
with a single gold mine based in Vatukoula, Fiji.




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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our interest in Emperor was acquired through a series of transactions. As
of December&nbsp;31, 2002, we had acquired 14.15% of Emperor for approximately
A$11.9&nbsp;million ($6.7&nbsp;million). By April&nbsp;2003, we had increased our percentage
holding in Emperor through additional purchases on the open market to 19.81% at
a total additional cost of A$4.3&nbsp;million ($2.6&nbsp;million). At June&nbsp;30, 2004, our
effective holding had decreased to 19.78% as a result of additional shares
issued by Emperor during fiscal 2004. Given the size of our holding, Emperor
appointed two of our representatives to the board of Emperor in January&nbsp;2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;8, 2004, we announced a conditional takeover offer to acquire all
of the outstanding shares in Emperor that were not already owned by us for a
consideration of one of our shares for every five shares in Emperor held. At
that time, the offer valued Emperor at approximately A$105&nbsp;million ($79.8
million). On June&nbsp;10, 2004, we announced a revised final offer of five of our
shares for every twenty two shares in Emperor held. The revised offer
represented a 14% increase over the previous offer. On July&nbsp;30, 2004, our offer
to Emperor&#146;s shareholders closed with us having received acceptances from
Emperor&#146;s shareholders representing approximately 25.55% of Emperor&#146;s issued
capital, thereby increasing our shareholding in Emperor to 45.33%. Accordingly,
we issued 6,612,676 shares in exchange for the 29,097,269 Emperor shares to the
value of $16.6&nbsp;million, based on the market value of our shares on the date
issued, with share issue and transaction costs associated with the take over
offer, amounting to $1.3&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With effect from August&nbsp;3, 2004, Emperor&#146;s board of directors appointed
our then Executive Chairman, Mr.&nbsp;M.M. Wellesley-Wood as Managing Director of Emperor
and our Divisional Director: Australasian Operations, Mr.&nbsp;R. Johnson as a
Non-Executive Director of Emperor. On September&nbsp;9, 2004, Emperor shareholders
approved a resolution to remove two independent directors from the board of
Emperor and to confirm Mr.&nbsp;R. Johnson&#146;s appointment as a Non-Executive Director
of Emperor. As a result, we have three of our representatives on the six member
Emperor board, with Emperor&#146;s independent Chairman having a casting vote. At
the date of this annual report we did not have control over Emperor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;13, 2004, Emperor announced an A$20.4&nbsp;million ($14.6&nbsp;million)
non-renounceable rights issue to fund a portion of its Phase II capital
expansion project (which is designed to increase Emperor&#146;s underground mining
capacity to match the current mill capacity), the acquisition of new heavy
vehicle equipment and Emperor&#146;s short-term working capital requirements. Under
the rights issue, eligible Emperor shareholders were entitled to subscribe
for four fully paid ordinary shares in Emperor for every ten ordinary shares
held in Emperor at an issue price of A$0.45 per share. We agreed to apply
for our entitlement as well as to subscribe for any shortfall under the rights
issue, subject to certain conditions. The rights offer closed on
November 12, 2004 and DRD (Isle of Man) has
 subscribed for 20,522,122 Emperor shares (being its entitlement
under the Emperor rights issue), which at A$0.45 per share, amounted to
A$9.2&nbsp;million ($7.0&nbsp;million). We did not participate in any
shortfall to the rights offer. We entered into an additional facility of $15.0&nbsp;million
with Investec Bank (Mauritius) Limited on October&nbsp;14, 2004, to fund our
participation in this rights offering. The terms of repayment and restrictions
on funding of this facility are discussed under Item&nbsp;5B.: &#147;Liquidity and Capital
Resources.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the course of Emperor&#146;s rights offering, an application was made
to contest the rights offering. On October&nbsp;18, 2004, an initial Australian Takeovers Panel made a
declaration of unacceptable circumstances and orders in relation to the Emperor
rights offer. On October&nbsp;31, 2004, following a review application by the
Company a review panel of the Australian Takeovers Panel declined to declare
that unacceptable circumstances exist in relation to the affairs of Emperor
with regards to the rights issue. The result of this decision was that Emperor&#146;s
rights offer proceeded, although Emperor and DRD (Isle of Man) agreed to
amend the terms of that offering such that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any application by DRD (Isle of Man) for its entitlement under the
rights offer would be scaled back to avoid accretion in its voting power
in Emperor above 45.33% due only to the exclusion of some of Emperor&#146;s
foreign shareholders from the rights issue; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the shortfall facility, which offered all Emperor shareholders that
were eligible to participate in the rights offer with the ability to
participate in filling any shortfall to that offer on a pro rata basis,
would provide a priority shortfall allocation to all eligible Emperor
shareholders (other than ourselves). Previously, DRD (Isle of Man) was
able to participate in the shortfall facility on the same basis as any
other eligible Emperor shareholder.</TD>
</TR>

</TABLE>


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the fiscal 2004 financial report of Emperor their auditors issued a
modified audit report to the effect that until
such time as Emperor completes the rights offer, there remains a significant
uncertainty as to whether Emperor will continue as a going concern and,
therefore, whether it will realize its assets and extinguish its liabilities in
the normal course of business and at the amounts stated in the financial
report.


<P align="left" style="font-size: 10pt"><I>Porgera Joint Venture (Papua New Guinea)</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective October&nbsp;14, 2003, we acquired all the shares of Orogen Minerals
(Porgera) Limited, or OMP, and Mineral Resources Porgera Limited, or MRP, from
Oil Search Limited, or OSL. The transaction was effected through the
amalgamation of OML and MRP and our wholly-owned subsidiary, Dome Resources
(PNG)&nbsp;Limited which was subsequently renamed DRD (Porgera) Limited. All
conditions precedent to this transaction have been met and approval from the
Papua New Guinea Central Bank was obtained on November&nbsp;19, 2003. South African
Reserve Bank approval was obtained on September&nbsp;4, 2003. We received approval
for the transaction from the Investment Promotion Authority of Papua New Guinea
on December&nbsp;16, 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This transaction resulted in us acquiring an effective 20% interest in an
unincorporated gold mining joint venture, the Porgera Joint Venture, which has
fifteen mineral tenements which form part of the Porgera mine located in Papua
New Guinea. The final purchase price of $77.1&nbsp;million comprised $60.3&nbsp;million
in cash and 6,643,902 ($16.7&nbsp;million) of our ordinary shares based on the
prevailing market value on November&nbsp;22, 2003, being the final settlement date.
Included in the purchase price is an amount of $4.1&nbsp;million in respect of
costs. As part of the acquisition we offered, on commercial terms, 5% of our
interest in the Porgera Joint Venture to Mineral Resources Enga, or MRE, on
behalf of the Enga Provincial Government and landowners in Papua New Guinea.
On April&nbsp;26, 2004, we announced that the offer to sell the 5% interest in the
Porgera Joint Venture to MRE would not proceed, as the conditions precedent

were not met. As at June&nbsp;30, 2004, the Porgera Joint Venture is owned by Placer
Dome Limited (75%), DRD (Porgera) Limited (20%) and the MRE, on behalf of the
Enga Provincial Governments and landowners in Papua New Guinea (5%). An
affiliate of Placer Dome Inc., Placer (PNG)&nbsp;Limited is the operator of the
Porgera Joint Venture and is subject to the control of a management committee
made up of representatives of the joint venture partners, including one of our
representatives. The management committee is governed by an operating agreement
which prevents the partners from acting unilaterally.


<P align="left" style="font-size: 10pt"><I>Crown Gold Recoveries (Pty) Limited</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective July&nbsp;1, 2002, we engaged in a transaction consistent with our
black economic empowerment strategy to fulfill the requirements of the Mining
Charter, by entering into a share purchase agreement with Crown Gold Recoveries
(Pty) Limited, or CGR, the Industrial Development Corporation of South Africa,
or IDC, and Khumo Bathong Holdings (Pty) Limited, or KBH. Under the share
purchase agreement, we sold 57% of our interest in CGR to the IDC and 3% of our
interest in CGR to KBH for a total amount of R105.0&nbsp;million ($10.1&nbsp;million),
and realized a profit of R48.0&nbsp;million ($5.3&nbsp;million). KBH was granted an
option to purchase the IDC&#146;s shares in CGR. The IDC and KBH also each purchased
their respective share of three shareholder loans, aggregating R190.1&nbsp;million
($18.3&nbsp;million) owed by CGR to us.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;10, 2002, CGR entered into an agreement with third parties to
purchase the entire issued share capital and all shareholder claims of East
Rand Proprietary Mines Limited, or ERPM. CGR paid a purchase price of R100.0
million ($11.0&nbsp;million) for this acquisition. In connection with this
transaction, we provided ERPM with a loan of R10.0&nbsp;million ($1.3&nbsp;million). In
addition, an amount of R60.0&nbsp;million ($8.0&nbsp;million) was lent by us to CGR which
CGR paid to the then shareholders of ERPM as an interest free loan. CGR has
received from the shareholders, as security for the loan, a pledge of the
entire issued share capital of ERPM and a cession of the shareholders&#146; claim to
CGR. The South African competition authorities have approved the transaction
and the R60.0&nbsp;million ($8.0&nbsp;million) loan is deemed to be part payment of the
purchase price of R100.0&nbsp;million ($11.0&nbsp;million) by CGR for the acquisition of
the shares and the claims of ERPM. CGR acquired ERPM without indemnification
for any disclosed or undisclosed liabilities, as Enderbrooke Investments (Pty)
Limited, the Seller, was unwilling to provide such indemnification. In the
course of negotiations, a due diligence investigation was conducted. As a
result of this investigation, the initial purchase price was reduced by
approximately R40.0&nbsp;million ($4.4&nbsp;million) to reflect potential liability at
the time the acquisition was entered into.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a 40% equity interest in CGR and its subsidiaries. We have
recognized losses generated by CGR and its subsidiaries against any advances we
have made to them and these are carried at a nil value at June&nbsp;30, 2004.


<P align="left" style="font-size: 10pt"><I>Sale of West Wits assets (South Africa)</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2002, we entered into an agreement with Bophelo Trading (Pty)
Limited, subsequently renamed Mogale Gold (Pty) Limited, or Mogale, for the
sale of the West Wits gold plant and certain related assets for R25.0&nbsp;million
($2.4&nbsp;million) to process certain sand dumps, surface materials, freehold areas
and surface right permits located at the West Wits Section. We retain the right
to mine underground by virtue of certain mining titles and mining
authorizations on the property. As part of the agreement, we agreed to
indemnify Mogale against any loss, damage or expense which Mogale might incur
as a result of any liability in connection with the transferred assets, the
cause of which arose prior to this sale. The effective date of this sale was
July&nbsp;21, 2003, when all of the conditions president were fulfilled and Mogale
was granted a mining license.


<P align="left" style="font-size: 10pt"><I>Other</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;28, 2004, we concluded the acquisition of a 50.25% interest in
Net-Gold Services Limited, a company that brokers the payment of purchases made
by subscribers, through settlement in gold, for a consideration of $2.0
million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;21, 2004, Fortis Limited, an insurance company registered in Papua
New Guinea, was established by us to facilitate the reinsurance of the workers
compensation insurance costs for our Tolukuma Section, in order to reduce the
cost of this insurance cover. To date, workers compensation insurance costs
have been reduced by 90% for this mining operation. It is a legal requirement
in Papua New Guinea to have workers compensation insurance cover in place to
assist an employee with medical costs should he be injured at work. Should an
employee be killed while performing his duties compensation is provided to
relatives of the employee, by way of a lump sum payment and in the case of
minors, regular income up to when the minor reaches the age of 21 to provide
for education. The reinsurance cover is provided by Swiss-Re Australia Limited
and other insurers in Australia.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;30, 2004, we established an insurance cell captive in White Rock
Insurance Company PPC Limited, mainly to facilitate access to additional
insurance markets and to assist us in reducing costs through establishing a
self insured group policy across the different regions in which we operate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;27, 2004, we established the DRD (Isle of Man) Limited (Singapore
Branch), a branch of DRD (Isle of Man) Limited, registered in Singapore. It is
intended that the establishment of the branch will facilitate our further
expansion in the Australasian region in line with our growth strategy.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our Annual General Meeting held on November&nbsp;26, 2004, our shareholders approved the changing of the Company&#146;s name from Durban
Roodepoort Deep, Limited to DRDGOLD Limited.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For further information on other capital investments, divestures, capital
expenditure and capital commitments, see Item&nbsp;4D.: &#147;Property, Plant and
Equipment,&#148; and Item&nbsp;5B.: &#147;Liquidity and Capital Resources.&#148;


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<DIV align="left">
<A name="111"></A>
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<P align="left" style="font-size: 10pt"><B><I>4B. BUSINESS OVERVIEW</I></B>



<P align="left" style="font-size: 10pt"><B>Description of Our Mining Business</B>



<P align="left" style="font-size: 10pt"><I>Exploration</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration activities are focused on the extension of existing ore bodies
and identification of new ore bodies both at existing sites and at undeveloped
sites. Once a potential orebody has been discovered, exploration is extended
and intensified in order to enable clearer definition of the orebody and the
portions with the potential to be mined. Geological techniques are constantly
refined to improve the economic viability of exploration and exploitation.


<P align="left" style="font-size: 10pt"><I>Mining</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The South African Operations comprise relatively old assets and the
principal mining method is the extraction of
previously abandoned Ore Reserves, which require a high degree of opening up of
these previously abandoned Ore Reserves.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Australasian Operations comprise open-pit mines and decline shafts,
with appropriate mining methods.


<P align="left" style="font-size: 10pt"><B>Our Metallurgical Plants and Processes</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A detailed review of the metallurgical plants and processes for each of
the mining operations is provided under Item&nbsp;4D.: &#147;Property, Plant and
Equipment.&#148;


<P align="left" style="font-size: 10pt"><B>Market</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gold market is relatively liquid compared to other commodity markets,
with the price of gold generally quoted in Dollars. Physical demand for gold is
primarily for manufacturing purposes, and gold is traded on a world-wide basis.
Refined gold has a variety of uses, including jewellery, electronics,
dentistry, decorations, medals and official coins. In addition, central banks,
financial institutions and private individuals buy, sell and hold gold bullion
as an investment and as a store of value.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use of gold as a store of value (the tendency of gold to retain its
value in relative terms against basic goods and in times of inflation and
monetary crises) and the large quantities of gold held for this purpose in
relation to annual mine production have meant that historically the potential
total supply of gold has been far greater than demand. Thus, while current
supply and demand play some part in determining the price of gold, this does
not occur to the same extent as in the case of other commodities. Instead, the
gold price has from time to time been significantly affected by macro-economic
factors such as expectations of inflation, interest rates, exchange rates,
changes in reserve policy by central banks, and global or regional political
and economic crises. In times of inflation and currency devaluation, gold is
often seen as a safe haven, leading to increased purchases of gold and support
for the price of gold.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the primary mover in gold continues to be strong
speculator and investor interest in the metal, driven by a number of
fundamental economic circumstances. Among these circumstances is an anticipated
further decline in the value of the Dollar. These same influences have pushed
up prices of base metals and other commodities, although the extent of investor
interest in precious metals is relatively high compared with the rest of the
metals sector. Physical demand for gold increased despite the rising Dollar
gold price, during fiscal 2004. Whilst the purchase of gold by the jewellery,
industrial and dental industries for fiscal 2004 was marginally higher by 1%
year-on-year. The bar and coin retail investment market increased 14% during
fiscal 2004 in comparison to fiscal 2003. On the supply side, mine production
in fiscal 2004 was 12% higher than in fiscal 2003. However, scrap sales and
official sector (Central Bank) sales decreased by 8% respectively, representing
approximately 1,358 tonnes for fiscal 2004, and constituting 37% of the supply
of gold to the current market.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our total revenue by geographic market is as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&nbsp;&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&nbsp;&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&nbsp;&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">South Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">238,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,808</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Australasia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,050</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,858</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All gold produced by our South African operations is sold on our behalf by
the Rand Refinery Ltd, or RRL, in accordance with a refining agreement signed
by us in October&nbsp;2001. At our various operations the gold bars which are
produced consist of approximately 85% gold, 7-8% silver and the balance
comprises copper and other common elements. The gold bars are sent to the RRL
for assaying and final refining where the gold is purified to 99.9% and cast
into troy ounce bars of varying weights. RRL then sells the gold on the same
day as delivery, for the London afternoon fixed Dollar price on the day the
gold is sold, with the proceeds remitted to us in Rand within two days. In
exchange for this service, we pay RRL
a variable refining fee plus fixed marketing, loan and administration fees. We
currently own 10.6% of RRL (which is jointly owned by South African mining
companies).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gold produced in Papua New Guinea by the Tolukuma section is sold
directly to N.M. Rothschild under an agreement signed by us in December&nbsp;2001.
Proceeds for gold sold are received within two days of sale. The selling price
is determined by the previous day&#146;s London afternoon close Dollar price and we
are paid in Dollars. We do not have an interest in N.M. Rothschild.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gold produced by Porgera in Papua New Guinea is sold directly to the
Bank of Western Australia Limited, or BankWest. Proceeds for gold sold are
received within two days of sale. The selling price is determined by the spot
price at the time of sale and we are paid in Dollars. We do not have an
interest in BankWest.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Ore Reserves</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tables below set out the Proven and Probable Ore Reserves that are the
Group&#146;s Ore Reserves as of June&nbsp;30, 2004 and 2003, in both imperial and metric
units. Our Ore Reserves are comprised of the total Ore Reserves of our
wholly-owned subsidiaries, as well as our 20% attributable share of the Ore
Reserves of the Porgera Joint Venture. In addition, our attributable 20% share
of the Ore Reserves of the Porgera Joint Venture is based on the information
disclosed by Placer Dome Inc. (which has a 75% interest in the Porgera Joint
Venture) in its Annual Report for the fiscal year ended December&nbsp;31, 2003, as
filed with the SEC on Form 40-F on March&nbsp;5, 2004. The Porgera Ore Reserves are
estimated as at December&nbsp;31, 2003, using appropriate cut-off grades associated
with an average long-term gold price of $325 per ounce, and on the Australian
Dollar Kina average long-term exchange rates to the Dollar of A$1.67 = $1.00
and K4.00 = $1.00.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ore Reserve estimates in this report are reported in accordance with the
requirements of the SEC&#146;s Industry Guide 7. Accordingly, as of the date of
reporting, all reserves are planned to be mined out under the life of mine
plans within the period of our existing rights to mine, or within the time
period of assured renewal periods of our rights to mine. In addition, as of the
date of reporting, all reserves are covered by required permits and
governmental approvals. See Item&nbsp;4D.: &#147;Property, Plant and Equipment&#148; for a
description of the rights in relation to each mine.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Australia and South Africa, we are legally required to publicly report
Ore Reserves and mineral resources in compliance with the South African Code
for the Reporting of Mineral Resources and Ore Reserves, or SAMREC Code,
together with the Australasian Code for Reporting of Mineral Resources and Ore
Reserves, or JORC Code, and the National Instrument 43-101 Standards of
Disclosure for Mineral Projects dated February&nbsp;2001. The SAMREC Code is based
on, and is comparable with the JORC Code. The SEC&#146;s Industry Guide 7 does not
recognize mineral resources. Accordingly, we do not include estimates of
mineral resources in this report.

<P align="center" style="font-size: 10pt">28
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ore Reserve calculations, are subject to a review conducted in accordance
with SEC Industry Guide 7. Components of the calculations included in the
geological models and input parameters of the reserve estimation procedures,
were checked. In addition, visual inspection of the planning to deliver an
individual block to the metallurgical plant, and the recovery, and deposition
of the tails, took place. A check is also made of the financial input into the
costs and revenue to affirm that they are within reasonable limits.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ore Reserves are inclusive of diluting materials and allow for losses
that may occur when the material is mined. Ore Reserve tons, grade and content
are quoted as delivered to the gold plant. There are two types of methods
available to select ore for mining. The first is pay-limit, which includes cash
costs, including overhead costs, to calculate the pay-limit grade. The second
is the cut-off grade which includes cash costs, excluding fixed overhead costs,
to calculate the cut-off grade, resulting in a lower figure than the full
pay-limit grade. The cut-off grade is based upon direct costs from the mining
plan, taking into consideration production levels, production efficiencies and
the expected costs. We use the pay-limit to determine which areas to mine, as
an overhead inclusive amount that is indicative of the break-even position,
especially for marginal mining operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pay-limit approach is based on the minimum in-situ grade of ore
blocks, for which the production costs, which includes all overhead costs,
including head office charges, are equal to a three year historical average
gold price per ounce for that year. This calculation also considers the
previous three year&#146;s mining and milling efficiencies, which includes
metallurgical and other mining factors and the production plan for the next
twelve months. Only blocks above the pay-limit grade are considered for mining.
The pay-limit grade is higher than the cut-off grade, because this includes
overhead costs, which indicates the break-even position of the operation,
specifically significant for marginal mines.


<P align="left" style="font-size: 10pt">When delineating the economic limits to the ore bodies we adhere to the
following guidelines:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The potential ore to be mined is well defined by an externally
verified and approved geological model created using our mining
software;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The potential ore, which is legally allowed to be mined, is also confined by the mine&#146;s lease boundaries; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A full life of mine plan (physical 5&nbsp;year plan) is constructed to mine the ore from existing infrastructure.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Ore Reserves figures are estimates, which may not reflect actual
reserves or future production. We have prepared these figures in accordance
with industry practice, converting mineral deposits to an Ore Reserve through
the preparation of a mining plan. The Ore Reserve estimates contained herein
inherently includes a degree of uncertainty and depends to some extent on
statistical inferences which may ultimately prove to have been unreliable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve estimates require revisions based on actual production experience
or new information. Should we encounter mineralization or formations different
from those predicted by past drilling, sampling and similar examinations,
reserve estimates may have to be adjusted and mining plans may have to be
altered in a way that might adversely affect our operations. Moreover, if the
price of gold declines, or stabilizes at a price that is lower than recent
levels, or if our production costs increase or recovery rates decrease, it may
become uneconomical to recover Ore Reserves containing relatively lower grades
of mineralization.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following reserve estimates do not give effect to our announcement, on March&nbsp;22, 2005, of the
provisional liquidation of Buffelsfontein Gold Mines Limited, our subsidiary that owns our North
West Operations.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For fiscal 2004, in respect of our South African assets, Ore Reserves were
determined assuming a gold price of approximately R90,023 per kilogram as
determined from the three year historical average. In accordance with SEC
Industry Guide 7. Based on the average exchange rate for fiscal 2004 the
assumed Dollar gold price would be approximately $400 per ounce. At June&nbsp;30,
2004, the Rand gold price was R79,851 per kilogram. In respect of our
Australasian assets:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ore Reserves for the Tolukuma Section were determined assuming a gold
price of K1,288 per ounce ($400 per ounce at an exchange rate of K3.22 = $1.00) as at June&nbsp;30, 2004; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD></TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">29
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ore Reserves in respect of our 20% attributable interest in the
Porgera Joint Venture, are as determined by Placer Dome Inc. and as set
forth in its Annual Report for the fiscal year ended December&nbsp;31, 2003,
and filed with the SEC on Form 40-F on March&nbsp;5, 2004, assuming an
average long-term gold price of $325 per ounce and exchange rates of
A$1.67 = $1.00 and K4.00 = $1.00.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For fiscal 2003, in respect of our South African assets, Ore Reserves were
determined assuming a gold price of approximately R96,549 per kilogram as
determined from the three year historical averages in accordance with SEC
Industry Guide 7. Based on the average exchange rate for fiscal 2003 the
assumed Dollar gold price would be approximately $330 per ounce. In respect of
our Australasian assets, Ore Reserves for the Tolukuma Section were determined
assuming a gold price of $350 per ounce at an exchange rate of K3.46 = $1.00
based on the Kina gold price and exchange rate as at June&nbsp;30, 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal reasons for the decrease in our Ore Reserves as at June&nbsp;30,
2004 (of 11.0&nbsp;million) compared with June&nbsp;30, 2003 (of 14.4&nbsp;million), other
than depletion which constituted 6% of the decrease, are as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a decrease of 1.5&nbsp;million ounces or 25% of the Ore Reserves at the
Blyvoor Section due to the change in the pay-limit factors, mining mix
and the decline in the Rand gold price;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a decrease of 3.4&nbsp;million ounces or 41% of the Ore Reserves at the
North West Operation due to the closure of
the Buffels Section, the loss of 10% of the Ore Reserves at the Harties
Section as these reserves cannot be mined economically past a 15&nbsp;year life
of mine, resulting from the scattered nature of the remaining Ore
Reserves, escalation in costs, decline in the Rand gold price and higher
pay limits;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increase of 0.1&nbsp;million ounces or 40% of the Ore Reserves at the
Tolukuma Section due to updates to the geological model based on
improved drilling and development information; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increase of 1.4&nbsp;million ounces or 100% of the Ore Reserves due to
the purchase of a 20% interest in the Porgera Joint Venture, as at
December&nbsp;31, 2003, noting that more current information is not
available.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the revised Ore Reserves set forth below, the revised life of
mine for our operations are as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underground</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Surface</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Mine</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2003<SUP>1</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2003<SUP>1</SUP></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>South Africa</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- Harties Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1 year</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- Buffels Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2 months</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9 years</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">21 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9 years</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Crown Section<SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">n/a</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">n/a</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7 years</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ERPM Section<SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9 months</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9 years</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Australasia</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1 year</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera Joint Venture<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Ore Reserves as of June&nbsp;30, 2004 and 2003 are set forth in the table
below.



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Historical information based on the assumptions used as at June&nbsp;30, 2003.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>2</SUP> The results of the Crown Section and its subsidiary ERPM are
accounted for using the equity method.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>3</SUP> Our 20% interest in the Porgera Joint Venture was only acquired with effect
from October&nbsp;14, 2003.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">30
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Ore Reserves: Imperial
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>At June 30, 2004</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Proven Ore Reserves</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Probable Ore Reserves</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(oz/ton)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(&#146;000 ozs)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(oz/ton)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(&#146;000 ozs)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>South African Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">743</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Blyvoor Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>42.93</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.08</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,586</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.78</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>743</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Buffels Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Buffels Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Harties Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,689</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Harties Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15.35</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.22</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,346</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8.58</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,689</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Papua New Guinea Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Porgera Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Porgera Section</B><SUP><B>1</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12.11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.09</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,145</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.25</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.13</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>292</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Tolukuma Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.28</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.57</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>159</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.10</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.43</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,609</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total</B><SUP><B>2</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>70.73</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,248</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14.72</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.19</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,768</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR clear="all"><DIV align="right" style="font-size: 10pt">[Additional columns below]</DIV><P align="left" style="font-size: 10pt">[Continued from above table, first column(s) repeated]

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>At June 30, 2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Proven Ore Reserves</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Probable Ore Reserves</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(oz/ton)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(&#146;000 ozs.)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(oz/ton)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(&#146;000 ozs)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>South African Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,368</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Blyvoor Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>48.798</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.09</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,412</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.964</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,368</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Buffels Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">818</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Buffels Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.617</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.22</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>351</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.602</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.08</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,074</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Harties Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,323</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Harties Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23.788</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,714</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.517</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.17</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,344</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Papua New Guinea Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Porgera Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Porgera Section</B><SUP><B>1</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Tolukuma Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.197</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.47</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>93</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.144</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.36</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,559</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total</B><SUP><B>2</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>74.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.13</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,570</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34.227</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.14</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,838</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Total Proven and Probable Ore Reserves for 2004 reflects our attributable 20%
interest in the Porgera Joint Venture. This is based on the information
disclosed by Placer Dome Inc. (which has a 75% interest in the Porgera Joint
Venture) in its Annual Report for the fiscal year ended December&nbsp;31, 2003, as
filed with the SEC on Form 40-F on March&nbsp;5, 2004.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>2</SUP> The Ore Reserves listed in the above table are estimates of what can be
legally and economically recovered from operations and, as stated, are
estimates of mill delivered tons.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">31
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="font-size: 10pt">Ore Reserves: Metric


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>At June 30, 2004</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Proven Ore Reserves</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Probable Ore Reserves</B></TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(g/tonne)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(tonnes)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(g/tonne)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(tonnes)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>South African Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95.823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.110</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Blyvoor Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38.946</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.86</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>111.544</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.432</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.73</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23.110</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Buffels Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Buffels Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.057</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.82</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.389</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Harties Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104.059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.548</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Harties Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.922</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7.47</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>104.059</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7.784</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.75</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52.548</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Papua New Guinea Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Porgera Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.314</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.768</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Porgera Section</B><SUP><B>1</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10.982</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.24</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>35.629</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.045</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.44</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9.082</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.193</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.189</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Tolukuma Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.256</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19.37</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.956</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.093</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14.79</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.382</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR clear="all"><DIV align="right" style="font-size: 10pt">[Additional columns below]</DIV><P align="left" style="font-size: 10pt">[Continued from above table, first column(s) repeated]

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>At June 30, 2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Proven Ore Reserves</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Probable Ore Reserves</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(g/tonne)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(tonnes)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(g/tonne)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(tonnes)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>South African Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119.624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.551</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Blyvoor Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44.270</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.10</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>137.250</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.318</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.73</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>42.551</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Buffels Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.439</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.981</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Buffels Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.467</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7.45</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10.930</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12.339</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.71</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33.420</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Harties Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146.620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72.255</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.651</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Harties Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21.581</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.79</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>146.620</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12.263</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.95</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>72.906</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Papua New Guinea Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Porgera Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Porgera Section</B><SUP><B>1</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.541</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.077</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Tolukuma Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.179</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16.02</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.868</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.131</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12.36</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.618</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"><SUP>1</SUP> Total Proven and Probable Ore Reserves for 2004 reflects our attributable 20% interest in the Porgera Joint
Venture. This is based on the information disclosed by Placer Dome Inc. (which has a 75% interest in the Porgera
Joint Venture) in its Annual Report for the fiscal year ended December&nbsp;31, 2003, as filed with the SEC on Form
40-F on March&nbsp;5, 2004.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"><SUP>2</SUP> The Ore Reserves listed in the above table are estimates of what can be legally and economically recovered from
operations and, as stated, are estimates of mill delivered tons.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">32
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>At June 30, 2004</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Proven Ore Reserves</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Probable Ore Reserves</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(g/tonne)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(tonnes)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(g/tonne)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(tonnes)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>64.163</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.00</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>256.577</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.354</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.45</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>86</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR clear="all"><DIV align="right" style="font-size: 10pt">[Additional columns below]</DIV><P align="left" style="font-size: 10pt">[Continued from above table, first column(s) repeated]

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>At June 30, 2003</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Proven Ore Reserves</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Probable Ore Reserves</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(g/tonne)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(tonnes)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(mill)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(g/tonne)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(tonnes)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Underground</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141.786</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Open pit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.077</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Surface</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.632</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>67.497</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.41</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>298</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31.051</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.85</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150.495</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">33
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approximate mining recovery factors for the 2004 Ore Reserves shown in
the above table are as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Underground</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Surface</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dilution (Sundries,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shortfall and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Metallurgical and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Metallurgical and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Development)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine Call Factor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>recovery factor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine Call Factor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>recovery factor</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Harties Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not applicable</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not applicable</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Buffels Section<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not applicable</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not applicable</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera<SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not available</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Crown Section<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not applicable</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not applicable</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not applicable</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66.2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ERPM Section<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.0</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approximate mining recovery factors for the 2003 Ore Reserves shown in
the above table are as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Underground</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Surface</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dilution (Sundries,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Metallurgical and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Metallurgical and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shortfall and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine Call Factor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>recovery factor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine Call Factor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>recovery factor</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Development) (%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Harties Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Buffels Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Crown Section<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not applicable</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not applicable</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Not applicable</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ERPM Section<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62.0</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the average drill/sample spacing (rounded to the
nearest foot), as at June&nbsp;30, 2004, for each category of Ore Reserves at our
mines:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proven</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Probable</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reserves</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reserves</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>South Africa</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Harties Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">20 ft. by 27 ft.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">246 ft. by 787 ft.</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Buffels Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">20 ft. by 39 ft.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">nil</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">16 ft. by 24 ft.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">98 ft. by 492 ft.</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Crown Section<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">328 ft. by 328 ft.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">328 ft. by 328 ft.</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ERPM Section<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">15 ft. by 17 ft.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">nil</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Australasia</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">3 ft. by 39 ft.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">39 ft. by 98 ft.</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera<SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">49 ft. by 49 ft.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">98 ft. by 98 ft.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal 2004, the pay-limit approach was applied to the mineralized
material database of our various shafts or business units in order to determine
the tonnage and grade available for mining. In fiscal 2003, we also used the
pay-limit approach to select ore for mining.



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> The life of mine at the Buffels Section ends in August&nbsp;2004, and the Ore
Reserves are nil. Mining of redundant reserves and blocks originally bypassed
may continue for a limited period thereafter.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="96%"><SUP>2</SUP> This is based on the information disclosed by Placer Dome Inc. (which has a
75% interest in the Porgera Joint Venture) in its Annual Report for the fiscal
year ended December&nbsp;31, 2003, as filed with the SEC on Form 40-F on March&nbsp;5,
2004.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="96%"><SUP>3</SUP> The results of the Crown Section and its subsidiary ERPM are
accounted for using the equity method.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">34
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underground reserves quoted as of June&nbsp;30, 2004, are sensitive to
operating costs and gold price assumptions as
shown in the table below. These sensitivities are presented to give an
indication of changes in reserves relative to the gold price assumptions used.
All sensitivities have been calculated at an exchange rate of R7.00 = $1.00 for
the South African operations and K3.22 = $1.00 for Papua New Guinea operations.
No sensitivities are presented for Porgera as our disclosures are based on the
publicly available information as at December&nbsp;31, 2003, which did not include
these sensitivities. At different gold prices, alternative mining strategies
may be pursued to optimally exploit the orebody. Due to the re-processing
nature of our surface operations, those reserves are not sensitive to the price
of gold and are included in our reserve statement provided that the gold price
per ounce exceeds the per ounce cost of processing the materials.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensitivities,
conducted using the $400 per ounce average gold price in
local currencies, where applicable, indicate that there is material difference
to the Ore Reserves as stated below. These sensitivities are presented to give
an indication of changes relative to gold price. These are not supported by
life of mine plans and should therefore only be considered as indicative and
comparable on a relative basis. At different gold prices, alternative mining
strategies may be pursued to exploit the orebody optimally. The mining process
is dynamic and will thus have a &#147;knock-on-effect&#148; on the operating costs and
pay limit grade associated with the change in scale of operations. The
inclusion of large tonnages of surface material will also influence the Ore
Reserve sensitivity.

<P align="center" style="font-size: 10pt">35
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>$320/oz</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>$360/oz</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>$400/oz</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Operation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>g/t</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#145;000 ozs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>g/t</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#145;000 ozs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>g/t</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#145;000 ozs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Buffels Section</B><SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Probable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Harties Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,604.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81.011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,420.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106.395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,357.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104.421</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Probable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">953.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,115.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1689.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.539</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,558.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110.675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,536.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141.095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,046.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156.960</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Blyvoor Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,591.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,122.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97.106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,581.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111.385</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Probable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">504.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">675.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">742.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.098</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,096.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96.303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,797.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118.113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,323.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134.483</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,195.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,542.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203.501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,938.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215.806</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Probable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,458.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,791.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,431.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.637</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,654.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206.979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,333.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">259.208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,370.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291.443</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR clear="all"><DIV align="right" style="font-size: 10pt">[Additional columns below]</DIV><P align="left" style="font-size: 10pt">[Continued from above table, first column(s) repeated]
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>$440/oz</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>$480/oz</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Operation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>g/t</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#145;000 ozs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>g/t</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#145;000 ozs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Buffels Section</B><SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Probable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Harties Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,381.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136.281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,723.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146.909</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Probable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,602.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="right">1,869.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.136</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,983.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186.121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,592.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205.045</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Blyvoor Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,827.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119.041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,077.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126.832</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Probable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">814.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,136.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.352</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,641.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144.369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,214.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162.184</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,208.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255.322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,800.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273.741</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Probable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,416.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,005.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93.488</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,625.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,806.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367.229</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>$320/oz</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>$360/oz</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>$400/oz</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Operation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>g/t</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#145;000 ozs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>g/t</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#145;000 ozs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>g/t</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#145;000 ozs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Tolukuma Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.956</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Probable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.383</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.339</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR clear="all"><DIV align="right" style="font-size: 10pt">[Additional columns below]</DIV><P align="left" style="font-size: 10pt">[Continued from above table, first column(s) repeated]
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>$440/oz</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>$480/oz</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Operation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>g/t</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#145;000 ozs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>g/t</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#145;000 ozs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Tolukuma Section</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.035</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Probable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.514</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.549</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P>
<HR size="1" width="18%" align="left" noshade>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top">
    <TD width="100%"><SUP>1</SUP> The life of mine at the Buffels Section ends in August&nbsp;2004, and the Ore
Reserves are nil. Mining of redundant reserves and blocks originally bypassed
may continue for a limited period.</TD>
</TR>
</TABLE>
<P align="center" style="font-size: 10pt">36
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<P align="left" style="font-size: 10pt"><B>Governmental regulations and its effect on our business</B>



<P align="left" style="font-size: 10pt"><B>South Africa</B>



<P align="left" style="font-size: 10pt"><I>Common Law Mineral Rights and Statutory Mining Rights</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the introduction of the MPRD Act in 2002, private ownership in
mineral rights and statutory mining rights in South Africa could be acquired
through the common law or by statute. Under the old regime, the term freehold
title refers to a right of ownership of land and the surface thereof and the
term &#147;mining title&#148; refers to a right of ownership of the minerals below the
surface or the right to mine such minerals. With effect from May&nbsp;1, 2004, all
minerals have been placed under the custodianship of the South African
government under the provisions of the MPRD Act, and old order proprietary
rights, need to be converted to new order rights of use within certain
prescribed periods, as dealt with more fully below.


<P align="left" style="font-size: 10pt"><I>Old Order Rights - Mining Authorizations</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because mining authorizations issued under the previous regime remain
valid, they are dealt with briefly. No person or mining entity may prospect or
mine for minerals without being granted a prospecting or mining authorization.
Prior to granting a prospecting or mining authorization, two requirements had
to be fulfilled. First, the mining entity must either be the registered holder
of the mineral rights or have obtained the written consent of the registered
holder of the mineral rights to mine the minerals concerned for its own
account. Second, the Department of Minerals and Energy, or the DME, must be
satisfied with the scale, manner and duration of the intended prospecting or
mining operations and must approve an Environmental Management Program, or EMP.
A prospecting permit was issued for a limited period but could be renewed on
application. A mining license was generally issued until such time that the
minerals could no longer be mined in an economically viable manner. The rights
enjoyed under these authorities will endure until they are converted within the
period of time prescribed in the MPRD Act. Thereafter, such rights will lapse.


<P align="left" style="font-size: 10pt"><I>Conversion of Rights under the Mineral and Petroleum Resources Development Act,
2002</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing common law prospecting, mining and mineral rights, or old order
rights, need to be converted into new order rights in order to ensure exclusive
access to the mineral for which rights existed at the time of the enactment of
the MPRD Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In respect of used mineral rights, the DME is obliged to convert the
rights if the applicant complies with certain statutory criteria. These include
the submission of a mining plan, demonstrable technical and financial
capability to give effect to the plan, provision for environmental management
and rehabilitation, and compliance with certain black empowerment and
social-economic guidelines. These applications need to be submitted within five
years after the enactment of the MPRD Act on May&nbsp;1, 2004. Similar procedures
apply where we hold prospecting rights and a prospecting permit and conduct
prospecting operations. Where we hold unused rights however, the application
for conversion to mining or prospecting rights has to be submitted within one
year. The requirements for unused rights are more stringent than for used
rights, particularly insofar as participation in benefits from historically
disadvantaged groups are concerned. The DME has, in these instances also a
wider discretion to refuse an application for conversion. Under the new MRPD
Act, mining rights are not perpetual, but endure for a maximum of thirty years,
after which they may be renewed for a further thirty years. Prospecting rights
are limited to five years, with one renewal of three years.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of our applications for conversion are refused, rights for damages,
based on expropriation will vest in the Company. The DME may attach specific
conditions and limitations to the exercise of new order rights. It may, for
example, reduce the area over which the new order right applies, if it is of
the view that the prospecting or mining work programs submitted by an applicant
do not justify the extent of the area covered by the old order right. They may
also be suspended or cancelled by the Minister in the event of a breach or, in
the case of mining rights, of non-optimal mining in accordance with the mining
works program.



<P align="center" style="font-size: 10pt">37
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The South African government has declared its intention to revisit the
taxation regime of South African gold mining companies. The South African gold
mining industry is taxed under the gold tax formula which recognizes the high
level of capital expenditure required to sustain a mining operation over the life of
mine. This results in an additional tax benefit, not afforded to other
commercial companies. In addition, the South African government has declared
its intention to revisit the taxation regime of South African gold mining
companies. The South African gold mining industry is taxed under the gold
taxation formula which recognizes the high level of capital expenditure
required to sustain a mining operation over the life of mine. This results in
an additional tax benefit not afforded to other commercial companies. In
addition, the South African Government has indicated that it is looking at a
revenue based royalty for mining companies, as outlined in the draft Mineral
and Petroleum Royalty Bill, 2003, or Royalty Bill, which was released in March
2003 for comment. The Royalty Bill proposed a three percent royalty on gross
revenue for gold mining companies. In conjunction with the South African Mining
Development Association we have made submissions to the government outlining
our concerns about a revenue based royalty and recommended a profit based
royalty be introduced instead. In his budget speech in February&nbsp;2004, the South
African Finance Minister acknowledged that the draft Royalty Bill may need some
refinement, but also stated that government&#146;s preference is for a revenue based
royalty, with introduction of the royalty as of 2009. The introduction of the
proposed royalty would have an adverse effect on the profitability of our South
African operations. We are currently evaluating the impact of the proposed
royalty.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to promote broader based participation in mining revenue, the
MPRD Act provides for a Broad Based Socio-Economic Empowerment Charter, or
Mining Charter, to be developed by the Minister within five years of
commencement of the Act, beginning May&nbsp;1, 2004. The mining industry has
submitted its proposals on the content of the charter. In its current format
its objectives include:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Increased direct and indirect ownership of mining entities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expansion of opportunities for persons disadvantaged by unfair
discrimination under the previous political dispensation;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expansion of the skills base of such persons, the promotion of
employment and advancement of the social and economic welfare of mining
communities; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promotion of beneficiation.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its sets certain numerical and timeframe goals on equity participation by
historically disadvantaged South Africans of its South African mining assets.
It recommends that these are achieved by, among other methods, disposal of
assets by mining companies to historically disadvantaged persons on a willing
seller, willing buyer basis at fair market value. The goals set by the Mining
Charter require each mining company to achieve 15&nbsp;percent ownership by
historically disadvantaged South Africans of its South African mining assets
within five years and 26&nbsp;percent ownership within ten years from May&nbsp;1, 2004.
It also sets out guidelines and goals in respect of employment equity at
management level with a view to achieving 40&nbsp;percent participation by
historically disadvantaged persons in management and ten percent participation
by women in the mining industry, each within five years. Compliance with these
objectives is measured on the weighted average &#147;scorecard&#148; approach in
accordance with a draft scorecard which was published by the government in
February&nbsp;2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are supportive of addressing the legacies of the past through
developing opportunities in accordance with the objects and parameters of the
MPRD Act. We have demonstrated our commitment through our 40% associate
company, CGR, through which we facilitated the acquisition of 60% of our
interest in CGR by KBH. However, at this point we are unable to set out a
definitive timeline of when we will comply with our objectives before the
expiration of the 10&nbsp;year time limit as the legislation was only recently
passed. We are also unable to identify any permits, rights or investments which
we may lose as a result of any non-compliance. The provisions of the Mining
Charter apply to each mining company individually. Accordingly, it is not
possible for us to meet our obligations by disposing of our less profitable
operations which would undermine the objectives of the Mining Charter. As
transactions, to comply with the Mining Charter, are to be at fair market
value, we do not anticipate incurring any loss in fulfilling our obligations
provided that we are able to identify suitable partners that are able to obtain
adequate funding. The continued ownership of the mineral rights associated with
the Argonaut Project is dependent on the conversion of the existing prospecting
permit under the new MPRD Act. The application for conversion was submitted on
September&nbsp;30, 2004, and if granted will be valid for an initial period of two
years. The permit will be extended further subject to the fulfillment of
conditions associated with the initial two year period.

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<P align="left" style="font-size: 10pt"><I>Mine and Safety Regulation</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The South African Mine Health and Safety Act, 1996 (as amended), or the
Mine Health and Safety Act, came into effect in January&nbsp;1997. The principal
object of the Mine Health and Safety Act is to improve health and safety at
South African mines and to this end, imposes various duties on us at our mines,
and grants the authorities broad powers to, among other things, close unsafe
mines and order corrective action relating to health and safety matters. In the
event of any future accidents at any of our mines, regulatory authorities could
take steps which could increase our costs or reduce our production capacity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the South African Compensation for Occupational Injuries and
Diseases Act, 1993 (as amended), or COID Act, employers are required to
contribute to a fund specifically created for the purpose of compensating
employees or their dependants for disability or death arising in the course of
their work. Employees who are incapacitated in the course of their work have no
claim for compensation directly from the employer and must claim compensation
from the COID Act fund. Employees are entitled to compensation without having
to prove that the injury or disease was caused by negligence on the part of the
employer, although if negligence is involved, increased compensation may be
payable by this fund. The COID Act relieves employers from the prospect of
costly damages, but does not relieve employers from liability for negligent
acts caused to third parties outside the scope of employment. We have
contributed approximately $2.6&nbsp;million over the past three fiscal years under
the COID Act, to a multi-employer industry fund administered by Rand Mutual
Assurance Limited.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Occupational Diseases in Mines and Works Act, 1973 (as amended),
or the Occupational Diseases Act, the multi-employer fund created pays
compensation to employees of mines performing &#147;risk work,&#148; which is work
declared to be &#147;risk work&#148; by the Minister for Health, usually in circumstances
where the employee is exposed to dust, gases, vapors, chemical substances or
other working conditions which are potentially harmful, if the employee
contracts a &#147;compensatable disease,&#148; which includes pneumoconiosis,
tuberculosis, a permanent obstruction of the airways, and any other disease
declared to be so by the Minister for Health. No employee is entitled to
benefits under the Occupational Diseases Act for any disease for which
compensation has been received or is still to be received under the COID Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the future, compliance with the Mine Health and Safety Act and the COID
Act may require significant expenditures which could increase our costs or
reduce the profitability of our South African operations. Currently the Group
is compliant with these payment requirements, which are based on a combination
of the employee costs and claims made during the year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uranium and radon are often encountered during the ordinary course of gold
mining operations in South Africa, and present potential risks for exposure of
workers at those operations and the public to radiation in the nearby vicinity.
We monitor our uranium and radon emissions, and believe that we are currently
in compliance with all local laws and regulations pertaining to uranium and
radon management and that we are within the current legislative exposure limits
prescribed for workers and the public, under the Nuclear Energy Act, 1999 (as
amended) and Regulations from the National Nuclear Regulator.


<P align="left" style="font-size: 10pt"><I>Environmental Regulation in South Africa</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing the impact of mining on the environment is extensively regulated
by statute in South Africa. Recent statutory enactments set compliance
standards both generally, in the case of the National Environmental Management
Act, and in respect of specific areas of environment impact, as in the case of
the Atmospheric Pollution Act (dust pollution), the National Water Act
(managing effluent), the Environmental Conservation Act (waste disposal) and
the Nuclear Energy Act (latent radon contamination). Liability for
environmental damage is also extended beyond the corporate veil to impose
personal liability on managers, and directors of mining corporations that are
found to have violated applicable laws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing the impact on the environment by mining operations is extensively
provided for in the MRPD Act. The MRPD Act has onerous provisions for personal
liability of directors of companies whose mining operations have an
unacceptable impact on the environment.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the MPRD Act, new order mining licenses are not issued unless a
complete environmental impact assessment is conducted and all potentially
affected parties have been given an opportunity to comment on the proposed
mining. Mining companies are also required to demonstrate both the technical
and financial ability to sustain an ongoing environmental
management program, and achieve ultimate rehabilitation, the particulars
of which are to be incorporated in an environmental management program, or EMP.
This program is required to be submitted and approved by the Department of
Minerals and Energy, or DME, as a prerequisite for the issue of a new order
mining license. Financial provision is made by depositing funds into a
rehabilitation trust fund. We have a registered fund for each of North West
Operations, Blyvoor Section, Durban Deep Section and the West Wits Section and
our associate, CGR, has registered funds for the Crown and ERPM Sections. These
funds are discussed below.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MPRD Act imposes specific, ongoing environmental monitoring and
financial reporting obligations on the holders of mining licenses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of the diverse nature of our operations, ranging from underground
mining to surface reclamation activities, environmental risks vary from site to
site. These risks have been addressed in EMPs which have been submitted to the
Department of Water Affairs, or DWAF, and are reviewed and updated on an annual
basis. As of June&nbsp;30, 2004, EMPs have been submitted for all operations in
South Africa and all have been approved by the DWAF. Additionally, the key
environmental issues have been prioritized and are being addressed through
active management input and support and progress measured in terms of activity
schedules and timescales determined for each activity. Two environmental
compliance assessments have been conducted at the Blyvoor Section and the Crown
Section, which both show that these mines are in substantial compliance with
the conditions of their EMPs. The environmental compliance assessments for ERPM
and the North West Operations are due in February&nbsp;2005 and June&nbsp;2005
respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our existing reporting and controls framework is consistent with the
additional reporting and assessment requirements of the MPRD Act.


<P align="left" style="font-size: 10pt"><B>Papua New Guinea</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral exploration and mining operations in Papua New Guinea are
principally regulated by the following legislation:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Papua New Guinea Mining Act 1992 and Mining Regulations 1992, or the Mining Act and Regulations;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining Safety Act and Regulations; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Papua New Guinea Environmental Act 2000 and Regulations 2000, or the Environmental Act and Regulations.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current mining activities at the Tolukuma Section are covered by a mining
lease (ML 104), granted under the Mining Act. The initial term of this lease
was for a period of 8&nbsp;years, which was renewed for a further 10&nbsp;years, expiring
2012. The mining lease may be renewed for further periods not exceeding 10
years in accordance with applicable laws. Current exploration activities are
covered by a number of exploration licenses. These licenses have been granted
for a term not to exceed two years but can be renewed for further two year
periods. In total, there are 11 exploration licenses or applications covering
the Tolukuma Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Porgera Joint Venture has approval to work the Porgera deposit within
the agreed development plan under the terms of the Porgera Mining Development
Contract, or the Porgera Contract, between the Government of Papua New Guinea
and the members of the Porgera Joint Venture. The Porgera Contract specifies,
among other matters, the annual rents that must be paid for the Special Mining
Lease and the various classes of compensation that are payable to the
landowners for the various land uses. The Special Mining Lease, which expires
in 2019, encompasses approximately 5,535 acres (2,240 hectares) including the
mine area and the areas in which the project infrastructure is located. There
is no expiration date for the Porgera Contract, but it is tied to the
continuation of the Special Mining Lease. Leases for mining purposes have also
been awarded by the Government of Papua New Guinea for land use associated with
the mining operation such as waste dumps, campsite, and an airstrip. Permits
are held for water use, including run-off from unconsolidated surfaces, such as
the open pit, the underground mine and the waste dumps. These permits are
renewable on a regular basis and are subject to public hearing before approval.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma and Porgera Sections are operated subject to the requirements
of the Mining Act and Regulations and the Mining Safety Act and Regulations as
applied by the Papua New Guinea Government. We believe all requisite licenses
and permits are in good standing.


<P align="left" style="font-size: 10pt"><I>The Mining Safety Act and Regulations</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mining Safety Act and Regulations sets out in detail the standards
pertaining to safe and responsible mining. It lays down the conditions a mining
operation has to comply with to ensure that the health and safety of all
workers is protected. It includes requirements pertaining to worker training,
risk assessment and safe working procedures with regard to all activities
associated with mining.


<P align="left" style="font-size: 10pt"><I>Environmental Regulations in Papua New Guinea</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma and Porgera Sections are subject to the Environmental Act and
Regulations which came into effect on January&nbsp;1, 2004. The Environmental Act
and Regulations provide for objective criteria for regulating the impact of
activities on the environment, as well as the regulation of air and water
pollution. Both the Tolukuma and Porgera Sections have a number of licenses and
permits with which those respective operations are required to comply.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The activities at the Tolukuma and Porgera Sections are categorized under
the Environmental Act and Regulations as Level 3 activities because of the size
and complexity of their processes. Level 3 activities are subject to more
rigorous regulation as they are regarded as being more likely to create an
adverse impact on the environment. Under the grandfathering provisions under
the Environmental Act and Regulations, both the Tolukuma and Porgera Sections
are able to continue to operate under each of their existing environmental
plans and permits.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An environmental plan for the mining related activity at the Tolukuma
Section, was submitted to the Directorate Environment and Conservation, or DEC,
in Papua New Guinea, in November&nbsp;1993 and was approved, subject to certain
conditions, on May&nbsp;24, 1994. The three principal conditions were:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submission of an environmental management and monitoring program;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>rehabilitation on a progressive basis throughout the life of mine and progress reports every six months; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>develop a final site rehabilitation plan and submit the plan four
years from the date of final plant commissioning.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tolukuma submitted their environmental management and monitoring program
in July&nbsp;1994 and have adhered to its requirements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly an environmental plan for mining related activity at Porgera, was
submitted and was approved by the DEC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A detailed review of the environmental issues and concerns for the
Tolukuma and Porgera Sections are provided under Item&nbsp;4D.: &#147;Property, plants
and equipment &#150; Description of Significant Subsidiaries, Properties and Mining
Operations&#148; under &#147;Environmental and Closure Aspects.&#148;

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<P align="left" style="font-size: 10pt"><B>Environmental Regulation in Fiji</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing the impact of mining on the environment is regulated by various
statutes in Fiji, dealing with various mining and mining-related activities and
the effect that they may have upon the environment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fijian Mining Act regulates mining activities generally within Fiji.
In particular:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Director of Mines grants mining permits and leases under the
Fijian Mining Act and has the power to attach conditions to those
permits or leases. Under certain provisions of the Fijian Mining Act,
the Director of Mines has power to cancel a lease or permit where the
holder of that lease or permit has failed to comply with certain
requirements of the Mining Act;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fijian Mining Act places an obligation on the owners of mining
leases in Fiji to take all necessary actions to restore land once
mining operations cease. There is also a requirement under the Act to
pay compensation to land owners for any damage to the surface of land
caused by the mining operations; and</TD>
</TR>


</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pollution of a watercourse is an offence under the Fijian Mining Act,
although permits can be obtained to authorize the deposit of sludge
and tailings. The Mining Act requires all areas of subsidence to be
clearly marked and fenced off with warning signs posted. Failure to
comply with these provision is again an offence. The Fijian Mining Act
also contains provisions regulating the storage and protection of
chemicals and poisons and accompanying washes and antidotes, dust
abatement requirements and the construction of dams.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The general penalty under the Fijian Mining Act, where the section does
not impose a specific penalty, is a fine of 200 Fijian Dollars or six months
imprisonment or both.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the Fijian Mining Act, the Rivers and Streams Act create
temporary and special water rights. The Water Supply Act imposes a penalty for
polluting a water supply of F$100.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and safety legislation also imposes upon employers a duty to take
all practicable measures to minimize the risk of explosions and to render safe
hazardous conditions and materials.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As mining and environmental protection legislation in Fiji is still in the
early stages of development, penalties for breaching the existing mining and
environmental protection legislation are relatively small compared to
international standards<I>. </I>However, the Fijian Parliament is currently
considering an Environment Management Bill which, if passed, will introduce a
number of environment protection measures, many of which will impact the mining
industry. The Bill contains provisions imposing liability upon directors for
offences committed by a company.


<P align="left" style="font-size: 10pt"><B>Financial Provision for Rehabilitation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to make financial provision for the cost of mine closure
and post-closure rehabilitation, including monitoring once the mining
operations cease. In South Africa we have funded these environmental
rehabilitation costs by making contributions over the life of the mine to
environmental trust funds established for each operation. Funds are
irrevocably contributed to trusts that function under the authority of trustees
that have been appointed by, and who owe a statutory duty of trust, to the
Master of the High Court of South Africa. The funds held in these trusts are
invested primarily in interest bearing debt securities. As of June&nbsp;30, 2004, we
held a total of $22.8&nbsp;million in trust, the balance held in each fund being
$1.8&nbsp;million (2003: $1.4&nbsp;million) for West Wits Section, $16.4&nbsp;million (2003:
$13.2&nbsp;million) for Buffels Section, $2.5&nbsp;million (2003: $2.0&nbsp;million) for
Blyvoor Section and $2.1&nbsp;million (2003: $1.3&nbsp;million) for the Durban Deep
Section. Trustee meetings are held as required, and quarterly reports on the
financial status of the funds, are submitted to our board of directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fund for the Buffels Section includes provision for the Harties
Section. The financial provision for the West Wits Section and Durban Deep
Section have been consolidated into a single fund.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We address shortfalls in the funds by accruing trust investment income for
the benefit of the funds and by replenishing it with the proceeds from the sale
of redundant mining equipment at the end of the life of the mine. If any of the
operations are prematurely closed, the rehabilitation funds may be insufficient
to meet all the rehabilitation obligations of those operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whereas the old Minerals Act allowed for the establishment of a fully
funded rehabilitation fund over the life of mine, the MPRD Act assumes a fully
compliant fund at any given time in the production life of a mine. The DME
appears to have taken a practical approach in dealing with this change, and has
indicated that the traditional ring fencing of funds may, for investment
purposes be relaxed, and that insurance instruments may also be received
subject to the DME&#146;s consent, to make up the shortfall in available cash funds.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate group rehabilitation, reclamation and closure cost provision
was calculated at June&nbsp;30, 2004 at $39.1&nbsp;million, up from $24.6&nbsp;million on June
30, 2003. The increase is attributable to the inclusion of the provision for
the environmental closure of Porgera when it reaches the end of its life of
mine, and the strengthening of the Rand against the Dollar.

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<DIV align="left">
<A name="112"></A>
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<P align="left" style="font-size: 10pt"><B><I>4C. ORGANIZATIONAL STRUCTURE</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following chart shows our principal subsidiaries, associate, joint
venture and investments as of June&nbsp;30, 2004. All of our subsidiaries are
incorporated in South Africa unless otherwise indicated. The Company,
DRDGOLD Limited, holds the majority of the investments directly or
indirectly as indicated below. Refer to Exhibit&nbsp;8.1 for a list of the Company&#146;s
directly held subsidiaries.


<P align="center" style="font-size: 10pt"><IMG src="u07700u0770000.gif" alt="(ORGANIZATIONAL STRUCTURE FLOW CHART)">

<P align="center" style="font-size: 10pt">44

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<DIV align="left">
<A name="113"></A>
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>4D.: PROPERTY, PLANT AND EQUIPMENT</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following maps set out the location of our mines and projects in South
Africa, Papua New Guinea and Fiji.


<P align="center" style="font-size: 10pt"><IMG src="u07700u0770001.gif" alt="(MAP)">



<P align="center" style="font-size: 10pt"><IMG src="u07700u0770002.gif" alt="(MAP)">



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<P align="left" style="font-size: 10pt"><B>Description of Significant Subsidiaries, Properties and Mining Operations</B>



<P align="left" style="font-size: 10pt"><B>South Africa</B>



<P align="left" style="font-size: 10pt"><B>West Witwatersrand Basin Geology</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The North West Operations, which is comprised of the Buffels Section and
Harties Section, and the Blyvoor Section are predominantly underground
operating mines located within a geographical region known as the Witwatersrand
Basin, exploiting gold bearing reefs in addition to certain surface sources.
The Crown Section and the ERPM Section are also located within the
Witwatersrand Basin and exploit various surface sources, including sand and
slime tailings deposited as part of historical mining operations. The ERPM
Section is predominantly an underground mining operation with a surface
operation for the processing of sand from the Cason Dump. Our underground
operations are typical of the many gold mining operations in the area which
together have produced approximately 1.5&nbsp;billion ounces of gold over a period
of more than 100&nbsp;years.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Witwatersrand Basin comprises a 4 mile (6 kilometres) vertical
thickness of sedimentary rocks situated within the Kaapvaal Craton, extending
laterally for approximately 186 miles (299 kilometres) east-northeast and 62
miles (100 kilometres) south-southeast. The sedimentary rocks generally dip at
shallow angles towards the center of the basin though locally this may vary.
The Witwatersrand Basin is Archaean in age and the sedimentary rocks are
considered to be approximately 2.7 to 2.8&nbsp;billion years old.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold mineralization in the Witwatersrand Basin occurs within horizons
termed reefs. These occur within seven separate goldfields located along the
eastern, northern and western margins of the basin. These goldfields are known
as the Evander Goldfield, the East Rand Goldfield, the West Rand Goldfield, the
Far West Rand Goldfield, the Central Rand Goldfield, the Klerksdorp Goldfield
and the Free State Goldfield. As a result of faulting and other primary
controls of mineralization, the goldfields are not continuous and are
characterized by the presence or dominance of different reef units. The reefs
are generally less than 6 feet (2 metres) thick but in certain instances, these
deposits form stacked elastic wedges which are hundreds of feet thick.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gold generally occurs in native form within the various reefs, often
associated with pyrite and carbon.


<P align="left" style="font-size: 10pt"><B>North West Operations</B>



<P align="left" style="font-size: 10pt"><B>Overview</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own 100% of the North West Operations through our wholly owned
subsidiary the Buffelsfontein Gold Mines Limited, which in turn owns 100% of
the Hartebeestfontein Gold Mining Company Limited and Duff Scott Hospital (Pty)
Limited. The consolidated mining operations of the North West Operations
consist of the Buffels Section and the Harties Section, which lie adjacent to
each other within the Klerksdorp Goldfield on the northwestern rim of the
Witwatersrand Basin. At June&nbsp;30, 2004, the net book value of the mining assets
at the Buffels Section was $1.4&nbsp;million and at the Harties Section was $26.3
million, with a workforce at the North West Operations of approximately 7,600
workers, including contractors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since its inception in 1949, the Buffelsfontein Gold Mine Limited has
produced over 32&nbsp;million ounces of gold, with 20,100 tons of uranium as a
by-product. In fiscal 2004, the operations produced 341,861 ounces of gold.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining activity at the Harties Section, including exploration, development
and production dates back to 1949 with gold production from the area totaling
over 38&nbsp;million ounces, with uranium oxide, sulfuric acid, pyrite and silver
being recovered as by-products.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Proven and Probable Ore Reserves of the Buffels Section at June&nbsp;30,
2004, were estimated at less than 0.1&nbsp;million ounces. The mine has reached the
end of its economic life. Number 11 Shaft closed in April&nbsp;2004 and Number 9
Shaft closed in September&nbsp;2004. There are 5.0&nbsp;million ounces of Ore Reserves
for the Harties Section. Accordingly, the Buffels Ore Reserves have been
decreased to nil, while only selective mining is taking place at the Number 6
Shaft at the Harties Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;21, 2003, we entered into a 60-day review period on our North West
Operations designed to restore the operations to profitability. An agreement
was reached with all labor organizations and the process was completed on
September&nbsp;21, 2003, with approximately 3,000 employees retrenched and the
placing of Number 6 Shaft of the Harties Section on a &#147;care and maintenance&#148;
program, effectively suspending the use of the asset. On March&nbsp;16, 2004, we
reopened the Number 6 Shaft at the Harties Section to mine high grade areas on
a selective basis. We recalled approximately 800 employees previously
retrenched from the North West Operations to man this shaft. On February&nbsp;18,
2004, we announced the closure of the Number 11 Shaft in the Buffels Section
after the revised work practices implemented based on the operational review
proved to be unsustainable. As a result, approximately 1,000 employees were
retrenched. The total cost of the July&nbsp;21, 2003 and March&nbsp;16, 2004
retrenchments was $7.1&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the continuing strength of the Rand and the decline in the Rand gold
price, we entered into a 60-day review period at the Buffels Section at our
North West Operations on June&nbsp;26, 2004, in order to restore profitability. An
agreement was reached with all the relevant parties early in August&nbsp;2004 to
close the Number 9 Shaft, but to keep the Number 10 and 12 Shafts in operation,
on the condition that certain defined sustainability thresholds are met. This
agreement resulted in the retrenchment of 120 employees at this mining
operation during fiscal 2005, at a cost of R 3.7&nbsp;million ($0.6&nbsp;million). As at
October&nbsp;31, 2004 a total of 603 employees are employed at Number 10 and 12
Shafts.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;22, 2005, we announced the provisional liquidation of Buffelsfontein Gold Mines Limited,
our subsidiary that owns our North West Operations, as discussed in our Form 6-K filed with the SEC
on March&nbsp;22, 2005, which is incorporated by reference in this Annual Report.

<P align="left" style="font-size: 10pt"><B>Property</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The North West Operations are located in the Klerksdorp Goldfield of the
Witwatersrand Basin approximately 100.0 miles (160.9 kilometres) southwest of
Johannesburg near the towns of Stilfontein and Klerksdorp, North West Province,
and are reached via the R12 Johannesburg-Potchefstroom-Kimberley highway.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The climate of the Highveld area (at an elevation of 5,249 feet (1,600
metres) above mean sea level), where the mine is situated, is humid continental
with warm summers and cold winters. Temperatures range from a minimum of 23 degrees Fahrenheit (-5 degrees Celsius) in June and July to a maximum of 93
degrees Fahrenheit (34 degrees Celsius) in December and January.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mines&#146; infrastructure includes the shaft complexes, metallurgical
plants, engineering workshops and its associated tailings dams. Buffels has
mining title to 17,575 acres (7,113 hectares) and freehold title to 4,893 acres
(1,980 hectares). The Harties Section has mining title to 15,560 acres (6,297
hectares) and freehold title to 375 acres (152 hectares), all held in the name
of Buffels. The Buffels Section consists of one mining license, ML4/2001 in
respect of statutory mining rights, and one prospecting permit, RP54/2002 in
respect of statutory mining rights and mineral rights held by the Buffels
Section. We are in the process of converting these old order property rights to
new order rights under the MPRD Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accommodation for staff is situated on the property as well as in the
neighboring towns of Stilfontein and Klerksdorp. In addition to mining its
lease area, the Buffels Section operates and mines the adjoining
Harties Section mineral rights areas and another area pursuant to royalty-based
tribute agreements with Lucas Block Minerals Limited, a South African company,
and the Harties Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The average mining depth at the Harties Section is 5,322 feet (1,622.1
metres), 961 feet (292.9 metres) below mean sea level and at the Buffels
Section is 6,099 feet (1,859 metres), 1,790 feet (545.6 metres) below mean sea
level.


<P align="left" style="font-size: 10pt"><B>History</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1949</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Hartebeestfontein Gold Mining Company Limited, or Hartebeestfontein,
was incorporated as a public company in South Africa on June&nbsp;20,
1949. The company is dormant and no longer trades.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1995</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buffelsfontein Gold Mines Limited, or Buffels, was incorporated and
registered as a public company in South Africa on September&nbsp;20, 1995,

under the name Camelian Investments (Pty) Ltd. Camelian Investments
changed its name to Buffelsfontein Gold Mines Ltd on December&nbsp;29,
1995. As of December&nbsp;31, 1995, Buffels acquired the assets and
liabilities of the Buffelsfontein mine division of Buffelsfontein
Gold Mines Company Limited previously managed by Gencor Limited, a
South African mining company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1997</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We acquired Buffels on September&nbsp;15, 1997.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1999</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On August&nbsp;16, 1999, Buffels acquired both the Harties business assets
and Hartebeestfontein from Avgold Limited.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2003</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On July&nbsp;21, 2003, we entered into a 60-day review period of our North
West Operations. The process was completed on September&nbsp;21, 2003,
with approximately 3,000 employees retrenched at a cost of $6.5
million and the placing of certain infrastructure (Number 6 Shaft at
the Harties Section) on a &#147;care and maintenance&#148; program.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2004</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In March&nbsp;2004, the Number 6 Shaft at the Harties Section was reopened
to mine high grade areas on a selective basis. We recruited 800
staff previously retrenched to man this shaft.
In April&nbsp;2004, the Number 11 Shaft at the Buffels Section was closed
as the shaft reached the end of its economic life. Approximately
1,000 employees were retrenched at a cost of $0.6&nbsp;million.
In September&nbsp;2004, the Number 9 Shaft at the Buffels Section was
closed as the shaft reached the end of its economic life.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Geology and Mineralization</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Buffels Section and Harties Section, are predominantly underground
operating mines located within a geographical region known as the Witwatersrand
Basin, that exploit gold bearing reefs consisting of Vaal Reef ore and surface
sources from previously discarded low-grade rock dumps. The Vaal Reef is an
oligomictic, quartz-pebble conglomerate no more than 20 inches (50 centimeters)
thick. Gold is present throughout the reef horizon, but is concentrated on the
bottom contact, where carbon commonly forms as a thin seam.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Buffels Section has exploited the Vaal Reef, occurring within the
Central Rand Group of the Witwatersrand Supergroup, at the base of the
Strathmore formation. The bulk of the Buffels Section&nbsp;Ore Reserves have been
mined-out but the infrastructure is being used to access remnant reserves and
blocks originally bypassed because of structural complexity. Access from the
surface to the underground workings of the mine is through vertical and
underground incline shafts. Mining of the reef takes place in stope panels.
Holes are drilled into the solid rock and are charged with explosives and
blasted. The loosened rock is removed from the stope panels and is conveyed to
the shaft, tipped into the ore-pass systems, hoisted to the surface and
conveyed to the metallurgical plant for gold extraction.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similar to the Buffels Section, the Harties Section exploits the Vaal Reef
within the Central Rand Group of the Witwatersrand Supergroup. Gold production
at the Harties Section started in 1955 on the Vaal Reef. By the late 1990s the
mine had reached a position where its life was dependent on the mining of shaft
pillars and scattered remnants. The Harties Section has been converted from a
high-grade mine with a short life to a medium-grade mine with a longer life.
This has been achieved in three stages, firstly, by the conversion of the
previous owners&#146; mine plan and operating method, secondly, by dropping the pay
limits and putting in place a medium-term operational plan including the
opening up of old mining areas
for remnant mining, and thirdly, developing a sustainable life of mine
plan that will be supported by areas not included in the previous owners&#146;
mining plan due to high pay limits. Under our management, the mine has produced
more than 1.6&nbsp;million ounces of gold. The Proven and Probable Ore Reserves have
been reduced to 5&nbsp;million ounces. Opening up of abandoned pillar areas across
the lease area is underway to ensure Ore Reserves over the life of mine. The
Number 6 Shaft area at the Harties Section was reopened in fiscal 2002 to mine
medium and low grade areas. The shaft was subsequently placed on a &#147;care and
maintenance&#148; program in September&nbsp;2003 due to the sustained decline in the
Rand-gold price. The shaft was reopened in February&nbsp;2004 to mine high grade
areas on a selective basis.


<P align="left" style="font-size: 10pt"><B>Mining and processing</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metallurgical processing facilities at the North West Operations include
two operating plants. All the underground ore is processed by the Buffels or
South Plant. All the surface material is processed in the North Plant
previously known as the Low Grade Gold Plant, or LGGP, with limited underground
material. These plants have a combined operating capacity of 260,000 tons per
month, or tpm.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>South Plant</B>: Commissioned in 1957, this plant, is also known as the
Buffels Plant. The original plant was comprised of a conventional circuit
including multi-stage crushing and grinding followed by standard dissolution
and recovery circuits. The plant was modified from 1994 to 1997 through the
closure and demolition of the original comminution sections. It is now
comprised of a circuit including run of mine milling, thickening, leaching,
filtration, zinc precipitation and smelting to dor&#233;. The operating capacity of
the plant is 90,000 tpm. During fiscal 2004, we considered expanding
the existing plant to 125,000 tpm, at an expected cost of $14.7&nbsp;million. The
proposed expansion was suspended due to the sustained decline in the Rand gold
price and initial expenditure of $1.4&nbsp;million was expensed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>North Plant</B>: Commissioned in 1987, this plant, also known as the Low
Grade Gold Plant, is comprised of a circuit including crushing, closed circuit
milling, thickening, cyanidation and gold recovery in a Carbon-In-Pulp, or CIP,
plant, elution, electrowinning and smelting to dor&#233;. The operating
capacity of the plant is 170,000 tpm of low grade ore (1 gram per ton). This
plant is being used to process mostly surface material and some
underground material.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricity for South Africa is provided by Eskom, which is government
owned. Eskom is the largest producer of electricity in Africa. In South Africa,
Eskom operates a national power supply grid consisting of 24 power stations
across the country. Electricity to the North West Operations is provided from
the Kardell and Hermies substation located between Stilfontein and Orkney in
the Buffels area. Electricity is supplied directly from the national power grid
to these substations at 88,000 volts. Further substations, located on mine
site, transform the power to 6,600 volts for direct supply to the shaft winder
and air compressors. The power supply is further reduced to 525 volts for
smaller devices and equipment used on the mine. The average annual power
consumption is about 852 gigawatt hours, or GWHr and the maximum demand is
about 92 megawatts, MW.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Several capital expansion projects were conducted over the period fiscal
2002 to fiscal 2004, including the upgrading of Ore Reserves of $3.2&nbsp;million.

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<P align="left" style="font-size: 10pt"><B>Environmental and closure aspects</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activities in the Buffels and Harties Sections include underground mining.
The North West Operations are situated in the Vaal River catchment area. The
enforcement of compliance standards for the use and discharge of water is
conducted by the DWAF, acting under the National Water Act. At the North West
Operations, we pump water from underground to surface to prevent flooding and
to keep underground workings accessible. Our environmental managers manage the
use and discharge of water in accordance with a water management plan, compiled
in accordance with the National Water Act, and approved by DWAF. In addition we
maintain a rate of pumping that adequately deals with the ingress of water into
underground workings, thus preventing the flooding of production areas.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our water management plan also addresses the management of seepage and
effluent on surface from our installations and facilities, for example our
reduction works and slimes dams. By having increased the water retention
capacity of the paddocks at the Buffelsfontein tailings complex, including the
return water dams, and by having installed a
&#147;draw off&#148; system, return water is re-circulated to the plant, thus minimizing
potential water pollution and utilizing polluted water more fully.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dust pollution is addressed through an active vegetation program and
selective ridge plowing in areas marked for rehabilitation. The vegetation
program for the tailings dams is preceded by a detailed scientific and
site-specific evaluation of the tailings complex. Based on the results of
geo-chemical analyses performed, the tailings medium is prepared for vegetation
by the addition of lime to neutralize the natural acidic conditions and
fertilizer. Vegetation is then established and care is taken to select species
endemic to the area. A variety of species selected are then planted to ensure
species diversity using either the leaching (irrigation)&nbsp;or dry land method.
Regular monitoring is conducted. To address dust pollution in unvegetated
areas, in the short-term, the open surface areas on top of the tailings dam are
ridge ploughed mechanically. This method significantly reduces dust
re-suspension. As an additional measure in inaccessible areas, environmentally
friendly chemical and organic dust suppressants are employed, where necessary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the total rehabilitation costs to be incurred in the future is
uncertain, we have estimated that the total cost for the North West Operations,
in current monetary terms as at June&nbsp;30, 2004, is $18.5&nbsp;million. This amount
has been included in our provision for environmental rehabilitation,
restoration and closure costs on our balance sheet. A total of $16.4&nbsp;million
has been contributed to the Rehabilitation Trust Fund. This is an irrevocable
trust, managed by specific responsible people who are nominated by us and
appointed as trustees by the Master of the High Court of South Africa.


<P align="left" style="font-size: 10pt"><B>Life of Mine</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon a gold price of approximately R90,023 per kilogram (approximately $400 per ounce based on the average exchange rate for fiscal
2004) at June&nbsp;30, 2004, the Proven and Probable Ore
Reserves at the Harties Section were 5.0&nbsp;million ounces. In fiscal 2003, based
upon a gold price of approximately R96,549 per kilogram at
June&nbsp;30, 2003, the Proven and Probable Ore Reserves at the Harties Section were
7.1&nbsp;million ounces. These reserves decreased by 2.1&nbsp;million ounces due to
depletion and as these Ore Reserves can not be mined economically past the
projected life of mine, resulting from the scattered nature of the remaining
Ore Reserves, escalation in costs, decline in the Rand-gold price and higher
pay limits. The Proven and Probable Ore Reserves at the Buffels Section was
less than 0.1&nbsp;million ounces, as at June&nbsp;30, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal 2002, previously unprofitable areas of the Buffels and Harties
Sections below a cut-off grade of 7.96 g/t at Buffels Section and 6.45 g/t at
Harties Section were identified as potentially profitable areas to an
increasing Rand gold price above R100,000 per kilogram. These areas consisted
of medium and lower grade deposits and would increase the Ore Reserves and
contribute towards the overhead costs to run the North West Operations. The
lower grades require strict geological and mining controls in order to ensure
they are mined profitably and are therefore riskier to mine. As a result of the
decrease in fiscal 2003 and the 60-day review process at our North West
Operations, the decision was made in September&nbsp;2003 to stop mining the medium
grades until the Rand gold price improves. Accordingly, the Buffels Ore
Reserves have been decreased to nil, while only selective mining took
place at the Number 6 Shaft at the Harties Section during fiscal 2004.

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<P align="left" style="font-size: 10pt"><B>Current year production</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
North West Operations were our largest producer of gold and produced a
total of 341,861 ounces of gold in fiscal 2004, with 298,681 ounces of gold
from underground areas and 43,180 ounces from surface areas. In fiscal 2003, a
total of 462,743 ounces were produced, with 384,296 ounces of gold from
underground areas and 78,447 ounces from surface areas. This represents a
decrease of 120,882 ounces or 26% of gold production from fiscal
2003. On March&nbsp;22, 2005, however, we announced the provisional liquidation of Buffelsfontein Gold Mines
Limited, our subsidiary that owns our North West Operations, as discussed in our Form 6-K filed
with the SEC on March&nbsp;22, 2005, which is incorporated by reference in this Annual Report.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
fiscal 2004 gold production was at a cash<SUP>1</SUP> and total
cost<SUP>1</SUP> of $393
and $442 per ounce, respectively. Gold production was 26% lower than in fiscal
2003 due to the restructuring of the mines at North West Operations in
September&nbsp;2003 following the 60-day review. Cash costs increased by 26% to $393
per ounce in fiscal 2004 from $312 per ounce of gold in fiscal 2003 and $219
per ounce of gold in fiscal 2002. The increase was primarily due to
restructuring costs of $7.1&nbsp;million, the appreciation of the Rand against the
Dollar in fiscal 2003, as well as increased labor costs of $8.4&nbsp;million. Total
cost per ounce of gold of $442 per ounce constituted an increase of $121, or
38%, in comparison to the $321 per ounce recorded in fiscal 2003. In fiscal
2003 total cost per ounce of $321 per ounce decreased from $426 per ounce in
fiscal 2002. The decrease in fiscal 2003 and related increase in fiscal 2004 is
primarily attributable to the profit on financial instruments in fiscal 2003,
as compared to fiscal 2002 and fiscal 2004. In monetary terms, this amounted to
a loss of $1 per ounce in fiscal 2004, a profit of $55 per ounce in fiscal
2003, and a loss of $143 per ounce in fiscal 2002.



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<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Cash cost per ounce and total cost per ounce are non-US GAAP financial
measures of performance that we use to determine cash generating capacities of
the mines and to monitor performance of our mining operations. For
a reconciliation to production costs to total costs see Item&nbsp;5A.: &#147;Operating Results.&#148;
</TD>
</TABLE>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">The following table details the operating and production results from the North
West Operations for the past three fiscal years.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Buffels</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- Surface Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Ore mined (&#145;000 tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,520</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Recovered grade (oz/ton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.012</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gold produced (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,339</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- Underground Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Ore mined (&#145;000 tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD align="right">972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">633</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Recovered grade (oz/ton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.198</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gold produced (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,549</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Harties</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- Surface Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Ore mined (&#145;000 tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,774</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Recovered grade (oz/ton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.022</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gold produced (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,347</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- Underground Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Ore mined (&#145;000 tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,873</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Recovered grade (oz/ton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.166</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gold produced (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311,315</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total ounces produced</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">462,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">540,550</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Results of Operations ($)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,596</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production cost (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,265</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non-US GAAP Financial Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash cost
per ounce of gold ($)<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total cost
per ounce of gold ($)<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426</TD>
    <TD>&nbsp;</TD>
</TR>

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</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Cash cost per ounce and total cost per ounce are non-US GAAP financial
measures of performance that we use to determine cash generating capacities of
the mines and to monitor performance of our mining operations. For
a reconciliation to production costs see Item&nbsp;5A.: &#147;Operating Results.&#148;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">53

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>Blyvooruitzicht Mine</B>



<P align="left" style="font-size: 10pt"><B>Overview</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own 100% of the Blyvooruitzicht Gold Mining Company Limited, which in
turn owns 100% of the Doornfontein Gold Mining Company Limited. The
consolidated mining operation, referred to as the Blyvoor Section, consists of
the adjacent mines of Blyvooruitzicht and Doornfontein which are located within
the Carletonville Goldfields on the northwestern edge of the Witwatersrand
Basin. Blyvoor was the first mine in the &#147;West Wits&#148; line. Together, these two
operations have produced over 35&nbsp;million ounces of gold since inception. The
net book value of the mining assets at the Blyvoor Section is $48.5&nbsp;million at
June&nbsp;30, 2004, with 4.3&nbsp;million ounces of Ore Reserves.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;28, 2004, we entered into a 60-day review period on the Blyvoor
Section designed to restore the operations to profitability. The 60-day review
was extended to September&nbsp;13, 2004. On October&nbsp;5, 2004, it was announced that
1,619 employees have been retrenched at a cost of approximately R32.0&nbsp;million
($5.1&nbsp;million), with possible future restructuring initiatives depending on the
economic circumstances. In terms of the agreement, organized labor recorded its
commitment to certain production targets, and undertook not to disrupt
production for at least six months for reasons related to restructuring of the
operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2004, the mine has approximately 5,300 employees, including
approximately 850 contractors.


<P align="left" style="font-size: 10pt"><B>Property</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Blyvoor Section is located on the West Wits line within the Far West
Rand Goldfields on the northwestern rim of the Witwatersrand Basin, near the
town of Carletonville, Gauteng Province, about 50.0 miles (80.5 kilometres)
south-west of Johannesburg and is reached via the R528 road to Carletonville on
the N12 Johannesburg-Potchefstroom-Kimberly highway.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The climate of the Highveld area (at an elevation of 5,249.3 feet (1,600
metres) above mean sea level), where the mine is situated, is humid continental
with warm summers and cold winters. Temperatures range from a minimum of 23
degrees Fahrenheit (-5 degrees Celsius) in June and July to a maximum of 93
degrees Fahrenheit (34 degrees Celsius) in December and January.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The operating facilities are all situated on property belonging to the
Blyvoor Section, and include the shaft complexes, administrative offices for
the managerial, administrative, financial and technical disciplines, extensive
workshops and consumable stores, the metallurgical plants, tailings dams and
waste rock dumps. Blyvoor also houses the majority of its employees in
Blyvoor-owned houses on the property and in the town of Carletonville. The
normal support structures, including training, security, sport and recreational
facilities, schools and churches are situated on the property. Blyvoor has
mining title to 16,242 acres (6,573 hectares) and owns 5,138 acres (2,079
hectares) of freehold property.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Blyvoor Section consists of one mining license, ML46/99, in respect of
statutory mining rights and mineral rights held by Blyvoor. We are in the
process of converting these old order property rights to new order rights under
the MPRD Act.

<P align="center" style="font-size: 10pt">54
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>History</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1937</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Blyvooruitzicht Gold Mining Company Limited, or Blyvoor, was incorporated and
registered as a public company in South Africa on June&nbsp;10, 1937.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1942</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gold production commenced.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1995</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Blyvoor acquired the Doornfontein Gold Mining Company Limited in November&nbsp;1995.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1996</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Blyvoor acquired the mineral rights representing the Western Deep Levels tribute area.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1997</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We acquired the entire share capital of Blyvoor on September&nbsp;15, 1997.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2001</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Implementation of the Blyvoor expansion project.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2003</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commissioning of 4 and 5 Slimes Dam retreatment facility at a cost of $6.5&nbsp;million.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2004</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On June&nbsp;28, 2004, we entered into a 60-day review period on the Blyvoor Section. The
60-day review was extended to September&nbsp;13, 2004. On October&nbsp;5, 2004, it was
announced that 1,619 employees have been retrenched at a cost of approximately R32.0
million ($5.1&nbsp;million), with possible future restructuring initiatives depending on
the economic circumstances.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Geology and Mineralization</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Blyvoor Section exploits the two gold-bearing pebble horizons in the
Central Rand Goldfields, the Carbon Leader, which is one of the principal ore
bodies in the goldfield, and the Middelvlei Reef horizons which occur in
discrete channels over parts of the lease area approximately 246 feet (75.0
metres) vertically above the Carbon Leader Reef horizon. The Carbon Leader Reef
is the principal economic horizon across the lease area and is a planar single
sheet conglomerate. The Carbon Leader Reef typically comprises basal carbon
seam, overlain by a thin, small pebble conglomerate, enriched in carbon in the
lower portion. The grade of the Carbon Leader Reef is more variable than the
Middelvlei Reef. The Middelvlei Reef consists of a variable number of
polymictic quartz conglomerate bands, interbedded with coarse grain quartzites.
The grade of the Middelvlei Reef is more erratic, with distinctive payshoots
forming as southward-orientated linear zones.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Blyvoor Section was established in 1937 to exploit the rich Carbon
Leader Reef but by the late 1980s had reached a position where continued
existence of mining operations was dependent upon the mining of scattered
Carbon Leader Reef remnants and limited sections of the lower grade Middelvlei
Reef.


<P align="left" style="font-size: 10pt"><B>Mining and processing</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access from the surface to the current underground workings of the mines
is through a system of vertical and incline shafts situated at the Blyvoor and
Doornfontein mines. Doornfontein was previously a separate mine adjacent to the
Blyvoor mine but has since been merged to form the Blyvoor Section. The shaft
system consists of four vertical shafts from the surface, thirteen sub-incline
shafts and two sub-vertical shafts underground. Of these thirteen incline
shafts, only nine are in operation and are used for the conveyance of
personnel, pumping and hoisting of mined ore and waste.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two levels have been holed between the previous Doornfontein mine and
workings within the Blyvoor lease extension (purchased in 1996 from Western
Deep Levels Limited) to allow ore from the bottom of the Blyvoor workings to be
trammed across and hoisted up via the Blyvoor Number 5 Shaft, from where, it is
trucked to the gold plant. The average mining depth at the Blyvoor Section is
10,541 feet (3,213 meters), 5,292 feet (1,613 metres) below mean sea level.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining of the reef takes place in stope panels. Holes are drilled into the
solid rock and are charged with explosives and blasted. The loosened rock is
removed from the stope panels and is conveyed to the shaft, tipped into the
ore-pass systems, hoisted to the surface and transported to the metallurgical
plant for gold extraction.

<P align="center" style="font-size: 10pt">55
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metallurgical processing facilities at the Blyvoor Section are comprised
of a single metallurgical plant. The process route is based on a conventional
flowsheet comprising multi-stage crushing, open circuit primary and closed
circuit secondary milling with hydrocyclones, thickening and cyanide leaching
in a Carbon-in-Pulp, or CIP, carousel arrangement. The gold is recovered
through electrowinning followed by smelting to dor&#233;. The circuit was recently
modified by the closure of the filtration system and the commissioning of a
modern carbon Kemix pumpcell plant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2001, we launched the Blyvoor expansion project. The project,
valued at R65.0&nbsp;million ($10.4&nbsp;million), was funded from the Industrial
Development Corporation, or IDC, loan granted to Blyvoor, for this purpose.
This project was to facilitate the commissioning of additional infrastructure
and the opening up of additional mining areas to further enable the effective
mining of reserves at the Blyvoor Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal 2003, the Blyvoor Section processed an average of approximately
70,000 tpm of ore from the underground section and 135,000 tpm from surface
rock dumps. With the depletion of the surface rock dumps, only remnant amounts
are available for processing. Processing of material from the 4 and 5 slimes
dam project, which was commissioned in December&nbsp;2003, is building up to the
planned processing capacity of 240,000 tpm and will replace the processing of
the surface rock dump material which has been depleted. Initial processing of
material took place from the 4 Slimes Dam and the recovery grades were below
expectation. From August&nbsp;2004, the processing of material from the 5 Slimes Dam
commenced and the recovery grade has improved. With the conclusion of the
60-day review entered into on June&nbsp;28, 2004, certain shafts were placed on a
&#147;care and maintenance&#148; program, resulting in a decrease to a total of seven
vertical and decline shafts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricity for South Africa is provided by Eskom, which is government
owned. Eskom is the largest producer of electricity in Africa. In South Africa,
Eskom operates a national power supply grid consisting of 24 power stations
across the country. Electricity to the Blyvoor Section is provided from the Wes
Wits substation outside Carletonville. Electricity is supplied directly from the
national power grid to the Wes Wits substation at 44,000 volts. Further substations, located on mine site, transform the power to 6,600 volts or 22,000
volts for direct supply to the shaft winder and air compressors. The power
supply is further reduced to 525 volts for smaller devices and equipment used
on the mine. The average annual power consumption is about 432 GWHr and the
maximum demand is about 66 MW.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Several major capital expansion projects were conducted over the period
fiscal 2002 to fiscal 2004, including processing and extension of Slimes Dams
4, 5 and 6 ($7.6&nbsp;million), underground expansion projects ($1.5&nbsp;million) and a
water project ($0.4&nbsp;million).


<P align="left" style="font-size: 10pt"><B>Exploration and Development</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the beginning of fiscal 2003, the Blyvoor Section began a feasibility
study looking at the opportunity to re-mine and treat the slimes dam material
from the 4 and 5 Slimes Dam. The project was commissioned during November&nbsp;2003
and completed at a cost of $6.9&nbsp;million including the conversion of leaching
tanks, linear screens, pipes and site construction. The Number 6 Slimes Dam has
been extended to provide additional capacity for the tailings from this project
at a cost of $0.7&nbsp;million. The project involves the reclamation of
approximately 24&nbsp;million tonnes of slime material at a rate of 240,000 tpm by
high water monitoring and processed through a CIP circuit. The project has an
estimated life of 8&nbsp;years and an average recovery grade of 0.02 ounces per ton
at a cash cost of $200 per ounce<sup>1</sup> of gold produced. The project costs were
funded from the R65.0&nbsp;million ($10.4&nbsp;million) loan facility from the IDC. As at
June&nbsp;30, 2004, the project has not reached full production capacity and was
producing at a cash cost of $272 per ounce<sup>1</sup>.



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Cash costs per ounce is a non-US GAAP financial measure of performance that
we use to determine cash generating capacities of the mines and to monitor
performance of our mining operations. For a reconciliation to
production costs see Item&nbsp;5A.: &#147;Operating Results.&#148;</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">56


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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>Environmental and closure aspects</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The predominantly dolomitic geology of the area in and around the Blyvoor
Section, and the resultant occasional occurrence of sinkholes and subsidences,
exposes the Blyvoor Section to relatively unique environmental risks and costs
associated with the remediation and filling of these sinkholes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blyvoor has to maintain a rate of pumping of fissure water sufficient to
keep the rate of rise of underground water below the level of underground
workings. The required rate is in the order of 4&nbsp;million gallons (14&nbsp;million
litres) per day. Water not used in the operations is discharged into the
Wonderfonteinspruit and the Doorndraai Dam. In order to address the risk of
contamination of ground water, streams and wetlands, water is sampled and the
level of contaminants monitored in accordance with Blyvoor&#146;s water management
plan. Fissure water at Blyvoor is generally of a good quality, therefore we
believe that the contribution of this water to pollution of water in the area
is minimal.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not conducted an assessment of the full scope of pollution to
surface water as a result of the discharge from the Blyvoor Section. This is
because the impact of our discharge cannot be addressed without addressing the
impact from the discharge of other neighboring mining operations. The Far West
Rand Dolomitic Water Association, of which all mining operations in the area
are members, has undertaken two studies. Apportioned responsibility has been
recognized by the DWAF and they have initiated an impact assessment on the
Wonderfonteinspruit in order to assess the cumulative impact from the different
mining operations. The first study, commissioned and completed in January&nbsp;2003,
addressed the methodologies proposed for filling in sinkholes and subsidences.
The second study will address the impact of the flooding on the dolomitic
aquifers when mining in the area ceases. This study has been commissioned and
is scheduled to be completed by the end of 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sinkholes are caused by ground water seeping into the underground
dolomitic structures, which dissolve and weaken causing a collapse in the rock
structure. Dolomitic rock could be dissolved, resulting in an increased risk of
sinkholes and possible pollution of fresh water resources stored in the
dolomitic formations. The seepage may also cause pollution of fresh water
resources stored in dolomitic formations, which if pumped to surface will
result in pollution on the surface. The occurrence of sinkholes is limited to a
particular area of the Blyvoor Section, which requires an active program in the
water management plan to continuously divert ground water away from the
affected area and reduce the risk of seepage into the dolomitic structure.
Should the pumping apparatus fail and there is an excessive build up of surface
water, this could over a period of time result in a weakening of the underlying
dolomitic structure and the occurrence of a sinkhole in that area. In addition
to purifying the water for our own use, we repair all sinkholes that form on
our property, in accordance with industry and government standards. Sinkholes
which form outside of our property are repaired by the Far West Rand Dolomitic
Water Association.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pollution from slime dams is controlled by dust suppression and water
management programs. Short-term dust control is accomplished through ridge
ploughing the top surface of dormant tailings dams. Environmentally friendly
dust suppressants, such as molasses, are also applied when deemed necessary. In
the long-term, dust suppression and water pollution is managed through a
program of progressive vegetation of the tailings complexes followed by the
application of lime, to neutralize the natural acidic conditions, and
fertilizer as the organic growth medium.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blyvoor has implemented a tailings reclamation project during fiscal 2004
and the environmental considerations have been a key feature of this project.
As a result of this new project being implemented amendments to Blyvoor&#146;s EMP
have had to be made by the relevant regulator. The environmental management
program identify the impacts associated with the reclamation of the dams and
the extension of the Number 6 return water dam and identified remedial measures
to minimize the risk. The DWAF visited the site in August&nbsp;2004 and was
satisfied with our environmental performance.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the ultimate amount of rehabilitation costs to be incurred in the
future is uncertain, we have estimated that the total cost for the Blyvoor
Section, in current monetary terms as at June&nbsp;30, 2004, is $6.6&nbsp;million. This
has been included in the provision for environmental rehabilitation,
restoration and closure costs on our balance sheet. A total of $2.5&nbsp;million has
been contributed to a Rehabilitation Trust Fund. This is an irrevocable trust,
managed by specific responsible people who we nominated and who are appointed
as trustees by the Master of the High Court of South Africa.
<P align="center" style="font-size: 10pt">57

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt"><B>Life of Mine</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon a gold price of approximately R90,023 per kilogram
(approximately $400 per ounce based on the average exchange rate for fiscal
2004) at June&nbsp;30, 2004, the Proven and Probable Ore Reserves of the Blyvoor
Section were 4.3&nbsp;million ounces. In fiscal 2003, based upon a gold price of
approximately R96,549 per kilogram at June&nbsp;30, 2003, the
Proven and Probable Ore Reserves of the Blyvoor Section were 5.8&nbsp;million
ounces. The decrease of 1.5&nbsp;million ounces is due to the change in the
pay-limit factors, mining mix and decline in the Rand gold price.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the light of adverse costs, the Rand/Dollar exchange rate, the Rand
gold price and current retrenchments, we are reassessing the life of mine to 15
years, as at June&nbsp;30, 2004.


<P align="left" style="font-size: 10pt"><B>Current year production</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Blyvoor Section produced a total of 233,094 ounces of gold in fiscal
2004, with 198,211 ounces from underground areas and 34,993 ounces from surface
areas. This represents 29% of our total production of 808,145 ounces based on
our subsidiaries and our attributable 20% interest in Porgera. In fiscal 2003,
a total of 247,626 ounces of gold were produced compared to 253,025 ounces in
fiscal 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground gold production has decreased from 203,000 ounces in fiscal
2003 to 198,211 ounces in fiscal 2004 due to operational difficulties. Steps to
improve the shaft call factor and the enforcement of appropriate gold mining
practices, will improve production efficiency and the production profile. The
Blyvoor Section has also embarked on an extensive &#147;old gold&#148; project at all its
shafts which includes vamping of crosscuts and haulages, and mud reclamation.
A mid-shaft loading arrangement has also been installed at 1A Sub Shaft to
relieve ore pass constraints underground. Surface gold production decreased
from 44,626 ounces in fiscal 2003 to 34,883 ounces in fiscal 2004 due to the
depletion of the surface rock dump material. This was offset in part by the
slower than expected start up on the 4 and 5 Slimes Dam retreatment operation
which produced 5,188 ounces in fiscal 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The planned increase in production and reduction of operating costs did
not materialize in fiscal 2004 due to operational difficulties and the lower
grade recovery during the initial processing stages of the 4 and 5 Slimes Dam
retreatment operations. These factors and the strengthening of the Rand from
R7.47 = $1.00 at June&nbsp;30, 2003 to R6.28 = $1.00 at June&nbsp;30, 2004, resulted in
cash costs of $388 per ounce in fiscal 2004 compared to $263 per ounce in
fiscal 2003 and total costs of $427 per ounce in fiscal 2004 compared to $110
per ounce in fiscal 2003. The increase in cash cost per ounce is mostly
attributable to operational difficulties and a decrease in the recovered grade
and the increase in total cost per ounce for the year is mostly attributable to
the decrease in the profit on derivative instruments during fiscal 2004. As a
result of operational difficulties, changes in senior management, Mr.&nbsp;M.
Marriott was appointed as Divisional Director: South African Operations and
acting General Manager for the Blyvoor Section with effect August&nbsp;10, 2004. In
response to the operational difficulties, we announced a 60-day review of the
operations on July&nbsp;28, 2004 in order to restore profitability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash costs from underground production were $263 per ounce for fiscal 2003
as a result of the commissioning of additional infrastructure, the opening up
of additional areas to enable the effective mining of payable Ore Reserves as
well as a stronger Rand against the Dollar. Total costs per ounce of gold
produced decreased to $110 per ounce in fiscal 2003 from $327 per ounce in
fiscal 2002. This decrease is primarily attributable to increased profits on
financial instruments during fiscal 2003.
<P align="center" style="font-size: 10pt">58

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">The following table details the operating and production results from the
Blyvoor Section for the past three fiscal years.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- Surface Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Ore mined (&#145;000 tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,960</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Recovered grade (oz/ton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.027</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gold produced (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,854</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- Underground Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Ore mined (&#145;000 tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">838</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Recovered grade (oz/ton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.239</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gold produced (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,171</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total ounces produced</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253,025</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Results of Operations ($)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,705</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production cost (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,579</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non-US GAAP Financial Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash cost per ounce of gold ($)<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total cost per ounce of gold ($)<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Cash cost per ounce and total cost per ounce are non-US GAAP financial
measures of performance that we use to determine cash generating capacities of
the mines and to monitor performance of our mining operations. For
a reconciliation to production costs see Item&nbsp;5A.: &#147;Operating Results.&#148;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">59

</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>Crown Gold Recoveries (Pty) Limited (CGR)</B>



<P align="left" style="font-size: 10pt"><B>Overview</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own 100% of Crown Consolidated Gold Recoveries Ltd, or CCGR, which in
turn owns 40% of Crown Gold Recoveries (Pty) Limited, or CGR. CCGR was
incorporated in South Africa on May&nbsp;23, 1997. Pursuant to a scheme of
arrangement, we acquired 100% of CCGR on September&nbsp;14, 1998.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;12, 2002, we entered into an agreement with the Industrial
Development Corporation of South Africa, or IDC, Khumo Bathong Holdings (Pty)
Limited, or KBH, and CCGR whereby, with effect from July&nbsp;1, 2002, we sold 3% of
the entire issued share capital of and shareholders loans held in CGR to KBH
and 57% of the entire issued share capital of and shareholders loans held in
CGR to the IDC, for a total amount of $10.1&nbsp;million. As part of this
transaction, we loaned KBH R5.3&nbsp;million ($0.7&nbsp;million) to fund its initial
purchase of 3% interest in CGR. According to the terms of the shareholders
agreement entered into between these parties, the parties agreed that IDC would
not remain a shareholder in CGR, but would transfer its shares and claims held
in CGR to KBH. Accordingly, IDC granted an option to KBH to purchase its shares
and claims held by it in CGR subject to certain terms and conditions. The
option was exercised by KBH in July&nbsp;2002 and KBH is currently the owner of 60%
of the entire issued share capital of and shareholders loans held in CGR. CCGR
holds 40% of the issued share capital of CGR, which has four wholly-owned
subsidiaries, Crown Mines Limited, City Deep Limited and Consolidated Main Reef
Mines and Estate Limited and East Rand Proprietary Mines Limited, or ERPM.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;10, 2002, CGR entered into an agreement with third parties to
purchase the entire issued share capital and all shareholders&#146; claims of ERPM
for a purchase price of $11.0&nbsp;million. CGR&#146;s acquisition of ERPM has been
approved by the South African competition authorities. ERPM is predominantly an
underground mining operation located near the town of Boksburg on the East
Rand, which is east of Johannesburg and approximately 60 miles (97 kilometres)
from the Blyvoor Section. We loaned CGR the sum of R60.0&nbsp;million ($8.0&nbsp;million)
to facilitate its acquisition of ERPM. We have subsequently loaned CGR an
additional R9.9&nbsp;million ($1.3&nbsp;million), which CGR in turn loaned to ERPM as
working capital. The loan bears interest at the prime rate of The Standard Bank
of South Africa on overdraft. As of June&nbsp;30, 2003, the loan had been repaid in
full. Surface mining of the Cason Dump will continue, with treatment through
the Knights plant for a further 5&nbsp;years, based on the current rate of
production of approximately 150,000 tons per month.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGR has a surface retreatment operation consisting of the Crown Central,
City Deep and Knights business units, collectively referred to as the Crown
Section. East Rand Proprietary Mines Limited, or the ERPM Section, is a wholly
owned subsidiary of CGR and consists of an underground section and the Cason
Dump surface retreatment operation. The underground mining operation at ERPM
implemented a controlled closure programme which was scheduled to close in
March&nbsp;2005. Following the retrenchment of 806 employees in August&nbsp;2004 at a
cost of $0.6&nbsp;million (R3.7&nbsp;million), the mine has achieved a reduction in costs
coupled with improved productivity. As a result the original planned closure of
the underground section has been postponed. The Cason Dump surface re-treatment
operation will continue to operate until 2010 under the management of the Crown
Section based on the current rate of production of approximately 150,000 tons
per month. The Crown Section undertakes the retreatment of surface sources
deposited as tailing from non-operation mining sites across central
Johannesburg.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have accounted for our 40% interest in CGR under the equity method
commencing July&nbsp;1, 2002. We have recognized losses generated by CGR and its
subsidiaries against any advances we have made to them.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At June&nbsp;30, 2004, the CGR had approximately 846 employees, including
approximately 440 contractors and ERPM had approximately 2,940 employees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ability of CGR and ERPM to continue as a going concern conducting
business depends on the support of their stockholders, secured lenders and
creditors.




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate
consolidated financial statements and notes thereto for CGR and its
subsidiaries for its fiscal years ended June&nbsp;30, 2004 and 2003,
are being filed pursuant to Rule&nbsp;3-09 of Regulation&nbsp;S-X.
Reference is made to Exhibit 15.1 to our Annual Report on Form&nbsp;20-F.

<P align="center" style="font-size: 10pt">60
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>Current year production</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table details the operating and production results from the Crown and ERPM Sections for the past three fiscal
years:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Surface and underground operations (only surface operations in 2002)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Ore mined (&#145;000 tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,297</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Recovered grade (oz/ton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.011</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gold produced (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,665</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Results
of Operations ($)</B><sup>1</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,606</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production cost (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,254</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non-US GAAP Financial Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash cost
per ounce of gold ($)<sup>2</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total cost
per ounce of gold ($)<sup>2</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 40% share of gold production for CGR, including the Crown Section and
ERPM Section, was 96,878 ounces in fiscal 2004 compared to 77,239 ounces in
fiscal 2003, and 138,665 ounces for fiscal 2002. The increase in fiscal 2004 is
due to increased output from the ERPM Section, included for only a portion of
fiscal 2003, as this Section was acquired on November&nbsp;1, 2002. The decrease in
output from fiscal 2002 to fiscal 2003 was as a result of the sale of 60% of
CGR to KBH, effective July&nbsp;1, 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 40% share of gold production from the Crown Section was 51,982 ounces
in fiscal 2004, which was lower than our 40% share of gold production of 56,495
ounces in fiscal 2003. The decrease is due to a decline in ore processed from
11,810 Mt in fiscal 2003 to 11,052 Mt in fiscal 2004. The yield remained
unchanged at 0.012 ounces per ton.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 40% share of gold production from the ERPM Section was 44,895 ounces
in fiscal 2004, which was higher than our 40% share of gold production of
20,743 ounces in fiscal 2003. The increase in fiscal 2004 is due to the
increase in production capacity from the underground section and the
commencement of the Cason Dump surface retreatment operation. Total ore milled
during fiscal 2004 doubled from 401 Mt in fiscal 2003 to 875 Mt in fiscal 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A discussion follows of the Crown and ERPM Sections:


<P align="left" style="font-size: 10pt"><B>Crown Section</B>



<P align="left" style="font-size: 10pt"><B>Property</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Crown Section is situated on the outskirts of Johannesburg, South
Africa and consists of three separate locations. It has mining rights to 5,787
acres (2,342 hectares) and has the right to occupy 1,490 acres (603 hectares)
of freehold property. CGR is in the process of converting these old order
property rights to new order rights under the MPRD Act.



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> As a result of the sale of 60% of CGR to KHB with effect from July&nbsp;1, 2002
the results of the Crown Section are no longer consolidated as a subsidiary
into our results. Our remaining 40% is now accounted for using the equity
method.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>2</SUP> Cash cost per ounce and total cost per ounce are non-US GAAP financial
measures of performance that we use to determine cash generating capacities of
the mines and to monitor performance of our mining operations. For
a reconciliation to production costs see Item&nbsp;5A.: &#147;Operating Results.&#148;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">61

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Crown Central operation is located on the West Wits line within the
Central Goldfields of the Witwatersrand Basin, approximately 6 miles (10
kilometres) west of the Johannesburg central business district in the province
of Gauteng. Access is via Xavier Road on the M1
Johannesburg-Kimberley-Bloemfontein highway. The City Deep operation is located
on the West Wits line within the Central Goldfields of the Witwatersrand Basin,
approximately 3 miles (5 kilometres) south-east of the Johannesburg central
business district in the province of Gauteng. Access is via the Heidelberg Road
on the M2 Johannesburg-Germiston motorway. The Knights operation is located at
Stanley and Knights Road Germiston off the R29 Main Reef Road.


<P align="left" style="font-size: 10pt"><B>History</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1979</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rand Mines Limited directors approved the formation of the company Rand Mines Milling
&#038; Mining Limited (RM3) to treat the surface gold tailings created from the underground
section of the original Crown Mines, which had been in operation since the start of
gold mining on the Witwatersrand in the late 1800&#146;s.
1982 First plant commissioned at Crown Mines to process surface material.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1982</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First plant commissioned at Crown Mines to process surface material.</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1986</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Second plant commissioned at City Deep to process surface material.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1997</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Randgold Exploration Limited and Continental Goldfields of Australia entered into a
joint venture with the intention to establish a company that would acquire dump
retreatment operations on the Witwatersrand. This resulted in the formation of CCGR,
which was incorporated as a public company in South Africa in May&nbsp;1997. CGR, is a
wholly owned subsidiary of CCGR and consists of the surface retreatment operations of
Crown Central, City Deep and Knights.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1998</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We purchased 100% of CCGR.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2002</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>KBH purchased 60% of CGR. We were appointed as joint manager of the operation with KBH.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Mining and processing</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Crown Section undertakes the re-treatment of surface sources deposited
as tailings from non-operational mining sites across central Johannesburg.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material processed by the Crown Section is sourced from numerous secondary
surface sources namely, sand and slime. The surface sources have generally
undergone a complex depositional history resulting in grade variations
associated with improvements in plant recovery over the period of time the
material was deposited. Archive material is a secondary source of gold bearing
material. This material is generally made up of old gold metallurgical plant
sites as well as &#147;river bed&#148; material.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The three metallurgical plants, known as the Crown Mines, City Deep and
Knights, have an installed capacity to treat approximately 11.0&nbsp;million tons of
material per annum. Up to fiscal 2003, the Crown Section also operated the West
Wits gold plant for the processing of sand and slime. The Crown Section also
includes the ERPM plant discussed below. All of the plants have undergone
various modifications during recent years resulting in significant changes to
the processing circuits.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricity for South Africa is provided by Eskom, which is government
owned. Eskom is the largest producer of electricity in Africa. In South Africa,
Eskom operates a national power supply grid consisting of 24 power stations
across the country. Electricity to the Crown Section is supplied to the Crown
Central and City Deep business units from separate substations referred to as
Jupiter and Number 15 Shaft Crown Mines, and for the Knights by the Ekhurhuleni
Town Council. Electricity is supplied directly from the national power grid to
the substation and town council at 44,000 volts. Substations, located on mine
sites, transform the power to 6,600 volts for direct supply to the plants. The
power supply is further reduced to 525 volts for smaller devices and equipment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Crown Central and City Deep, the average annual power consumption is
about 72 GWHr and the maximum demand is about 3.7 MW. For Knights the average
annual power consumption is about 36 GWHr and the maximum demand is about 1.8
MW.

<P align="center" style="font-size: 10pt">62
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific capital expansion projects include:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Knights Residue Pipeline</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pipeline and installation to transport the waste material (residue)&nbsp;from
the plant to the slimes dam of approximately 13.8 miles (22 kilometers) in
length with a total of $2.0&nbsp;million spent, $1.8&nbsp;million during fiscal 2003 and
$0.2&nbsp;million during fiscal 2004, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>City Deep - Mennels Dump</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure to commence with the reclamation of sand from the dump,
including power and water reticulation, construction of a tank farm, pumping
equipment and the reticulation pipeline. This amounted to a total of $0.6
million spent during fiscal 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Knights - 4/A/19 Dump</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure to commence with the reclamation of sand from this dump,
including power and water reticulation, construction of a tank farm, pumping
equipment and the reticulation pipeline to the plant. This amounted to a total
of $0.7&nbsp;million spent during fiscal 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Knights - 4/A/18 Dump</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure to commence with the reclamation of sand from this dump,
including power and water reticulation, construction of a tank farm, pumping
equipment and the reticulation pipeline to the plant. This amounted to a total
of $0.5&nbsp;million during fiscal 2004, $0.4&nbsp;million during fiscal 2003 and $0.4
million during fiscal 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGR operates three plants with slight variations in design in each plant,
with a processing capacity of approximately 1&nbsp;million tpm, yielding
approximately 0.01 oz/t (0.4 g/t). The feed stock is made up of sand and slime
which are reclaimed separately. Sand is reclaimed using mechanical front-end
loaders, re-pulped with water and pumped to the plant. Slime is reclaimed using
high pressure water monitoring guns. The re-pulped slime is pumped to the
plant and the reclaimed material is treated using screens, cyclones, ball mills
and CIL technology to extract the gold. As at June&nbsp;30, 2004, the overall plant
utilization is 95%.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>City Deep Plant: </B>Commissioned in 1987, this surface/underground plant is
comprised of a circuit including screening, primary, secondary and tertiary
cycloning in closed circuit milling, thickening, oxygen preconditioning, CIL,
elution and zinc precipitation followed by calcining and smelting to dor&#233;. In
1998, the plant was converted to a slimes only operation. However, due to
operational difficulties caused by the particulate nature of the slimes, the
milling circuit has subsequently been recommissioned to facilitate the
treatment of sand. As at June&nbsp;30, 2004 the current operating capacity of the
plant is 220,000 tpm.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Crown Mines Plant: </B>Commissioned in 1982, this surface/underground plant
has already been modified and is comprised of a circuit including screening,
primary cycloning, open circuit milling, thickening, oxygen preconditioning,
CIP and CIL, elution, zinc precipitation followed by calcining and smelting to
dor&#233;. As at June&nbsp;30, 2004, the current operating milling capacity of the plant
is 341,000tpm (leach circuit 496,000tpm).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Knights Plant: </B>Commissioned in 1988, this surface/underground plant is
comprised of a circuit including screening, primary cycloning, spiral
pre-concentration, milling in closed circuit with hydrocyclones, thickening,
oxygen preconditioning, CIL, elution, electrowinning and smelting to dor&#233;. As
at June&nbsp;30, 2004, the operating capacity of the plant was 352,000tpm. A portion
of the surface material processed in the Knights plant owned by the
Witwatersrand Gold Mining Realisation Trust, is subject to a 6% royalty of gold
revenue received. As at June&nbsp;30, 2004 this plant also processes 150,000tpm of
surface material from the ERPM Section surface operation, the Cason Dump.

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<P align="left" style="font-size: 10pt"><B>Exploration and development</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration and development activity at the Crown Section involves the
drilling of existing surface dumps and evaluating the potential gold bearing
surface material owned by third parties that could be processed on a full
treatment basis or purchased outright by the Crown Section.


<P align="left" style="font-size: 10pt"><B>Environmental and closure aspects</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Crown Section operates at sites located in close proximity to
significant municipal infrastructure, commercial and residential development.
The major environmental risks remain associated with dust from various recovery
sites, and effective management of relocated process material on certain
tailings dams. The impact of windblown dust on the surrounding environment and
community is addressed through a scientific monitoring and evaluation process,
with active input from the University of Witwatersrand and appropriate
community involvement. Environmental management programs, addressing a wide
range of environmental issues, have been prepared by specialist environmental
consultants and applied specifically to each dust sample recovery monitoring
site and integrated into CGR&#146;s internal environmental assessment process.
Although CGR completed a project for thickening re-processed tailings, there
also remains a risk of localized sloughing which can result in that section of
the tailings dam being closed temporarily, with repair work being done to the
dam wall. Water pollution is controlled by means of a comprehensive system of
return water dams which allow for used water to be recycled for use in CGR&#146;s
metallurgical plant. Overflows of return water dams may, depending on their
location, pollute surrounding streams and wetlands. CGR has an ongoing
monitoring program to ensure that its water balances (in its reticulation
system, on its tailings and its return water dams) are maintained at levels
that are sensitive to that capacity of return water dams.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dust pollution is controlled through an active environmental management
program for the residue disposal sites and chemical and organic dust
suppression on recovery sites. Short-term dust control is accomplished through
ridge ploughing the top surface of dormant tailings dams. Additionally,
environmentally friendly dust suppressants, such as molasses, are applied. Dust
fall-out is also monitored. In the long-term, dust suppression and water
pollution is managed through a program of progressive vegetation of the
tailings complexes followed by the application of lime, to reduce the natural
acidic conditions, and fertilizer to assist in the growth of vegetation planted
on the tailings dam.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A program of environmental restoration that provides for the
rehabilitation of areas affected by mining operations during the life of the
mine is in place. CGR believes the surface reclamation process at the Crown
Section has several environmental merits as it has removed a potential
pollution source and opens up land for development. The Crown Section has
conducted its environmental management program performance assessment, the
results of which will be finalized shortly and submitted to the DME, during
2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the ultimate amount of rehabilitation costs to be incurred in the
future is uncertain, CGR has estimated that the total cost for the Crown
Section, in current monetary terms as at June&nbsp;30, 2004, is $8.4&nbsp;million. A
total of $0.9&nbsp;million has been contributed to the Crown Rehabilitation Trust
Fund. This is an irrevocable trust, managed by specific responsible people who
we nominated and who are appointed as trustees by the Master of the High Court
of South Africa.


<P align="left" style="font-size: 10pt"><B>Life of Mine</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon a gold price of
approximately R90,023 per kilogram (approximately $400 per ounce
based on the average exchange rate for fiscal 2004) at June&nbsp;30, 2004, our 40% share of the Proven and Probable Ore Reserves
of the Crown Section was 0.3&nbsp;million ounces. CGR estimates that the life of the
Crown Central and City Deep operations extends up to 2008 and the Knights
operation extends up to 2011. In fiscal 2003, based upon a gold price
of approximately R96,549 per kilogram, our 40% share of Proven and
Probable Ore Reserves of the Crown Section were 0.4&nbsp;million ounces. The year on
year decrease is mostly attributable to depletion.

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<P align="left" style="font-size: 10pt"><B>ERPM Section</B>



<P align="left" style="font-size: 10pt"><B>Property</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ERPM Section is situated on the Central Rand Goldfield located within
and near the northern margin of the Witwatersrand Basin in the town of
Boksburg, 20 miles (32 kilometres) east of Johannesburg. Access is via Jet
Park Road on the N12 Boksburg-Benoni highway. Underground mining and recovery
operations comprise relatively shallow remnant pillar mining in the central
area and conventional longwall mining in the south-eastern area. Surface
reclamation operations including the treatment of sand from the Cason Dump, is
conducted through the metallurgical plant, tailings deposition facilities and
associated facilities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mine exploits the conglomeratic South Reef, Main Reef Leader and Main
Reef in the central area and the Composite Reef in the south-eastern area.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The planned controlled closure of the underground operations at ERPM,
which has been postponed due to the current reduction in costs and improved
productivity at the mine, encompasses the following process:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limited pumping is to be done at South West Vertical shaft, or SWV
Shaft, from June&nbsp;1, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Underground mining operations at Far East Vertical Shaft, or FEV
Shaft, will cease at the end of September&nbsp;2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reclamation of underground equipment at FEV Shaft will commence
in October&nbsp;2004 and extend to March&nbsp;2005; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining operations at Central Shaft will cease at the end of March
2005 or a later date, depending on prevailing circumstances.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>History</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1895</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Formation of East Rand Proprietary Mines Limited.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1991</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The FEV shaft was commissioned.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1999</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company was liquidated in August&nbsp;1999. The mine was run by a
small number of employees during liquidation. Underground flooding
continued during liquidation.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2000</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>KBH took over control of the mine in January&nbsp;2000. Operating as
Enderbrooke Investments (Pty) Limited, or Enderbrooke, and employing
an outside contractor, the mine re-commenced mining operations in
February&nbsp;2000.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2002</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CGR purchased 100% of ERPM, from Enderbrooke.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2003</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Underground fire at FEV Shaft, in February&nbsp;2003. There was also a
loss of Hercules Shaft in June&nbsp;2003 and the loss of secondary outlet
at the FEV shaft in November&nbsp;2003.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2004</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In July&nbsp;2004 it was determined that the underground section would
undergo a controlled closure program ending March&nbsp;2005. The closure
program has been postponed due to the current reduction in costs and
improved productivity at the mine.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Mining and processing</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground mining operations at the ERPM Section are comprised of two
vertical shafts known as FEV Shaft, and the Central Shaft. There are also three
additional shafts namely the South East Vertical Shaft, or SEV Shaft, used for
the transport of employees and materials and the hoisting of rock, the SWV
Shaft and Hercules that are used for water pumping only. The Cason Dump Project
is the retreatment of surface material mined from the defunct Cason shaft.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the FEV shaft, the Composite Reef is mined. This reef accounts for all
the gold in the eastern portion of the mine. A high-grade concentration of
gold, or payshoot, of the Composite Reef occurs in an arc which decreases in
gold value from the northwest to the southeast. This high-grade payshoot is the
result of sedimentological erosion and the reworking of the older gold-bearing
pebble horizons with the gold being concentrated within the younger Composite
Reef.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in the mining area accessed from the FEV shaft, there is a
significant fault development that trends
roughly north-south and is exposed in the western faces. Faults in this area
generally have small throws and are easily negotiated. Routine cover drilling
is in place and several holes that are 650 feet (198.1 metres) in length have
been drilled towards the east to locate a fault that appears to be seismically
active. These holes indicate that future production will not be impacted by
this fault. In the immediate short-term; however, as the mining activity
approaches this geological feature, the risk of seismicity increases.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2003, the Hercules tertiary shaft was closed due to a
collapse. At present, the FEV shaft and the Central shaft are used for mining
and the SWV shaft and Hercules shaft are used for water pumping only. The SEV
shaft is used for hoisting rock and lowering material. A minimum of R17&nbsp;million
($2.7&nbsp;million) is required to be spent immediately in order to upgrade the
shaft infrastructure to ensure legal compliance.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At June&nbsp;30, 2004 the processing of ore from the underground section takes
place in the ERPM plant with 65,000 tpm milling capacity and a 100,000 tpm of
treatment capacity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An operational reassessment of the underground operations was undertaken
in April&nbsp;2004. Formal notice under the South African Labor Relations Act was
issued on May&nbsp;4, 2004, which required a review period of no less than 60&nbsp;days
to assess the operational performance of the ERPM underground operations to
consider options to restore the operations to profitability. A task team
comprising management, union representatives and labor was established to
assess the proposals and make a final recommendation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;4, 2004, ERPM management announced that the underground mining
operation was not sustainable, even at a higher Rand-gold price of R2,650 per
ounce. As a result, a controlled closure program of the underground section was
implemented and was expected to be completed by March&nbsp;2005. Following the
retrenchment of 806 employees in August&nbsp;2004 at a cost of $0.6&nbsp;million (R3.7
million), the mine has achieved a reduction in costs coupled with improved
productivity. As a result, the original planned closure of the underground
section has been postponed. It is estimated that approximately 1,480 employees
could be retrenched at a cost of approximately $1.9&nbsp;million (R12.3&nbsp;million) if
the closure program is completed. The remainder of the employees will either be
transferred within that group, leave the service of the company through natural
attrition or remain to work on the Cason Dump.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surface mining of the Cason Dump will continue, with treatment through the
Knights plant for a further 6&nbsp;years, based on the current rate of production of
approximately 150,000 tpm. The design capacity from surface operations is
200,000 tpm. The success of the controlled closure process and the continuation
of the Cason Project are dependent on the ongoing support of all stakeholders
including labor, the unions, creditors and funders. Should any one of the
stakeholders not co-operate during this process, the mine could be forced into
liquidation resulting in further losses to employees, creditors and
stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricity for South Africa is provided by Eskom, which is government
owned. Eskom is the largest producer of electricity in Africa. In South Africa,
Eskom operates a national power supply grid consisting of 24 power stations
across the country. Electricity to the ERPM Section is provided to the Cason
Dump, SEV and FEV Shafts from the Bremmer substation, located in close
proximity to the mine in Boksburg. Transmission is at the rate of 88,000 volts.
The Simmer Pan substation, located approximately 10 miles (16 kilometers) away
from the mine site in Germiston, supplies the SWV and Hercules Shafts.
Transmission is at the rate of 44,000 volts. The two substations, located on
mine site, transform the power to 6,600 volts for direct supply to the shaft
winder and air compressors. The power supply is further reduced to 525 volts
for smaller devices and equipment used on the mine. The average annual power
consumption is about 240 GWHr and the maximum demand is about 52 MW.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The on-mine substations are older in nature and undergo annual infrared
testing to identify hot connections which are potential fire hazards and are
subject to regular maintenance which includes the inspection of the settings,
blades and changing the transformer oil in the circuit breakers.
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Several major capital expansion projects were conducted over the period
fiscal 2002 to fiscal 2004, including infrastructure to reclaim the Cason Dump,
of $6.8&nbsp;million.


<P align="left" style="font-size: 10pt"><B>Exploration and development</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration and development activity has been curtailed at the ERPM
Section with the decision to close the underground section by March&nbsp;2005 or a
later date, depending on prevailing circumstances. In fiscal 2004, further
drilling of the Cason Dump was undertaken to complete the feasibility study for
the retreatment of the surface source. The dump was created from 1922 to 1959,
when mining from the Cason shaft took place. The grade profile ranges from 0.01
oz/t to 0.10 oz/t (0.2 g/ton to 3.3 g/ton).


<P align="left" style="font-size: 10pt"><B>Environmental and closure aspects</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is a regular ingress of water into the underground workings of the
ERPM Section, which was contained by continuous pumping from the underground
section. On May&nbsp;31, 2004, ERPM
stopped continuous pumping of water from the underground section for financial
reasons due to the withdrawal of the subsidy and the low Rand gold price making
the cost of full time pumping unaffordable, with occasional pumping to surface
conducted on weekends. Studies on the estimates of the probable rate of rise of
water have been inconsistent, with certain theories suggesting that the
underground water might reach a natural subterranean equilibrium, whilst other
theories maintain that the water could decant or surface. A program is in place
to routinely monitor the rise in water level in the various underground
compartments and there has been a substantial increase in the subsurface water
levels. There is a need for further studies to be undertaken so as to qualify
and quantify this risk more analytically.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the final phase of the planned closure of the underground operations
at ERPM which was expected to be completed in March&nbsp;2005, but has been
postponed, only reclamation of underground equipment will take place. During
this time the underground workings at the FEV Shaft will become flooded.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the ultimate amount of rehabilitation costs to be incurred in the
future is uncertain, ERPM have estimated that the total cost for the ERPM
Section, in current monetary terms as at June&nbsp;30, 2004, is $5.4&nbsp;million. A
total of $21,146 has been contributed to the ERPM Rehabilitation Trust Fund.
This is an irrevocable trust, managed by specific responsible people who we
nominated and who are appointed as trustees by the Master of the High Court of
South Africa.


<P align="left" style="font-size: 10pt"><B>Life of mine</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon a gold price of approximately R90,023 per kilogram
(approximately $400 per ounce based on the average exchange rate for
fiscal 2004) at June&nbsp;30, 2004, our 40% share of Proven and Probable Ore Reserves of
the ERPM Section was 0.2&nbsp;million ounces, of which 11,000 ounces relate to the
underground section which is scheduled for closure by March&nbsp;2005 or a later
date, depending on prevailing circumstances. The remaining 165,000 ounces
relate to the Cason Dump surface material which, based on the estimated rate of
production, will be processed over a remaining 6&nbsp;year period ending in fiscal
2010. Based upon a gold price of approximately R96,549 per kilogram at June&nbsp;30, 2003, our 40% share of Proven and Probable Ore Reserves of
the ERPM Section were 0.8&nbsp;million ounces. The year on year decrease is mostly
attributable to depletion and changes in the economic factors.

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<P align="left" style="font-size: 10pt"><B>Papua New Guinea</B>



<P align="left" style="font-size: 10pt"><B>Porgera Mine</B>



<P align="left" style="font-size: 10pt"><B>Overview</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through our wholly-owned subsidiary, DRD (Porgera) Limited, we own a 20%
interest in an unincorporated joint venture, the Porgera Joint Venture, which
holds certain mining leases, easements and exploration licenses which form part
of the Porgera gold mine, or Porgera, in the highlands of Papua New Guinea, or
PNG. We purchased this interest in October&nbsp;2003 for a purchase consideration of
$77.1&nbsp;million. Placer Dome Inc. is the owner of a 75% interest. The remaining
interest of 5% is held by Mineral Resources Enga Limited, or MRE (on behalf of
Enga Provincial Government and landowners in PNG). All of the various mineral
tenements making up Porgera are exploited collectively by the joint venture
partners.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An affiliate of Placer Dome Inc., Placer (PNG)&nbsp;Limited, is the operator of
Porgera and is subject to the control of a management committee made up of
representatives of the joint venture partners. Decisions regarding the assets
which comprise Porgera, including any sale thereof, are made collectively by
the parties through the management committee. The parties also have a right of
first refusal with regard to certain assignments of assets which make up
Porgera. Each party has the right to own and to take in kind and dispose of its
share of all ores, concentrates and refined products produced by Porgera. Each
party also pays for its proportionate share of the costs associated with the
mining activities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net book value of our share of property, plant and equipment, deferred
stripping and purchased undeveloped mineral interests is $61.7&nbsp;million at June
30, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at June&nbsp;30, 2004, the workforce at Porgera comprised about 2,210
employees of whom 1,960 are PNG nationals. In addition, there are approximately
510 contractors of whom 480 are PNG nationals. Of the total workforce of 2,720,
approximately 70% are local residents, while the remainder work a
&#147;fly-in-fly-out&#148; basis. We understand that Placer Dome Inc., in conjunction
with other primary industry producers, is continuing to work with the PNG
Government to address causes of civil unrest which affected production in 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 20% attributable share of production for fiscal 2004 was 147,475
ounces at a cash and total cost of $215 and $291 per ounce, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production from Porgera is subject to a 2% net smelter royalty payable to
the National Government Department of Mining which then distributes it to the
Enga Provincial Government, the Porgera District Authority, and local
landowners.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Proven and Probable Ore Reserves of the Porgera Joint Venture at
December&nbsp;31, 2003, are estimated at 7.2&nbsp;million ounces of gold with a projected
life of 11&nbsp;years. Our 20% attributable share of estimated Proven and Probable
Ore Reserves as at December&nbsp;31, 2003, before Ore Reserve depletion, is 1.4
million ounces. Our attributable 20% share of the Proven and Probable Ore
Reserves in the Porgera Joint Venture is based on the information disclosed by
Placer Dome Inc. (which has a 75% interest in the Porgera Joint Venture) in its
Annual Report for the fiscal year ended December&nbsp;31, 2003, as filed with the
SEC on Form 40-F on March&nbsp;5, 2004. The Porgera Ore Reserves are estimated as
at December&nbsp;31, 2003. Information for the 6&nbsp;months ended June&nbsp;30, 2004 is not
available for inclusion.


<P align="left" style="font-size: 10pt"><B>Property</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Porgera deposit and the mine is located in the Enga Province in the
highlands of PNG, approximately 7,260 feet (2,213 metres) to 8,910 feet (2,716
metres) above mean sea level, about 82 miles (132 kilometres) west of the
established town of Mount Hagen, 275 miles (443 kilometres) northwest of Port
Moresby, and about 425 miles (684.0 kilometres) by road from the coastal port
of Lae from which all materials are freighted. The road is partly paved and passes through unstable mountainous terrain with many major river crossings.
Personnel are transported by bus, fixed wing aircraft and helicopter to mine
site.

<P align="center" style="font-size: 10pt">68
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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temperatures range from 50 to 77 degrees Fahrenheit (10 to 25 degrees
Celsius) and rainfall averages 3,650mm per year. The vegetation is largely
rainforest below an elevation of 7,920 feet (2,414 metres).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Porgera Joint Venture has approval to work the Porgera deposit within
the agreed development plan under the terms of the Porgera Mining Development
Contract, or the Porgera Contract, between the Government of PNG and the joint
venturers. The Porgera Contract specifies, amongst other matters, the annual
rents that must be paid for the Special Mining Lease, and the various classes
of compensation that are payable to the landowners for the various land uses.
The Special Mining Lease, which expires in 2019, encompasses approximately
2,240 hectares including the mine area and the areas in which the project
infrastructure is located. There is no expiration date for the Porgera
Contract, but it is tied to the continuation of the Special Mining Lease.
Leases for Mining Purposes have also been awarded by the Government for land
use associated with the mining operation such as waste dumps, campsites, water
supply, power generation and an airstrip. The Porgera Joint Venture holds a
mining lease for the operation of a limestone quarry for the supply of lime to
the process plant. Permits are held for water use, including run-off from
unconsolidated surfaces, such as the open pit, the underground mine and the
waste dumps. These water use permits are renewable on a regular basis and are
subject to public hearing before approval. The Porgera Joint Venture runs an
environmental monitoring program to ensure compliance with the requirements of
these permits.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Porgera Joint Venture also maintains two Exploration Licenses, or ELs,
which comprise the Special Mining Lease and some key Leases for Mining
Purposes. The Exploration Licenses are the subject of ongoing exploration
expenditure. We have a legal dispute with Placer Dome Inc., regarding two
Exploration Licenses namely EL454 and EL858 in which we believe we have a 20%
interest. On August&nbsp;9, 2004 we placed a <I>caveat </I>on the title register in order
to prevent changes taking place without notification to us. The Porgera Joint
Venture holds mining easements for utilities such as power transmission lines
and water supply pipelines.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porgera has on a number of occasions experienced delays in the granting of
operating permits and licenses necessary for these businesses to conduct their
lawful operations. Although there has never been an interruption to operations
due to an issue of this nature, if at any time in the future permits essential
to lawful operations are not obtained or exemptions not granted, there is a
risk that Porgera may not be able to operate for a period. Future government
actions cannot be predicted, but may impact the operation and regulation of
mines including Porgera.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porgera is operated subject to the requirements of the PNG Mining Safety
Act and Regulations as applied by the Mines Inspectorate.

<P align="center" style="font-size: 10pt">69
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>History</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1938</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alluvial gold was first reported at Porgera.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1975</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Placer (PNG)&nbsp;Limited, or Placer (PNG), a wholly owned subsidiary of
Placer Dome Inc., became the operator and owner of a two-third interest in
an exploration venture with Mount Isa Mines Limited (now MIM Holdings
Ltd.), or MIM.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1979</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Joint Venture Agreement was signed whereby Placer (PNG), MIM and New
Guinea Goldfields Ltd. (a subsidiary of Goldfields Limited) each held a
one third interest and the Independent State of Papua New Guinea, or the
State, had the right to acquire at cost up to a 10% interest in the
project if developed.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1989</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The joint venturers&#146; application for a Special Mining Lease was approved
in May and construction began immediately. The State accepted its full 10%
entitlement (inclusive of 5% on behalf of the Enga Provincial Government),
thus diluting each of the other joint ventures down to 30% each. The State
took its interest in the name of a corporate nominee, Mineral Resources
Porgera Limited.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1990</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commercial production commenced in August. MIM sold its 30% interest to
Highlands Gold Ltd., or Highlands Gold.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1993</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Placer (PNG), Goldfields and Highland Gold each sold a further 5% to the
State (15%). The additional 15% was taken by the State in the name of a
corporate nominee, Orogen Minerals (Porgera) Limited.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1997</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Placer Dome&#146;s joint venture interest was increased from 25% to 50% as of
January&nbsp;1, 1997 following the completion of the acquisition of Highlands
Gold.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1999</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The State reorganized the holding of Mineral Resources Porgera Limited by
transferring a 5% direct interest in the Joint Venture to Mineral
Resources Enga Limited owned by the Enga Provincial Government and project
area landowners.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2002</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Placer Dome&#146;s joint venture interest in Porgera was increased from 50% to
75% through the acquisition of AurionGold. The State reorganized its
holdings in the Joint Venture such that Oil Search Limited then held a 20%
direct interest in the Joint Venture through two subsidiaries.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2003</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We acquired the shares of Oil Search Limited in Orogen Minerals (Porgera)
Limited and Mineral Resources Porgera Limited through the amalgamation of
Mineral Resources Porgera Limited with Orogen Minerals (Porgera) Limited
and Dome Resources (PNG)&nbsp;Limited, our wholly-owned subsidiary.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Geology and Mineralization</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineralization is structurally controlled and occurs within the Porgera
diorite intrusive complex, around the margins of, and within, the intrusive
bodies.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Porgera orebody is an epithermal style orebody hosted within thermally
metamorphosed sediments. The known orebody extends for up to 3,050 feet (930
metres) along strike. The maximum width across strike is 330 feet (100.6
metres), but the width is commonly no more than 65 to 98 feet (20 to 30
metres). The intrusive diorite complex has many individual stocks and dykes.
The rocks are competent however they tend to be brittle, and in the vicinity of
the orebody, are extensively veined and brecciated. The intrusive bodies tend
to be concentrated towards the footwall of the deposit.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gold and electrum metal association is the source of the high gold
grades found in the deposit. The majority of gold occurs as submicroscopic gold
intimately associated with and disseminated throughout pyrite.


<P align="left" style="font-size: 10pt"><B>Mining and Processing</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Porgera deposit is currently being extracted using open pit and
underground mining methods. Mill feed, on a tonnage basis, was sourced 90% from
open pit and run of mine stockpiled ore, and 10% from underground. Underground
ore accounted for 15% of the contained gold in mill feed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit mining is a typical hard rock operation utilizing 33 feet (10
meter) benches. The current mining fleet of DML blast hole drills, O&#038;K RH200
hydraulic face shovels and Caterpillar 789 haul trucks, gives a nominal
capacity in the order of 80&nbsp;million tonnes per annum. Waste stripping
requirements will reduce as the open pit mining operation approaches closure in
2006, allowing a progressive retirement of the mining fleet.

<P align="center" style="font-size: 10pt">70
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit mining is currently in stages 4 and 5 of a 5 stage open pit
mining plan. Stage 4 will provide the principal source of ore in calendar 2004
and into calendar 2005. Stage 5 will replace stage 4 as the principal ore
source during calendar 2005 through to stage completion late in 2006.
Underground mining was suspended in 1997, and subsequently recommenced in 2002.
Underground production is now expected to continue through to late 2008. On
completion of the open pit operation, the mill will continue to process
accumulated lower grade ore stockpiles through to 2015, supplemented by the
underground ore until 2008. Gold production from the open pit and underground
from 2008 onward will fall, as lower grade stockpile ore replaces the open pit
ore feed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Porgera plant was completed in 1996. The mill has undergone four
stages of improvement and expansion, since it was first commissioned in
September&nbsp;1990. The last expansion was completed in 1996 with the installation
of additional milling, floatation and leaching capacity increasing the nominal
throughput from 10,000 tonnes per day to 17,700 tonnes per day. Further
improvements were made in 1999 with addition of further flotation capacity and
the installation of gravity concentrators to remove free gold and to improve
overall recoveries.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The main water supply for the mine is the Waile Creek Dam, located
approximately 7 kilometres (4 miles) from the mine. Water for the grinding
circuit is also extracted from Kogai Creek, which is located adjacent to the
grinding circuit. The mine operates four water treatment plants for potable
water and five sewage treatment plants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal source of power for Porgera is supplied by a 73-kilometre
(45 mile) transmission line from the gas fired Hides Power Station. The station
has a total output of 62 MW. A back up diesel power station is located at the
mine and has an output of 13MW. The average power requirement of the mine is
about 60 MW. Average annual power consumption is 518 GWHr.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most significant capital expenditure during fiscal 2004, related to
deferred stripping, and our 20% share amounted to $4.1&nbsp;million.


<P align="left" style="font-size: 10pt"><B>Exploration and Development</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Eastern Deeps and Roamane Fault Zones were upgraded to indicate
mineralized material during the year ended December&nbsp;31, 2003. An underground
drilling program is currently underway on the Eastern Zone to delineate
additional mineralized material that may be mined from underground.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration plans for calendar 2004 call for the evaluation of prospective
near-mine surface targets as identified by previous surface work and the recent
structural and fluid flow studies. The objective is to discover a near-mine
mineralized material amenable to open pit or underground mining. The existing
geological database creates an opportunity for focused re-evaluation of
previous data using revised geological and structural models and current
economic hurdles. These targets may be evaluated by a combination of surface
and underground drilling.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval was granted for calendar 2004 to extend the regional exploration
program within remaining exploration leases held by the Porgera Joint Venture.
Collation of previous research and limited additional research was completed in
2003 and is the basis of regional exploration targeting.


<P align="left" style="font-size: 10pt"><B>Life of Mine</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at December&nbsp;31, 2003, our attributable portion of Proven and Probable
Ore Reserves was 1.4&nbsp;million ounces, with an expected remaining life of 11
years. In respect of the our attributable 20% interest in the Porgera Joint
Venture, Ore Reserves were determined as at December&nbsp;31, 2003 assuming an
average long-term gold price of $325 per ounce and average long-term exchange
rate of A$1.67 = $1.00 and K4.00 = $1.00. This is based on the information
disclosed by Placer Dome Inc. (which has a 75% interest in the Porgera Joint
Venture) in its Annual Report for the fiscal year ended December&nbsp;31, 2003, as
filed with the SEC on Form 40-F on March&nbsp;5, 2004. There is no comparative
amount for fiscal 2003 as we only acquired our interest in fiscal 2004.

<P align="center" style="font-size: 10pt">71
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<DIV style="font-family: 'Times New Roman',Times,serif">





<P align="left" style="font-size: 10pt"><B>Environmental and Closure Aspects</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porgera is located in extremely rugged mountainous terrain, subject to
seismic activity, high rainfall and landslides. In such conditions construction
of a tailings impoundment would be very difficult and the risk of an
engineering failure high. Therefore the Papua New Guinea Government approved
riverine disposal as the most appropriate method for treated tailing and soft
incompetent waste rock. Competent rock is stored in stable waste dumps. The
mine follows a government approved Environmental Management and Monitoring
Program.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1996, an independent study was undertaken by the Commonwealth
Scientific &#038; Industrial Research Organization, or CSIRO, an Australian based
independent research organization, to assess the mine&#146;s impact on the
downstream river system and local people. In its report CSIRO made certain
recommendations to the Porgera Joint Venture that we believe have either been
implemented or are in the advanced stages of implementation. A few have been
rejected due to their impracticality. An advisory group, called the Porgera
Environmental Advisory Komiti, or PEAK, was formed as a result of the CSIRO
recommendations. PEAK comprises representatives from the Papua New Guinea
Government, Papua New Guinea and international non-governmental organization
groups, Placer (PNG)&nbsp;Limited and independent technical experts.
The primary function of PEAK is to enhance understanding and provide
transparency of Porgera&#146;s environmental (physical and social) issues with
external stakeholders and to assist in reviewing its environmental performance
and public accountability. In 2002, PEAK had its terms of reference expanded to
include mine closure.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the ultimate amount of rehabilitation costs to be incurred in the
future is uncertain, we have estimated that our attributable 20% portion of
total costs for Porgera, based on information provided by the operator, Placer
(PNG)&nbsp;Limited, in current monetary terms as at December&nbsp;31, 2003, is $6.4
million. This has been included in the provision for environmental
rehabilitation, reclamation and closure costs on the balance sheet.

<P align="center" style="font-size: 10pt">72
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Current Production</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 20% interest in the Porgera Joint Venture was acquired with effect
from October&nbsp;14, 2003. Attributable (20%) production since the date of
acquisition amounted to 147,475 ounces at a cash cost and total cost per ounce
of $215 and $291, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table details our attributable (20%) operating and
production results from the Porgera Joint Venture for fiscal 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year ended June 30</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Surface Operations
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Ore mined
(&#145;000 tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,038</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Recovered grade (oz/ton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.142</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gold produced (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,475</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Results of Operations ($)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues
(&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,445</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production
cost (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,650</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non-US GAAP Financial Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash cost
per ounce of gold ($)<sup>1</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total cost
per ounce of gold ($)<sup>1</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Cash cost per ounce and total cost per ounce are non-US GAAP financial
measures of performance that we use to determine cash generating capacities of
the mines and to monitor performance of our mining operations. For
a reconciliation to production costs see Item&nbsp;5A.: &#147;Operating Results.&#148;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>Tolukuma Gold Mine</B>



<P align="left" style="font-size: 10pt"><B>Overview</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dome Resources (Pty) Limited, or Dome, was incorporated on May&nbsp;17, 1984
under the name Dome Resources NL. Dome owned and operated the Tolukuma gold and
silver mine in PNG. During September&nbsp;1999, we purchased 28,693,002 (19.93%) of
Dome&#146;s ordinary shares for A$0.30 ($0.19) per share. In June&nbsp;2001 we acquired
all the shares in Dome which we did not already own.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at June&nbsp;30, 2004 the mine is a low capacity (18,000 tpm capacity),
high-grade (0.39 ounces per ton) operation and employs approximately 750
people, including approximately 70 contractors.


<P align="left" style="font-size: 10pt"><B>Property</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma Section consists of one mining lease, ML 104, covering 1,898
acres (768 hectares) and five current exploration licenses covering an area of
approximately 513,962 acres (208,000 hectares), two licenses under renewal
covering 125,525 acres (50,800 hectares) and four licenses under application
totaling 1,073,884 acres (434,600 hectares). The total exploration area
amounts to approximately 2,456,144 acres (994,000 hectares). The following
table details the status of our mining lease and exploration licenses.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>License</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Expiration Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ML104</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">August 29, 2012</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL580</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">April 4, 2005</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL683</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">April 3, 2005</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL894</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Under renewal<sup>1</sup></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL1264</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">April 29 2005</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL1271</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Under application<sup>2</sup></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL1284</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">April 18, 2006</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL1297</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Under renewal<sup>3</sup></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL1327</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">June 23, 2005</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL1352</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Under application<sup>2</sup></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL1366</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Under application<sup>2</sup></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EL1379</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Under application<sup>2</sup></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All current mining activities are carried out under the terms of Mining
Lease 104 (ML 104), granted under Section&nbsp;38 of the Papua New Guinea Mining Act
of 1992 and Mining Regulations 1992. The lease is granted for a term of 20
years expiring on August&nbsp;29, 2012, and is renewable for further periods not
exceeding 10&nbsp;years each.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mine is located about 62 miles (100 kilometres) north of Port Moresby
in the Central Province of Papua New Guinea at an elevation of 5,115 feet
(1,560 metres) above mean sea level. The mine is situated in very steep
mountainous terrain that is not accessible by road. All transport of employees,
materials and equipment to and from the mine is by helicopter. As a result,
approximately 24% of the production costs of the mine is spent on
transportation and logistics, including the cost of jet fuel. The Tolukuma
Section is worked on a &#147;fly-in-fly-out basis,&#148; with all staff being
accommodated in quarters when at the mine.



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> EL894 initially expired on April&nbsp;3, 2003.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>2</SUP> EL1271, EL1352, EL1366 and EL1379 are new exploration licenses.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>3</SUP> EL1297 initially expired on August&nbsp;30, 2004.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">74

</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">The climate of the Central Province area is temperate with year round rainfall.
Temperatures range from 50 to 77 degrees Fahrenheit (10 to 25 degrees Celsius)
and rainfall averages 144 inches (3,650mm) per year. The vegetation is largely
rainforest and thick vegetation associated with high rainfall and mountainous
regions.


<P align="left" style="font-size: 10pt">At the Tolukuma Section, the traditional landowners are the Yulai people who
belong to the Auga tribes &#150; Auga being their main river. There are three clans
and at the head of each clan is a chief. The population around the mine is
approximately 2,700, with 700 being landowners and the rest made up of
outsiders coming into the area to seek employment. There is a Memorandum of
Agreement, or MOA, between National Government, Provincial Government, the
landowners and Tolukuma Gold Mines Limited, or Tolukuma. The MOA is a working
document which indicates the responsibilities of each party and their role in
the sustainable development of the community. The MoA is reviewed every two
years, with an MoA to be mutually agreed by the parties if revised.
Negotiations for a revised MoA are underway.


<P align="left" style="font-size: 10pt">Production from the Tolukuma Section is subject to a 2% net smelter royalty.
This royalty is distributed to the Yulai future generation fund, a landowners&#146;
association, the landowners and to a Central Provincial Government fund for
projects outside the mine area.



<P align="left" style="font-size: 10pt"><B>History</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1984</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dome Resource (Pty) Limited was incorporated on May&nbsp;17, 1984, under the
name Dome Resources NL, or Dome.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1987</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tolukuma mine was discovered by Newmont Proprietary Limited.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1993</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tolukuma Gold Mines Limited, or Tolukuma, was acquired by Dome from
Newmont Second Capital Corporation.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1999</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September, we purchased an initial stake of 19.93% of Dome.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2001</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In June, we acquired all outstanding shares of Dome we did not already
own, bringing our shareholding to 100%.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Exploration and development</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration within the mining lease, ML 104, has recently been expanded
with the purchase of two underground diamond drill rigs, including one with
long hole capability, and an additional rig for surface drilling. This brings
the number of rigs on site to five in fiscal 2004, compared to only one in
fiscal 2003. An air-driven Kempe rig, commissioned in December&nbsp;2003, is used
for short holes underground, currently targeting the down dip extension of the
Tinabar ore body and an LMA90 drill rig, commissioned in January&nbsp;2004, is used
for longer exploration holes, initially in the Gulbadi south area and the
Milaihamba structural target. Another manportable DT600P was purchased to
support the existing manportable DT250P on surface drilling of ML104 and later
the Saki, Sere Sere, Taula and Taula North prospects in Exploration License 580
followed by other regional targets. The LY44 is also currently drilling ML 104
targets.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling for the year concentrated mainly within ML 104, testing the
extensions of known mineralized structures such as the Zine, 120, Gulbadi,
Tolukuma, and Tinabar veins, with the aim of delineating and defining
additional mineralized materials for mill feed. New structures that have also
been defined for drill testing include the Lock, Tofun, and Banana vein
structures.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal 2004, exploration expenditure of $1.65&nbsp;million was incurred.


<P align="left" style="font-size: 10pt"><B>Geology and Mineralization</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma deposit is a narrow epithermal low sulphidation
gold/silver/quartz/adularia vein system noted for its high-grade &#147;bonanza&#148;
style mineralization. The primary structures extend 4.4 miles (7 kilometres) on
strike with economic mineralization usually occurring in well-defined zones on
dip and along strike.




<P align="right" style="font-size: 10pt">75
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma deposit is comprised of two sub-parallel structures that are
connected by a series of linked structures trending generally from north west
to south east. Individual quartz veins average 0.6 feet to 6.6 feet (0.2 metres
to 2.0 metres) in width over a strike length of more than 0.9 mile (1.4
kilometres). Likewise, the Zine and 120 veins located approximately 250 metres
to the east, have similar geological features. These are connected by a series
of linked structures tending generally in a south east to north west direction.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All the current Ore Reserves are located within these veins in five
sections that have different geological characteristics. These zones and our
percentage Ore Reserve are, from north to south, Tolukuma (3.9%), Tolimi
(4.8%), Tinabar (33.5%) and Gulbadi (51.7%). The Gulbadi zone includes the
Gulbadi and Gulbadi X-veins. The Zine and 120 veins comprises 6.1% of the Ore
Reserves. Clay zones of variable width are located in the intersections on two
or more structures. Minor loops off the main veins, minor splay veins and minor
cross veins are excluded from the potential reserves, although they are mined
at times. Infill diamond drilling of the Zine and 120 veins is continuing and
an underground diamond drilling program has commenced.


<P align="left" style="font-size: 10pt"><B>Mining and processing</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1995, the Tolukuma plant was built and at June&nbsp;30, 2004, the current
production is approximately 90% from underground mining and 10% from open pit
mining. All open pit and underground mining is conducted using mining plant and
equipment owned by the Tolukuma Section. The average mining depth at the
Tolukuma Section is 490 feet (150 metres) below surface or approximately 4,760
feet (1,450 metres) above mean sea level. Access to underground workings is via
decline shafts. Mining methods vary according to local ground conditions and
are generally mechanized cut and fill shrinkage methods.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The metallurgical plant is compact and is located on a steep ridge in very
mountainous terrain. Ore is trucked to the plant, then milled and treated
through a conventional gravity and CIL circuit. The plant consists of a closed
circuit semi-autogenous mill that at June&nbsp;30, 2004 is capable of processing
18,000 tpm. Cyanide in the residue is neutralized in a detoxification plant
prior to revirine discharge.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tolukuma is situated in a remote area, and as a result is forced to be
self sufficient with regard to the generation of power. Power is generated
through a combination of diesel driven generator sets and hydro-turbine driven
generator sets. Three hydro units are installed, capable of generating 1.8 MW
of power. These units are dependant on the supply of adequate water. These
generators supply 32,000 volts via overhead lines to the mine, where it is
transformed down to either 6,600 volts, 1,000 volts or 525 volts, depending on
the requirement. On average the mine consumes 30 MW of power. Any shortfall
from the hydro units is made up by the diesel units (a total of
3.2&nbsp;MW of
diesel generating power is installed).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Several capital projects were conducted over the period fiscal 2002 to
fiscal 2004, including expansion of the mobile plant and additions to equipment
in the plant ($2.3&nbsp;million) and acquisition of plant and equipment ($1.2
million).


<P align="left" style="font-size: 10pt"><B>Environmental and closure aspects</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma Section has been developed in accordance with an
environmental plan approved by the Papua New Guinea authorities in July&nbsp;1994.
To ensure continuing compliance with the Papua New Guinea Government&#146;s
regulatory requirements, Tolukuma has implemented a broad-based environmental
management monitoring program. The measures we have taken to implement this
program include:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regular monitoring of water quality to ensure discharge is within the
legislative limits set by the Papua New Guinea Government;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>establishment of an experimental plant nursery for the development of rapid-growth species;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>site rehabilitation;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appointment of an experienced site rehabilitation consultant;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an aquatic survey completed in June&nbsp;2003;</TD>
</TR>


</TABLE>
<P align="center" style="font-size: 10pt">76
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appointment of a liaison officer to liaise with down stream
communities and the Department of Environment and Conservation, or DEC;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a stream sediments and water sampling study conducted in March&nbsp;2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>support for an independent water and health study of the Auga and
Angabanga Rivers undertaken by the DEC in association with the Central
Province Department of Health, or DOH; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commissioning an independent health study undertaken by a team from
James Cook University and Angau Memorial Hospital in Lae completed in
March&nbsp;2003.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma Section is compliant with government regulatory requirements.
As part of its ongoing program of discharge management Tolukuma has increased
the percentage of solids removed during the treatment process, increased
dilution of the remaining waste and established an on-site containment area,
which now takes all overburden and retrieved solid waste.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailings are routinely discharged into the surrounding river systems in
accordance with approved environmental water discharge permits issued by the
DEC under the Papua New Guinea Environmental Act 2000 and Regulations 2000. In
April&nbsp;2004, the Papua New Guinea Government renewed Tolukuma&#146;s water discharge
permit for a further 40&nbsp;years. The Papua New Guinea Government has approved
disposal into certain natural rivers as the most appropriate method for treated
tailings and soft incompetent waste rock because the mines are located in
extremely rugged mountainous terrain, subject to seismic activity, high
rainfall and landslides. Construction of a tailings impoundment would be very
difficult and the risk of an engineering failure high.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to ensure that mercury discharges from the mine remain within
allowable limits, we conduct monthly monitoring of mercury and other heavy
metals at government mandated water quality inspection points 7 kilometers
downstream of the discharge point and biennial monitoring of stream sediments.
In addition, for internal purposes, we conduct daily monitoring of mercury
levels at the tailings discharge point and approximately 1500 feet downstream
(grab sampling). Our monitoring and data capturing comply with standards set
in our environment management monitoring program and environment plan, both of
which have been approved by the authorities. Prior to discharge, the cyanide
associated with the mining process is degraded in a detoxification process and
levels are monitored daily. This process is unique to our operations in Papua
New Guinea.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxfam Community Aid Abroad, a non-government organization, in its reports
in 2001 and 2004, expressed concerns that our tailings pose both an
unacceptable environmental threat, as well as a health threat to riverine
communities. In response to these statements and at Tolukuma&#146;s request,
independent health investigations were conducted by the Department of
Environment &#038; Conservation, Department of Mining, Central Provincial Health and
an independent consultant, reports of which did not find any connection between
the reported allegations of disease outbreak in the Fane area of Central
Province and Tolukuma.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the regular testing of water quality required by the Papua
New Guinea Government, the Tolukuma Section has also commissioned other
independent studies designed to monitor the impact of its activities on fluvial
process and the marine environment. The most recent independent studies were an
aquatic fauna survey conducted in June&nbsp;2003 and a stream sediments and water
sampling study conducted in March&nbsp;2004. Our own recordings and the findings of
these studies are inconsistent with the concerns raised by Oxfam Community Aid
Abroad in its reports in 2001 and 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the ultimate amount of rehabilitation costs to be incurred in the
future is uncertain, we have estimated that the total cost for the Tolukuma
Section, in current monetary terms as at June&nbsp;30, 2004, is $1.1&nbsp;million. This
has been included in the provision for environmental rehabilitation,
reclamation and closure costs on the balance sheet.


<P align="left" style="font-size: 10pt"><B>Life of Mine</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ore Reserves for the Tolukuma Section, as at June&nbsp;30, 2004, were 0.2
million ounces, determined assuming a gold price of $400 per ounce at an
exchange rate of K3.22 = $1.00 (K1,288 per ounce) using the Kina gold price and
exchange rates as at June&nbsp;30, 2004.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on a gold price of $350 per ounce and an exchange rate of K3.26 =
$1.00, at June&nbsp;30, 2003, the Proven and Probable Ore Reserves of the Tolukuma
Section were 0.1&nbsp;million ounces. The year on year increase is due to updates to
the geological model based on improved drilling and development information
resulting in a transfer of Ore Reserves.

<P align="right" style="font-size: 10pt">77

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Current Production</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gold production for fiscal 2004 was 85,715 ounces compared to 68,096
ounces for fiscal 2003 and 71,955 ounces for fiscal 2002. The Tolukuma Section
also produced 180,252 ounces of silver in fiscal 2004 compared to 157,844
ounces of silver in fiscal 2003 and 261,550 ounces of silver in fiscal 2002.
Cash costs1 decreased to $231 per ounce of gold in fiscal 2004 from $281 per
ounce of gold in fiscal 2003, primarily due to the strength of the Kina and the
increase in ounces produced. Total cost per ounce1 of gold decreased to $355
per ounce in fiscal 2004 from $441 per ounce in fiscal 2003 and increased to
$441 per ounce in fiscal 2003 from $370 per ounce in fiscal 2002, mostly due to
the decrease in the production ounces.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table details the operating and production results from the
Tolukuma Section for the past three fiscal years.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="61%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Underground Operations
Ore mined (&#145;000 tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Recovered grade (oz/ton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.39</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gold produced (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,955</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Results of Operations ($)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,050</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production cost (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,272</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non US GAAP Financial Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash cost per ounce of gold ($)<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total cost
per ounce of gold ($)<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">370</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"><SUP>1 </SUP>Cash cost per ounce and total cost per ounce are non-US GAAP financial
measures of performance that we use to determine cash generating capacities of
the mines and to monitor performance of our mining operations. For
a reconciliation to production costs see Item&nbsp;5A.: &#147;Operating Results.&#148;</TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="font-size: 10pt"><B>Fiji</B>



<P align="left" style="font-size: 10pt"><B>Emperor Mines Limited</B>



<P align="left" style="font-size: 10pt"><B>Overview</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At October&nbsp;31, 2004, we own through DRD (Isle of Man) 45.33% of Emperor
Mines Limited, the owner of the Vatukoula mine.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mine located at Vatukoula on the South Pacific island nation of Fiji,
has been in operation since 1933, with 6.7&nbsp;million ounces of gold produced
since operations commenced. The Emperor mine is a multi-shaft underground mine
and produced approximately 126,000 ounces of gold for the year ended June&nbsp;30,
2004. The Vatukoula mine is Fiji&#146;s second largest private employer with over
2,100 employees at June&nbsp;30, 2004, and accounts for approximately 7.5% of Fiji&#146;s
national foreign income on that date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;13, 2004, Emperor announced an A$20.4&nbsp;million ($14.6&nbsp;million)
non-renounceable rights issue, which is discussed in detail under Item&nbsp;4A.:
&#147;History and Development of the Company.&#148; Emperor&#146;s
rights offering closed on November&nbsp;12, 2004 and we subscribed
for our entitlement under the rights offering. We did not participate
in any shortfall to the rights offer.


<P align="left" style="font-size: 10pt"><B>Property</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mine is situated on the north coast of the island of Viti Levu, the
main island of Fiji. Gold mineralization is associated with a volcanic caldera,
and occurs in both flat-lying and steeply-dipping structures, typically less
than a meter in width, principally on the western fringe of the caldera. Mining
is conducted underground from four main shafts exploiting the ore bodies in the
southwest portion of the volcanic margin to the Tavua Caldera, a large shield
volcano about 9 miles (15 kilometres) in diameter and the recently accessed R1
ore bodies situated within the caldera. The main mining licenses include
Special Mining Lease 54, 55 and 56.


<P align="left" style="font-size: 10pt"><B>History</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1930
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Discovery of alluvial gold in the Nasivi river in Vatukoula.</TD>
</TR>



<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1933
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commencement of mining activities at the Vatukoula mine.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1950s
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Emperor secures ownership of the Vatukoula mining field.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1992
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Mining Corporation relinquishes its joint venture with respect to the Emperor Gold</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2003
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We acquired a 19.81% interest in Emperor.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In July&nbsp;2004, we increased our shareholding in Emperor to 45.33% through
a conditional takeover offer announced in March&nbsp;2004. Emperor
appointed Mark Wellesley-Wood as Managing Director and our
Divisional Director: Australasia, Richard Johnson as Non-Executive
Director, both with effect from August&nbsp;3, 2004.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Exploration and development</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emperor holds three mining tenements Special Mining Lease 54, 55 and 56,
and 100% of the Special Prospecting Licenses for tenements 1201, 1283, 1296,
1344, 1360 and 1411. In addition, Emperor has submitted applications for
Special Prospecting License CX626 situated south of and adjacent to SPL 1411 on
the island of Vanua Levu.


<P align="left" style="font-size: 10pt"><B>Geology and Mineralization</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vatukoula is a low-sulphidation epithermal gold deposit associated with
alkaline type igneous rocks in a volcanic setting. This volcanic setting and
rock type is typical of several major gold mines in the southwest Pacific
region, such as Porgera. The ore deposits lie along the margin of the Tavua
volcanic caldera and consist of various types of
quartz-adularia-telluride-auriferous-pyrite fillings deposited in fractured,
faulted and shattered volcanic rocks.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of the Vatukoula mine&#146;s ore bodies are situated in the
southwest portion of the volcanic margin of the Tavua volcanic caldera, a large
shield volcano about 9.3 miles (15.0 kilometers) in diameter. The more recently
accessed at R1 ore bodies are, however, situated within the caldera.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volcanism commenced about 5&nbsp;million years ago and ceased about 3.5&nbsp;million
years ago. The ore bodies were the last major geological event and mineralized
fractures persist throughout the very late stage sediments that filled in the
central part of the caldera. The gold is found as native gold, auriferous
pyrite, and as gold tellurides.


<P align="left" style="font-size: 10pt"><B>Mining and Processing</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most of the known ore bodies at Vatukoula are relatively narrow, flat
dipping structures previously mined by room and pillar methods. They are now
mined predominantly by longwall stoping, although throughout the mine a number
of other mining methods, such as sub-level stoping and caving, cut-and-fill,
shrinkage stoping and up-dip mining, are also practiced. The remnants of 50
years of room and pillar mining are also currently being successfully
exploited.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current production at the Vatukoula mine comes from four mining sections
that are named according to the shaft or drive access: Smith Shaft, Philip
Shaft, R1-Cayzer Shaft and the Emperor Decline Shaft.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Emperor plant built in 1997, consists of two parallel grinding mills,
namely a Smidth grinding mill and a larger Morgardshammer mill. At June&nbsp;30,
2004 the combined capacity of the mills is approximately 66,000 tpm. There are
also two flotation circuits, one for slimes washed from the ore, and a
conventional sulphide circuit for the grinding circuit product. Both
concentrates are combined in a thickener and roasted before passing through a
CIP circuit. Loaded carbon is stripped and the gold-rich solution combined with
the calcine rich solution for zinc precipitation and smelting into bars. As at
June&nbsp;30, 2004, the plant utilizes approximately 75% of its capacity.


<P align="left" style="font-size: 10pt"><B>Current production</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No production or related revenue and costs have been accounted for in
fiscal 2004 or 2003, as we only owned 19.78% as at June&nbsp;30, 2004, and 19.81% as
at June&nbsp;30, 2003 and, therefore, treated our interest in Emperor as a listed
equity investment. Refer to note 11 of the audited financial statements for
further details.


<P align="left" style="font-size: 10pt"><B>Exploration Projects</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our exploration and project development activities during fiscal 2004
continued to enhance our growth strategy by growing the Tolukuma Section
(through both brownfields and greenfields exploration) and the refinement of
the Argonaut Project geological modeling and resource estimation. Total
exploration and project expenditure for fiscal 2004 was $1.65&nbsp;million for the
Tolukuma Section and $0.17&nbsp;million for the Argonaut Project. Due to the lower
Rand gold price at June&nbsp;30, 2004, we have not yet commenced with the detailed
drilling program in the Argonaut Project and are in the process of applying for
the conversion of our old prospecting permit to new order rights under the new
MPRD Act.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B><I>South Africa</I></B>



<P align="left" style="font-size: 10pt"><B><I>Argonaut Project</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Argonaut Project represents the southern down-dip extension of the
Central Rand Goldfield. The strike length of the area covered by the mineral
rights covers approximately 19 miles (30 kilometers) from Durban Deep in the
west to ERPM in the east with the possible exploitation of part of the
potential mineralized material striking 3 miles (5 kilometers) east/west from
City Deep Mine to Robinson Deep Mine and extending from 9,900 feet to 13,200
feet (3,018 meters to 4,023 meters) below surface. Most of the main exploration
target area incorporated by our 42 square kilometers of mineral rights above
the 5,000 meter depth contour of the Main Reef Leader is covered by urban
residential development. The mining activity may, as a result, give rise to an
increase in seismicity and associated environmental pollution in the immediate
proximity of the mine. If operated, this would be the first mine in the world
to operate at such depths and the seismicity associated with the mining
activity and the impact on the health and safety of the mine employees working
in the underground section is unknown at this stage. The environmental risks
could result in public opposition to the project and delay our application for
the necessary permits or prevent the implementation of the project.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2004, progress on advancing the Argonaut Project towards a
bankable feasibility study was hampered by the low Rand gold price and the
enactment of the MPRD Act which delayed the issuing of a prospecting permit by
the DME. Under the MPRD Act, the prospecting permit is classified as a pending
application and, as a result, only geological modeling and resource estimation
took place.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In utilizing a comprehensive computerized database of historical
underground sample and borehole core assay values of the Main Reef and Main
Reef Leader, sedimentological and structural interpretations of these major
gold-bearing ore bodies across the former Central Rand have been undertaken
with the objective of defining sedimentological facies trends and delineating
geozones for statistical and geostatistical estimation purposes and predictive
analysis. A log-linear extrapolation technique was applied to the trend
directions exhibited within the data for each geodomain, enabling the
calculation of the likely distances over which the gold accumulation decreases
within the respective geodomains down the palaeoslope. The end product is a
grade block model for the Main Reef Leader showing the rapid downdip decrease
in the gold accumulation in all of the defined geodomains.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewed focus had been placed on progressing the Argonaut Project by
reviewing the geological modeling in the project target area and valuation
model. The results were a substantial downgrading of the estimated mineralized
material from that previously reported. Due to unreliable data, no estimate of
mineralized material was deduced for the Main Reef. Future work will include
the drilling of three additional boreholes to test the model and extrapolations
and estimates, and upgrade and increase the mineralized material estimate
within our mineral rights area.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At June&nbsp;30, 2004, no Ore Reserves have been included in the Proven and
Probable Ore Reserve statement. In addition the lead time to mining these
reserves is expected to be in excess of 10&nbsp;years.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Argonaut Project still represents a promising, yet challenging
deep-level mining development opportunity which is dependent on significant
increases in the Rand gold price before becoming viable.


<P align="left" style="font-size: 10pt"><B><I>Papua New Guinea</I></B>



<P align="left" style="font-size: 10pt"><B>Tolukuma Section</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma Section, located within Mining Lease 104 (ML 104) covers an
area of 7.68 square kilometres and has extensive exploration tenements in the
vicinity of the mine covering approximately 9,937 square kilometres and within
40 minutes flying radius of the mine site. The Tolukuma Section is being
explored using geophysical surveys, interpretation of satellite images, mapping
and sampling of streams. This is followed up by detailed mapping, trenching and
drilling of prospective target areas.


<P align="center" style="font-size: 10pt">81
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration within the mining lease has recently been expanded with the
purchase of two underground diamond drill rigs, including one with long hole
capability, and an additional rig for surface drilling. This brings the number
of rigs on site to five in fiscal 2004, compared to only one in fiscal 2003.
The short-term focus will continue to be on increasing the resource base at and
around the Tolukuma Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Near mine work has also been carried out during 2003 and early 2004 on two
areas adjacent to the mining lease, the Saki and Sere Sere projects situated
3km (2 miles) east and south of the mine respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal 2004, exploration follow up work was done covering some near
mine (ML 104) and regional targets. Regional areas covered include, amongst
others, the Taula North (Exploration License 580), Belavista (Exploration
License 1284), Etasi Creek (Exploration License 894), Samanalan (Exploration
License 683) and Gira (Exploration License 1297). The follow up work included,
creek traversing with pan concentrate and stream sediment sampling, trench
mapping and sampling, and ridge and spur soil sampling. A total of 990 feet
(302 metres) of hand dug trenches were excavated and 1,749 feet (533 metres) of
soil line cut, from which a total of 860 rock chip, 13 stream sediment, 14 pan
concentrate, and 41 soil samples were collected.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal 2004, exploration expenditure of $1.65&nbsp;million was incurred and
the exploration tenements remain in good standing. Below is a summary of
exploration licenses.

<DIV align="CENTER">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>EL No</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>No of Sub blocks</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Area under EL (sq km)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Status</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Expiry date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom" style="background: #eeeeee">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">683
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">102</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">current
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;3, 2005</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">580
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">230</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">current
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;4, 2005</TD>
</TR>

 <TR valign="bottom" style="background: #eeeeee">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1264
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">132</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">564</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">current
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2005</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1327
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">292</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">989</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">current
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;23, 2005</TD>
</TR>

 <TR valign="bottom" style="background: #eeeeee">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1284
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">58</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">196</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">current
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;18, 2006</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">894
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">254</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">under renewal
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;3, 2003</TD>
</TR>

 <TR valign="bottom" style="background: #eeeeee">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1297
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">254</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">under renewal
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1271
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">564</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,915</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">under application
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not applicable</TD>
</TR>

 <TR valign="bottom" style="background: #eeeeee">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1352
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">550</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,875</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">under application
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not applicable</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1366
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">403</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,364</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">under application
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not applicable</TD>
</TR>

 <TR valign="bottom" style="background: #eeeeee">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1379
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">648</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2,194</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">under application
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not applicable</TD>
</TR>

<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Total
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2,895</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9,937</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B><I>Australia</I></B>



<P align="left" style="font-size: 10pt"><B>Daylesford</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hold one exploration license, EL3431, and another license under
application around the Daylesford Goldfield, which is a prospecting area in
Victoria, Australia. Our license in Daylesford, was renewed until July&nbsp;2005.
Progress to date includes data acquisition and re-interpretation of the
geological findings. Previous drilling by Range River Gold NL, does not appear to effectively test a structurally favorable zone below the Ajax workings,
which is a mining area, since the area has not been tested by drilling beyond
relatively shallow depths. Testing of drill samples indicates 85% of gold is
located at a depth of less than 345 feet (105 metres). The quartz reef
mineralization appears to have strike lengths of less than 492 feet (150
metres) with widths of approximately 3 to 16 feet (1 metre to 5 metres) and
multiple reefs were exploited representing structural repetition at depth.


<P align="center" style="font-size: 10pt">82
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Closed Operations</B>



<P align="left" style="font-size: 10pt"><B><I>Durban Deep Section</I></B>



<P align="left" style="font-size: 10pt"><B>Overview</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Durban Roodepoort Deep Gold Mine, or Durban Deep Section, was the
original gold mine of the Group. The section is situated on the northern edge
of the Witwatersrand Basin immediately to the west of Johannesburg. Mining had
been taking place within the lease area since the discovery of the
Witwatersrand Goldfield in 1886 at nearby Langlaagte.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of August&nbsp;2000, we ceased all underground and open pit mining
operations at the Durban Deep Section. Following the withdrawal of our
underground pumping subsidy, the deeper sections of the mine have been flooded.
On a combined basis, the Durban Deep Section produced more than 37&nbsp;million
ounces of gold prior to the cessation of operations.


<P align="left" style="font-size: 10pt"><B>Property</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Durban Deep Section is located within the Central Witwatersrand Basin
which stretches from the Durban Deep Section in the west to the ERPM Section in
the east. The Durban Deep Section is situated 9.3 miles (15 kilometres) west of
Johannesburg and contains mining title to 14,262 acres (5,772 hectares) and
owns 3,667 acres (1,484 hectares) of freehold property. These include
administrative buildings, hospital, recreation complexes, housing in both
hostel and free-standing houses and a security complex. We have title to
substantial land tracts on the outskirts of the City of Roodepoort, which is
located in this section. We do not intend to convert our rights under the MPRD
Act.


<P align="left" style="font-size: 10pt"><B>Mining and processing</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five different ore bodies have been mined at the Durban Deep Section. Ore
was mined from outcrops at the surface down to a maximum depth of 9,200 feet
(2,804 metres) and the reefs are known to persist to 13,000 feet (3,962.4
metres) below the surface within the lease area.


<P align="left" style="font-size: 10pt"><B>Environmental and closure aspects</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground mining at the Durban Deep Section ceased in August&nbsp;2000. A
detailed closure program was prepared and submitted to the DME in December
2000. The drafting of the program was preceded by a comprehensive risk
assessment process, during which both residual and latent environmental risks
and impacts were identified and prioritized. The risks identified are currently
being addressed in accordance with the closure program.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to mitigate the impact of windblown dust from dormant tailings
dams in proximity to surrounding communities, short-term dust suppression
methods are currently being employed. In addition to dust suppression,
amelioration and vegetation of the tailings dams, the closure program is also
focused on the sealing of shafts and openings to the surface, the demolition
and rehabilitation of shaft infrastructure and the rehabilitation of open
surface areas.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Durban Deep Section is located in the geographical area known as the
Western Basin. There is no hydraulic continuity between the Western Basin and
the Central Basin. Water has already begun to flood to the surface in this area
from other neighboring mining operations. This water is of poor quality,
containing heavy metals, sulphates and other pollutants. However, there has
been no flooding of water to the surface on any of our properties located in
the Western Basin.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have developed a program to progressively seal all potential ingress
points at the Durban Deep Section. We anticipate that this program will be
completed by May&nbsp;2005. The sealing of all potential ingress points at these
operations will be a permanent measure. All plugs used have been approved by
the DME which also performs periodic inspections during the sealing phase to
monitor progress. However, despite these sealing programs, naturally occurring
water conduits and other geological features which are not mine-related and may
not be located on mine property will allow surface water,
especially storm runoff, to reach underground aquifers. This will eventually
cause water levels to rise. The costs associated with sealing off all potential
water ingress points at the Durban Deep Section have been included in our
provision for environmental rehabilitation, restoration and closure costs.

<P align="center" style="font-size: 10pt">83
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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantial effort and resources have gone into the rehabilitation
process. Total rehabilitation, involving plugging, capping and vegetation, of
the Coetzee Shaft, Number 7 Shaft, Great Britain Shaft and the Number 5 Shaft,
has been undertaken as well as the backfilling, compacting and vegetation of
several voids and pits, the demolition of redundant structures and buildings
and the rehabilitation of the carbon in leach plant area. Further progress in
accordance with the closure plan is continuing. In 2004, we had applied to the
DME for the closure of ten shafts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the ultimate amount of rehabilitation costs to be incurred in the
future is uncertain, we have estimated that the remaining cost for the Durban
Deep Section, in current monetary terms as at June&nbsp;30, 2004, is $4.9&nbsp;million.
This has been included in the provision for environmental rehabilitation,
restoration and closure costs on the balance sheet. A total of $2.1&nbsp;million has
been contributed to the Environmental Trust Fund. This is an irrevocable trust,
managed by specific responsible people who we nominated and who are appointed
as trustees by the Master of the High Court of South Africa.


<P align="left" style="font-size: 10pt"><B><I>West Witwatersrand Gold Mines Ltd</I></B>



<P align="left" style="font-size: 10pt"><B>Overview</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own 100% of West Witwatersrand Gold Mines Ltd, or West Wits, which held
West Wits Section. We acquired the entire share capital of West Witwatersrand
Gold Holdings Limited, which was the parent company of West Wits, as well as
Consolidated Mining Corporation Ltd&#146;s loan to West Witwatersrand Gold Holdings
Limited, on April&nbsp;1, 1996. We also acquired the entire issued capital and the
shareholders&#146; claim and loan account of East Champ d&#146;Or Gold Mine Ltd, a gold
mining company with mining title in the West Rand. The mining assets were sold
to Bophelo Trading (Pty) Limited, subsequently renamed, Mogale Gold (Pty)
Limited, or Mogale, during fiscal 2004, effectively leading to the closure of
the mining operation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The West Wits Section is situated on the northern edge of the
Witwatersrand Basin near the town of Krugersdorp to the west of Johannesburg.


<P align="left" style="font-size: 10pt"><B>Property</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The West Wits Section was formed out of the northern section of
Randfontein Estates located in the West Rand Goldfields, about 22.0 miles (35.4
kilometres) west of Johannesburg, Gauteng Province. The mine is reached via the
R28 Johannesburg-Krugersdorp highway.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Wits also had rights to mine on three adjacent mining leases, namely,
East Champ d&#146;Or, West Rand Consolidated and Luipaardsvlei. West Wits had mining
title to 8,364 acres (3,790 hectares) and owns 72 acres (29 hectares) of
freehold property on which all of its mining operations are situated. These
rights were sold to Mogale during fiscal 2004.


<P align="center" style="font-size: 10pt">84
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The climate of the Highveld area (at an elevation of 5,249 feet (1,600
metres) above mean sea level), where the mine is situated, is humid continental
with warm summers and cold winters. Temperatures range from a minimum of 23
degrees Fahrenheit (-5 degrees Celsius) in June and July to a maximum of 93
degrees Fahrenheit (34 degrees Celsius) in December and January.


<P align="left" style="font-size: 10pt"><B>History</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1967</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">West Witwatersrand Gold Mines Ltd, or West Wits, was incorporated and
registered as a public company in South Africa on December&nbsp;21, 1967.</TD>
</TR>
<tr><td>&nbsp;</tr></td>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1996</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We acquired the entire share capital of West Wits on April&nbsp;1, 1996.</TD>
</TR>
<tr><td>&nbsp;</tr></td>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2000</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All mining ceased at the West Wits Section in August&nbsp;2000.</TD>
</TR>
<tr><td>&nbsp;</tr></td>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2002</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We entered into an agreement with Bophelo Trading (Pty) Limited,
subsequently renamed Mogale Gold (Pty) Limited, or Mogale, for the
sale of the West Wits gold plant, freehold areas, surface rights
permits and certain related assets.</TD>
</TR>
<tr><td>&nbsp;</tr></td>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2003</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The agreement with Mogale was subsequently amended by a Memorandum of
Agreement on June&nbsp;6, 2003. The effective date of this sale was July
21, 2003.</TD>
</TR>
<tr><td>&nbsp;</tr></td>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2004</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mogale was placed under judicial management on April&nbsp;13, 2004. As a
result, the remaining balance on the purchase price was impaired for
$1.1&nbsp;million.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Mining and processing</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August&nbsp;2000, we decided to cease all operations at both the underground
and open pit operations at the West Wits Section. This decision was taken after
the South African government withdrew the water pumping subsidy. Without the
subsidy, mining at the West Wits Section became prohibitively expensive. The
mining operation is an agglomeration of old mines on the Randfontein Basin
separated from the main part of the Witwatersrand Basin by a geological
structure known as the Witpoortjie Horst. Over fifteen different gold-bearing
pebble horizons have been mined. Ore has been mined from outcrops at the
surface down to a maximum depth of 5,900 feet (1,798.3 metres).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Wits mined the Livingston Reef package, locally known as the East
Reef. It comprises a 100-foot thick package of conglomerates and quartzites
dipping at an average of 18 degrees. The combined West Wits Section produced
more than 1.0&nbsp;million ounces of gold since inception, before the cessation of
underground and open-pit operations at the end of August&nbsp;2000. Subsequent to
the cessation of mining operations, the metallurgical plant at the West Wits
Section was taken over by Crown for the processing of sand dumps only.


<P align="left" style="font-size: 10pt"><B>Environmental and closure aspects</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground mining at the West Wits Section ceased as of August&nbsp;2000. We
are required to affect environmental closure at the West Wits Section although
certain aspects of this have been assumed by Mogale. Commensurate with the
decision to close these operations, a detailed closure program was prepared and
submitted to the DME in December&nbsp;2000. The drafting of the program was preceded
by a comprehensive risk assessment process, during which both residual and
latent environmental risks and impacts were identified and prioritized. The
risks identified are currently being addressed by the West Wits Section, in
accordance with the closure program submitted to the DME. In order to mitigate
the impact of windblown dust from dormant tailings dams in proximity to
surrounding communities, short-term dust suppression methods are currently
being employed. Although this is to continue until 2006, the program is being
run along with a vegetation program, currently focusing on the main tailings
impoundments in question, namely the main mine complex. Discussions have been
entered into with the relevant stakeholders and it had been jointly decided
that dry land vegetation on the top surface of the dam will be initiated during
fiscal 2005. During fiscal 2004, and as part of the rehabilitation program, a
total of 17,000 trees were planted on the complex and key surface areas were
rehabilitated and grassed. Preliminary indications are that the tree species
have established well.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shaft rehabilitation has been scheduled to run concurrently with the
rehabilitation of the slimes dam project. This will in effect reduce the
ingress of surface water to the groundwater system.


<P align="center" style="font-size: 10pt">85
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similar to the Durban Deep Section, the Company has developed a program to
progressively seal all potential ingress points at the West Wits Section. In
addition DWAF has authorized the Council of Geoscience to rehabilitate the
sources outside of the mining area. Further to this, rehabilitation of the main
tailings dam was started during fiscal 2004, with ridge-ploughing and the
establishment of dry land vegetation on the top surface of the dam. We estimate
that this will be completed over a period of 4&nbsp;years.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the ultimate amount of rehabilitation costs to be incurred in the
future is uncertain, we have estimated that the remaining cost for the West
Wits Section, in current monetary terms as at June&nbsp;30, 2004, is $1.5&nbsp;million.
This has been included in the provision for environmental rehabilitation,
restoration and closure costs on the balance sheet. A total of $1.8&nbsp;million has
been contributed to the Environmental Trust Fund. This is an irrevocable trust,
managed by specific responsible people who we nominated and who are appointed
as trustees by the Master of the High Court of South Africa.


<P align="left" style="font-size: 10pt"><B>Current year production</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal 2004 these mining assets were sold to Mogale and accordingly,
there was no production or related costs for the year under review.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table details the operating and production results from the
West Wits Section for the past three fiscal years:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="62%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Surface Operations
Ore mined (&#145;000 tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,262</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Recovered grade (oz/ton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.007</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gold produced (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,245</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Results of Operations ($)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,897</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production cost (&#145;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,137</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non US GAAP Financial Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash cost per ounce of gold ($)<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total cost per ounce of gold ($)<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Legal Proceedings</B>



<P align="left" style="font-size: 10pt"><I>Special Committee</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2000, we became aware of possible serious irregularities arising
largely out of our investments in Australasia and our businesses in that
region. By the end of the fiscal 2000 audit, our internal investigations had
identified a number of unauthorized and irregular monetary transfers made
during the 1999 and 2000&nbsp;years which had caused us significant losses.
Following this initial investigation, our then Chief Financial Officer, Mr.&nbsp;C.
Mostert, resigned effective July&nbsp;31, 2000.





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    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"><SUP>1</SUP> Cash cost per ounce and total cost per ounce are non-US GAAP financial
measures of performance that we use to determine cash generating capacities of
the mines and to monitor performance of our mining operations. For
a reconciliation to production costs see Item&nbsp;5A.: &#147;Operating Results.&#148;</TD>
</TR>

</TABLE>


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;14, 2000, we received notice from our auditors, Deloitte &#038;
Touche, outlining the material irregularities and requiring us to take the
necessary action to remedy them. We then established a Special Committee to
investigate the unauthorized payments and the corporate governance
irregularities associated with them. The Special Committee consisted of Mr.&nbsp;M.
Wellesley-Wood, then serving as our non-executive chairman, Mr.&nbsp;Ian Murray,
then serving as one of our
alternate directors, Mr.&nbsp;C. Valkin, a partner with the firm Bowman Gilfillan
Attorneys, our independent legal advisers, and Mr.&nbsp;M. Pinnington, a director of
Deloitte &#038; Touche Forensic Services, and they were assisted in the
investigation by Control Risks Inc.. The Special Committee was mandated by our
Audit Committee to investigate these matters and institute, where necessary,
legal proceedings in respect of potential recoveries.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By the end of June&nbsp;2002, the Special Committee had uncovered a number of
irregular or questionable transactions which had occurred during fiscal 2000
and 2001. These transactions included:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The invalid issuance of 8,282,056 ordinary shares during the months
of July and October&nbsp;1999, in connection with the Rawas acquisition, as
described below.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The unauthorized payment on December&nbsp;22, 1999, by our wholly-owned
subsidiary, DRD Australasia Aps, or DRD Australasia, of a A$5.9&nbsp;million
($3.6&nbsp;million) facilitation fee to Noble Investments (Pty) Limited, or
Noble, in connection with the purchase of 11,150,000 shares,
representing approximately 11% of the issued share capital of
Continental Goldfields Limited, or Continental, a publicly traded
company in Australia. The sellers of the shares were Noble (7,350,000
shares for a total consideration of A$0.7&nbsp;million ($0.5&nbsp;million)),
Leadenhall Australia Limited (1,200,000 shares for a total consideration
of A$0.1&nbsp;million ($0.07&nbsp;million)) and Advent Investors (Pty) Limited
(2,600,000 shares for a total consideration of A$0.3&nbsp;million ($0.2
million)). At the time, all three sellers were owned by Mr.&nbsp;T. Lebbon,
an Australian citizen and businessman.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The payment of the facilitation fee resulted in DRD Australasia
paying A$0.70 per share for the Continental shares at a time when
Continental shares traded at a market price of A$0.10 per share. The
investigation carried out under the supervision of the Special Committee
had subsequently revealed that we were substituted as the purchaser of
the Continental shares. The original purchaser was JCI Limited, or JCI,
a South African listed company. Facts discovered during the course of
the investigation indicate that the effect of the transaction was to
relieve JCI and its related companies from their contractual obligations
to Noble and its group companies. Mr.&nbsp;R.A.R. Kebble was at the time of
the transaction our executive chairman. He was also a director and
shareholder of JCI and JCI Gold Ltd. At June&nbsp;30, 2000, Continental owned
shares in JCI which constituted approximately 75% of its total assets.
Although we have entered into an agreement to acquire the Continental
shares and are fully entitled to take ownership of these shares at any
time, we have elected not to do so at this point to avoid being deemed
to have validated the transaction and thus jeopardize the outcome of the
pending legal proceedings. The effect of this transaction was fully
provided for in fiscal 2001.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The advancement by our subsidiaries between September&nbsp;1999 and May
2000 of $3.9&nbsp;million to Notable Holdings (Pty) Ltd (Aussie), or Notable,
an Australian company, for operational assistance purposes. No formal
agreement was entered into by us and Notable at the time the advances
were made. The ultimate parent company of Notable was Continental
Goldfields. At that time, our then Chief Financial Officer, Mr.&nbsp;C.
Mostert was a director of Notable. Our Board of Directors did not
approve this transaction. We have recovered all but $0.9&nbsp;million of this
loan from Notable. We wrote off $1.9&nbsp;million as a bad debt in fiscal
2000 and the remainder was written off as a bad debt in fiscal 2002.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>




</TABLE>

<P align="center" style="font-size: 10pt">87
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The unauthorized advancements in fiscal 2000 totaling $1.85&nbsp;million
by DRD Australasia acting on the direction of Mr.&nbsp;C. Mostert, in
connection with the purported acquisition of a bauxite mine in
Venezuela. DRD Australasia purportedly entered into a letter agreement
with Bauxite Investments, or Bauxite, a company registered in Mauritius,
to purchase the outstanding shares of Delta Minerals Corporation, or
Delta, a company registered in Bermuda and the owner of the bauxite mine
in Venezuela. The purchase consideration for the mine was $25&nbsp;million.
DRD Australasia had an obligation to pay Bauxite a non-refundable
deposit of $1.65&nbsp;million. This amount was paid by DRD Australasia into a
bank account nominated by Mr.&nbsp;T. Main, the representative of Bauxite.
The Special Committee discovered that Mr.&nbsp;C. Mostert instructed Mr.&nbsp;T.
Main on the same day to pay the $1.65&nbsp;million received earlier by Mr.&nbsp;T.
Main, into the bank accounts of certain of our officers, namely Messrs.
R.A.R. Kebble ($298,617), M.Prinsloo ($197,264), V. Hoops ($117,583),
C. Mostert ($542,464) and I. Murray ($65,667). The rest was paid into
the bank accounts of certain individuals who were not our employees,
namely Mr.&nbsp;J. Stratton ($270,653) and Mr.&nbsp;T. Main ($157,752). The
amounts paid to the officers were paid to cover the shortfall in the
payments due to
each of these officers under their respective restraint of trade
agreements. The affected officers, other than Mr.&nbsp;C. Mostert, advised the
Special Committee that they were not aware that the source of their
payments was an amount which DRD Australasia paid as a non-refundable
deposit for the acquisition of the bauxite mine. The Special Committee
accepted their explanation. However, the Board of Directors decided that,
based on the poor performance of the investments for which the officers
were being compensated, these officers, excluding Mr.&nbsp;C. Mostert, should
repay 50% of the success fees which they had received in connection with
our acquisition of Dome. All the individuals concerned have accepted this
mandate and have made the relevant payments. In addition, we have also
recovered a portion of payments made to Mr.&nbsp;C. Mostert and Mr.&nbsp;T. Main.
Recovery actions have also been issued against Mr.&nbsp;J. Stratton to recover,
amongst other claims, his portion of the payments and an additional
unauthorized payment of $0.2&nbsp;million which was subsequently made on his
behalf by DRD Australasia, through Mr.&nbsp;C. Mostert, for the Bauxite
transaction. The recoveries from our officers and Messrs.&nbsp;C. Mostert and
T. Main total $1.268&nbsp;million. All of these amounts were recorded as
receivables in fiscal 2000 and also provided for as doubtful debts as the
recovery process had not yet commenced. No remaining dispute exists
between us and Bauxite or Delta.</TD>
</TR>






<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, action was instituted on April&nbsp;27, 2004 against SG
Securities (London) Limited and Mr.&nbsp;A. Mahalski for:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A$5,907,500 ($4,077,947) from SG Securities (London)
Limited being payments made by them out of monies raised from the
issue of 2,450,000 of our ordinary shares in December&nbsp;1999 and
January&nbsp;2000, which payments we claim were made on an unauthorised
basis; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A$16,000 ($11,045) from Mr.&nbsp;A. Mahalski, an employee of SG
Securities (London) Limited at the time, being a payment to him
which we claim were made without due cause and on an unauthorised
basis.</TD>
</TR>

</TABLE>


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, these claims will seek interest on such amounts from the date
of payment to the date of settlement of the claims in the event of such
claims succeeding.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The defendants lodged defences to the above claims during July&nbsp;2004.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total amount of all of these irregular or questionable transactions
(excluding the Rawas transaction) was $9.4&nbsp;million. Settlement agreements have
been reached with several of these parties and we have succeeded in recovering
$4.2&nbsp;million. Proceedings for the recovery of a further A$2.8&nbsp;million ($1.5
million) were instituted against Mr.&nbsp;J. Stratton on June&nbsp;12, 2002 in the
Supreme Court of Western Australia. The remainder has been written off as bad
debts or been provided for as doubtful debts in our financial statements during
fiscal 2001 and 2002. The recovered funds will be reflected in our financial
accounts on an as and when received basis and no recovery has been taken into
account in fiscal 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The attributed $12.4&nbsp;million value of the shares issued in connection with
the Rawas transaction was written off in the statement of operations as aborted
acquisition costs in fiscal 2000 as the recovery of this amount was uncertain.
Loans made by us to members of the Rawas group, amounting to $2.9&nbsp;million, were
written off in fiscal 2000. No amounts have been recovered on these
transactions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Special Committee has confirmed that the adjustments made to our
financial statements to make provision for unauthorized and irrevocable
transfers made during fiscal 2000 were appropriate. No further financial
adjustments have been required as a result of the Special Committee&#146;s work. As
result of these transactions, and upon consultation with our auditors, we
established an Audit Committee and Remuneration Committee consisting solely of
independent directors; restructured our Board of Directors so that all but
three Directors are independent; and established a committee to conduct proper
due diligence investigations on all potential acquisition targets prior to any
offer being made. These improved controls and procedures have been examined and
approved by our insurers. At an Audit Committee meeting held on July&nbsp;22, 2002,
a decision was made to dissolve the Special Committee as it had fulfilled its
mandate and achieved its objectives.


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<P align="left" style="font-size: 10pt"><I>Invalid Issuance of Ordinary Shares in Connection with Rawas Acquisition</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the months of July and October of 1999, we issued and allotted a
total of 8,282,056 ordinary shares to Rothschild Nominees Pty Ltd, Maxidrill
Pty Ltd, PT Petrosea TBK, Repadre International Corporation, Minproc
Engineering Pty Ltd, Rio Tinto Rawas Holdings Ltd, Continental Goldfields Ltd,
Consolidated African Mines Ltd, JCI (Isle of Man) Ltd, Weston Inv. Ltd and
Consolidated African Mines Australia Pty Ltd, all of which were creditors of
Laverton or its subsidiaries, below the average stated capital price. At the
time, our then executive chairman, Mr.&nbsp;R.A.R. Kebble, was a director of
Laverton and JCI Gold Limited. These ordinary shares were ostensibly issued
pursuant to the planned acquisition of Rawas, a gold mine located in Indonesia,
in consideration for, or in anticipation of receiving, shares in and claims
against various companies with ownership interests in Rawas and its mining
right. Evidence came to light revealing that the ordinary shares were issued
without our legal authority and suggesting that this occurred as a result of a
transaction entered into for the benefit of certain third parties. However,
because of subsequent trades, splits and consolidations, it was no longer
possible to distinguish the affected shares from all of the other ordinary
shares resulting in their identity being lost. This meant that it was no longer
possible to identify the invalidly issued shares or their holders. Accordingly,
it was not possible to remove these invalidly issued shares from our members&#146;
register. Under the South African Companies Act, 1973 (as amended), the High
Court of South Africa is permitted to validate an invalid share issuance.
During a shareholders&#146; meeting in 2002, our shareholders, by special
resolution, resolved to ratify the share issuance. We subsequently made an
application to the High Court of South Africa to validate the invalid issuance.
This application was successful and the High Court validated the issuance in
July&nbsp;2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal investigations, which began in 2000 after we became aware of
certain irregularities in the transaction, continued and considered the
potential for recovery through the pursuit of legal claims.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not instituted any actions against the recipients of our shares in
this transaction as each of these entities had ceded to us their claims against
the companies in the Rawas group in exchange for those shares. However, legal
action has begun both in South Africa and Australia. In an action instituted in
the High Court of South Africa, against Messrs.&nbsp;R.A.R. Kebble, M. Prinsloo, J.
Stratton and H. C. Buitendag and JCI Limited the following claims are being
pursued:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>R69.6&nbsp;million ($11.2&nbsp;million) for the 7,644,944 ordinary shares
issued on July&nbsp;9, 1999 at a price per share of R9.10; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>R7.6&nbsp;million ($1.2&nbsp;million) for the 637,062 ordinary shares issued on
October&nbsp;8, 1999 at a price per share of R11.90.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also made a claim for A$6.1&nbsp;million ($4.1&nbsp;million) for loans and
advances made to and on behalf of PT Barisan Tropical Mining, the entity which
operated the Rawas mine, and R0.7&nbsp;million ($4.4&nbsp;million) for costs associated
with issuance of the above shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We instituted a separate action in Australia on the December&nbsp;12, 2003
against Mr.&nbsp;C. Mostert, Mr.&nbsp;J. Stratton, Continental Gold Fields Limited, CAM
Australia, (Pty) Ltd, Weston Investments (Pty) Ltd, CAM Jersey Ltd, and JCI
(Isle of Man) Ltd for:-


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>R67,942 ($10,827) being the costs of issuing DRD shares;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>R77&nbsp;million ($12.3&nbsp;million) being profits made by third parties who were issued DRD shares at the time; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>R4.7&nbsp;million (0.8&nbsp;million) being costs incurred to validate the shares invalidly issued.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We have been notified by the defendants of their intention to defend the claims; however no counterclaims have been made.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The defendants filed an application in the High Court of South Africa
claiming that the summons issued against them in this matter was defective. On
May&nbsp;19, 2004, we succeeded in having the exception dismissed with costs and the
matter will now proceed to trial. No trial date has been set down by the High
Court of South Africa.

</TR>

</TABLE>









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<P align="left" style="font-size: 10pt"><I>Other Proceedings</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;12, 2002, DRD Australia Aps and DRD Australia Pty Limited
instituted proceedings against Mr.&nbsp;J. Stratton in the Supreme Court of Western
Australia for payment of A$2,794,318 ($1.9&nbsp;million) plus interest in respect of
dishonestly assisting Mr.&nbsp;C. Mostert in making payments referred to below and
receiving part of the proceeds of these wrongful actions. No trial date has
been set as yet.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, DRD Australasia Aps instituted three separate proceedings against
Mr.&nbsp;C. Mostert, Newshore Nominees (Pty) Ltd and Mr.&nbsp;R. Bryer in the Supreme
Court of Western Australia for payment of A$902,000 ($622,650) in respect of
unauthorized and undue payments made to Cartier Management (Pty) Ltd, and
overpayment to Goldspark Ltd and Transit Securities Inc. It is alleged that
payment was made to facilitate the intended acquisition of Dome Resources NL by
favoring Mr.&nbsp;J.P. Boyer, a director of Dome Resources NL at the time, as well
as other reasons.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;M. Silver and Fairchoice Ltd have brought an action against us and
Dome in the Supreme Court of New South Wales, Australia seeking to enforce a
contract under which Dome agreed to pay, and we agreed to guarantee, a payment
of $475,000 to Mr.&nbsp;M. Silver upon his retirement from the board of directors of
Dome. Mr.&nbsp;M. Silver retired from Dome&#146;s board of directors in May&nbsp;2000. The
contract was also entered into in May&nbsp;2000. However, we believe that this
contract is not enforceable as it was not authorized by our directors or
shareholders nor was it authorized by Dome&#146;s directors or shareholders.
Therefore, we and Dome have not made any payment to Mr.&nbsp;M. Silver. We believe
that this action is without merit and will continue to vigorously defend
against it.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newshore Nominees Pty Ltd, or Newshore, has brought an action against us
in the District Court of Western Australia claiming that they are owed $148,000
as payment under an invoice issued in August&nbsp;2000 for financial services. The
Court ruled in favor of Newshore on March&nbsp;31, 2004, ordering us to pay the
amount claimed. We have since instituted appeal proceedings. Our claim against
Newshore is still pending.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;V. Hoops, a former Director of ours, has claimed R6&nbsp;million ($1.0
million) in damages against us for alleged constructive dismissal of his
employment. On February&nbsp;4, 2003, we concluded a settlement agreement with Mr.
V. Hoops which resulted in the termination of the arbitration. The settlement
agreement contained a written statement from Mr.&nbsp;V. Hoops rescinding comments
made by him regarding Mr.&nbsp;M.M. Wellesley-Wood. The
terms of the agreement are subject to confidentiality provisions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;13, 2003, our former Company Secretary, Mrs.&nbsp;M. Eloff and on March
18, 2003 our in-house legal advisor, Mrs.&nbsp;B. Morton, resigned. Subsequently,
they instituted legal action against us for constructive dismissal alleging
intolerable working conditions based on allegations of invasion of privacy and
breach of constitutional rights. The matter relating to Mrs.&nbsp;B. Morton went to
arbitration and on May&nbsp;6, 2004, her action was dismissed in our favor by the
Council for Conciliation Mediation and Arbitration. On August&nbsp;4, 2004, Mrs.&nbsp;M.
Eloff unconditionally withdrew her claim against us.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;1999, Blyvoor instituted proceedings against Property
Corporate of South Africa, or Procor, whereby Blyvoor has claimed that R0.9
million ($0.1&nbsp;million) is owed to it by Procor pursuant to an agreement
(negotiated by our former directors) in terms of which, inter alia, Procor was
to dispose of certain properties owned by Blyvoor, collect rentals payable
during the process of selling such properties, and if the properties were not
sold, Procor agreed to purchase the properties. Procor, by way of counterclaim,
contends that Blyvoor has breached the agreement and has claimed damages in the
sum of approximately R9&nbsp;million ($1.4&nbsp;million). The matter is still pending.




<P align="center" style="font-size: 10pt">90
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;20, 2003, a summons was issued by our former chairman, Mr.&nbsp;R.A.R.
Kebble and his son, Mr.&nbsp;B. Kebble, against us, Mr.&nbsp;M.M.
Wellesley-Wood and Associated Intelligence Network (Pty) Limited, or AIN. AIN
is a private investigator firm. Their claim is based on allegations that we
hired AIN to invade their privacy by obtaining personal information about them
and to cause them embarrassment and commercial harm. They seek compensation for
damages suffered as a result of these alleged actions in an amount of R1.0
million ($0.2&nbsp;million) each from us, Mr.&nbsp;M.M. Wellesley-Wood and AIN jointly
and severally. In addition, they seek punitive damages in a total amount of R10
million ($1.6&nbsp;million) from us and AIN jointly and severally. The punitive
damages claim is unique under South African law. Initial
hearings have taken place to decide a preliminary point raised by us that no
such claim exists in South African law. The court has ruled against us on a
technicality, making a ruling to the effect that the trial court will hear and
adjudicate this issue. We will continue to defend against these claims. We are
currently awaiting the allocation of a trial date.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;22, 2003, we issued a summons in the High Court of Johannesburg
against Mr.&nbsp;R.A.R. Kebble in which we seek payment of R3.2&nbsp;million ($0.5
million) plus interest. This amount represents a sum paid to Mr.&nbsp;R.A.R. Kebble
by us during the period beginning in September&nbsp;1999, and ending in April&nbsp;2000,
under a restraint of trade agreement entered into between us and Mr.&nbsp;R.A.R.
Kebble. We believe that Mr.&nbsp;R.A.R. Kebble has repudiated and/or materially
breached the provisions of this agreement. We have, accordingly, cancelled the
agreement and we seek restitution of the amounts paid. Mr.&nbsp;R.A.R. Kebble has
lodged a counterclaim, claiming cancellation of an agreement providing for the
payment of retirement benefits ($0.3&nbsp;million), and challenging the cancellation
of share-options that he held at the time of his resignation from the our
board. Both these claims are being defended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;22, 2002, we issued a summons in the High Court of Johannesburg
against JCI Ltd and CAM Ltd for payment of R21.6&nbsp;million ($3.4&nbsp;million) plus
interest for option fees on shares that we held in Randgold &#038; Exploration Ltd,
and in respect of which we extended an option to purchase to JCI Ltd and CAM
Ltd against payment of an agreed option fee, plus a further claim for the
reimbursement of costs, totaling R3.0&nbsp;million ($0.5&nbsp;million) which we had
incurred on behalf of the defendants in the attempted corporate reconstruction
of Western Areas Ltd and Randfontein Estates Gold Mine Ltd. The matter was
heard on August&nbsp;30, 2004. At this date partial settlement of certain small
claims related to the larger JCI Ltd and CAM Ltd claim, to the value of R2.4
million ($0.4&nbsp;million), was awarded to us by the High Court of Johannesburg. On
October&nbsp;21, 2004, the High Court of Johannesburg ordered JCI Ltd and CAM Ltd to
pay us an amount of R35.7&nbsp;million ($5.5&nbsp;million), plus interest and costs,
including the costs of two of our legal counsel. JCI Ltd&#146;s and CAM Ltd&#146;s
counterclaim to recover the earlier part-payment was also dismissed with costs.
JCI Ltd and CAM Ltd made an application to the High Court of Johannesburg for
leave to appeal, which was rejected.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;23, 2002, we and Harmony Gold Mining Company Limited, another
South African gold mining company, filed a complaint with the South African
Competition Commission against Iscor, a South African steel producer. The
complaint alleges that Iscor is abusing its dominant position by charging
excessive prices for its local flat steel products and providing inducements
for steel purchasers to refrain from importing competing steel products. The
Competition Commission dismissed our claim, and the matter has since been
referred to the Competition Tribunal, who has the authority to overrule the
determination of the commission. Pleadings in the matter have closed and we
await the allocation of a hearing date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are not a party to any other material legal proceedings, nor to our
knowledge is any of our property the subject of any other material pending
legal proceedings.



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<DIV align="left">
<A name="159"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Operating and Financial Review and Prospects section is
intended to help the reader understand the factors that have affected the
Company&#146;s financial condition and results of operations for the historical
period covered by the financial statements and management&#146;s assessment of
factors and trends which are anticipated to have a material effect on the
Company&#146;s financial condition and results in future periods. This section is
provided as a supplement to, and should be read in conjunction with, our
audited financial statements and the other financial information contained
elsewhere in this Annual Report. Our financial statements have been prepared in
accordance with US GAAP. Our discussion contains forward looking information
based on current expectations that involve risks and uncertainties, such as our
plans, objectives and intentions. Our actual results may differ from those
indicated in such forward looking statements.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The Operating and Financial Review and Prospects includes the following
sections:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Operating results:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Business overview</I>, a general description of our business.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Key drivers of our operating results and principal
factors affecting our operating results</I>, a general description of
the principal uncertainties and variables facing our business and
the primary factors that have a significant impact on our
operating performance.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Recent acquisitions and dispositions</I>, a description of
the recent acquisitions and other transactions that have impacted,
or will impact, our performance.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Key financial and operating indicators</I>, a presentation of
the key financial measures we use to track our operating
performance.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Application of critical accounting policies</I>, a discussion
of accounting policies that require critical judgments and
estimates.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Operating results</I>, an analysis of our consolidated
results of operations during the three fiscal years presented in
our financial statements. The analysis is presented both on a
consolidated basis, and by geographic segment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restatement of certain items in our quarterly results for fiscal
2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liquidity and capital resources, an analysis of our cash flows,
borrowings and our anticipated funding requirements and sources.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Outlook and trend information, a review of the outlook for, and trends affecting, our business.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Off-balance sheet arrangements.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tabular disclosure of contractual obligations, being the numerical
review of our contractual future cash obligations.</TD>
</TR>


</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<DIV align="left">
<A name="160"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>5A. OPERATING RESULTS</I></B>



<P align="left" style="font-size: 10pt"><B>Business overview</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a gold mining company engaged in underground and surface gold
mining, including exploration, extraction, processing and smelting. We have
operations comprising underground and open pit mining and surface retreatment
operations, including the requisite infrastructure and metallurgical processing
plants. Our operations are located in South Africa and Papua New Guinea. In
addition, we hold a 45.33% (19.78% at June&nbsp;30, 2004) equity interest in Emperor
Mines Limited, or Emperor, in Fiji. We divide our worldwide operations into two
geographic regions, based on revenue generated from the location of the seller,
as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>South Africa is comprised of the North West Operations
(Harties and Buffels Sections) and the Blyvoor Section. We also
hold a 40% equity interest in Crown Gold Recoveries (Pty) Limited
which includes the Crown and ERPM Sections. On March&nbsp;22, 2005, however, we announced the provisional liquidation of Buffelsfontein Gold Mines
Limited, our subsidiary that owns our North West Operations, as discussed in our Form 6-K filed
with the SEC on March&nbsp;22, 2005, which is incorporated by reference in this Annual Report.
</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Australasia is comprised of the Tolukuma Section, a 20%
interest in the Porgera Joint Venture, or Porgera, and a 45.33%
interest in Emperor.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal 2004, the South African Operations accounted for 71% of our
production, 85% of our Ore Reserves and a $57.8&nbsp;million net loss after tax. The
Australasian Operations accounted for 29% of our production, 15% of our Ore
Reserves and a net profit after tax of $2.1&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration activities are undertaken in South Africa, Papua New Guinea
and Australia.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 1895 to 1997 our principal mining operation was the Durban Deep
Section. Up to 1999, our general growth strategy was to acquire existing
under-performing mines in South Africa at relatively low acquisition costs, and
turn them into profitable business units by introducing low-cost mining methods
and reducing costs through employing our experience in managing marginal gold
mines to more efficiently utilize existing infrastructures. Since 1999 our
focus has been to expand our operations outside of South Africa by acquiring
lower cash cost and higher margin mines than those in South Africa, through the
acquisition of Dome Resources NL (Tolukuma Section), our 20% interest in
Porgera and our 45.33% interest in Emperor (Vatukoula Section).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the continued strength of the Rand as well as the disappointing
tonnages from our South African Operations, as a result of ore pass
constraints, rock falls and labor inefficiencies, our results for fiscal 2004
decreased in comparison to fiscal 2003 and fiscal 2002. Our balance sheet has
strengthened through the inclusion of our 20% attributable portion of the
Porgera Joint Venture and the raising of additional equity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at June&nbsp;30, 2004, we had Ore Reserves of approximately 11.0&nbsp;million
ounces, compared to 14.4&nbsp;million ounces as at June&nbsp;30, 2003. Despite the
acquisition of our 20% interest in Porgera which added 1.4&nbsp;million ounces to
our Ore Reserves, we were unable to off-set the effect of the strong Rand which
decreased our Ore Reserves from our South African Operations from 14.3&nbsp;million
ounces in fiscal 2003 to 9.4&nbsp;million ounces in fiscal 2004, before the effect
of depletion. Ore Reserves have decreased because the stronger Rand has reduced
the amount of reserves which are economically viable to mine.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Key drivers of our operating results and principal factors affecting our
operating results</B>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The principal uncertainties and variables facing our business and, therefore,
the key drivers of our operating results are:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The price of gold, which fluctuates widely in local currencies;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The tonnages and gold content thereof, impacting on the amount of gold we produce at our operations;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The cost of producing that gold as a result of mining efficiencies; and</TD>
</TR>
<TR><TD>&nbsp;</TR></TD>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General economic factors, such as exchange rate fluctuations and
inflation, and factors affecting mining operations in the developing
countries in which we operate.</TD>
</TR>

</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B><I>Gold price</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our revenues are derived primarily from the sale of gold produced at our
mines. As a result, our operating results are directly related to the price of
gold which can fluctuate widely and is affected by numerous factors beyond our
control, including industrial and jewellery demand, expectations with respect
to the rate of inflation, the strength of the Dollar (the currency in which the
price of gold is generally quoted) and of other currencies, interest rates,
actual or expected gold sales by central banks, forward sales by producers,
global or regional political or economic events, and production and cost levels
in major gold-producing regions such as South Africa. In addition, the price of
gold sometimes is subject to rapid short-term changes because of speculative
activities. The demand for and supply of gold may affect gold prices, but not
necessarily in the same manner that supply and demand affect the prices of
other commodities. The supply of gold consists of a combination of new
production from mining and existing stocks of bullion and fabricated gold held
by governments, public and private financial institutions, industrial
organizations and private individuals. As a general rule we sell the gold
produced at market prices to obtain the maximum benefit from prevailing gold
prices, although we have previously entered into hedging arrangements, such as
forward sales or other derivative instruments, which established a price in
advance for the sale of our future gold production. During fiscal 2002, we
undertook a major restructuring of our hedge book, designed to close out our
hedge positions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table indicates the movement in the Dollar gold spot price
for the 2004, 2003 and 2002 fiscal years:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004 fiscal year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2003 fiscal year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>% increase</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening gold spot price on July&nbsp;1,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$346 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$315 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Closing gold spot price on June&nbsp;30,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$396 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$346 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lowest gold spot price during the fiscal year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$343 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$302 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Highest gold spot price during the fiscal year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$427 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$382 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Average gold spot price for the fiscal year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$389 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$334 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003 fiscal year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2002 fiscal year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>% increase</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening gold spot price on July&nbsp;1,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$315 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$271 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Closing gold spot price on June&nbsp;30,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$346 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$315 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lowest gold spot price during the fiscal year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$302 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$265 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Highest gold spot price during the fiscal year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$382 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$327 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">17%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Average gold spot price for the fiscal year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$334 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$296 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>% increase /</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002 fiscal year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2001 fiscal year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>(decrease)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening gold spot price on July&nbsp;1,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$271 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$290 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(7%)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Closing gold spot price on June&nbsp;30,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$315 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$271 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lowest gold spot price during the fiscal year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$265 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$260 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Highest gold spot price during the fiscal year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$327 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$291 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Average gold spot price for the fiscal year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$296 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$269 per ounce</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant upward trend in the Dollar gold price has been noted over
the past few years, however, as the majority of our production has been sourced
from our South African operations during those three fiscal years, the impact
of the Rand/Dollar exchange rate has been significant on our operating results.
Whereas the Dollar gold price has shown consistent growth over the last three
fiscal years, the Rand gold price (based on average prices for the year) has
moved from R3,004 per ounce in fiscal 2002 to R3,023 per ounce in fiscal 2003
and finally down to R2,684 per ounce in fiscal 2004.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B><I>Gold production and production costs</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold production from our subsidiaries, as well as our 20% attributable
share of Porgera, totaled 808,145 ounces during fiscal 2004, in comparison to
792,996 ounces in fiscal 2003, and 1,027,440 ounces in fiscal 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our costs and expenses consist primarily of production costs, royalties
and depreciation and amortization. Production costs include labor, contractor
services, stores, electricity and other related costs, incurred in the
production of gold. Labor is the largest component of production costs
constituting 50% of production costs for fiscal 2004, as the majority of our
mining operations are deep level underground mines which are more labor
intensive.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our South African Operations, production decreased from 955,485 ounces
in fiscal 2002, produced from 24.6&nbsp;million tonnes milled at an average yield of
1.27g/t, to 724,900 ounces in fiscal 2003, produced from 10.1&nbsp;million tonnes
milled at an average yield of 2.19g/t, and 574,955 ounces produced from 6.3
million tonnes milled at an average yield of 2.85g/t in fiscal 2004. Due to the
decline in the Rand gold price over the last three fiscal years, our South
African Operations have increasingly focused on mining higher grade ore panels,
therefore leading to an increased yield from the tonnages milled. As the South
African mines are low-margin producers, the combined strengthening of the Rand,
ore pass constraints and rock falls, higher than expected increases by
government or monopolistic producers in the cost of consumable inventories,
such as water, electricity, and steel, and higher than expected increases in
labor costs, without associated increases in efficiencies and volumes, have
required us to restructure our South African Operations, including recently
initiating 60-day reviews at the Blyvoor and North West Operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our Australasian Operations production decreased from 71,955 ounces in
fiscal 2002, produced from 0.2&nbsp;million tonnes milled at an average yield of
13.56g/t, to 68,096 ounces in fiscal 2003, produced from 0.2&nbsp;million tonnes
milled at an average yield of 13.07g/t, and then increased in fiscal 2004, to
233,190 ounces, produced from 1.1&nbsp;million tonnes milled at an average yield of
6.38g/t. The acquisition of our 20% interest in Porgera contributed 147,475
ounces, produced from 0.9&nbsp;million tonnes milled at an average yield of 4.87g/t.
The Tolukuma Section has been a consistent producer at a high grade of
13.60g/t in fiscal 2004, 13.07g/t in fiscal 2003 and 13.56g/t in fiscal 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the accessibility of the Ore Reserves at our Australasian

Operations and the high yield per tonne milled, these operations produced at a
cash cost<SUP>1</SUP> of $221 per ounce and an total cost<SUP>2</SUP> of $354 per ounce in fiscal
2004, compared with our South African Operations that produced at a cash cost
of $393 per ounce and an total cost of $458 per ounce in fiscal 2004.


<P align="left" style="font-size: 10pt"><B><I>General economic factors</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at October&nbsp;31, 2004, we have six operations in two countries (South
Africa and Papua New Guinea), and we are exposed to a number of factors, which
could impact on our profitability, resulting from exchange rate fluctuations,
inflation and other risks relating to these specific countries. In conducting
mining operations, we recognize the inherent risks and uncertainties of the
industry, and the wasting nature of the assets.


<P align="left" style="font-size: 10pt"><I>Effect of exchange rate fluctuations and the strength of the Rand</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2004, approximately 70% of our revenues are generated in
South Africa, and approximately 30% of our revenues are generated from
operations in Papua New Guinea. Most of our production costs, therefore, are
denominated in local currencies, such as the South African Rand and the Papua
New Guinean Kina. In fiscal 2004, we derived 100% of our revenues in Dollars
and incurred 84% of our production costs in these local currencies. In fiscal 2004, the weakening of the Dollar against the Rand accounted for
approximately $93 per ounce, or 98% of the total increase in cash costs per
ounce for our South African operations from fiscal 2003. As the price of gold
is denominated in Dollars and we realize our revenues in Dollars, the
depreciation of the Dollar against these local currencies reduces our
profitability. Based upon average rates during the respective years, the Rand
strengthened by 24% against the Dollar in fiscal 2004 compared to fiscal 2003.
This has lead to an effective decrease of 11.2% in the average Rand gold price
in comparison to June&nbsp;30, 2003. The Kina, based on average rates in the
respective fiscal years, strengthened by 16% against the Dollar in fiscal 2004
compared to fiscal 2003.

<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="15%">



<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> Cash costs per ounce is a non-US GAAP financial measure of performance that
we use to determine cash generating capacities of the mines and to monitor
performance of our mining operations. For a reconciliation to production costs
see Item&nbsp;5A:. &#147;Operating Results.&#148;
</DIV>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>2</SUP> Total costs per ounce is a non-US GAAP financial measure of performance that
we use to determine cash generating capacities of the mines and to monitor
performance of our mining operations. For a reconciliation to production costs
see Item&nbsp;5A:. &#147;Operating Results.&#148;

<P align="center" style="font-size: 10pt">95
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<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an unhedged gold producer we do not enter into forward gold sales
contracts to reduce our exposure to market fluctuations in the Dollar gold
price or the exchange rate movements of the Rand and Kina. If revenue from gold
sales falls for a substantial period below our cost of production at our
operations, we could determine that it is not economically feasible to continue
commercial production at any or all of our operations or to continue the
development of some or all of our projects. Our weighted average total costs
per ounce for the operations of our wholly-owned subsidiaries, as well as
Porgera, was $428 per ounce of gold produced in the 2004 fiscal year, $256 in
the 2003 fiscal year and $388 in the 2002 fiscal year. The average gold price
received was $389 per ounce in fiscal 2004, $334 per ounce in fiscal 2003 and
$253 per ounce in fiscal 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, to fund local operations and comply with South African
exchange controls, we hold funds in local currencies, such as the Rand and
Australian Dollar. The Dollar value of these currencies may be affected by
exchange rate fluctuations and, as a result, our cash and cash equivalents
reported in Dollars could change. At June&nbsp;30, 2004, approximately 66% of our
cash and cash equivalents, being $14.8&nbsp;million, were held in such currencies in
comparison to 100%, or $44.4&nbsp;million at June&nbsp;30, 2003.


<P align="left" style="font-size: 10pt"><I>Effect of inflation</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past, our operations have been materially adversely affected by
inflation. As we are unable to control the prices at which our gold is sold, if
there is a significant increase in inflation in South Africa, and to a lesser
extent in Papua New Guinea, without a concurrent devaluation of the local
currency or an increase in the price of gold, our costs will increase,
negatively effecting our operating results.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The movement in the Rand/Dollar exchange rate, based upon average rates
during the respective years, and the local annual inflation rate, as measured
by the South African Consumer Price Index, or CPIX, are set out in the table
below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Year ended June 30,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The average Rand/Dollar exchange rate (strengthened)/weakened by</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less: CPIX (inflation rate)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net effect</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The South African CPIX inflation rate has stabilized somewhat over the
last three fiscal years, showing a decrease in fiscal 2004 in comparison to
historical trends. However, the effect of the movements in exchange rate has
exacerbated the effect on profitability experienced as a result of the movement
in the CPIX inflation rate, as illustrated above.


<P align="left" style="font-size: 10pt"><I>South African political, economic and other factors</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a South African company and a majority of our operations are in
South Africa. As a result, we are subject to various economic, fiscal, monetary
and political factors that affect South African companies generally. South
African companies are subject to exchange control regulations. Governmental
officials have from time to time stated their intentions to lift South Africa&#146;s
exchange control regulations when economic conditions permit such action. Over
the last few years, certain aspects of exchange controls for financial
institutions and individuals have been incrementally relaxed.


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<P align="left" style="font-size: 10pt">It is, however, impossible to predict when the South African Government
will remove exchange controls in their entirety. South African companies remain
subject to restrictions on their ability to export and deploy capital outside
of the Southern African Common Monetary Area, unless dispensation has been
granted by the South African Reserve Bank. For a detailed discussion of
exchange controls, see Item&nbsp;10D.: &#147;Exchange controls.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;1, 2004, the Mineral and Petroleum Resources Development Act, or
MPRD Act, became effective. Prior to the introduction of the MPRD Act, private
ownership in mineral rights and statutory mining rights in South Africa could
be acquired through the common law or by statute. Now, all mineral rights have
been placed under the custodianship of the South African government under the
provisions of the MPRD Act, and old order proprietary rights need to be
converted to new order rights of use within certain prescribed periods. We are
currently in the process of submitting the required information. This process
is described more fully under Item&nbsp;4B.: &#147;Business Overview &#150; South Africa &#150;
Common Law Mineral Rights and Statutory Mining Rights.&#148;


<P align="left" style="font-size: 10pt"><I>Papua New Guinea political, economic and other factors</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations based in Papua New Guinea are also subject to political and
economical uncertainties, including the risk of civil rebellion, expropriation,
nationalization, renegotiation of existing contracts, mining licenses and
permits, changes in laws or taxation policies, currency exchange restrictions
and international monetary fluctuations.


<P align="left" style="font-size: 10pt"><B>Recent acquisitions and dispositions</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The global gold mining industry has experienced active consolidation and
rationalization activities in recent years. Accordingly, we have been, and
expect to continue to be, involved in a number of acquisitions and dispositions
as part of this global trend and to identify value-adding business combinations
and acquisition opportunities. To ensure that our Ore Reserve base is
maintained, or increased, we are currently focusing on acquiring low cost, high
margin mines in other global regions. Our recent acquisitions, over the last
fiscal year, include a 20% interest in the Porgera Joint Venture in Papua New
Guinea for an acquisition price of $77.1&nbsp;million, comprising $16.7&nbsp;million in
shares and $59.2&nbsp;million in cash, net of cash acquired, and by July&nbsp;30, 2004,
we had increased our interest in Emperor from 19.78%, as at June&nbsp;30, 2004, to
45.33% through a takeover offer announced in March&nbsp;2004. We acquired 29,097,269
Emperor shares in exchange for 6,612,679 of our ordinary shares, valued at
$16.6&nbsp;million, based on the market value of our shares on the date of issue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in July&nbsp;2002, we entered into a series of transactions,
consistent with our black economic empowerment strategy (see Item&nbsp;4B.:
&#147;Business Overview&#148;), resulting in the sale of 60% of our interest in Crown
Gold Recoveries (Pty) Limited, or CGR, to Khumo Bathong Holdings (Pty) Limited,
or KBH, for R105.0&nbsp;million ($11.6&nbsp;million). In October&nbsp;2002, CGR acquired 100%
of the outstanding share capital of, and loan accounts in, East Rand
Proprietary Mines Limited, or ERPM, for R100&nbsp;million ($11.0&nbsp;million).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2002, we entered into an agreement with Bophelo Trading (Pty)
Limited, subsequently renamed Mogale Gold (Pty) Limited, or Mogale, for the
sale of the West Wits gold plant and certain related assets for R25&nbsp;million
($2.4&nbsp;million) to process certain sand dumps, surface materials, freehold areas
and surface right permits located at the West Wits Section. We retain the right
to mine underground by virtue of certain mining titles and mining
authorizations on the property. As part of the agreement, we agreed to
indemnify Mogale against any loss, damage or expense which Mogale might incur
as a result of any liability in connection with the transferred assets, the
cause of which arose prior to this sale. The effective date of this sale was
July&nbsp;21, 2003, when all of the conditions precedent were fulfilled and Mogale
was granted a mining license.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For further details on these transactions refer to Item&nbsp;4A.: &#147;History and
Development of the Company.&#148;


<P align="center" style="font-size: 10pt">97
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Key financial and operating indicators</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider the key performance measures for the growth of our business
and its profitability to be gold revenue, production, production costs, cash
costs per ounce and total costs per ounce, capital expenditure and Ore
Reserves. The following table presents the key performance measurement data for
the past three fiscal years:


<P align="left" style="font-size: 10pt"><B><I>Operating data </I></B><SUP>1</SUP>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues ($&#146;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,858</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gold production (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">808,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,027,440</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production costs ($&#146;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,056</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenue ($/oz)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash costs ($/oz)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total costs ($/oz)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capital expenditure ($&#146;000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,188</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ore Reserves (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,016,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,408,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,263,000</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B><I>Revenue</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue is primarily derived from the sale of gold. The following table
analyzes the revenue per operation:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><B>Mining operations</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,705</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,596</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Wits Section<SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,897</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Crown Gold Section<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,606</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Total South African Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>220,102</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>238,472</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>281,808</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera Joint Venture<SUP>4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Total Australasian Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>93,188</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,870</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,050</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>313,290</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>261,342</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>303,858</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="15%">



<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> For fiscal 2004 and 2003 the operating data excludes our 40% share of our
equity accounted associate, CGR, including the Crown and ERPM Sections, and our
19.78% investment in Emperor, but includes our 20% attributable interest in the
proportionately consolidated Porgera Joint Venture.
</DIV>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>2</SUP> With effect from July&nbsp;21, 2003, we disposed of the West Wits operating mining
assets in a black economic empowerment deal to Mogale, for $2.4&nbsp;million.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>3</SUP> With effect July&nbsp;1, 2002, we disposed of 60% of our interest in this mining
operation in a black economic empowerment deal, to KBH. CGR is equity accounted
from fiscal 2003 onwards and is referred to as Crown Gold Recoveries (Pty)
Limited, or the Crown Section.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>4</SUP> With effect from October&nbsp;14, 2004, we acquired a 20% interest in the
unincorporated Porgera Joint Venture. This interest is proportionately
consolidated from that date.



<P align="center" style="font-size: 10pt">98
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For fiscal 2004, revenue increased from $261.3&nbsp;million in fiscal 2003 to
$313.3&nbsp;million, with the average gold price received by us increasing to $389
per ounce in fiscal 2004, compared to $334 per ounce in fiscal 2003. The
acquisition of our 20% interest in Porgera contributed $60.4&nbsp;million to revenue
for fiscal 2004. Other movements in revenue are attributable to changes in
production volumes, from a total of 792,996 ounces in fiscal 2003 to 808,145
ounces in fiscal 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For fiscal 2003, revenue decreased from $303.9&nbsp;million in fiscal 2002 to
$261.3&nbsp;million, with the average gold price received by us increasing to $334
per ounce, compared to $253 per ounce in fiscal 2002. Included in the realized
price of $253 per ounce in fiscal 2002, is a $43 per ounce adverse affect of
the hedges in place during that fiscal year. With effect July&nbsp;1, 2002 we
disposed of 60% of our interest in the Crown Gold Section, which contributed
$40.6&nbsp;million to revenue in fiscal 2002. Other movements in revenue are
attributable to changes in production volumes, from a total of 1,027,440 ounces
in fiscal 2002 to 792,996 ounces in fiscal 2003.


<P align="left" style="font-size: 10pt"><B><I>Gold production</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table analyzes the production per operation:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Production in ounces</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Mining operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253,025</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Surface operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,854</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Underground operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,171</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">462,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">540,550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Surface operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,447</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,686</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Underground operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">298,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">436,864</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Wits Section <SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Crown Gold Section <SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,665</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total South African Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>574,955</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>724,900</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>955,485</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,955</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Australasian Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>233,190</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>68,096</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>71,955</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>808,145</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>792,996</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,027,440</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For fiscal 2004, our total gold production increased by 15,149 ounces, or
2%, to 808,145 ounces from 792,996 ounces produced in fiscal 2003. Gold
production from our South African Operations decreased by 21% from 724,900
ounces produced in fiscal 2003 to 574,955 ounces in fiscal 2004. This is
attributable to us ceasing mining unprofitable gold reserves as a result of the
lower Rand per kilogram gold price. Gold production at the Australasian
Operations increased by 242% from 68,096 ounces in fiscal 2003 to 233,190
ounces in fiscal 2004, mainly due to the acquisition of our 20% attributable
interest in the Porgera Joint Venture and improved gold recovery at the
Tolukuma Section.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><HR align="left" size="1" noshade width="15%">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> With effect from July&nbsp;21, 2003, we disposed of the West Wits operating mining
assets in a black economic empowerment deal to Mogale, for $2.4&nbsp;million.
</DIV>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>2</SUP> With effect July&nbsp;1, 2002, we disposed of 60% of our interest in this mining
operation in a black economic empowerment deal to KBH. CGR is equity accounted
from fiscal 2003 onwards and is referred to as Crown Gold Recoveries (Pty)
Limited, or the Crown Section.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>3</SUP> With effect from October&nbsp;14, 2004, we acquired a 20% interest in the
unincorporated Porgera Joint Venture. This interest is proportionately
consolidated from that date.



<P align="center" style="font-size: 10pt">99
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For fiscal 2003, our total gold production decreased by 234,444 ounces, or
23%, to 792,996 ounces from 1,027,440 ounces produced in fiscal 2002. Gold
production from our South African Operations decreased by 24% from 955,485
ounces produced in fiscal 2002 to 724,900 ounces in fiscal 2003. This is
attributable to the sale of 60% of our interest in the Crown and ERPM Sections
that contributed 138,665 ounces of gold production in fiscal 2002. In addition
a decrease of 77,807 ounces was noted at the North West Operations, resulting
from a decrease in yield due to a shift from predominantly high grade panels to
lower grade panels. Gold production at the Australasian Operations decreased by
5% from 71,955 ounces in fiscal 2002 to 68,096 ounces in fiscal 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A more detailed review of gold production at each of our operations is
provided under Item&nbsp;4D.: &#147;Property, Plants and Equipment.&#148;


<P align="left" style="font-size: 10pt"><B><I>Cash costs</I></B><SUP>1</SUP> <B><I>and total costs</I></B><SUP>2</SUP> <B><I>per ounce</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operational focus is to increase production, improve productivity and
reduce costs. With the appreciation in the Rand against the Dollar, the
increase in labor costs and decrease in operating efficiencies at our South
African mines, our cash costs for fiscal 2004 increased to $343 per ounce of
gold from $297 per ounce of gold in fiscal 2003 and our total costs increased
to $428 per ounce of gold from $250 per ounce of gold in fiscal 2003. This
increase was offset in part by the acquisition of a 20% interest in Porgera,
whose cash costs were $215 per ounce of gold, for fiscal 2004. For fiscal 2003,
our cash costs increased to $297 per ounce of gold from $212 per ounce of gold
in fiscal 2002, principally due to the appreciation of the Rand against the
Dollar. Prior to fiscal 2003, our cash costs decreased from an average of $267
per ounce of gold in 2000 to $212 per ounce of gold in 2002 principally due to
the depreciation of the Rand. Our total costs per ounce have decreased from
$388 per ounce in fiscal 2002 to $250 per ounce in fiscal 2003 and increased to
$428 per ounce in fiscal 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash costs per ounce for our South African Operations increased by 31%
whereas the cash costs per ounce for the Australasian operations decreased by
21% in fiscal 2004, compared to fiscal 2003. The increase in cash costs per
ounce at our South African operations was mainly due to the strengthening of
the Rand, operational difficulties and the placing of the Number 6 Shaft at the
Harties Section (North West Operations) on a &#147;care and maintenance&#148; program.
The decrease in cash costs per ounce at our Australasian Operations was
primarily a result of our acquisition of Porgera which operated at a cash cost
of $215 per ounce in fiscal 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our cash cost for fiscal 2003 was $297 per ounce, which is $85 per ounce,
or 40%, higher than cash costs of $212 per ounce recorded in fiscal 2002. This
change was primarily due to stronger local currencies against the Dollar. The
cash costs per ounce for our South African and Australasian operations
increased by 42% and 13%, respectively, in fiscal 2003, compared to fiscal
2002. The increases in cash costs per ounce at these operations were mainly due
to the stronger local currencies against the Dollar and, for our South African
operations, production difficulties experienced at the North West Operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our total cost per ounce increased from $250 per ounce in fiscal 2003 to
$428 per ounce in fiscal 2004. This increase is mainly as a result of the
weakening of the Dollar against the local operating currencies. The total cost
per ounce of $250 recorded in fiscal 2003 included a profit on financial
instruments of $43.8&nbsp;million ($55 per ounce) as a result of the significant
appreciation of the Rand against the Dollar. In addition, the total cost per
ounce of $428 recorded in fiscal 2004 included additional depreciation of $19.5
million ($24 per ounce), primarily due to the acquisition of Porgera.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><HR align="left" size="1" noshade width="15%">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> Cash costs per ounce is a non-US GAAP financial measure of performance that
we use to determine cash generating capacities of the mines and to monitor
performance of our mining operations. For a reconciliation to production costs
see Item&nbsp;5A:. &#147;Operating Results.&#148;
</DIV>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>2</SUP> Total costs per ounce is a non-US GAAP financial measure of performance that
we use to determine cash generating capacities of the mines and to monitor
performance of our mining operations. For a reconciliation to production costs
see Item&nbsp;5A:. &#147;Operating Results.&#148;



<P align="center" style="font-size: 10pt">100
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our total cost per ounce of gold decreased to $250 in fiscal 2003 from
$388 in fiscal 2002. This decrease is primarily attributable to the profit on
financial instruments in fiscal 2003 as a result of the significant
appreciation of the Rand against the Dollar, whereas in fiscal 2002,
significant costs were incurred in the closing out of our hedge book, leading
to a loss of derivative instruments of $147.2&nbsp;million ($143 per ounce) in
fiscal 2002.


<P align="left" style="font-size: 10pt"><B><I>Reconciliation of cash costs per ounce, total costs and total costs per ounce</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash costs per ounce, total costs and total costs per ounce are not US
GAAP financial measures.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash costs of production include costs for all mining, processing,
administration, royalties and production taxes, but exclude depreciation,
depletion and amortization, rehabilitation, employment termination costs,
corporate administration costs, capital costs and exploration costs. Cash costs
per ounce are calculated by dividing production costs by ounces of gold
produced. Cash costs per ounce have been calculated on a consistent basis for
all periods presented.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total production costs include cash costs of production, depreciation,
depletion and amortization and the accretion of rehabilitation, reclamation and
closure costs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs, as calculated and reported by us, include total production
costs, plus other operating and non-operating income, finance charges and other
operating and non-operating costs, but excludes taxation, minority interest,
equity in loss from associates and the cumulative effect of accounting changes.
These costs are excluded as the mines do not have control over these costs and
they have little or no impact on the day-to-day operating performance of the
mines. Total costs per ounce are calculated by dividing total costs by
attributable ounces of gold produced. Total costs and total costs per ounce
have been calculated on a consistent basis for all periods presented.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash costs per ounce, total costs and total costs per ounce are non-US
GAAP financial measures that should not be considered by investors in isolation
or as alternatives to production costs, net (loss)/profit applicable to common
stockholders, (loss)/profit before tax and other items or any other measure of
financial performance presented in accordance with US GAAP or as an indicator
of our performance. While the Gold Institute has provided definitions for the
calculation of cash costs, the calculation of cash costs per ounce, total costs
and total costs per ounce may vary significantly among gold mining companies,
and these definitions by themselves do not necessarily provide a basis for
comparison with other gold mining companies. However, we believe that cash
costs per ounce and total costs and total costs per ounce are useful indicators
to investors and management of an individual mine&#146;s performance and of the
performance of our operations as a whole as they provide:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an indication of a mine&#146;s profitability and efficiency;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the trend in costs;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a measure of a mine&#146;s margin per ounce, by comparison of the cash
costs per ounce by mine to the price of gold; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a benchmark of performance to allow for comparison against other
mines and mining companies.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A reconciliation of production costs to total costs, cash costs per ounce
and total costs per ounce, for each of the three years in the period ending
June&nbsp;30, 2004, is presented below. In addition, we have also provided below
detail of the ounces of gold produced by mine for each of those periods.




<P align="center" style="font-size: 10pt">101
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>For the year ended June&nbsp;30, 2004</B><BR>
<I>(in $&#146;000, except as otherwise noted)</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total South</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>African</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Blyvoor</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>North West</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>West Wits <SUP>1</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other<SUP>2</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Operations</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production costs</B><SUP>4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>226,020</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Plus:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,604</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Movement in rehabilitation
provision, reclamation
and closure costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,064</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total production costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>234,688</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Plus:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Employment termination costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,963</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Movement in gold in process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(80</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>499</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Non-operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(192</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(881</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(136</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23,125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(24,334</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,868</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other operating expenses<SUP>5</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36,649</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>263,333</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gold produced (ounces) <SUP>6</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>574,955</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash costs per ounce ($&nbsp;&nbsp;per ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>393</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total costs per ounce ($&nbsp;&nbsp;per ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>458</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR clear="all"><DIV align="right" style="font-size: 10pt">[Additional columns below]</DIV><P align="left" style="font-size: 10pt">[Continued from above table, first column(s) repeated]

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Australasian</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Porgera<SUP>3</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tolukuma</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other<SUP>1</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Operations</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production costs</B><SUP>4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,471</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>277,491</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Plus:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24,531</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30,135</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Movement in rehabilitation
provision, reclamation
and closure costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>391</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,455</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total production costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>76,393</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>311,081</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Plus:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Employment termination costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,963</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Movement in gold in process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,499</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(1,499</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(1,000</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Non-operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(118</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,475</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(12,859</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,285</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,912</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other operating expenses<SUP>5</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,025</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(3,770</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32,879</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>82,643</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>345,976</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gold produced (ounces) <SUP>6</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>233,190</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>808,145</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash costs per ounce ($&nbsp;&nbsp;per ounce)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>221</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>343</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total costs per ounce ($&nbsp;&nbsp;per ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>354</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>428</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><HR align="left" size="1" noshade width="15%">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> With effect from July&nbsp;21, 2003, we disposed of the West Wits operating mining
assets in a black economic empowerment deal, to Mogale Gold Limited.
</DIV>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>2</SUP> Relates to other non-core operating entities within the Group.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>3</SUP> With effect from October&nbsp;14, 2004, we acquired a 20% interest in the Porgera
Joint Venture.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>4</SUP> Production costs equate to cash costs of production.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>5</SUP> Other operating expenses comprise impairment of assets, management and
consulting fees, post retirement medical benefits, loss/(profit) on derivative
instruments, loss/(profit) on sale of mining assets, profit on disposal of
subsidiary, write-off of investments and loans, and selling, administration and
general charges.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>6</SUP> The gold production numbers exclude production from our 40% held associate,
Crown Gold Recoveries (Pty) Limited, which holds the Crown and ERPM Sections,
and our 19.78% investment in Emperor, but includes our 20% attributable
interest in the Porgera Joint Venture.




<P align="center" style="font-size: 10pt">102
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>For the year ended June&nbsp;30, 2003</B><BR>
<I>(in $&#146;000, except as otherwise noted)</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total South African</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Australasian</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Blyvoor</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>North West</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>West Wits <SUP>1</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other <SUP>2</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations <SUP>3</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production costs</B><SUP>4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>216,254</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,105</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>235,359</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Plus:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,041</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,561</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,602</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Movement in rehabilitation
provision, reclamation and
closure costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,441</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(27</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,414</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total production costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>221,736</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,639</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>247,375</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Plus:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Employment termination costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,501</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,501</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Movement in gold in process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(160</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>658</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>593</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,251</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Non-operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(391</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,215</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(251</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,746</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(21,603</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,519</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(20,084</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,294</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>615</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,909</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other operating expenses<SUP>5</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(39,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">688</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(640</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(289</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(40,005</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,631</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(38,374</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>168,581</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>29,997</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>198,578</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gold produced (ounces) <SUP>6</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">462,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,531</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>724,900</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>68,096</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>792,996</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash costs per ounce ($&nbsp;&nbsp;per ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>298</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>281</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>297</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total costs per ounce ($&nbsp;&nbsp;per ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>233</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>441</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>250</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><HR align="left" size="1" noshade width="15%">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> With effect from July&nbsp;21, 2003, we disposed of the West Wits operating mining
assets in a black economic empowerment deal, to Mogale Gold Limited.
</DIV>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>2</SUP> Relates to other non-core operating entities within the Group.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>3</SUP> The only significant mining operation within the Australian region is the
Tolukuma Section based in Papua New Guinea.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>4</SUP> Production costs equate to cash costs of production.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>5</SUP> Other operating expenses comprise impairment of assets, management and
consulting fees, post retirement medical benefits, loss/(profit) on derivative
instruments, loss/(profit) on sale of mining assets, profit on disposal of
subsidiary, write-off of investments and loans, and selling, administration and
general charges


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>6</SUP> These production numbers exclude production from our 40% held associate,
Crown and ERPM, and our 19.81% investment in Emperor.




<P align="center" style="font-size: 10pt">103
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>For the year ended June&nbsp;30, 2002</B><BR>
<I>(in $&#146;000, except as otherwise noted)</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total South</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>African</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Australasian</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Blyvoor</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>North West</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>West Wits</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Crown Gold <SUP>1</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other<SUP>2</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations <SUP>3</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production costs</B><SUP>4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>200,214</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,842</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>218,056</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Plus:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,874</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,059</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,933</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Movement in rehabilitation
provision, reclamation and
closure costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(1,132</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>358</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(774</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total production costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>205,956</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,259</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>231,215</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Plus:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Employment termination costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>388</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>388</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Movement in gold in process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(113</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(48</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(204</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>493</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>289</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(117</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(209</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,121</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(41</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(710</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(2,198</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>349</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(1,849</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,069</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>316</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,385</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other operating expenses<SUP>5</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>165,774</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>229</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>166,003</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>371,785</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,646</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>398,431</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gold produced (ounces)<SUP>6</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">540,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>955,485</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>71,955</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,027,440</B></TD>
    <TD>&nbsp;</TD>
</TR>








<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash costs per ounce ($ per ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>210</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>248</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>212</B></TD>
    <TD>&nbsp;</TD>
</TR>











<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total costs per ounce ($ per ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>389</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>370</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>388</B></TD>
    <TD>&nbsp;</TD>
</TR>













<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><HR align="left" size="1" noshade width="15%">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> With effect July&nbsp;1, 2002 we disposed of 60% of the interest in this mining
operation in a black economic empowerment deal to KBH. The entity, CGR, has
been accounted for as an associate from fiscal 2003 onwards and holds the Crown
Section and ERPM Section.
</DIV>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>2</SUP> Relates to other non-core operating entities within the Group.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>3</SUP> The only significant mining operation within the Australian region was the
Tolukuma Section based in Papua New Guinea.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>4</SUP> Production costs equate to cash costs of production.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>5</SUP> Other operating expenses comprise impairment of assets, management and
consulting fees, post retirement medical benefits, loss/(profit) on derivative
instruments, loss/(profit) on sale of mining assets, profit on disposal of
subsidiary, write-off of investments and loans, and selling, administration and
general charges


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>6</SUP> These production numbers exclude production from our 40% held associate, CGR.


<P align="center" style="font-size: 10pt">104
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B><I>Capital expenditure</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital expenditure during fiscal 2004 was $26.9&nbsp;million, compared
to $13.4&nbsp;million in fiscal 2003, which represents a $13.5&nbsp;million, or 101%,
increase in capital expenditure on a group level. In South Africa, capital
expenditure increased from $10.7&nbsp;million in fiscal 2003 to $14.8&nbsp;million in
fiscal 2004, mainly due to the inclusion of new capital development projects,
which included the opening up of reserves at North West Operations (Buffels and
Harties Sections) amounting to $2.2&nbsp;million, the completion of the Number 4 and
5 slimes dam project at Blyvoor amounting to $6.9&nbsp;million, and the
strengthening of the South African Rand against the Dollar by 16% during fiscal
2004. Capital expenditure in the Australasian operations, increased from $2.7
million in fiscal 2003, to $12.2&nbsp;million in fiscal 2004. The increase partly
related to the strengthening of the local currencies against the Dollar, and
the inclusion of $8.7&nbsp;million of capital expenditure at Porgera, which includes
capitalized deferred stripping costs of $4.1&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital expenditure during fiscal 2003 was $13.4&nbsp;million, compared
to $8.2&nbsp;million in fiscal 2002, which represents a $5.2&nbsp;million, or 63%,
increase in capital expenditure on a group level. In South Africa, capital
expenditure increased from $6.4&nbsp;million in fiscal 2002 to $10.7&nbsp;million in
fiscal 2003, mainly due to the inclusion of several capital projects and the
South African Rand strengthening by 11% against the Dollar. Capital projects
in South Africa, for fiscal 2003, included a number of projects at North West
Operations, mining equipment at the Blyvoor Section and the North West
operations, as well as the development of Ore Reserves. Capital expenditure at
the Australasian operations, increased from $1.8&nbsp;million in fiscal 2002, to
$2.7&nbsp;million in fiscal 2003, with the increase in expenditure mainly due to
expenditure on mobile plant and equipment.


<P align="left" style="font-size: 10pt"><B><I>Ore Reserves</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at June&nbsp;30, 2004, our Ore Reserves, were estimated at 11.0&nbsp;million
ounces, as compared to approximately 14.4&nbsp;million ounces at June&nbsp;30, 2003,
representing a 24% decrease. The decrease is due to depletion during the year,
which constitutes 6% of the decrease, with the remaining 18% decrease mostly
due to the decrease in the Rand gold price and the application of economic
cut-off at the end of the life of mine plans when planning the mining of Ore
Reserves. The reduction was offset in part by the purchase of a 20% interest in
Porgera which added 1.4&nbsp;million attributable ounces. Our Ore Reserves decreased
from 16.3&nbsp;million ounces of gold in fiscal 2002 to 14.4&nbsp;million ounces in
fiscal 2003. This resulted in slightly higher depreciation and amortization
charges.


<P align="center" style="font-size: 10pt">105
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">We seek to increase our reserves through development and to acquire additional
new reserves through acquisitions.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="61%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>(&#146;000 ounces)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,235</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,414</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Wits Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Crown Gold Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Total South African operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,376</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,263</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,185</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera <SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Total Australasian operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,640</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>145</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>78</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,016</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,408</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,263</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Associates<SUP>2</SUP> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Application of critical accounting policies</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our significant accounting policies as described in note 2 to our
consolidated financial statements, require the application of significant
judgment by management in selecting the appropriate assumptions for calculating
financial estimates. By their nature, these judgments are subject to an
inherent degree of uncertainty and are based on our historical experience,
terms of existing contracts, management&#146;s view on trends in the gold mining
industry and information from outside sources.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management believes the following critical accounting policies involve the
more significant judgments and estimates used in the preparation of our
consolidated financial statements and could potentially impact our financial
results and future financial performance:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining assets</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deferred stripping costs</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Impairment of mining assets</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deferred income and mining taxes</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reclamation and closure costs</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Environmental rehabilitation costs</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Collectability of receivables</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Contingent liabilities</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management has discussed the development and selection of each of these
critical accounting policies with the Board of Directors and the Audit
Committee, both of which have approved and reviewed the disclosure of these
policies.




<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><HR align="left" size="1" noshade width="15%">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> Our attributable 20% share of the Proven and Probable Ore Reserves in the
Porgera Joint Venture is based on the information disclosed by Placer Dome Inc.
(which has a 75% interest in the Porgera Joint Venture) in its Annual Report
for the fiscal year ended December&nbsp;31, 2003, as filed with the SEC on Form 40-F
on March&nbsp;5, 2004. The Porgera Ore Reserves are estimated as at December&nbsp;31,
2003.
</DIV>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>2</SUP>
Comprise our 40% interest in CGR, which owns the Crown and ERPM Sections.



<P align="center" style="font-size: 10pt">106
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><P align="left" style="font-size: 10pt"><I>Mining assets</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual expenditures incurred for mineral property interests, mine
development costs, mine plant facilities and equipment are capitalized to the
specific mine to which the cost relates. Amortization is calculated on a
mine-by-mine basis (i.e. the cost pools are the individual mines) using the
units of production method. Under the units of production method, we
estimate the amortization rate based on actual production over total Proven and
Probable Ore Reserves of the particular mine. This rate is then applied to
actual costs capitalized to date to arrive at the amortization expense for the
period. Proven and Probable Ore Reserves of the particular mine reflect
estimated quantities of economically and legally recoverable reserves, as
determined in accordance with the SEC&#146;s Industry Guide 7 under the US
Securities Exchange Act of 1934, as amended. The estimate of the total reserves
of our mines could be materially different from the actual gold mined due to
changes in the factors used in determining our Ore Reserves, such as the gold
price, foreign currency exchange rates, labor costs, engineering evaluations of
assay values derived from sampling of drill holes and other openings. Any
change in management&#146;s estimate of the total Proven and Probable Reserves,
would impact the amortization charges recorded in our consolidated financial
statements.


<P align="left" style="font-size: 10pt"><I>Deferred stripping costs</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have only one significant open-pit operation, at Porgera, where
stripping costs incurred during the production phase to remove additional waste
are charged to operating costs on the basis of the average life of mine
stripping ratio. For other open-pit operations stripping costs are expensed in
the period in which they are incurred. Stripping costs included in mining
assets as at June&nbsp;30, 2004, for Porgera are $3.5&nbsp;million (June&nbsp;30, 2003: $nil)
with $4.1&nbsp;million capitalized to mining assets during fiscal 2004. During
fiscal 2004, the average stripping ratio was 7.1 in comparison with the Life of
Mine stripping ratio of 3.5. Wedge and mudstone failure on the west wall of the
Stage 5 pit at Porgera created unplanned waste material which had to be removed
and negatively affected the stripping ratio. The stripping ratio is determined
based on the life of mine plan. The estimate of the total reserves of the mine
could be materially different from the actual gold mined and from the actual
usage of the mine due to changes in the factors used in determining the
economic value of our mineral reserves and deferred stripping costs, such as
the gold price and foreign currency exchange rates. Any change in management&#146;s
estimate of the total expected future life of the mine would impact the
amortization charge recorded and deferred stripping capitalized in our
consolidated financial statements.


<P align="left" style="font-size: 10pt"><I>Impairment of mining assets</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The impairment of long-lived assets is accounted for in accordance with
Statement of Financial Accounting Standards, or SFAS, No.&nbsp;144, &#147;<I>Accounting for
the Impairment or Disposal of Long-Lived Assets</I>.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under SFAS 144, long-lived assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of an
asset or group of assets may not be recoverable, including a reduction in the
extent to which a gold plant is used, a dramatic change in the manner in which
the Ore Reserves are used, a substantial drop in the gold price, a change in
the law or environment in the country in which the Ore Reserves are based or
gold is sold, forecasts showing lack of long-term profitability or production
costs are in excess of an amount originally expected when the asset was
acquired or constructed. Recoverability of an asset or asset group is assessed
by comparing the carrying amount of an asset or group of assets to the
estimated future undiscounted net cash flows of the asset or group of assets.
Estimates of future cash flows include estimates of future gold prices and
foreign exchange rates. Therefore, changes could occur which may affect the
recoverability of our mining assets. If an asset or asset group is considered
to be impaired, the impairment which is recognized is measured as the amount by
which the carrying amount of the asset or group of assets exceeds the
discounted future cash flows expected to be derived from that asset or group of
assets. The expected future cash flows are discounted at a rate based on the
risk-free inter-bank interest rate indices in the respective geographic
locations in which our assets are held. The asset or asset group is the lowest
level for which there are identifiable cash flows that are largely independent
of other cash flows. In carrying out the economic valuations, an assessment is
made of the future cash flows expected to be generated by these assets, taking
into account current market conditions and the expected lives of our assets.
The lowest level for which there are identifiable cash flows that are largely
independent of other cash flows is calculated on a mine-by-mine basis. We make
the analysis periodically on a mine-by-mine basis or when indicators of
impairment exist. During fiscal 2004, $1.4&nbsp;million was recorded as an
impairment and during fiscal 2002, $2.2&nbsp;million was recorded as an impairment
through applying these principles.


<P align="center" style="font-size: 10pt">107
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><I>Deferred income and mining taxes</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We follow the liability method of accounting for deferred income and
mining tax whereby we recognize the tax consequences of temporary differences
by applying current statutory tax rates applicable to future years to
differences between financial statement amounts and the tax bases of certain
assets and liabilities. Changes in deferred tax assets and liabilities include
the impact of any tax rate changes enacted during the year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A valuation allowance is raised against deferred tax assets which are not
considered more likely than not to be realizable. These determinations are
based on the projected realization of tax allowances and tax loss carry
forwards. Assessing the recoverability of deferred tax assets requires
management to make significant estimates related to expectations of future
taxable income. If these tax assets are not more likely than not to be
realized, an adjustment to the valuation allowance would be required, which
would be charged to income in the period that the determination was made. If we
determine that it is more likely than not that we would be able to realize the
tax assets in the future, in excess of the recorded amount thereof, an
adjustment to reduce the valuation allowance would be recorded. Management
considers historical taxable positions in determining if a tax asset will be
utilized, specifically with reference to the immediately preceding three fiscal
years. As a result of these determinations, additional valuation allowances of
$25.3&nbsp;million and $41.9&nbsp;million were recorded during fiscal 2004 and 2003,
respectively. The bulk of these related to the South African Operations. During
fiscal 2002, a reversal of $23.9&nbsp;million in the valuation allowances was
recorded, due to the profitability of the South African Operations, in that
year, as a result of the stronger Rand gold price.


<P align="left" style="font-size: 10pt"><I>Reclamation and closure costs</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards 143, &#147;<I>Accounting for Asset Retirement
Obligations,</I>&#148; or SFAS 143. SFAS 143, which came into effect for fiscal years
beginning after June&nbsp;15, 2002 and which we adopted on July&nbsp;1, 2002. SFAS 143
requires that the fair value of liabilities for asset retirement obligations be
recognized in the period in which they are incurred. A corresponding increase
to the carrying amount of the related asset, where one is identifiable, is
recorded and is depreciated over the life of the asset. Prior to the adoption
of SFAS 143, we accrued for the estimated reclamation and closure liability
through annual charges to earnings over the estimated life of the mine.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provision for asset retirement obligations relates to expected costs
associated with the demolition of gold plants, shaft headgear and shaft
infrastructure. Estimates of these costs are based on our knowledge at the time
of creating the provision. Determining these costs is complex and requires
management to make estimates and judgments because most of the removal
obligations will be fulfilled in the future and contracts and regulations often
have vague descriptions of what constitutes removal. These estimates are
subject to changes in regulations and unexpected movements in inflation rates
and is, therefore, subject to annual review to ensure that the asset and
liability is a fair reflection of the expected reclamation and closure costs as
at June&nbsp;30 of every year. The actual liability for rehabilitation costs can
vary significantly from our estimate and, as a result, the liabilities that we
report can vary significantly, if our assessment of these costs changes. As we
use the expected cash flow technique to determine our future liability, the
liability is determined by discounting the estimated cash flows using a
credit-adjusted risk-free rate. Thus, the effect our credit standing is
reflected in the discount rate rather than in the estimated cash flows. As at
June&nbsp;30, 2004, the discount rate was determined to be 6%. As a result of
changes in estimates, additional liabilities of $2.0&nbsp;million, $0.6&nbsp;million and
$0.7&nbsp;million were raised in fiscal 2004, 2003 and 2002, respectively.


<P align="center" style="font-size: 10pt">108
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><I>Environmental rehabilitation costs</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where a related asset is not easily identifiable, other estimated
rehabilitation costs associated with the revegetation of tailings dams,
revegetation of rock dumps and the rehabilitation of open cast areas are
accrued as tailings are deposited. The estimated costs of rehabilitation are
reviewed annually and adjusted as appropriate for changes in legislation,
technology or other circumstances. Based on current environmental regulations
and known rehabilitation requirements, our management has included its best
estimate of these obligations in our Provision for Rehabilitation. However, it
is reasonably possible that these estimates of our ultimate rehabilitation
liabilities could change as a result of changes in regulations or cost
estimates. As a result of changes in estimates, additional liabilities of $1.5
million, $0.8&nbsp;million and $0.1&nbsp;million were raised in fiscal 2004, 2003 and
2002, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In South Africa, annual contributions are made to dedicated Rehabilitation
Trust Funds, to fund the estimated cost of rehabilitation during and at the end
of the life of the relevant mine.


<P align="left" style="font-size: 10pt"><I>Collectability of receivables</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining the collectability of receivables, management judgment is
required in instances where uncertainty exists over the period and amount of
cash flows which will be received. In determining this expectation, operational
and economical circumstances affecting the receivable are considered. These
principles were applied in evaluating the collectability of the receivables
owed by CGR, ERPM, KBH and Mogale. As a result, advances to the value of $1.9
million and $5.2&nbsp;million were provided for in fiscal 2004 and 2003,
respectively.


<P align="center" style="font-size: 10pt">109
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Operating Results</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of our operating results for the past three
fiscal years. Emperor has been accounted for as an investment, accounted for at
market value and CGR as an associate, accounted for under the equity method,
therefore neither of their results are presented on a line-by-line basis.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Increase/(decrease)</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>REVENUES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Product sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14</TD>
    <TD nowrap>%)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">West Wits Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Crown Gold Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total South African Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>220,102</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>238,472</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>281,808</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Porgera Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">43</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Australasian Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>93,188</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,870</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,050</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">308</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">39</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>

</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">West Wits Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Crown Gold Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">62</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total South African Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>226,020</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>216,254</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>200,214</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Porgera Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Australasian Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,471</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,105</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,842</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">169</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Movement in gold in process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(180</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">333</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Movement in rehabilitation provision,
reclamation and closure costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(774</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">144</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(283</TD>
    <TD nowrap>%)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>OTHER OPERATING EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">184</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(24</TD>
    <TD nowrap>%)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">62</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">West Wits Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">835</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Crown Gold Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">741</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(95</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total South African Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,604</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,041</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,874</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">39</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(41</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Porgera Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">215</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(27</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>Total Australasian Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24,531</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,561</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,059</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">274</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>%)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="15%">



<DIV align="left" style="font-size: 10pt"><SUP>1</SUP> Relates non-operating entities within the Group.
</DIV>




<P align="center" style="font-size: 10pt">110
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Increase/(decrease)</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Employment termination costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">431</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">287</TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">958</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">760</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">167</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">West Wits Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Crown Gold Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">578</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Total South African Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,963</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,501</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>388</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">431</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">287</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Porgera Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Total Australasian Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Management and consulting fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Post retirement medical benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Loss/(profit) on derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(43,821</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(103</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(130</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Loss/(profit) on sale of mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,729</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(103</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">385</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Profit on disposal of subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,302</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Write off of investments and loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>SELLING, ADMINISTRATION AND GENERAL CHARGES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">(including stock based compensation costs of $2,310,000
(2003: $4,313,000 and 2002: $2,503,000))</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">130</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18</TD>
    <TD nowrap>%)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>NET OPERATING (LOSS)/INCOME</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(37,633</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>49,589</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(94,974</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(176</B></TD>
    <TD nowrap><B>%)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(152</B></TD>
    <TD nowrap><B>%)</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>NON-OPERATING INCOME/(LOSS)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest and dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(76</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">292</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrealized foreign exchange gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1880</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Profit/(loss) on sale of other assets and listed investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(59</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>FINANCE COSTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,912</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,909</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,385</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(190</TD>
    <TD>%)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>(LOSS)/PROFIT BEFORE TAX AND OTHER ITEMS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(32,686</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>62,764</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(94,573</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(152</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">34</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income and mining tax (expense)/benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,230</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(41,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(200</TD>
    <TD nowrap>%)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity in loss from associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,452</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>(LOSS)/PROFIT AFTER TAX</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(55,743</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,547</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(51,709</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(583</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">122</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>NET (LOSS)/PROFIT BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(55,750</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,547</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(51,709</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(583</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">122</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">111
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Comparison of financial performance for the fiscal year ended June&nbsp;30, 2004
with fiscal year ended June&nbsp;30, 2003</B>


<P align="left" style="font-size: 10pt"><B><I>Revenue</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table illustrates the year-on-year change in revenue by
evaluating the contribution of each segment to the total change on a
consolidated basis for fiscal 2004 in comparison to fiscal 2003:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Impact of change in volume</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Internal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Impact of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total revenue</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquisitions/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>growth/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>change in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total revenue</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(dispositions)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(decline)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net change</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,798</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,066</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(39,687</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21,887</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,036</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Wits Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,796</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,796</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total South African operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>238,472</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4,796</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(44,485</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30,911</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(18,370</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>220,102</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,445</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,743</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Australasian operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,870</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>60,445</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,917</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,956</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>70,318</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>93,188</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>261,342</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55,649</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(38,568</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34,867</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,948</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>313,290</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue for fiscal 2004 increased by $51.9&nbsp;million, or 20%, to $313.3
million, primarily due to the increase in revenue from the Australasian
operations of $70.3&nbsp;million. The acquisition of a 20% interest in Porgera on
October&nbsp;14, 2003 contributed to $60.4&nbsp;million of the increase in revenue from
Australasian operations. The remainder of the increase in revenue from the
Australasian operations consisted of $5.9&nbsp;million from improved output at the
Tolukuma Section and an increase in the Dollar price of gold which contributed
$4.0&nbsp;million. In contrast, production difficulties at the Blyvoor Section and
North West Operations lead to a decrease in revenue from our South African
operations of $44.5&nbsp;million. This was partially offset by the improvement in
the Dollar gold price which increased revenue by $30.9&nbsp;million.


<P align="center" style="font-size: 10pt">112
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B><I>Production costs</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table illustrates the year-on-year change in production
costs by evaluating the contribution of each segment to the total change on a
consolidated basis for fiscal 2004 in comparison to fiscal 2003:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Impact of change in volume</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>production</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Internal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Impact of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>production</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquisitions/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>growth/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>change in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Foreign</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>costs</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(dispositions)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(decline)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>costs</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exchange</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>change</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,829</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,366</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(37,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,282</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,103</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,465</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Wits Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,859</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,859</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(680</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(398</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,189</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total South African operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>216,254</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4,859</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(41,594</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,524</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53,695</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,766</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>226,020</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,963</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,821</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,607</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,607</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Australasian operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,105</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31,650</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,527</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4,963</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,759</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32,266</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,471</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>235,359</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,791</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(37,067</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(2,440</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>56,454</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>42,132</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>277,491</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table lists the components of production costs for each of
the years set forth below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Years ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Costs</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Labor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">42</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Contractor Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inventory</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Electricity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As gold mining in South Africa is very labor intensive, labor costs and
contractor services are the largest components of production costs in that
region. Production costs are linked directly to the level of production of a
specific fiscal year. Production costs in fiscal 2004 increased by 18% to
$277.5&nbsp;million compared to production costs of $235.4&nbsp;million in fiscal 2003.
This increase is primarily attributable to the significant appreciation of the
Rand against the Dollar during fiscal 2004. A 23.9% strengthening in the
average Rand/US Dollar exchange rate was noted during fiscal 2004, with a 16.2%
strengthening of the average Kina/US Dollar exchange rate. In addition,
operational difficulties at our South African operations led to an increase in
production costs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The decline in volume for fiscal 2004 in comparison to fiscal 2003,
relates mostly to the decrease in gold production from 462,743 ounces in fiscal
2003 to 341,861 ounces in fiscal 2004, at the North West Operations. This is
attributable to the stopping of mining unprofitable gold reserves as a result
of the lower Rand per kilogram gold price. There was internal restructuring of
resources and the placing of the Number 6 Shaft at the Harties Section on a
&#147;care and maintenance&#148; program, as well as phasing out of surface mining
operations and lower grade at the Blyvoor Section.
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production costs at Porgera, acquired during fiscal 2004, amounted to
$31.7&nbsp;million, with a comparative contribution to production of 147,475 ounces.
The Tolukuma Section contributed $19.8&nbsp;million to production costs and 85,715
ounces to gold production.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><HR align="left" size="1" noshade width="15%">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> Relates to non-operating entities within the Group.
</DIV>


<P align="center" style="font-size: 10pt">113
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="font-size: 10pt"><B><I>Rehabilitation provision and amounts contributed to environmental trust funds</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2004, we estimate our total rehabilitation provision, being
the discounted estimate of future costs, to be $39.1&nbsp;million, $31.6&nbsp;million
relating to the South African operations and $7.5&nbsp;million relating to the
Australasian operations, as compared to $24.6&nbsp;million at June&nbsp;30, 2003, with
$16.0&nbsp;million relating to the South African operations and $8.6&nbsp;million
relating to the Australasian operations. As a result of changes in estimates
accretion of $3.4&nbsp;million was recorded in fiscal 2004, and $1.4&nbsp;million was
recorded in fiscal 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A total of $22.8&nbsp;million was invested in our various environmental trust
funds as at the end of fiscal 2004, as compared to $17.9&nbsp;million for fiscal
2003. The increase is mostly attributable to the strengthening of the Rand
against the Dollar in fiscal 2004. Additional contributions were also made
during the year under review, due to under funding of the liability. The
shortfall between the funds in the trust and the estimated provisions, in South
Africa, is expected to be financed by ongoing financial contributions over the
remaining production life of the mine.


<P align="left" style="font-size: 10pt"><B><I>Depreciation and amortization</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization charges were $30.1&nbsp;million for fiscal 2004
compared to $10.6&nbsp;million for fiscal 2003. This increase is mainly due to our
increase in the asset base for our Australian operations, as a result of our
acquisition of a 20% interest in Porgera ($9.3&nbsp;million) and the continued
weakening of the Dollar against the local functional currencies ($1.3&nbsp;million).
The remainder of the increase ($8.9&nbsp;million) is as a result of the decreased
Ore Reserves.


<P align="left" style="font-size: 10pt"><B><I>Employment termination costs</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employment termination costs increased to $8.0&nbsp;million for fiscal 2004 as
compared to $1.5&nbsp;million for fiscal 2003. This increase is due to the reduction
of 3,000 employees at the North West Operations during the year with the
placing of the Number 6 Shaft at Harties on &#147;care and maintenance&#148; and the
closure of Number 11 Shaft at Buffels as it had reached the end of its economic
life, as well the effect of a stronger Rand against the Dollar as these
termination costs are incurred in Rands.


<P align="left" style="font-size: 10pt"><B><I>Impairment of assets</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2004 impairments of $4.3&nbsp;million were recorded. These
impairments relate to the following:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loans made that are seen to be irrecoverable,
which amounted to $1.9&nbsp;million. $1.1&nbsp;million of loans were advanced to
enable the West Wits mine to be sold as part of black economic
empowerment to Mogale. This balance is seen to be irrecoverable due to
Mogale having been placed under judicial management during fiscal 2004.
$0.8&nbsp;million relates to funds advanced to KBH, which we impaired as
KBH&#146;s main asset is a 60% interest in CGR and ERPM which are incurring
losses.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Excess carrying value of mining assets over their fair values, which
amounted to $1.4&nbsp;million, at the North West Operations.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Goodwill in Net-Gold Services Limited, acquired during fiscal 2004,
impaired as a result of losses recorded in this entity, which amounted
to $1.0&nbsp;million.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No impairments were recorded in fiscal 2003.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">114
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><B><I>Management and consulting fees</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and consulting fees in fiscal 2004 increased by $0.7&nbsp;million to
$2.4&nbsp;million compared to $1.7&nbsp;million in fiscal 2003. These expenses relate to
the evaluation of possible acquisitions.


<P align="left" style="font-size: 10pt"><B><I>Loss/(profit) on derivative instruments</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in the fair value of derivative instruments in fiscal 2004
resulted in a loss of $1.2&nbsp;million, as compared with a profit of $43.8&nbsp;million
in fiscal 2003. The decrease mostly relates to the closing out of a major
portion of the Eskom gold for electricity contract during fiscal 2004. During
fiscal 2004, a total amount of $25.1&nbsp;million was used to close out 265,000
ounces under the Eskom gold for electricity contract. As at June&nbsp;30, 2004 and
October&nbsp;31, 2004, the remaining portion on the contract was 50,000 ounces. The
appreciation of the Rand during fiscal 2003 and the resulting positive effect
that these changes had on the fair value of our derivative instruments
contributed to the profit on derivative financial instruments in that period.


<P align="left" style="font-size: 10pt"><B><I>Selling, administration and general charges</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling, administration and general charges increased in fiscal 2004
to $24.9&nbsp;million as compared to $10.8&nbsp;million in fiscal 2003. The increase of
$14.1&nbsp;million comprises realized foreign exchange movements of $8.4&nbsp;million,
additional corporate salary expenses of $2.2&nbsp;million, expenses in respect of
Porgera of $2.2&nbsp;million, additional DRD (Isle of Man) office costs of $1.1
million and costs associated with preparatory work for complying with the
Sarbanes-Oxley Act of 2002 of $0.2&nbsp;million. As most of the administrative
charges are incurred in South Africa, where our head office is based, the
strengthening of the Rand against the Dollar by 24% had a significant impact on
the administrative costs incurred.


<P align="left" style="font-size: 10pt"><B><I>Interest and dividends</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income decreased by $6.6&nbsp;million, or 76%, from $8.7
million during fiscal 2003 to $2.1&nbsp;million during fiscal 2004. The decrease in
mostly attributable to a decrease in our cash and cash equivalents from $44.4
million as at June&nbsp;30, 2003 to $22.5&nbsp;million as at June&nbsp;30, 2004, and interest
income of $3.2&nbsp;million accrued to us in respect of interest on amounts owed by
associates, during fiscal 2003.


<P align="left" style="font-size: 10pt"><B><I>Unrealized foreign exchange gains</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our functional currency is the Rand for our South African operations and
the Papua New Guinean Kina for our Papua New Guinean operations. The unrealized
foreign exchange non-cash gain of $10.7&nbsp;million for fiscal 2004, compared to
$11.2&nbsp;million for fiscal 2003, represents the effect of the translation of
monetary items, primarily external debt, which is denominated in currencies
other than our functional currencies.


<P align="left" style="font-size: 10pt"><B><I>Interest expense</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense increased to $7.9&nbsp;million for fiscal 2004 as compared to
$6.9&nbsp;million for fiscal 2003. The increase was due primarily to the inclusion
of a full year of interest for our 6% Senior Convertible Notes due 2006, which
were issued on November&nbsp;12, 2002, increasing the interest charge from $4.7
million in fiscal 2003 to $5.9&nbsp;million in fiscal 2004.


<P align="left" style="font-size: 10pt"><B><I>Income and mining tax expense</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net tax expense of $14.2&nbsp;million for fiscal 2004 comprises a current
taxation charge of $7.4&nbsp;million mainly relating to Porgera and a deferred tax
charge of $6.8&nbsp;million mainly comprising of valuation allowances raised against
deferred tax assets at Blyvoor. During fiscal 2003 a deferred tax charge of
$41.8&nbsp;million was recorded comprising valuation allowances of $60.2&nbsp;million
primarily raised against deferred tax assets at the North West Operations and a
credit of $18.4&nbsp;million as a result of changing the tax rate from 30% in
fiscal 2002 to the maximum mining tax rate applicable to our South African
mining operations of either 37% or 46% for fiscal 2003.


<P align="center" style="font-size: 10pt">115
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B><I>Equity in loss from associate</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses amounting to $8.8&nbsp;million were recorded against advances of the
same amount made to our associate during fiscal 2004. During fiscal 2003 our
attributable portion of our associate&#146;s losses amounted to $4.2&nbsp;million which
were recorded against our equity investment in our associate. In addition,
advances of $5.2&nbsp;million were impaired in fiscal 2003.
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;18, 2005, we published a trading statement as discussed in our Form 6-K filed with
the SEC on the same day, which is incorporated by reference in this Annual Report.



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Comparison of financial performance for fiscal year ended June&nbsp;30, 2003 with
fiscal year ended June&nbsp;30, 2002</B>


<P align="left" style="font-size: 10pt"><B><I>Revenue</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table illustrates the year-on-year change in revenue by
evaluating the contribution of each segment to the total change on a
consolidated basis for fiscal 2003 in comparison to fiscal 2002:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Impact of change in volume</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Internal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Impact of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total revenue</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquisitions/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>growth/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>change in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total revenue</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(dispositions)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(decline)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net change</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,573</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,753</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23,116</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,673</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,923</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Wits Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,897</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,101</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,796</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Crown Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(40,610</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(40,610</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total South African operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>281,808</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(36,299</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(31,586</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24,548</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(43,336</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>238,472</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,183</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Australasian operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,050</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(1,183</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>820</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,870</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>303,858</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(36,299</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(32,769</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,551</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(42,516</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>261,342</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue for fiscal 2003 decreased by 14% to $261.3&nbsp;million from $303.9
million in fiscal 2002 primarily due to a decrease in revenue from the South
African operations following the sale of 60% of our interest in the Crown
Section to KBH, effective July&nbsp;1, 2002. The Crown Section had contributed $40.6
million to revenue during fiscal 2002. Following the disposal, the results of
the Crown Section are no longer consolidated with our results. Our remaining
40% interest in the Crown Section has been accounted for using the equity
method in the 2003 fiscal year. Production at the North West Operations was
also down 77,807 ounces from fiscal 2002. This decrease was due to the
implementation of the 2003 mining plan, which included the medium grade areas.
Under this plan, the tons of ore treated from underground sources increased,
but the grades decreased, and hence the ounces produced decreased. The decrease
in production was partially offset by a stronger Dollar gold price received
during the year. The average gold price received by us was $334 per ounce in
fiscal 2003, compared to $253 per ounce in fiscal 2002.


<P align="center" style="font-size: 10pt">116
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<P align="left" style="font-size: 10pt"><B><I>Production costs</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table illustrates the year-on-year change in production
costs by evaluating the contribution of each segment to the total change on a
consolidated basis for fiscal 2003 in comparison to fiscal 2002:



<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Impact of change in volume</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>production</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Internal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Impact of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>production</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquisitions/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>growth/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>change in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Foreign</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>costs</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(dispositions)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(decline)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>costs</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exchange</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net change</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(994</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,661</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,240</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North West Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,023</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,568</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Wits Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,136</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,277</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,859</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Crown Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28,254</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28,254</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">

<TD><DIV style="margin-left:10px; text-indent:-10px">Other<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,587</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total South African operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>200,214</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(24,418</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(24,153</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,731</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,880</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,040</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>216,254</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma Section</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(862</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,105</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,498</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(265</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(170</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,607</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Australasian operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,842</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(862</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,134</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(1,009</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,263</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,105</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>218,056</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(24,418</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(25,015</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44,865</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,871</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,303</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>235,359</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With effect July&nbsp;1, 2002 we disposed of 60% of the interest in the Crown
Section in a black economic empowerment deal. The entity is accounted for as an
associate from fiscal 2003 onwards.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table lists the components of production costs for each of
the years set forth below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Years ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Costs</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Labor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Contractor Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inventory</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Electricity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As gold mining in South Africa is very labor intensive, labor costs and
contractor services are the largest components of our production costs in that
region. Production costs are linked directly to the level of production of a
specific fiscal year. We incurred production costs of $235.4&nbsp;million in fiscal
2003, compared to $218.1&nbsp;million in fiscal 2002. The increase of 8% is mostly
as a result of the significant appreciation of the Rand against the Dollar
during fiscal 2003, as well as production difficulties at the North West
Operations, leading to increased consumption of consumables and labor costs at
that section. In addition, during fiscal 2003, an average wage increase of 8.5%
over and above inflation for our South African mining employees was implemented
pursuant to our labor agreements. This contributed to our increase in
production costs. The majority of our production costs are incurred in local
currencies.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><HR align="left" size="1" noshade width="15%">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> Relates to non-operating entities within the Group.
</DIV>


<P align="center" style="font-size: 10pt">117
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B><I>Rehabilitation provision</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2003, we estimate our total rehabilitation provision being
the discounted estimate of future costs, to be $24.6&nbsp;million as opposed to
$17.9&nbsp;million at June&nbsp;30, 2002. As a result of changes in estimates, additional
liabilities of $1.4&nbsp;million were raised in fiscal 2003, and $0.5&nbsp;million were
raised in fiscal 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A total of $17.9&nbsp;million was invested in our various environmental trust
funds at the end of fiscal 2003, as compared to $12.1&nbsp;million for fiscal 2002.
The increase in Dollar terms is attributable to the strengthening of the Rand
against the Dollar in fiscal 2003 and additional contributions of $0.2&nbsp;million
in fiscal 2003. The shortfall will be financed by ongoing financial
contributions.


<P align="left" style="font-size: 10pt"><B><I>Depreciation and amortization</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization charges were $10.6&nbsp;million for fiscal 2003
as compared to $13.9&nbsp;million for fiscal 2002. This decrease is mainly due to
the decrease in the ore reserves as a result of our sale of 60% of our interest
in the Crown Section to KBH, effective July&nbsp;1, 2002.


<P align="left" style="font-size: 10pt"><B><I>Employment termination costs</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employment termination costs increased to $1.5&nbsp;million for fiscal 2003 as
compared to $0.4&nbsp;million for fiscal 2002. This increase is mainly due to the
gradual reduction in the workforce at the North West Operations during the
year, as well the effect of a stronger Rand against the Dollar as our
termination costs are incurred in Rands.


<P align="left" style="font-size: 10pt"><B><I>Impairment of assets</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2003 no impairment charges were recorded. During fiscal
2002, we recorded an impairment charge of $2.2&nbsp;million at the Durban Roodepoort
Deep Mine. In view of continued low Rand gold prices and high costs of
production, and cessation of operational synergies between Durban Roodepoort
Deep Mine and Randfontein Estates, underground mining operations ceased
permanently at Shaft Numbers 6, 7 and 9 and the Circular Shaft. This closure of
operations resulted in write downs which represent the excess carrying values
of the mining assets over their fair values, based on the future discounted
cash flows from operations.


<P align="left" style="font-size: 10pt"><B><I>Management and consulting fees</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and consulting fees in fiscal 2003 decreased by $0.2&nbsp;million to
$1.7&nbsp;million compared to $1.9&nbsp;million in fiscal 2002. These expenses mostly
related to the evaluation of possible acquisitions.


<P align="left" style="font-size: 10pt"><B><I>Post retirement medical benefits</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expense of $1.8&nbsp;million incurred during 2001 related to a Continuation
and Widow Members, or CAWMS, Post Retirement Medical Liability assumed at the
Blyvoor mining operations. This liability was settled in full during fiscal
2004.


<P align="left" style="font-size: 10pt"><B><I>(Profit)/loss on derivative instruments</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value adjustment on financial instruments in fiscal 2003 was
$43.8&nbsp;million, as compared with a loss of $147.2&nbsp;million in fiscal 2002. The
appreciation of the Rand during fiscal 2003 and the resulting positive effect
that these changes had on the fair value of our derivative instruments
contributed to the large increase in the profit on financial instruments.
Closing out of the majority of our hedge positions in fiscal 2002 resulted in
realized losses of $126.4&nbsp;million. In addition an unrealized fair value
adjustment of $20.8&nbsp;million was recorded in fiscal 2002.


<P align="center" style="font-size: 10pt">118
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B><I>(Profit)/loss on sale of mining assets</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The profit of $1.7&nbsp;million recorded during fiscal 2003 related to the sale
of the West Wits mining assets to Mogale, in contrast to a profit of $0.3
million recorded in fiscal 2002.


<P align="left" style="font-size: 10pt"><B><I>Profit on disposal of subsidiary</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The profit of $5.3&nbsp;million recorded in fiscal 2003 related to the sale of
60% of the Crown Section to KBH on July&nbsp;1, 2002.


<P align="left" style="font-size: 10pt"><B><I>Selling, administration and general charges</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling, administration and general charges decreased in fiscal 2003
to $10.8&nbsp;million as compared to $13.3&nbsp;million in fiscal 2002. The
implementation of a flatter management structure and the concerted effort of
management to institute tighter financial controls also contributed to the
decrease.


<P align="left" style="font-size: 10pt"><B><I>Interest and dividends</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends increased by $6.5&nbsp;million, or 295%, from $2.2
million during fiscal 2002 to $8.7&nbsp;million during fiscal 2003. This was mainly
as a result of increased cash resources and interest accrued on loan funding to
associates.


<P align="left" style="font-size: 10pt"><B><I>Unrealized foreign exchange gains</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our functional currency is the Rand for our South African operations and
the Papua New Guinean Kina for the Tolukuma Section. The unrealized foreign
exchange gain of $11.2&nbsp;million for fiscal 2003, compared to $0.6&nbsp;million for
fiscal 2002, represented the effect of the translation of monetary items,
primarily external debt, which is denominated in currencies other than our
functional currencies.


<P align="left" style="font-size: 10pt"><B><I>Interest expense</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our interest expense increased to $6.9&nbsp;million for fiscal 2003 as compared
to $2.4&nbsp;million for fiscal 2002. The increase was due primarily to the
increased interest charge as a result of our issuing of the $66&nbsp;million 6%
Senior Convertible Notes due 2006 on November&nbsp;12, 2002, as well as the effect
of stronger Rand against the Dollar.


<P align="left" style="font-size: 10pt"><B><I>Income and mining tax (expense) / benefit</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net tax expense for fiscal 2003 comprises a deferred tax charge of
$41.8&nbsp;million comprising valuation allowances of $60.2&nbsp;million primarily raised
against deferred tax assets at the North West Operations and a credit of $18.4
million as a result of changing the tax rate from 30% in fiscal 2002 to the
maximum mining tax rate applicable to our South African mining operations of
either 37% or 46% for fiscal 2003. The net tax benefit for fiscal 2002
comprises a deferred tax credit of $42.9&nbsp;million relating to deferred tax
assets raised at the South African operations.


<P align="left" style="font-size: 10pt"><B><I>Equity in loss from associates</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A loss of $9.4&nbsp;million was recorded during fiscal 2003 in relation to the
associates, CGR and ERPM. This represented the absorption of losses to the
limit of the remaining equity investment ($4.2&nbsp;million) and amounts owed by
associates that are seen to be irrecoverable ($5.2&nbsp;million).


<P align="center" style="font-size: 10pt">119
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>RESTATEMENT OF US GAAP QUARTERLY RESULTS</B>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have restated certain items in our quarterly results for fiscal 2004 as filed with the SEC under
cover of Forms 6-K on October&nbsp;31, 2003, February&nbsp;25, 2004, May&nbsp;5, 2004, May&nbsp;10, 2004, and August
19, 2004. Although this resulted in the restatement of the financial results for each of the
quarters during fiscal 2004, this did not result in a restatement or revision to our financial
results for fiscal 2004 as a whole, which were originally announced on August&nbsp;10, 2004, and
subsequently furnished to the SEC on August&nbsp;19, 2004 under cover of a Form 6-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the restatement of our quarterly results for the first and second quarters of fiscal 2004,
we have also restated the unaudited pro forma financial statements of the Company and Orogen
Minerals (Porgera) Limited and Mineral Resources Porgera Limited for the six months ended December
31, 2003, giving effect to our acquisition of a 20% interest in the Porgera Joint Venture, as
originally filed with the SEC under cover of a Form 6-K on October&nbsp;1, 2004. This restatement is
reflected in a Form 6-K filed with the SEC on November&nbsp;29, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The restatement arises with respect to two separate accounting matters.


<P align="left" style="font-size: 10pt"><I>Equity in losses of CGR</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, an investment in an associate includes the equity investment in and funds advanced
to the entity. Under US GAAP we have treated CGR, which owns the Crown and ERPM Section, as an
associate and, accordingly, our interest in CGR is accounted for using the equity method. Our
investment in CGR was reflected as $nil as at June&nbsp;30, 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, we incorrectly reflected our advances to CGR and ERPM in fiscal 2004 as separate
financial instruments during the quarters presented. CGR and ERPM recorded significant losses
throughout fiscal 2004. However, no impairments of these loans were recorded in our first, second
and third quarters of fiscal 2004. The loans were fully impaired in the fourth quarter of fiscal
2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, we should have recognized our portion of the losses recorded by CGR against the
advances, forming part of our investment, in the respective quarters in which the losses were
recorded.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have suspended all further funding by us to CGR and ERPM until revised operational plans are
submitted to us to enable us to assess the future cash flow of both operations.


<P align="left" style="font-size: 10pt"><I>Harties Number 6 Shaft, North West Operations</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the conclusion of the 60-day review performed at the North West Operations, including the
Number 6 Shaft, in the first quarter of 2004 we accelerated the depreciation charge with respect to
the mining assets associated with the Number 6 Shaft. Our expectation at the time was that the
shaft would not be utilized in the future. However, in January and February&nbsp;2004, following a
detailed survey at the Number 6 Shaft to consider if limited high grade mining of some of the
remaining pillars was financially viable, we made a business decision to bring the upper section of
the Number 6 Shaft and the associated mining assets back into production. The accelerated
depreciation charge reported in the first quarter of fiscal 2004 was reversed in the third quarter
of fiscal 2004. Because no activities had taken place to indicate the abandonment of the Number 6
Shaft, depreciation should not have been accelerated in the first quarter and subsequently reversed
in the third quarter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The impact of these restatements on our financial results for the quarters in fiscal 2004 is as
follows:


<P align="left" style="font-size: 10pt"><B>Group Statement of Operations</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>Quarter ended</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fiscal year ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>($ million)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><B>Sep
30,<BR>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><B>Dec 31,<BR>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mar 31,<BR>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>June 30,<BR>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>June 30,<BR>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net (loss)/profit
applicable to
stockholders, as
previously reported</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(21.8</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1.4</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(42.3</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(55.8</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted for:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity losses of CGR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation
adjustment for
Harties Number 6
Shaft, North West
Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap colspan="2"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap colspan="2"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap colspan="2"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap colspan="2"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap colspan="2"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net (loss)/profit
applicable to
stockholders, as restated</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(24.5</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2.6</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(33.5</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(55.8</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap colspan="2"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap colspan="2"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap colspan="2"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap colspan="2"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap colspan="2"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>&nbsp;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Group Balance Sheets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>&nbsp;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>As at</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>($ million)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><B>Sep
30,<BR>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Dec 31,<BR>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mar 31,<BR>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>June 30,<BR>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>As at June 30,<BR>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Receivables, as previously reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19.5</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Receivables, as restated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19.5</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current investments, as previously reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>72.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>80.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>69.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>69.6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current investments, as restated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>66.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>73.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>69.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>69.6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mining assets, as previously reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>81.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>157.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>168.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>156.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>156.9</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mining assets, as restated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>86.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>162.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>168.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>156.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>156.9</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">120
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="161"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B><I>5B. LIQUIDITY AND CAPITAL RESOURCES</I></B>



<P align="left" style="font-size: 10pt"><B>Net cash utilized by operating activities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash of $25.1&nbsp;million was utilized by operating activities for fiscal
2004 as compared to cash utilized by operating activities of $23.9&nbsp;million for
fiscal 2003 and cash utilized by operating activities of $64.2&nbsp;million for
fiscal 2002. During fiscal 2004, the net working capital movement represented
an inflow of cash of $3.1&nbsp;million, compared to an outflow of $23.0&nbsp;million in
fiscal 2003, mostly due to the inclusion for the first time of net cash flows
from our 20% interest in the Porgera Joint Venture in fiscal 2004. In line with
our hedging policy which precludes forward selling of gold, the amount of
derivative instruments have decreased resulting in a decrease in the cash
outflow associated with these instruments. In fiscal 2004, $25.1&nbsp;million was
used to close out 265,000 ounces under the Eskom gold for electricity contract.
The decrease in cash utilized in fiscal 2003 compared with fiscal 2002 was
primarily due to improved profitability. For the last three fiscal years, our
operating activities consistently utilized cash. This is mainly attributable to
the marginal nature of the South African Operations and the pressures
experienced as a result of a decline in the Rand gold price without a
corresponding decrease in production costs.


<P align="left" style="font-size: 10pt"><B>Net cash utilized by investing activities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash utilized in investing activities increased to $94.1&nbsp;million in
fiscal 2004 from $9.8&nbsp;million in fiscal 2003 as compared to cash generated from
investing activities of $2.9&nbsp;million for fiscal 2002. The increase in cash
utilized in investing in fiscal 2004 is a result of funds advanced to CGR and
ERPM of $8.8&nbsp;million, our acquisition of a 20% interest in the Porgera Joint
Venture for $59.2&nbsp;million, net of cash acquired and shares issued, our
acquisition of a 50.25% interest in Net-Gold Services Limited for $0.6&nbsp;million,
net of cash acquired, and increased capital expenditure at our operations of
$26.9&nbsp;million from $13.4&nbsp;million in fiscal 2003. The increase in fiscal 2003
compared with fiscal 2002 is a result of our acquisition of a 19.81% stake in
Emperor for $9.6&nbsp;million and an increase in capital expenditure at the
operations of $5.2&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditure for fiscal 2002 was $8.2&nbsp;million. Capital expenditures
were predominantly on Ore Reserve development, site establishment and new
underground mining equipments at all operations. Significant capital projects
for fiscal 2002 included:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ore Reserves development at the North West Operations at a cost of $1.6&nbsp;million;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Further shaft development at the Blyvoor Section at a cost of $0.5&nbsp;million;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Site establishment for surface retreatment operations at the Crown Gold Section at a cost of $0.4&nbsp;million; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expansion of and additions to the mobile plant and equipment at the
Tolukuma Section at a cost of $1.7&nbsp;million.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">121
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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditure for fiscal 2003 was $13.4&nbsp;million. Capital
expenditures were predominantly on Ore Reserve development and new underground
mining equipment at all operations. Significant capital projects for fiscal
2003 included:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ore Reserve development at the North West Operations at a cost of $2.7&nbsp;million;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Acquisition of new mining equipment at the North West Operations at a cost of $1.2&nbsp;million;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ore Reserve development at the Blyvoor Section at a cost of $2.1&nbsp;million; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expansion of and additions to the mobile plant and equipment at the
Tolukuma Section at a cost of $1.0&nbsp;million.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditure for fiscal 2004 was $26.9&nbsp;million. In fiscal 2004,
capital expenditures were predominantly on Ore Reserve development, building a
slimes dam reclamation facility at the Blyvoor Section and the inclusion of our
20% share of the capital expenditure of Porgera. Redundant capital equipment
was sold during the year, the proceeds of which amounted to $3.4&nbsp;million.
Significant capital projects for fiscal 2004 included:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ore Reserve development at the North West Operations at a cost of
$2.2&nbsp;million;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Construction of the processing facilities at Number 4 and 5 Slimes
Dams at the Blyvoor Section at a cost of $6.9&nbsp;million;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Extensions to the Number 6 Slimes Dam at the Blyvoor Section at a
cost of $0.7&nbsp;million;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expansion of and additions to the mobile plant and equipment at the
Tolukuma Section at a cost of $2.5&nbsp;million; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Capital expenditure of $8.7&nbsp;million with respect to our 20% interest
in Porgera, which includes the capitalization of deferred stripping
costs of $4.1&nbsp;million.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of November&nbsp;30, 2004, we anticipated decreasing our capital expenditure in fiscal 2005 by about a
third from our capital expenditure for fiscal 2004. We expect to incur $18.6
million of capital expenditure on mining equipment and development, upgrading
existing underground operations and upgrading current metallurgical plants as
follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the North West Operations &#151; $6.4&nbsp;million;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Blyvoor Section &#151; $0.3&nbsp;million;</TD>
</TR>

<TR>

    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Porgera &#151; $7.9&nbsp;million (our 20% attributable share); and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Tolukuma Section &#151; $4.0&nbsp;million.</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;22, 2005, however, we announced the provisional liquidation of Buffelsfontein Gold Mines
Limited, our subsidiary that owns our North West Operations, as discussed in our Form 6-K filed
with the SEC on March&nbsp;22, 2005, which is incorporated by reference in this Annual Report.






<P align="left" style="font-size: 10pt"><B>Net cash generated in financing activities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash generated from financing activities increased to $88.6&nbsp;million in
fiscal 2004 from $55.4&nbsp;million in fiscal 2003 and $67.6&nbsp;million in fiscal 2002.
During fiscal 2004, we raised $108.7&nbsp;million principally through the issue of
41,463,639 ordinary shares to Investec and Investec (Mauritius) under various
agreements (refer to Item&nbsp;10C.: &#147;Material Contracts&#148;). We repaid $19.1&nbsp;million
of the short-term portion of our long-term loans and we drew down $2.8&nbsp;million
from our R100&nbsp;million ($15.9&nbsp;million) Investec facility entered into on June
24, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2003, we raised a net $63.6&nbsp;million through the issue of a
$66&nbsp;million aggregate principal amount of 6% Senior Convertible Notes due 2006,
$9.0&nbsp;million through the issue of our shares to institutional investors and we
repaid $25.1&nbsp;million of our long-term liabilities. On March&nbsp;26, 2003, we
discharged our obligation of R72.5&nbsp;million ($8.0&nbsp;million) to JP Morgan Chase
Bank under an International Bullion Master Agreement. During fiscal 2002 we
raised $51.1&nbsp;million through issuing our shares to institutional investors, the
proceeds of which were used to restructure our hedge book and we raised a net
amount of $18.5&nbsp;million through borrowings.




<P align="center" style="font-size: 10pt">122
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt"><B>Borrowings and funding</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our external sources of capital include the issuance of debt, bank
borrowings and the issuance of equity securities.


<P align="left" style="font-size: 10pt"><I>Senior Convertible Notes</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;12, 2002, we issued $66,000,000 aggregate principal amount of
6% Senior Convertible Notes due 2006, in a private placement to qualified
institutional buyers and to non-US persons. As of October&nbsp;31, 2004, no notes
have been converted. We issued the notes at a purchase price of 100% of the
principal amount thereof. If not converted or previously redeemed, the notes
will be repaid at 102.5% of their principal amount plus accrued interest on the
fifth business day following their maturity date in November&nbsp;2006. The notes are convertible
into our ordinary shares, or, under certain conditions, ADSs, at a conversion
price of $3.75 per share or ADS, subject to adjustment in certain events. We
are entitled to redeem the notes at their accreted value plus accrued interest,
if any, subject to certain prescribed conditions being fulfilled, after
November&nbsp;12, 2005. As of June&nbsp;30, 2004, the effective interest rate on the
convertible notes was 8.71% per annum and the outstanding balance was $61.1
million. As of October&nbsp;31, 2004, the effective interest rate on the convertible
notes was 8.71% per annum and the outstanding balance was $62.6&nbsp;million.


<P align="left" style="font-size: 10pt"><I>Industrial Development Corporation Loan</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;18, 2002, Blyvoor entered into a loan agreement with IDC for R65.0
million ($10.4&nbsp;million) specifically for financing capital expenditures
incurred by Blyvoor in completing the Blyvoor expansion project. The loan bears
interest at 1% below the prime rate of First National Bank of Southern Africa
Limited on overdraft. The loan is repayable in 48&nbsp;monthly installments. The
loan is secured by means of a general notarial bond over the Blyvoor
metallurgical plant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The loan agreement prohibits us from disposing of or further encumbering
the secured assets and places restrictions over our ability to change the
business of Blyvoor. Current restructuring changes have not impacted on the
terms of the loan agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2004, we have drawn down R33.1&nbsp;million ($5.3&nbsp;million) under
this facility. As of June&nbsp;30, 2004, the interest rate on this loan was 10.5%.
At October&nbsp;31, 2004, the outstanding balance was R28.6&nbsp;million ($4.7&nbsp;million)
with an applicable interest rate of 10.0%.


<P align="left" style="font-size: 10pt"><I>Investec Bank Limited</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have entered into four separate funding facilities with Investec Bank
Limited, or Investec, or its affiliates:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;24, 2004, we entered into the first facility of R100.0&nbsp;million
($15.9&nbsp;million) with Investec. The facility bears interest at the three-month
Johannesburg Interbank Acceptance Rate, or JIBAR, plus 300 basis points. As at
June&nbsp;30, 2004, the undrawn balance on this facility was $9.6&nbsp;million. As at
October&nbsp;31, 2004, this facility had been fully utilized and settled by us
issuing 7,850,657 ordinary shares to the value of $15.9&nbsp;million, based on the
market value on the date of issue. This facility was a general funding facility
and was not renewable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;15, 2004, we entered into the second facility of R100.0
million ($15.9&nbsp;million) with Investec. The facility bears interest at the
three-month JIBAR plus 300 basis points. We may elect to repay the facility in
cash or by the issue of our ordinary shares, valued at market value on the date
of issue. As at October, 31 2004, R80.0&nbsp;million ($13.0&nbsp;million) had been
utilized under this facility and R60.0&nbsp;million ($9.8&nbsp;million) had been settled
by us issuing 5,033,911 ordinary shares, based on the market value at the date
of issue. This facility is a general funding facility and is not renewable. As
at the date of this Annual Report the facility had been fully utilized.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;14, 2004, our subsidiary, DRD (Isle of Man) entered into the
third facility of $15.0&nbsp;million with Investec Bank (Mauritius) Limited, or
Investec (Mauritius). The facility may be used to finance future acquisitions
or rights offers by companies in which we wish to acquire shares, or with prior
written consent of Investec (Mauritius), it may be used for any other purpose.
The facility bears interest at the three-month London Interbank Offered Rate,
or LIBOR, plus 300 basis points. Funds advanced and interest on this facility
must be repaid in cash in equal installments every three months from the date
of the relevant advance so that the amount of the advance is paid in full to
Investec (Mauritius) on or before November&nbsp;12, 2007. The facility is secured by
DRD (Isle of Man)&#146;s shares in Emperor Mines Limited, DRD (Porgera) Limited and
Tolukuma Gold Mines Limited. The loan agreement prohibits us from disposing of
or further encumbering the secured assets. The facility restricts the flow of
payments from DRD (Isle of Man) to the Company through requiring that all net
operating cash or cash distributions received by DRD (Isle of Man) in respect
of the secured assets must be used to first service our interest and principal
payment obligations under the facility by requiring that we hold, in a debt
servicing account, sufficient cash to cover our quarterly principal payments.
Any funds in excess of these repayment requirements may be transferred to the
Company. Investec (Mauritius) has the option to require DRD (Isle of Man) to pay 50% of any payments, which are a
distribution, by or on behalf of DRD (Isle of Man) to or for the account of the
Company as a prepayment of the facility. The facility agreement contains a
number of additional customary restrictive covenants. On November&nbsp;12, 2004,
$7.0&nbsp;million was drawn under this facility to fund our portion of the Emperor
rights offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;10, 2004, we entered into the fourth facility of R100.0&nbsp;million ($17.2&nbsp;million)
with Investec. The facility bears interest at the three month JIBAR plus 300 basis points. As at
March&nbsp;31, 2005, the undrawn balance on this facility was $6.9&nbsp;million. This facility is a general
funding facility and is not renewable.

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<P align="left" style="font-size: 10pt"><I>Compliance with Loan Covenants</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have been in compliance with all material covenants contained in the
above mentioned convertible notes indenture and loan agreements during the
periods covered by our financial statements included in this Annual Report.


<P align="left" style="font-size: 10pt"><B>Anticipated funding requirements and sources</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At June&nbsp;30, 2004, we had cash and cash equivalents of $22.5&nbsp;million, and
negative working capital (defined as current assets less current liabilities)
of $25.0&nbsp;million, compared to cash and cash equivalents of $44.4&nbsp;million, and
working capital of $2.4&nbsp;million at June&nbsp;30, 2003 and cash and cash equivalents
of $23.9&nbsp;million and negative working capital of $34.3&nbsp;million at June&nbsp;30,
2002. At October&nbsp;31, 2004, our cash and cash equivalents were $24.4&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incurred significant losses during fiscal 2004 and have continued to
incur losses for the first quarter of fiscal 2005 at our South African
Operations. At the end of fiscal 2004 our current liabilities exceeded our
current assets. At the end of fiscal 2004, these facts gave rise to doubt as to
our ability to meet our current obligations in the normal course of business.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
at June&nbsp;30, 2004, we estimated that our anticipated commitments
for fiscal 2005 will be between $60.0
million and $65.0&nbsp;million, which includes costs of restructuring our South
African Operations of $4.3&nbsp;million, capital expenditure of $18.6&nbsp;million as
discussed above, interest payments on our convertible notes of $3.9&nbsp;million,
the current portion of long-term loans of $5.4&nbsp;million and
working capital of approximately $32.8&nbsp;million.
This range excludes our obligation to subscribe for rights under Emperor&#146;s 2004
rights offering, which is addressed separately below. As at June&nbsp;30, 2004 we
expected to finance these commitments from cash resources of $22.5
million at that date, net cash generated by offshore operations, undrawn borrowing
facilities of $9.6&nbsp;million and the second Investec facility of R100&nbsp;million
($15.9&nbsp;million).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At October&nbsp;31, 2004, we have restructured our South African Operations in
order to reduce losses from these operations and in an attempt to return them
to profitability. The restructuring of our South African Operations has
involved focusing on mining from higher contributing areas, reducing our labor
force by approximately 8,000 employees (approximately 5,000 retrenchments and
the balance through natural attrition) and reducing mining in isolated areas.
At this date, $11.3&nbsp;million of these anticipated commitments for fiscal 2005
had been paid, including costs of restructuring our South African Operations of
$4.3&nbsp;million. At October&nbsp;31, 2004, we expected to finance our remaining commitments from
existing cash resources of $24.4&nbsp;million at that date, from anticipated net cash generated by offshore
operations after servicing our debt obligation for the third Investec
facility secured by the assets of those facilities and from undrawn borrowing facilities of $2.9&nbsp;million at that date. In addition, we are
in the process of negotiating an additional general funding facility of R100
million ($16.3&nbsp;million) with Investec. There can be no assurance that we will obtain this additional or any other funding on acceptable terms or at all.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is management&#146;s belief that existing cash resources, net cash generated
from operations and additional funding will be sufficient to meet our anticipated commitments for fiscal 2005 as described above. In making this statement, management has assumed that
there will be a decrease in production from South Africa, due to the
restructuring, with an increase in production outside South Africa due to the
inclusion of Porgera for the full fiscal 2005. Management has also taken into
account our latest internal financial operating results, which indicate that
since the restructuring was completed in September&nbsp;2004, the South African
Operations have achieved break-even at a net operating cash level and that our
offshore operations are generating favorable operating cash flows which are
comparable with fiscal 2004. Management has assumed a current gold price and exchange rate.


<P align="center" style="font-size: 10pt">124
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our estimated working capital, capital expenditure and other funding
commitments, as well as our sources of liquidity, would be adversely affected
if:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the restructuring of our South African Operations is not successful
in ensuring these operations return to positive net cash flow (up to
September&nbsp;30, 2004, our South African Operations had negative net cash
flows);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our offshore operations fail to generate net cash flows from
operations consistent with fiscal 2004 levels and after taking into
account the inclusion of Porgera for the full fiscal 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is an adverse variation in the price of gold or foreign
currency exchange rates in relation to the US Dollar, particularly with
respect to the Rand;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we default on our borrowing arrangements, including the third
Investec (Mauritius) facility of $15.0&nbsp;million or the Senior Convertible
Notes, and we are therefore required to accelerate the repayment of
funds;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investec (Mauritius) exercises it discretion under the third Investec
(Mauritius) facility to require us to make a prepayment of 50% of any
payments made by the intermediate holding companies of our offshore
operations to the Company using cash flows generated from our offshore
operations; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our operating results or financial condition are adversely affected
by the uncertainties and variables facing our business discussed under
Item&nbsp;5A in the section entitled &#147;Operating Results&#148; or the factors
described in Item&nbsp;3D in the section titled &#147;Risk Factors.&#148;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In such circumstances, we could have insufficient capital to meet our
current obligations in the normal course of business, which would have an
adverse impact on our financial position and our ability to continue operating
as a going concern. We would need to reassess our operations, consider further
restructuring and/or obtain additional debt or equity funding. There can be no assurance that we will obtain
this additional or any other funding on acceptable terms or at all.


<P align="left" style="font-size: 10pt"><I>Emperor rights offering</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the above mentioned commitments, our wholly-owned
subsidiary, DRD (Isle of Man), has subscribed for its entitlement under
Emperor&#146;s A$20.4&nbsp;million ($14.6&nbsp;million) non-renounceable rights offering, of
20,522,122 Emperor shares, which at A$0.45 per share, amounts to A$9.2&nbsp;million
($7.0&nbsp;million). We did not participate in any of the shortfall to the rights
offer. We have funded our participation in this rights offering out of the
third Investec (Mauritius) facility of $15&nbsp;million. Interest and principal
payments will be funded from our net cash generated from offshore operations.
The repayment terms and restriction of funds under this facility are discussed
in detail above.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR><TD><DIV align="left">
<A name="162"></A>
</DIV>
</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><B><I>5C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</I></B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We are not involved in any research and development and have no registered patents or licenses.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR><TD><DIV align="left">
<A name="163"></A>
</DIV></TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><B><I>5D. TREND INFORMATION</I></B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The marginal nature of our South African Operations and the ageing
infrastructure at these mines has reduced the operational flexibility of the
Group. The importance of these operations in terms of our total production
ounces, has reduced from 93% in fiscal 2002 to 71% in fiscal 2004. We expect
that the overall proportion of the Group&#146;s production from our South African
operations will continue to diminish over time.




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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our South African mines have undergone significant changes over the past
three fiscal years as a result of the continued strengthening of the Rand, resulting in a lower gold price, and the
above inflation increase in costs. Accordingly, our
South African Operations incurred a loss for the Group of $55.8&nbsp;million in
fiscal 2004 and the Group may incur a loss in fiscal 2005. We entered into
three separate 60-day review processes during fiscal 2004 at the Blyvoor,
Buffels and Harties Sections in an attempt to restore profitability. The 60-day
review process at the Harties Section was completed during fiscal 2004 and the
60-day review processes at the Blyvoor and Buffels Sections were completed in
fiscal 2005. The restructuring has resulted in the retrenchment of
approximately 5,000 employees, which is roughly a third of our South African
workforce. In fiscal 2004, employment termination costs amounted to $8.0
million. In fiscal 2005 the employment termination costs were $4.3&nbsp;million.
Whether we will need to engage in any further restructuring, and
consequentially incur further restructuring costs, depends on several variables
which are discussed under Item&nbsp;5B.: &#147;Liquidity and Capital
Resources&nbsp;&#151;&nbsp;Anticipated Funding Requirements and
Sources,&#148; including the strength of the South African Rand.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the South African Rand strengthens further or if our restructuring
efforts are unsuccessful in restoring profitability to our South African
Operations, we would review and consider various alternative approaches for our
South African business. If the economic climate improves in the medium-term, we
could consider placing certain of our operations on a &#147;care and maintenance&#148;
program, like we did for the Number 6 Shaft at the Harties Section during
fiscal 2004, allowing us to incur minimal costs while being able to reassess
our future activities associated with the operation. Alternatively, we could
consider a controlled closure program for some or all of our South African
Operations, which would involve downsizing operations and reducing development
to such a level as to only generate sufficient gold revenue from the remaining
reserves, together with asset sales, to meet closure costs and obligations. We
are aware that it would currently be unlikely that we would be able to sell any
of our South African Operations, as in the current market there are few buyers
for marginal South African gold mines.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategy to increase the production from operations outside South
Africa has provided diversification to counter the poor performance from the
South African Operations. At October&nbsp;31, 2004, we have produced 80,000 ounces
from the Tolukuma Section and 190,000 ounces from our 20% interest in the
Porgera Joint Venture. We have subscribed for our entitlement under Emperor&#146;s
non-renounceable rights offering, and we did not participate in any of the
shortfall to the rights offer. We will continue to hold our 45.33% interest in
Emperor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our strategic growth objective we plan to diversify our
production base outside South Africa through organic growth at existing mines
and acquisitions of, gold mining operations that meet our strategic criteria.
As discussed in Item&nbsp;3D.: &#147;Risk Factors&#148; there are inherent risks involved in
acquisitions. In addition, we would need to find financing for these
acquisitions through additional borrowings which may not be available on
favorable terms, or at all. We could also seek to use our shares as
consideration for acquisitions as we have done in the past, but this will be
dependent on market conditions, such as our share price and our ability to
satisfy listing requirements for any such share issues.


<P>
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<TR><TD><DIV align="left">
<A name="164"></A>
</DIV>
</TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><B><I>5E. OFF-BALANCE SHEET ITEMS</I></B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company does not engage in off-balance sheet financing activities, and
does not have any off-balance sheet debt obligations, special purposes entities
or unconsolidated affiliates.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="165"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>5F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</I></B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>Payments due by period</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Less than</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Between</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Between</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>More than</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1 year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1-3 years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>3-5 years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>5 years</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Derivative instruments <SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Purchase obligations &#150; contracted capital expenditure <SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Environmental rehabilitation, reclamation and closure
costs<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,843</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total contractual cash obligations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>123,364</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,117</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>72,026</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,378</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31,843</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<A name="166"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>5G. SAFE HARBOR</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Special Note regarding Forward-Looking Statements.&#148;


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><HR align="left" size="1" noshade width="15%">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>1</SUP> This amount represents the fair value at June&nbsp;30, 2004, of our obligation
under the liability portion of the Eskom gold for electricity contract and the
interest rate swap.
</DIV>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>2</SUP> Represents planned capital expenditure for which contractual obligations
exist.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><SUP>3</SUP> Operations of gold mining companies are subject to extensive environmental
regulations in the various jurisdictions in which they operate. These
regulations establish certain conditions on the conduct of our operations.
Pursuant to environmental regulations, we are also obliged to close our
operations and reclaim and rehabilitate the lands upon which we have conducted
our mining and gold recovery operations. The gross estimated closure costs at
existing operating mines and mines in various stages of closure are reflected
in this table. For more information on environmental rehabilitation
obligations, see Item&nbsp;4D.:&#147;Property, Plant and Equipment&#148; and Note 17
&#147;Provision for environmental rehabilitation, reclamation and closure costs&#148; to
our financial statements.



<P align="center" style="font-size: 10pt">127
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="114"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</B>


<DIV align="left">
<A name="115"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>6A. DIRECTORS AND SENIOR MANAGEMENT</I></B>



<P align="left" style="font-size: 10pt"><B>Directors and Executive Officers</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors may consist of not less than four and not more than
twenty directors. As of June&nbsp;30, 2004, our board consisted of seven directors
and two alternate directors, while as of June&nbsp;30, 2003, our board consisted of
six directors and two alternate directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with JSE listing requirements and our Articles of
Association, one third of the directors comprising the board of directors, on a
rotating basis, are subject to re-election at each annual general shareholder&#146;s
meeting. Additionally, all directors are subject to re-election at the first
annual general meeting following their appointment. Retiring directors normally
make themselves available for re-election.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of each of our executive directors and non-executive directors
is the address of our principal executive offices.


<P align="left" style="font-size: 10pt"><B><I>Executive Directors</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mark
Michael Wellesley-Wood </I>(53)&nbsp;Chief Executive Officer. Mr.&nbsp;M.M.
Wellesley-Wood was appointed Non-Executive Chairman in May&nbsp;2000 and appointed
Chairman and Chief Executive Officer in November&nbsp;2000. Mr.&nbsp;M.M. Wellesley-Wood
was appointed Executive Chairman from December&nbsp;19, 2003 to
March&nbsp;1, 2005. He reassumed the role of Chief Executive Officer
from March&nbsp;1, 2005. He holds a degree in
Mining Engineering from the Royal School of Mines, Imperial College, London and
an MBA from City Business School. He is a Chartered Engineer, a Member of the
Institution of Mining and Metallurgy, a former Member of the Stock Exchange in
London, a Fellow of the Securities Institute and a Member of the Society of
Investment Professionals. Mr.&nbsp;M.M. Wellesley-Wood has been involved in all
aspects of raising finance and financial advice for mining companies since
1977. Mr.&nbsp;M.M. Wellesley-Wood is also a director of Oxus Gold Limited, WCS
Limited and Emperor Mines Limited. He was Chairman of the Unwins Wine Group
Limited from December&nbsp;2001 to December&nbsp;2003 and now serves on its Major
Shareholder Committee. On August&nbsp;3, 2004 he was appointed as the Managing
Director of Emperor Mines Limited.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ian Louis Murray </I>(38)&nbsp;Chief Financial Officer.
Mr.&nbsp;I.L. Murray was appointed Manager Corporate Finance in 1997, alternate
director in July&nbsp;1999, Chief Financial Officer in November&nbsp;2000 and Deputy
Chief Executive Officer in January&nbsp;2003. Mr.&nbsp;I.L. Murray resigned as Chief
Financial Officer in January&nbsp;2003 but re-assumed that position on June&nbsp;30, 2003
upon the resignation of Mr.&nbsp;J.H. Dissel. Mr.&nbsp;I.L. Murray was appointed Chief
Executive Officer from December&nbsp;19, 2003 to January&nbsp;17,
2005 and Chief Financial Officer from December&nbsp;19, 2003 to
January&nbsp;17, 2005. He was reappointed Chief Financial Officer
with effect from March&nbsp;8, 2005. Mr.&nbsp;I.L.
Murray obtained his B.Comm degree from the University of Cape Town and is a
member of the South African Institute of Chartered Accountants, and the
Chartered Institute of Management Accountants. He also has an Advanced Taxation
Certificate from the University of South Africa. Prior to joining us, Mr.&nbsp;I.L.
Murray was group financial and administration manager of Bioclones (Pty)
Limited, a subsidiary of S A Breweries Limited from August&nbsp;1995 to January
1997. Mr.&nbsp;I.L. Murray is also a director of G.M. Network Limited and Net-Gold
Services Limited.


<P align="left" style="font-size: 10pt"><B><I>Non-Executive Directors</I></B>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Moltin Paseka Ncholo </I>(41). Dr.&nbsp;M.P. Ncholo was appointed as a
non-executive director in 2002 and as our non-executive Chairman in
February 2005. Dr.&nbsp;M.P. Ncholo was awarded his doctorate in
Philosophy in 1992 and became an advocate of the High Court of South African in
1994. Prior to becoming the chairman of KBH and ERPM in 1999, he was
director-general of the Department of Public Service and Administration. Dr.
M.P. Ncholo is also a director of CGR and Mvelaphanda Resources Limited.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>David Christopher Baker </I>(45). Mr.&nbsp;D.C. Baker was appointed as a
non-executive director in 2002. Mr.&nbsp;D.C. Baker is a qualified metallurgist and
started his career at the CRA Broken Hill mine in Australia. During 1986 he
joined Capel Court Powell in Sydney as a mining analyst and later joined James
Capel in London in a similar position. In 1992, Mr.&nbsp;D.C. Baker joined Merrill
Lynch Investment Management as director Global Natural Resources where as
portfolio manager he successfully managed the Mercury Gold Metal Open Fund
since its launch in 1995. In 2001, Mr.&nbsp;D.C. Baker helped established Baker
Steel Capital Manager LLP, a boutique investment house that specializes in
managing clients&#146; funds in the natural resource market. Mr.&nbsp;D.C. Baker is also
a director of Northcliffe Holdings Pty. Ltd, Serpent Investment Pty. Ltd,
Emperor Mines Limited, Genus Natural Resources Fund and Baker Steel Limited and
is a partner in Baker Steel Capital Managers LLP. Mr.&nbsp;D.C. Baker resigned from
our Board on October&nbsp;27, 2004 due to increased commitments.


<P align="center" style="font-size: 10pt">128
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geoffrey Charles Campbell </I>(43). Mr.&nbsp;G.C. Campbell was appointed as
non-executive director in 2002 and as senior independent non-executive director
on December&nbsp;19, 2003. Mr.&nbsp;G.C. Campbell is a qualified geologist and started
his professional career working on gold mines in Wales and Canada. In 1986 he
joined Sheppards Stockbrokers in London as a mining analyst. In 1988 he joined
the Australian stockbrokers, Ord Minnett, and spent some time working for its
sister company, Fleming Martin, in New York, as a senior research analyst. In
1995 Mr.&nbsp;G.C. Campbell joined Merrill Lynch Investment Managers to run the Gold
and General Fund, one of the largest gold mining investment funds. He was also
Research Director for Merrill Lynch Investment Managers, responsible for
coordinating investment research across the entire group. Mr.&nbsp;G.C. Campbell is
currently the managing director of Boatlaunch Limited.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Robert Peter Hume </I>(64). Mr.&nbsp;R.P. Hume was appointed as a non-executive
director in 2001. Mr.&nbsp;R.P. Hume has forty one years&#146; experience in the auditing
field of which the last eighteen years were as a partner in the firm KPMG at
its East London office. Since retirement in 1999, he spent five years as an
investment manager at Sasfin Frankel Pollak in East London. Mr.&nbsp;R.P. Hume is
also a director of King Consolidated Holdings Limited.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Douglas John Meldrum Blackmur </I>(61). Professor D.J.M. Blackmur was
appointed as a non-executive director in October&nbsp;2003. Professor D.J.M.
Blackmur holds a doctorate in industrial relations from the University of
Queensland and has a career which spans more than 35&nbsp;years,
primarily in management, regulation, industrial relations and
universities, including positions held at Shell
Australia, the University of Queensland, the Queensland University of
Technology, the Canberra Institute of Technology, New Zealand
Qualifications Authority and the University of the Western Cape. He currently holds the
position of Standard Bank Professor of Management at the University of the Western Cape.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>James Turk </I>(61). Mr.&nbsp;J. Turk was appointed as a non-executive director on
October&nbsp;27, 2004. Mr.&nbsp;J. Turk is the founder and a director of G.M. Network
Limited (GoldMoney.com), the operator of a digital gold currency payment
system. He has specialized in international banking, finance and investments
since graduating in 1969 from George Washington University with a B.A. degree
in International Economics. He began his business career with The Chase
Manhattan Bank (now J.P. Morgan Chase). In 1980 he joined RTB, Inc., the
private investment and trading company of a prominent precious metals trader.
He moved to the United Arab Emirates in 1983 to be appointed Manager of the
Commodity Department of the Abu Dhabi Investment Authority. In this position he
was responsible for developing and implementing the investment strategies for
the Authority&#146;s portfolio of precious metals. Since resigning from this
position in 1987, he has written &#147;The Freemarket Gold and Money Report&#148;, an
investment newsletter and has been the author of several books on money and
banking.


<P align="left" style="font-size: 10pt"><B><I>Alternate Directors</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Anton Lubbe </I>(45). Mr.&nbsp;A. Lubbe was appointed an alternate director on July
1, 2003. On March&nbsp;23, 2005, Mr.&nbsp;A. Lubbe resigned from his
position as an alternate member to the board and as Divisional Director: New
Business and Growth Projects.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deon Thomas van der Mescht </I>(41). Mr.&nbsp;D. T. van der Mescht was appointed an
alternate director on July&nbsp;1, 2003. On August&nbsp;5, 2004, Mr.&nbsp;D. T. van der Mescht
resigned from his position as Divisional Director: South African Operations and
as an alternate member to the board.


<P align="center" style="font-size: 10pt">129
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B><I>Divisional Directors</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Johann Engels </I>(51)&nbsp;Divisional Director: Group Human Resources. Mr.&nbsp;J.
Engels was appointed Group Human Resources Manager in July&nbsp;2002 and Divisional
Director: Group Human Resources on July&nbsp;1, 2002. Mr.&nbsp;J. Engels has a BA Honours
degree in psychology and has 27&nbsp;years experience in the mining industry,
including positions held at Loraine Gold Mines Limited and Avgold Limited,
Hartebeestfontein Division. Mr.&nbsp;J. Engels is an alternate director of Rand
Mutual Assurance Limited.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant Dempsey (43</I>) Divisional Director: Consulting Engineer. Mr.&nbsp;G.
Dempsey was appointed Divisional Director: Consulting Engineer in May&nbsp;2004. Mr.
G. Dempsey is qualified as a Mechanical and Electrical Engineer and also has a
B.Com degree in Business Management. Furthermore, Mr.&nbsp;G. Dempsey has 26&nbsp;years
of experience in the mining industry, including positions held at Vaal Reef
Exploration and Mining Company and Western Deep Levels.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Richard Lewis Johnson (53) </I>Divisional Director: Australasia. Mr.&nbsp;R.L.
Johnson was appointed Divisional Director: Australia in February&nbsp;2003. Mr.&nbsp;R.
Johnson has 34&nbsp;years of experience in the mining industry, with a BSc Mining
Engineering Honours degree and a Graduate Diploma in Mining Engineering (Wits),
and is a Fellow of the Australasian Institute of Mining and Metallurgy. He has
been appointed to the boards of Tolukuma Gold Mines Limited and DRD (Porgera)
Limited and is our appointed representative on the Management Committee of the
Porgera Joint Venture. Mr.&nbsp;R. Johnson was appointed as a non-executive
director of Emperor Mines Limited on August&nbsp;3, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Wayne Gregory Koonin (34) </I>Mr.&nbsp;W.G.
Koonin was appointed Divisional Director: Group Finance in
October&nbsp;2003. In November 2004, Mr.&nbsp;W.G. Koonin resigned
from his position.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Michael Patrick Marriott (49) </I>Divisional Director: South African
Operations. Mr.&nbsp;M.P. Marriott was appointed General Manager Projects in March
2004. He was appointed as Divisional Director: South African Operations on
August&nbsp;10, 2004. Mr.&nbsp;M. Marriott is qualified in metalliferrous mining. Mr.&nbsp;M.
Marriott has 31&nbsp;years experience in the gold mining industry, including
positions held at Anglo American Gold Division, Cluff Resources, Ashanti
Goldfields Zimbabwe, Independence Gold Mining Zimbabwe and Highland African
Mining Company Limited.


<P align="left" style="font-size: 10pt"><B><I>Senior Management and Executive Officers</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>William Thomas Beer </I>(52)&nbsp;Chief Administration Officer. Mr.&nbsp;W.T. Beer was
appointed Chief Administration Officer in January&nbsp;2002. He was appointed as our
Joint Venture Representative to Crown Gold Recoveries on August&nbsp;10, 2004 and
will be joining the Crown Gold Recoveries Board in October&nbsp;2004. Mr.&nbsp;W.T. Beer
has 22&nbsp;years of management experience.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ilja David Graulich (32</I>) General Manager Investor Relations. Mr.&nbsp;I.D.
Graulich was appointed General Manager Investor Relations in February&nbsp;2003. Mr.
I.D. Graulich is a former financial journalist and has 6&nbsp;years of experience
across a number of media sectors including mining editor of a pre-eminent South
African financial newspaper. Mr.&nbsp;I.D. Graulich is also alternate director of
Rand Refinery Limited, G. M. Network Limited and Net-Gold Services Limited.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Daniel Johannes Pretorius </I>(37)&nbsp;Legal Advisor. Mr.&nbsp;D.J. Pretorius was
appointed Legal Advisor in May&nbsp;2003 and as Group Legal Counsel in February
2004. Mr.&nbsp;D.J. Pretorius is an attorney admitted in the High Court of South
Africa, and has 11&nbsp;years of legal experience in the mining industry, 9&nbsp;years of
which were in private practice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Andrea Isolde Townsend </I>(37)&nbsp;Group Company Secretary. Ms.&nbsp;A.I. Townsend was
appointed Group Company Secretary in October&nbsp;2003. With effect
from March&nbsp;31, 2005, Ms.&nbsp;A.I. Townsend has resigned. With
effect from April&nbsp;1, 2005, Mr.&nbsp;Themba John Gwebu was
appointed Group Company Secretary.


<P align="center" style="font-size: 10pt">130
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B><I>Changes in our Board of Directors and Executive Officers</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following changes occurred in our board of directors and executive
officers from July&nbsp;1, 2003 to October&nbsp;31, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Appointments</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D.T. van der Mescht
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Divisional Director: South African Operations and
Alternate Director)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;1, 2003*</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A. Lubbe
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Divisional Director: New Business and Growth Projects and
Alternate Director)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;1, 2003*</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A.I. Townsend
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Group Company Secretary)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;1, 2003</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">W.G. Koonin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Divisional Director: Group Finance)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;1, 2003</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D.J.M. Blackmur
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Non-Executive Director)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2003</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">M.M. Wellesley-Wood
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Executive Chairman)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;19, 2003#</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">I.L. Murray
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Chief Executive Officer and Chief Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;19, 2003#</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">G.C. Campbell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Senior Independent Non-Executive Director)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;19, 2003#</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">M.P. Marriott
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Divisional Director: South African Operations)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;10, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J. Turk
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Non-Executive Director)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;27, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Resignations</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D.T. van der Mescht
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Divisional Director: South African
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;5, 2004*</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Operations and Alternate Director)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D.C. Baker
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Non-Executive Director)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;27, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective date</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">#</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reappointment date</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Directors&#146; Terms of Service</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the date of appointment, expiration of term and
number of years of service with us of each of the directors as at
October&nbsp;31, 2004:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">


    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year first</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Director</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Appointed</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>current office</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">M.M. Wellesley-Wood
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Chairman
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2000</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2 years</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">I.L. Murray
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2000</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2 years</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">M.P. Ncholo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2002</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3 years</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">G.C. Campbell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2002</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3 years</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">R.P. Hume
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2001</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3 years</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D.C.
Baker<SUP>1</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2002</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3 years</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D.J.M. Blackmur
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2003</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2 years</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A.
Lubbe<SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alternate Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2003</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D.T.
van der Mescht<SUP>3/4</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alternate Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2003</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">* Reappointed in 2003.




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Mr.&nbsp;D.C. Baker resigned from our board of directors on October&nbsp;27, 2004.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>2</SUP> Alternate director to Mr.&nbsp;I.L. Murray.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>3</SUP> Mr.&nbsp;D.T. van der Mescht resigned from our board of directors on August&nbsp;5,
2004, for personal reasons and to pursue other interests.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>4</SUP> Alternate director to Mr.&nbsp;M.M. Wellesley-Wood.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">131
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no family relationships between any of our executive officers or
directors. There are no arrangements or understandings between any of our
directors or executive officers and any other person by which any of our
directors or executive officers have been so elected or appointed.

<DIV align="left">
<A name="116"></A>
</DIV>

<P align="left" style="font-size: 10pt"><b><i>6B. COMPENSATION</i></b>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Articles of Association provide that the directors&#146; fees should be
determined from time to time in a general meeting or by a quorum of
non-executive directors. The total amount of directors&#146; remuneration paid for
the year ended June&nbsp;30, 2004 was R12.4&nbsp;million ($1.8&nbsp;million). Both Messrs.
M.M. Wellesley-Wood and I.L. Murray waived their semi-annual bonus payment,
which were determined by the Remuneration Committee and was payable in July
2003, until our cash flow position improved. These semi-annual bonuses of $0.1
million were paid in January&nbsp;2004. Non-executive directors receive a basic fee
of $20,000 per annum, subcommittee fees of $2,000 per annum for each
subcommittee of which they are a member and $4,000 per annum for each
subcommittee of which they are chairperson. During the year ended June&nbsp;30,
2004, we contributed R0.4&nbsp;million ($0.1&nbsp;million) to our defined contribution
plans for our officers and directors. The following table sets forth the
compensation for our directors for the year ended June&nbsp;30, 2004:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Retirement fund</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>contributions/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change in terms of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus/Restraint of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share option</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Basic Salary/Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>employment payment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trade/Expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>scheme gains</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Directors</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($&#146;000)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($&#146;000)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($&#146;000)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($&#146;000)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($&#146;000)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Executive</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">M.M. Wellesley-Wood <SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">I.L. Murray
<SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">A. Lubbe (Alternate director)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">D.T. van der Mescht (Alternate director)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Subtotal</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,148</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>253</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>269</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,670</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>359</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non-Executive</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">M.P. Ncholo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">G.C. Campbell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R. Hume</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">D. Baker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">D.J.M. Blackmur <SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Subtotal</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>133</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>133</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>72</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,281</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>253</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>269</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,803</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>431</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Under the terms of Mr.&nbsp;M.M. Wellesley-Wood&#146;s agreement of employment, he is
entitled to receive a change in terms of employment payment by relinquishing
the post of Chief Executive Officer of the Company, equal to 92% of his total
remuneration package calculated on the basis of the annual remuneration package
under that agreement as determined on December&nbsp;1, 2003. The roles of Chairman
and Chief Executive Officer were separated as required by the JSE Listing
Rules, which came into effect January&nbsp;1, 2004. No other payment of this nature
was made to any officer of the Company in fiscal 2004. The Remuneration
Committee approved the payment which amounted to R1.748&nbsp;million ($0.253
million). This amount became payable during May&nbsp;2004, but payment has been
deferred, at Mr.&nbsp;M.M. Wellesley-Wood&#146;s request.
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
    <TD width="100%"><SUP>2</SUP> Under the terms of Mr.&nbsp;I.L. Murray&#146;s agreement of employment he is entitled
to receive a change in terms of employment payment when he relinquishes the
post of Chief Financial Officer. Mr.&nbsp;I.L. Murray was previously the Deputy
Chief Executive Officer and Chief Financial Officer until December&nbsp;2003, at
which time the role of Chairman and Chief Executive Officer were separated and
Mr.&nbsp;M.M. Wellesley-Wood was appointed as Executive Chairman and Mr.&nbsp;I.L. Murray
was appointed as Chief Executive Officer and Chief Financial Officer. If and
when he relinquishes the post of Chief Financial Officer and upon the Board
appointing a replacement Chief Financial Officer, he would become entitled to
an amount equal to 93% of his annual South African remuneration package
calculated on the basis of the remuneration package under that agreement as
determined on December&nbsp;1, 2003. Such payment would amount to R1.395&nbsp;million
($0.202&nbsp;million) and was approved by the Remuneration Committee. No other
payment of this nature was made to any officer of the Company in fiscal 2004.
As at October&nbsp;31, 2004 the roles of Chief Executive Officer and Chief Financial
Officer have not yet been separated.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>3</SUP> Professor D.J.M. Blackmur was appointed to our board of directors on October
21, 2003.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">132
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="font-size: 10pt">Refer to Item&nbsp;6E &#147;Share Ownership&#148; for details of share options held by
directors.



<P align="left" style="font-size: 10pt"><B>Compensation of senior management</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior management comprises its executive directors and executive
officers. Under the JSE Listing Rules we are not required to, and we do not
otherwise, disclose compensation paid to individual senior managers other than
executive directors. However, the aggregate compensation paid to executive
officers, excluding compensation paid to executive directors, in fiscal 2004
was $2.4&nbsp;million (fiscal 2003: $1.3&nbsp;million), representing 20 executive
officers in fiscal 2004 and 15 executive officers in fiscal 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We pay compensation principally in South African Rands. However, for the
purpose of this annual report, the Rand values have been converted to Dollars
using the following average Rand/Dollar rate of exchanges: fiscal 2004: R6.90 =
$1.00; fiscal 2003: R9.06 = $1.00; and fiscal 2002: R10.12 = $1.00.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonuses or incentives are paid based upon performance against
predetermined key performance indicators. Should an executive director meet all
the targets set in terms of such predetermined key performance indicators, he
will be entitled to a bonus of 40% or 50% of his remuneration package,
depending on his particular agreement. Should an executive director not meet
all the targets set in terms of the predetermined key performance indicators,
he will be entitled to a lesser bonus as determined by the Remuneration
Committee.


<P align="left" style="font-size: 10pt"><B>Service Agreements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service contracts negotiated with each executive and non-executive
director incorporate their terms and conditions of employment and are approved
by our Remuneration Committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s executive directors, Mr.&nbsp;M.M. Wellesley-Wood and Mr.&nbsp;I.L.
Murray, entered into agreements of employment with us and DRD (Isle of Man)
Limited, or DRD (Isle of Man), on the May&nbsp;7, 2004. These agreements regulate
the employment relationship with Messrs.&nbsp;M.M. Wellesley-Wood and I.L. Murray
for the period that commenced on December&nbsp;1, 2003 and ending on November&nbsp;30,
2005. Separate agreements of employment were entered into with us and DRD (Isle
of Man) to reflect the proportionate distribution of time and effort which they
apply between our South African and Australasian operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;M.M. Wellesley-Wood receives from us an all-inclusive remuneration
package of R1.9&nbsp;million ($0.3&nbsp;million), and from DRD (Isle of Man) $250,000 per
annum (payable in pounds sterling in accordance with the exchange rate in
effect on December&nbsp;1, 2003, in an amount of &#163;145,000 per annum). He is also
eligible, under both agreements, to receive an incentive bonus of up to 40% of
his annual remuneration package in respect of each of four bonus cycles of 6
months each, over the duration of his appointment, on condition that he
achieves certain agreed key performance indicators. Mr.&nbsp;M.M. Wellesley-Wood&#146;s
agreements also provide that he will receive a total of up to 460,000 of our
ordinary shares in four equal tranches at intervals of 6&nbsp;months over the
duration of his agreements of employment. In terms of a JSE listing
requirement these allotments were subject to
approval by shareholders. We have since decided, and Mr.&nbsp;M.M. Wellesley-Wood
has agreed, that we will not seek the consent of our shareholders and that he
will not be issued these shares. We are, however, seeking an alternate means of
achieving the objective of the retention incentive, which is not related to the
receiving of our shares. Our agreement further provides that Mr.&nbsp;M.M.
Wellesley-Wood became entitled to an amount equal to 92% of his remuneration
package from us, by virtue of his relinquishing the position of Chief Executive
Officer and Deputy Chairman of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;I.L. Murray receives from us an all-inclusive remuneration package of
R1.5&nbsp;million ($0.2&nbsp;million) and from DRD (Isle of Man) $200,000 per annum. Mr.
I.L. Murray is eligible, under both agreements, for an incentive bonus in
respect of up to 50% of his annual remuneration package in respect of each of
four bonus cycles of 6&nbsp;months each over the duration his appointment, on
condition that he achieves certain key performance indicators. Mr.&nbsp;I.L.
Murray&#146;s agreements also provide that he will receive a total of up to 366,000
of our ordinary shares in four equal tranches at intervals of 6&nbsp;months over the
duration of his agreements of employment. In terms of a JSE listing
requirement these allotments were subject to
approval by shareholders. We have since decided, and Mr.&nbsp;I.L. Murray has
agreed, that we will not seek the consent of our shareholders and that he will not be issued these shares. We are, however,
seeking an alternate means of achieving the objective of the retention
incentive, which is not related to the receiving of our shares. Our agreement
further provides that if he relinquishes the post of Chief Financial Officer
and the Board appoints a replacement Chief Financial Officer, he will become
entitled to an amount equal to 93% of his South African remuneration package
calculated on the basis of the remuneration package as determined on
December&nbsp;1, 2003.


<P align="center" style="font-size: 10pt">133
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each service agreement with our directors provides for the provision of
benefits to the director where the agreement is terminated by us, or DRD (Isle
of Man) Limited in the case of our executive officers, except where terminated
as a result of certain action on the part of the director, or upon the director
reaching a certain age, or by the director upon the occurrence of a change of
control of us. A termination of a director&#146;s employment upon the occurrence of
a change of control of us is referred to as an &#147;eligible termination.&#148; Upon an
eligible termination, the director is entitled to receive a payment equal to at
least one year&#146;s salary or fees, but not more than four year&#146;s salary or fees,
depending on the period of time that the director has been employed. Upon an
eligible termination, all options held by the director under our share option
scheme become exercisable by the director at any time prior to the closing of
the transaction involving a change of control or, in certain circumstances in
the case of executive directors, during the thirty day period following the
closing of such a transaction. Additionally, upon an eligible termination, the
executive directors become entitled to any of the shares granted to such
executive director that have not yet vested, subject to shareholder approval.
Moreover, the Board of Directors may, at its discretion, accelerate the
issuance of shares granted to the executive directors that are scheduled to
vest following the expiration of the agreement in the event that the agreement
automatically terminates and is not extended or replaced by another agreement
with the executive director.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messrs.&nbsp;M.P. Ncholo, G.C. Campbell, R. Hume and D.C. Baker each have
service agreements which run for fixed three year periods until March&nbsp;20, 2005,
July&nbsp;1, 2005, October&nbsp;10, 2004 and January&nbsp;22, 2005, respectively. Mr.&nbsp;D.C.
Baker resigned from our board of directors on October&nbsp;27, 2004 and his service
agreement was terminated. Professor D.J.M. Blackmur&#146;s service agreement runs
for a fixed two year period until October&nbsp;21, 2005. After their respective two
and three year periods, the agreements continue indefinitely until terminated
by either party on not less than three months prior written notice.

<DIV align="left">
<A name="117"></A>
</DIV>

<P align="left" style="font-size: 10pt"><b><i>6C. BOARD PRACTICE</i></B>



<P align="left" style="font-size: 10pt"><B>Board of Directors</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at October&nbsp;31, 2004 the board of directors comprises two executive
directors (Messrs.&nbsp;Wellesley-Wood and Murray) and five non-executive directors
(Messrs.&nbsp;Campbell, Blackmur, Hume, Ncholo and Turk). Mr.&nbsp;I.L. Murray has an
alternate in the person of Messrs.&nbsp;A. Lubbe. The non-executive directors are
independent under the Nasdaq requirements and the South African King II Report,
with the exception of Dr.&nbsp;M.P. Ncholo, by virtue of his shareholding in KBH,
the 60% shareholder of CGR, and Mr.&nbsp;J. Turk, by virtue of his directorship of
G.M. Network Limited (GoldMoney.com) the holding company of Net-Gold Services
Limited in which we have a 50.25% interest.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the King II Report on corporate governance, as
encompassed in the JSE Listing Rules, and in accordance with the South African
Combined Code, the responsibilities of Chairman and Chief Executive Officer
were separated during January&nbsp;2004. Mr.&nbsp;M.M. Wellesley-Wood
was appointed Executive
Chairman and Mr.&nbsp;I.L. Murray was appointed as Chief Executive Officer. In
December&nbsp;2004, Mr.&nbsp;G.C. Campbell was appointed senior independent non-executive
director. In future, the evaluation of the Chairman&#146;s performance will be
considered by the non-executive directors led by the senior independent
non-executive director. An additional non-executive director, Professor D.J.M.
Blackmur, was appointed on October&nbsp;21, 2003. Mr.&nbsp;D.C. Baker resigned from our
board of directors on October&nbsp;27, 2004 and Mr.&nbsp;D.T. van der Mescht, an
alternate director, resigned on August&nbsp;5, 2004 and no replacement has been
appointed as yet. The board has not established a nomination committee, as it
is our policy for details of a prospective candidate to be distributed to all
directors for formal consideration at a full meeting of the board. A
prospective candidate would be invited to attend a meeting and be interviewed
before any decision is taken. In compliance with the Nasdaq rules a majority of
independent directors will select or recommend director nominees.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board&#146;s main roles are to create value for shareholders, to provide
leadership of the Company, to approve the Company&#146;s strategic objectives and to
ensure that the necessary financial and other resources are made available to
the management to enable them to meet those objectives. The board retains full
and effective control over the Company, meeting on a quarterly basis with
additional ad hoc meetings being arranged when necessary, to review strategy
and planning and operational and financial performance. The board further
authorizes acquisitions and disposals, major capital expenditure, stakeholder
communication and other material matters reserved for its consideration and
decision under its terms of reference. The board also approves the annual
budgets for the various operational units.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board is responsible for monitoring the activities of executive
management within the Company and ensuring that decisions on material matters
are referred to the board. The board approves all the terms of reference for
the various subcommittees of the board, including special committees tasked to
deal with specific issues. Only the executive directors are involved with the
day-to-day management of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To assist new directors, an induction program has been established by the
Company, which includes background materials, meetings with senior management,
presentations by the Company&#146;s advisors and site visits. The directors are
assessed annually, both individually and as a board, as part of an evaluation
process, which is driven by an independent consultant. In addition, the
Remuneration Committee formally evaluates the executive directors and the
alternate directors on an annual basis, based on objective criteria.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All directors, in accordance with the Company&#146;s Articles of Association,
are subject to retirement by rotation and re-election by shareholders. In
addition, all directors are subject to re-election by shareholders at the first
annual general meeting following their appointment. The appointment of new
directors is approved by the board as a whole. The names of the directors
submitted for re-election are accompanied by sufficient biographical details in
the notice of the forthcoming annual general meeting to enable shareholders to
make an informed decision in respect of their re-election.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All directors have access to the advice and services of the Company
Secretary, who is responsible to the board for ensuring compliance with
procedures and regulations of a statutory nature. Directors are entitled to
seek independent professional advice concerning the affairs of the Company at
the Company&#146;s expense, should they believe that course of action would be in
the best interests of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A majority of the non-executive directors have share options under the
Company&#146;s share option scheme, but do not believe that this interferes with
their independence. Particulars regarding directors&#146; remuneration and share
options, as well as their interest in the issued ordinary share capital of the
Company, are set out in full reporting Item&nbsp;6A.: &#147;Directors, Senior Management
and Employees&#148; and Item&nbsp;6E.: &#147;Share ownership,&#148; respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board meetings are held quarterly in South Africa or internationally. The
structure and timing of the Company&#146;s board meetings, which are scheduled over
2 or 3&nbsp;days, allows adequate time for the non-executive directors to interact
without the presence of the executive directors. The board meetings include the
meeting of the Risk Committee, Audit Committee and Remuneration Committee which
act as sub committees to the main Board. Each sub committee is chaired by one
of the Independent Non-Executive Directors who provide a formal report back to
the main Board, as part of the quarterly reporting process. Each sub committee
meets for approximately half a day. Certain senior members of staff are
invited to attend the sub committee meetings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board sets the standards and values of the Company and much of this
has been embodied in the Company&#146;s Code of Ethics and Conduct, a copy of which
is available on our website at www.drdgold.com. The Code of Ethics and Conduct
applies to all directors, officers and employees, including the principal
executive, financial and accounting officers, in accordance with Section&nbsp;406 of
the US Sarbanes-Oxley Act of 2002, the related US securities laws and the
Nasdaq rules. The Code contains provisions under which employees can report
violations of Company policy or any applicable law, rule or regulation,
including US securities laws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has a wholly owned subsidiary, DRD (Isle of Man) Limited, and
has established a subsidiary board on the Isle of Man. This board comprises of
three non-executive directors, Mr.&nbsp;M.G. Gisborne, Mr.&nbsp;P.F. Matthews
and Mr.&nbsp;G.C. Campbell. Mr.&nbsp;M.M. Wellesley-Wood is the executive chairman,
with Mr.&nbsp;I.L. Murray acting as his alternate.


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<P align="left" style="font-size: 10pt"><B>Board Committees</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board has established a number of standing committees to enable it to
properly discharge its duties and responsibilities and to effectively fulfill
its decision-making process. Each committee acts within written terms of
reference which have been approved by the Board and under which specific
functions of the board are delegated. The terms of reference for all committees
can be obtained by application to the Company Secretary at the Company&#146;s
registered office. Each committee has defined purposes, membership
requirements, duties and reporting procedures. Minutes of the meetings of
these committees are circulated to the members of the committees and made
available to the board. Remuneration for non-executive directors for their
services on the committees concerned is determined by the board. Currently this
is in the case of each committee: Chairman $4,000 per annum; members $2,000 per
annum. The committees are subject to regular evaluation by the board with
respect to performance and effectiveness.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information reflects the composition and activities of these
committees.

<P align="left" style="font-size: 10pt"><B>Executive Committee</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at June&nbsp;30, 2004, the Executive Committee consisted of Mr.&nbsp;I.L. Murray
(Chairman), Mr.&nbsp;M.M. Wellesley-Wood, Mr.&nbsp;W.T. Beer, Mr.&nbsp;G. Dempsey, Mr.&nbsp;J.
Engels, Mr.&nbsp;I.D. Graulich, Mr.&nbsp;W.G. Koonin, Mr.&nbsp;A.
Lubbe, Mr.&nbsp;M.P. Marriott, Mr.
D.J. Pretorius, Mr.&nbsp;R.L. Johnson and Ms.&nbsp;A.I. Townsend.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee meets on a weekly basis to review current
operations in detail, develop strategy and policy proposals for consideration
by the Board of Directors, implement its directives and consider disclosure
controls and procedures. Members of the Executive Committee who are unable to
attend the meetings in person, are able to participate via teleconference
facilities, to allow participation in the discussion and conclusions reached.



<P align="left" style="font-size: 10pt"><B>Committees of the Board of Directors</B>




<P align="left" style="font-size: 10pt"><I>Remuneration Committee</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Remuneration Committee consists of Mr.&nbsp;G.C. Campbell (Chairman), and
Professor D.J.M. Blackmur.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Remuneration Committee, which is comprised of non-executive directors,
has been appointed by the board of directors. The committee meets quarterly,
but may meet more often on an ad hoc basis if required. The Remuneration
Committee is governed by its terms of reference and is responsible for
approving the remuneration policies of the Company, the terms and conditions of
employment, and the eligibility and performance measures of the Durban
Roodepoort Deep (1996)&nbsp;Share Option Scheme applicable to the executive and non
executive directors and senior management.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The committee&#146;s objective is to evaluate and recommend to the board
competitive packages which will attract and retain executives of the highest
caliber and encourage and reward superior performance. The committee also aims
to ensure that criteria are in place to measure individual performance. The
committee approves the performance-based bonuses of the executive directors
based on such criteria. The Divisional Director: Group Human Resources provides
the committee with access to comparative industry surveys, which assist in
formulating remuneration policies. As and when required the committee may also
engage the services of independent consultants to evaluate and review
remuneration policies and related issues and brief members on pertinent issues.
The committee has in the past year engaged the services of such consultants to
review the employment contracts of the executive directors.




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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The remuneration policy, relating to the remuneration of directors and
senior executives, is based on a reward system comprising of four principal
elements:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Basic remuneration, as benchmarked against industry norms;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bonuses or incentives, which are measured against agreed outcomes or Key
Performance Indicators, or KPIs;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Short-term rewards for exceptional performance; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Long-term retention of key employees based on scarcity of skill and
strategic value, using share options granted under the Durban Roodepoort
Deep (1996)&nbsp;Share Option Scheme or shares for the executive directors.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the policy is available by application to the Company Secretary
at the Company&#146;s registered office.


<P align="left" style="font-size: 10pt"><I>Audit Committee</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at June&nbsp;30, 2004, the Audit Committee consisted of: Mr.&nbsp;R.P. Hume
(Chairman), Mr.&nbsp;D.C. Baker and Mr.&nbsp;G.C. Campbell. Mr.&nbsp;D.C. Baker resigned on
October&nbsp;27, 2004 and Professor D.J.M Blackmur was appointed to the Audit
Committee on November&nbsp;2, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee comprises solely of non-executive directors, all of
whom are independent. The primary responsibilities of the Audit Committee, as
set out in the Audit Committee charter, is to assist the board in carrying out
its duties relating to accounting policies, internal financial control,
financial reporting practices and the preparation of accurate financial
reporting and financial statements in compliance with all applicable legal
requirements and accounting standards. A copy of the charter is available by
application to the Company Secretary at the Company&#146;s registered office.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee meets quarterly with the external auditors, the
Company&#146;s internal audit practitioner, the Chief Financial Officer and the
Divisional Director : Group Finance to review the audit plans of the internal
auditors, to ascertain the extent to which the scope of the internal audits can
be relied upon to detect weaknesses in the internal controls and to review the
annual and interim financial statements prior to approval by the board. The
Audit Committee reviews our annual results, the effectiveness of our system of
internal financial controls, internal audit procedures and legal and regulatory
compliance. The committee also reviews the scope of work carried out by our
internal auditors and holds regular discussions with the external auditors and
internal auditors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The committee appoints, re-appoints and removes the external auditors and
approves the remuneration and terms of engagement of the external auditors.
The committee is required to pre-approve, and has pre-approved, non-audit
services provided by our external auditors. The Company&#146;s external audit
function is currently being undertaken by KPMG Inc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s internal and external auditors have unrestricted access to
the chairman of the Audit Committee and, where necessary, to the Chairman of
the board and Chief Executive Officer. All important findings arising from
audit procedures are brought to the attention of the committee and, if
necessary, to the board.


<P align="left" style="font-size: 10pt"><I>Risk Committee</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at June&nbsp;30, 2004 the Risk Committee consisted of Professor D.J.M
Blackmur (Chairman); Mr.&nbsp;D.C. Baker and Mr.&nbsp;M.M. Wellesley-Wood. Mr.&nbsp;D.C. Baker
resigned on October&nbsp;27, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Risk Committee was established during January&nbsp;2004
with a non-executive
chairman. Its overall objective is to assist the main Board in the discharge of
its duties relating to risk management and control responsibilities, assurance
issues, health, safety and environmental compliance, and the monitoring and
reporting of all these matters. The Risk Committee facilitates communication
between the board, the Audit Committee, internal auditors and other parties
engaged in risk management activities. The terms of reference of the Risk
Committee can be obtained by application to the Company Secretary at the
Company&#146;s registered office.


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<P align="left" style="font-size: 10pt">The Risk Committee&#146;s role is to ensure that:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an effective risk management program is implemented and maintained;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risk management awareness is promoted amongst all employees;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risk programs (financing/insurance) adequately protect the Company against catastrophic risks;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regular risk assessments are conducted;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>total cost of risk in the long term is reduced;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the protection of the Group&#146;s assets is promoted throughout the Group;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the health and safety and well being of all stakeholders is improved; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s activities are carried out in such a way so as to ensure the safety and health of employees.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Risk Committee meets quarterly and reports to the board. Additional
ad hoc meetings may be arranged as and when required. Certain members of
executive management are invited to attend Risk Committee meetings on a regular
basis, such as the Chief Executive Officer, Divisional Director: Group Finance,
the Group Risk Manager, the Group Financial Manager, the Operational Managers,
the Group Legal Counsel, the manager responsible for safety, health and
environment and the Chief Administration Officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the release of the King II Report, in South Africa, containing
minimum practices to be adopted, we have formulated a risk corporate governance
structure, which has been approved by the board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The system to manage risk involves all significant business and
operational risks which could undermine the achievement of business objectives
and undermine the preservation of shareholders values. The significant risks
facing the Group including those at operations have been identified and have
been included in Item&nbsp;3D.: &#147;Risk factors.&#148; Persons have been appointed to
address each risk and the results thereof, are reviewed by senior management
through regular risk meetings. The aim of the internal control systems is for
management to provide reasonable assurance that the objectives will be met. In
addition to the above initiatives the Group also employs third party
consultants to benchmark our operations against other mining operations
throughout South Africa and more than 300 different mining companies
worldwide.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An important aspect of risk management is the transfer of risk to third
parties to protect the Company from any major disaster. We have embarked on a
program to ensure that our major assets and potential business interruption and
liability claims are covered by group insurance policies that encompass our
operations world-wide. The majority of the cover is through reputable
insurance companies in London and Europe and the insurance programs are renewed
on an annual basis. Insurance premiums for the Group have been reduced by more
than 30% in fiscal 2004, due to the risk initiatives undertaken in the Group.
A cell captive has been established to enable further reduction in annual
insurance premiums. An insurance company, Fortis Limited, has been established
to provide workers compensation insurance to the Tolukuma Section in Papua New
Guinea. A saving of 90% against the workers&#146; compensation insurance premium
paid in fiscal 2003, was achieved in fiscal 2004.


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="118"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><i>6D. EMPLOYEES</i></B>



<P align="left" style="font-size: 10pt"><B>Employees</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The geographic breakdown of our employees (including contractors who are
contracted employees employed by third parties), was as follows at the end of
each of the past three fiscal years:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year ended June 30</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004<SUP>1</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003<SUP>1</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">South Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,405</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Australasia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,934</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of employees at June&nbsp;30, 2004 of 13,737 comprises 2,372
contractors and 11,365 employees who are directly employed by us and our
wholly-owned Group companies. As of October&nbsp;31, 2004, we had approximately
11,226 employees. The decrease in the number of employees in fiscal 2004, is
due to the restructuring at the North West Operations which included the
retrenchment of approximately 2,200 employees in September&nbsp;2003 and 1000
employees in April&nbsp;2004, and the reduction of contractors. The decrease in the
number of employees in fiscal 2003, is due to the sale of 60% of our interest
in the Crown Section, effective July&nbsp;1, 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2004, 2003 and 2002, the breakdown of our employees
(excluding Porgera, Emperor, CGR and ERPM) by main categories of activity was
as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Year ended June 30,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Category of Activity</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mining &#151; Our Employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,262</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mining &#151; Contractors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,172</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Engineering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,064</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Metallurgy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,244</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mineral Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">356</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Environmental</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Human Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Medical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Safety</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,934</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Labor Relations</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
at June&nbsp;30, 2004, we employed and contracted approximately 13,737 people
in South Africa and Papua New Guinea. Approximately 70% of South African
employees are members of trade unions or employee associations. This excludes
all employees of the Crown Section and ERPM Section, and all employees from our
20% interest in the Porgera Joint Venture and our 19.78% interest in the
Emperor Section. There were no material incidents of industrial action or labor
unrest at our operations during fiscal 2004.



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP>Excludes employees of Porgera, Emperor, CGR and ERPM.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">139
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="font-size: 10pt"><P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa&#146;s labor relations environment remains a platform for social
reform, while the political transitions that have taken place in the country
have reduced the impact of organized labor on political transformation.
National Union of Mineworkers, or NUM, the major union in the mining industry in South Africa, is
influential in the tripartite alliance between the ruling African National
Congress, the Congress of South African Trade Unions, or COSATU, and the South
African Communist Party as it is the biggest affiliate of COSATU. The
relationship between management and labor unions remains cordial. The Durban
Roodepoort Deep / National Union of Mineworkers, or DRD/NUM, co-ordinating
forum meets regularly to discuss matters pertinent to both parties at Group
level, while operations level forums continue to deal with local matters. The
2003 to 2005 wage agreements provided for a wage increase based on the greater
of an inflation-linked increase measured from the Consumer Price Inflation
Index, or CPIX, plus 1% or otherwise 7%. This agreement took effect from July
1, 2004, with an actual increase of 7%. Wage agreements were also signed with
the other recognized unions and associations.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For details of restructuring within the South African Operations see Item
4D.: &#147;Property, Plant and Equipment.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By statute we are required to pay each employee who is dismissed for
reasons based on the operational requirements of our operations, a severance
package of not less than one week&#146;s remuneration for every completed year of
service. In the aforementioned agreements with organized labor we undertook, as
in the past, to pay packages equal to two weeks basic pay for every completed
year of service as part of a balancing compromise with the labor unions between
the high additional costs of non-financial items and incentive payments (which
are deemed part of remuneration), and an additional one week benefit based on
basic pay.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma Section in Papua New Guinea is not unionized, however, labor
relations and the relationship with the surrounding communities are maintained
by way of worker consultative committees and a community forum lead by the
Community Relations Manager.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIDS represents a very serious threat to us and the gold mining industry
as a whole in terms of the potential reduced productivity and increased medical
costs. The exact extent of infection in our workforce is not known at present,
although it is roughly estimated by the industry that the prevalence of HIV,
the virus that causes AIDS, in the South African industry is currently
approximately 30% to 40%. We have several AIDS awareness campaigns in place at
our operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blyvoor has contracted AngloGold Health Services to provide all health
care services, including a wellness program, which treats AIDS related
illnesses, provides counseling on healthy life styles and monitors the
progression of the HIV virus. Similar services are offered at our North West
Operations by our 100% owned subsidiary, Duff Scott Hospital (Pty) Limited.


<P align="left" style="font-size: 10pt"><I>Safety statistics</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the importance of our labor force, we continuously strive to create
a safe and healthy working environment. These objectives are clearly reflected
in the following overall statistics for our managed mines (including the Crown
and ERPM Sections, but excluding Porgera):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>(Per million man hours)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lost time injury frequency rate (LTIFR)<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.96</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Reportable incidence<SUP>1</SUP> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.34</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fatalities<SUP>1</SUP> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Number of fatalities (average per month)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.60</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Calculated as follows: Actual number of instances divided by the total number
of man hours worked multiplied by one million.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">140
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="119"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><i>6E. SHARE OWNERSHIP</i></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of October&nbsp;31, 2004, options to purchase ordinary shares held by
directors were as follows:


<P align="left" style="font-size: 10pt"><B>Directors</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options at</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>granted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>lapsed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options at</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>during the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>during the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>during the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nov 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>period</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price (R)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price (R)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Expiration Dates<SUP>1</SUP></B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Executive</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">M.M. Wellesley Wood.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">933,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,023,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">4/30/12-10/27/13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">I.L. Murray</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">793,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">8/21/10-10/27/13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Alternate Directors</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">A. Lubbe <SUP>2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">213,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">10/1/11-11/1/17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">D.T. van der Mescht
<SUP>3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">307,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">10/1/11-4/26/14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non-Executive</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">P.M. Ncholo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">3/20/12-10/27/13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">G.C. Campbell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">3/20/12-10/27/13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R.P. Hume</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">10/1/11-10/27/13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">D.C. Baker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">9/26/11-10/27/13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">D.J.M. Blackmur<SUP>4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each option is representative of a right to acquire one ordinary share at
a predetermined exercise price.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed periods apply to share trading by directors and other employees,
whenever certain employees of the Company become or could potentially become
aware of material price sensitive information, such as information relating to
an acquisition, quarterly results etc., which is not in the public domain.
When these employees have access to this information an embargo is placed on
share trading for those individuals concerned. The embargo need not involve
the entire Company in the case of an acquisition and may only apply to the
board of directors, executive committee, and the financial and new business
teams, but in the case of quarterly results the embargo is group-wide.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the listings requirements of the JSE, we are not required to
disclose, and we do not otherwise disclose or ascertain, share ownership of
individual executive officers in our share capital. However, to the best of our
knowledge, we believe that our ordinary shares held by executive officers, in
aggregate, do not exceed 1&nbsp;percent of the Company&#146;s issued ordinary share
capital. For details of share ownership of directors see Item&nbsp;7A.: &#147;Major
Shareholders&#148;


<P align="left" style="font-size: 10pt"><B>Durban Roodepoort Deep (1996)&nbsp;Share Option Scheme</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate a securities option plan as an incentive tool for our executive
directors, non-executive directors and senior employees whose skills and
experience are recognized as being essential to the Company&#146;s performance. In
terms of the scheme rules, a maximum of 15% of the issued ordinary shares is
reserved for issuance thereunder and no participant may hold options at any
time, which if exercised in full, would exceed 2% of our issued share capital
at that time. As at October&nbsp;31, 2004, the number of issued and exercisable
share options is approximately 3.6% of the issued ordinary share capital, which
is within the National Association of Pension Funds (United Kingdom)
international accepted guideline of 3 - 5% for such schemes. In addition, the participants in the Scheme are fully
taxed at their maximum marginal tax rate on any gains realized on the exercise
of their options.




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="100%"><SUP>1</SUP> Certain directors hold options which expire at various times. For those
directors, a range is provided indicating the earliest and latest expiration
dates.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>2</SUP> Mr.&nbsp;A. Lubbe was appointed to our board of directors as an alternate director
on July&nbsp;1, 2003.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>3</SUP> Mr.&nbsp;D.T. van der Mescht was appointed to our board of directors as an
alternate directors on July&nbsp;1, 2003. He subsequently resigned from his position
of Divisional Director : South African Operations and as alternate member of
the board on August&nbsp;5, 2004.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="100%"><SUP>4</SUP> Professor D.J.M. Blackmur was appointed to our board of directors on October
21, 2003.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">141
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">







<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The price at which an option may be exercised is the lowest seven day
trading average of the closing market prices of an ordinary share on the JSE,
as confirmed by our directors, during the three months preceding the day on
which the employee is granted the option. Each option remains in force for ten
years after the date of grant, subject to the terms of the option plan. Options
granted under the plan vest at the discretion of our directors, but primarily
according to the following schedule over a maximum of a three year period:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Percentage vested in each period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Period after the original date of the option grant</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR align="center" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">25%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">6 months</TD>
</TR>

<TR align="center">
    <TD><DIV style="margin-left:10px; text-indent:-10px">25%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">1 year</TD>
</TR>

<TR align="center" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">25%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">2 years</TD>
</TR>

<TR align="center">
    <TD><DIV style="margin-left:10px; text-indent:-10px">25%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">3 years</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any options not exercised within ten years from the original date of the
option grant will expire and may not thereafter be exercised.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options to purchase a total of 8,345,363 ordinary shares were outstanding
on June&nbsp;30, 2004, of which options to purchase 3,383,479 ordinary shares were
currently exercisable. In fiscal 2004, a total of 115 employees participated in
the scheme including directors, non executive directors and other senior
employees. The outstanding options are exercisable at purchase prices that
range from R4.52 to R36.08 per share and expire ten years from the date of
issue to the participants.


<P align="center" style="font-size: 10pt">142</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="120"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</B>


<DIV align="left">
<A name="121"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>7A. MAJOR SHAREHOLDERS</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of October 31, 2004, our issued capital consisted of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>251,625,006 ordinary shares of no par value; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>5,000,000 cumulative preference shares.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To our knowledge, we are not directly or indirectly owned or controlled by
another corporation or any person or foreign government and there are no
arrangements, the operation of which may at a subsequent date result in a
change in control of us.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on information available to us, as of October&nbsp;31, 2004:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there were 4,597 record holders of our ordinary shares in South
Africa, who held approximately 7,526,065 or approximately 2.99% of our
ordinary shares;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there was one record holder of our cumulative preference shares in
South Africa, who held 5,000,000 or 100% of our cumulative preference shares;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there were no record holders of our ordinary shares or ADSs
underlying the 6% Senior Convertible Notes due 2006;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there were no US record holders of our ordinary shares, excluding
those shares which are held as part of our ADS program; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there were 3,701 record holders of our ADSs in the United States, who
held approximately 205,273,787 or approximately 81.58% of our ordinary shares.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table set forth information regarding the beneficial
ownership of our ordinary shares as of October&nbsp;31, 2004 by:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of our directors; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any person whom the directors are aware of as at October&nbsp;31, 2004 who
is interested directly or indirectly in 5% or more of our ordinary
shares.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Shares Beneficially Owned</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Holder</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">M. M. Wellesley-Wood.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">I.L. Murray</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">A. Lubbe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">M.P. Ncholo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">G.C. Campbell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R.P. Hume</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">D.C. Baker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bank of New York ADRs
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,273,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">101 Barclay Street</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">New York, NY 10011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indicates share ownership of less than 1% of our outstanding ordinary shares.</TD>
</TR>

</TABLE>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;M.P. Ncholo&#146;s interest does not include 4,794,889 of our ordinary
shares held by KBH, of which Dr.&nbsp;M.P. Ncholo is the Chairman. The shares
originally issued to KBH were subject to a put and call derivative instrument
between KBH and Investec Bank Limited, or Investec, with the shares held as
security. Investec exercised their option and took possession of the shares in
three equal tranches in June, July and August&nbsp;2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial ownership is determined in accordance with the rules of the SEC
and generally includes voting or investment power with respect to securities.
Ordinary shares issuable pursuant to options, to the extent the options are
currently exercisable or convertible within 60&nbsp;days of October&nbsp;31, 2004, are
treated as outstanding for computing the percentage of any other person. As of
October&nbsp;31, 2004, we are not aware of anyone owning 5% or more of our ordinary
shares other than the Bank of New York which holds 81.58% of our issued
ordinary shares through our ADR program. Unless otherwise noted, each person or
group identified possesses sole voting and investment power with respect to the
shares, subject to community property laws where applicable. Unless indicated
otherwise, the business address of the beneficial owner is: DRDGOLD Limited, 45 Empire Road, Parktown, Johannesburg, South Africa, 2193.


<P align="left" style="font-size: 10pt"><B>Cumulative Preference Shares</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randgold and Exploration Company Limited, or Randgold, owns 5,000,000
(100%) of our cumulative preference shares. Randgold&#146;s address is 5 Press
Avenue, Selby, Johannesburg, South Africa.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of cumulative preference shares do not have voting rights
unless any preference dividend is in arrears for more than six months. The
terms of issue of the cumulative preference shares are that they carry the
right, in priority to the Company&#146;s ordinary shares, to receive a dividend
equal to 3% of the gross future revenue generated by the exploitation or the
disposal of the Argonaut mineral rights acquired from Randgold &#038; Exploration
Company Limited in September&nbsp;1997. However, they will obtain voting rights once
the Argonaut Project becomes an operational gold mine. Additionally, holders of
cumulative preference shares may vote on resolutions which adversely affect
their interests and on the disposal of all or substantially all of our assets
or mineral rights. There is currently no active trading market for our
cumulative preference shares. No shareholder has voting rights which differ
from the voting rights of any other shareholder.


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="122"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>7B. RELATED PARTY TRANSACTIONS</I></B>



<P align="left" style="font-size: 10pt"><I>iProp Loan Note</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;12, 2002, we entered into a loan agreement with Crown Gold
Recoveries (Pty) Limited, or CGR, in terms of which an amount of R37.7&nbsp;million
($3.6&nbsp;million) is recorded as owing by CGR to us. CGR was an indirect
wholly-owned subsidiary of Crown Consolidated Gold Recoveries (Pty) Limited, or
CCGR. We have sold 60% of our interest in CGR to Khumo Bathong Holdings (Pty)
Limited, or KBH. This amount was originally owed by CGR to iProp Ltd
(previously known as RMP Properties SA Limited), or iProp, in terms of a
secured loan note. In an arrangement in which JCI Gold Limited, or JCI, paid
iProp R38.0&nbsp;million ($3.7&nbsp;million) in exchange for an issue by us to JCI Gold
of 8,000,000 ordinary shares, the loan note was ceded to us. The loan note has
now been cancelled and restated in terms of the loan agreement entered into on
June&nbsp;12, 2002. The total amount outstanding on this loan as of October&nbsp;31,
2004, is R50.2&nbsp;million ($8.2&nbsp;million). The loan bears interest at the prime
rate of The Standard Bank of South Africa Limited. As of June&nbsp;30, 2004 the
interest rate was 11.5% per annum and as of October&nbsp;31, 2004, the interest rate
on this loan stood at 11%. The loan is repayable on demand within seven years.
Interest is payable annually in arrears. The loan is unsecured. In terms of the
loan agreement the principal amount will be repaid in equal annual
installments. As at October&nbsp;31, 2004, this balance was still owing to us,
however, we have recognized losses generated by CGR and its subsidiary against
this loan and it is carried at a nil value.


<P align="left" style="font-size: 10pt"><I>R.A.R. Kebble</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A loan received from Mr.&nbsp;R.A.R. Kebble, amounting to R5.3&nbsp;million ($0.51
million) was repaid during the year ended June&nbsp;30, 2002. Interest on this
amount during that fiscal year amounted to R0.4&nbsp;million ($0.04&nbsp;million).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into an agreement with Mr.&nbsp;R.A.R. Kebble in March&nbsp;2002 whereby
Mr.&nbsp;R.A.R. Kebble retired from employment with us with effect from March&nbsp;19,
2002 and ceased to be a director of our board with effect from June&nbsp;30, 2002.
Pursuant to that agreement we undertook to pay an amount of R3.1&nbsp;million ($0.3
million) to Mr.&nbsp;R.A.R. Kebble on June&nbsp;30, 2002. We believe that we are not
required to pay this amount and we have not done so. One of the reasons for
this is that we believe we have a counterclaim against Mr.&nbsp;R.A.R. Kebble in
excess of this claim.


<P align="left" style="font-size: 10pt"><I>C. Press Loan</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2003 Mr.&nbsp;C. Press, a director of Net-Gold Services (Pty)
Limited, or Net-Gold, a consolidated subsidiary company, loaned an amount of
US$24,946 to Net-Gold. This loan is interest free, unsecured and has no fixed
terms of repayment. The funds were used for short-term working capital
advances. As at October&nbsp;31, 2004, the full balance was still outstanding.


<P align="left" style="font-size: 10pt"><I>Crown Gold Recoveries (Pty) Ltd, or CGR</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the sale by us of 60% of our interest in CGR we agreed
to lend KBH R5.3&nbsp;million ($0.7&nbsp;million) under a loan agreement entered into on
June&nbsp;12, 2002. Prior to this, CGR was an indirect wholly-owned subsidiary of
ours. The loan bears interest at the prime rate of The Standard Bank of South
Africa Limited. As of October&nbsp;31, 2004, the outstanding balance was R7.3
million ($1.2&nbsp;million). The loan is repayable on demand within five years.
Interest is payable annually in arrears. The loan was secured by KBH&#146;s pledge
to us of 49,928,824 shares in ERPM. However, since the acquisition of ERPM by
CGR, the loan is no longer secured. The strategic value of this transaction was
that it has enabled us to introduce a black empowerment entity, KBH, which is
necessary in terms of the new Mining Charter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;12, 2002, we entered into two loan agreements with CGR, the first
being for R0.9&nbsp;million ($0.09&nbsp;million) and the second being for R37.7&nbsp;million
($3.6&nbsp;million). The first loan is payable on demand within three years and
interest is payable annually in arrears and the second loan is payable on
demand within seven years and interest is payable annually in arrears. The
total amount outstanding on these loans, as at October&nbsp;31, 2004, is R50.7
million ($8.2&nbsp;million), however, we have recognized losses generated by CGR and
its subsidiary against this loan and it is carried at a nil value.



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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the same date, we entered into a shareholders&#146; agreement with KBH, the
Industrial Development Corporation, or IDC, CCGR and CGR. This agreement provides that the board of CGR shall comprise
two directors appointed by CCGR and three directors appointed by KBH. The
agreement also provides that certain business matters such as amending the
memorandum and articles of association of CGR, canceling the services agreement
with us or incurring certain indebtedness requires the approval of CGR, in the
case of shareholder matters, or a director appointed by CGR in the case of
directors matters. Additionally, the agreement places restrictions on our
ability to dispose of shares of CGR without the prior written consent of the
other shareholders. The shareholder agreement also provides that unless its
board of directors determines otherwise, CGR shall declare an annual dividend
of a minimum of 30% of the net profits of CGR after taxes and interest. As of
October&nbsp;31, 2004, no dividends have been declared.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This shareholders&#146; agreement also documents three previously interest free
loans from CCGR to CGR totaling R190.0&nbsp;million ($30.3&nbsp;million). Under the terms
of the share purchase agreement, 57% (R108.0&nbsp;million ($17.2&nbsp;million)) of the
principal amount of these loans were sold to IDC and 3% (R5.7&nbsp;million ($0.9
million)) to KBH. However, upon KBH exercising its option to purchase IDC&#146;s
interest in CGR, IDC&#146;s portion of this loan was ceded to KBH. These balances
are still outstanding as at October&nbsp;31, 2004, however, we have recognized
losses generated by CGR and its subsidiaries against this loan and it is
carried at a nil value.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These loans currently bear interest at the prime rate charged by The
Standard Bank of South Africa Limited on overdraft which as of October&nbsp;31,
2004, stood at 11%. It is the intention of the parties to amend the terms of
the three shareholders&#146; loans. It is expected that the shareholders&#146; loans will
continue to bear interest at the prime rate and the interest will be repayable
in equal monthly payments over the period of the loans. The conditions in
CCGR&#146;s shareholder loan to CGR, which waive the requirement that CGR maintain
an interest cover ratio of 2.5 to 1, will be deleted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;M.P. Ncholo, one of our non-executive directors, is also the chairman
of KBH. The 4,794,889 shares originally issued to KBH were subject to a put and
call option instrument between KBH and Investec, with the shares held as
security. The option was exercised and Investec took possession of the shares
in three equal tranches in June, July and August&nbsp;2004.


<P align="left" style="font-size: 10pt"><I>East Rand Proprietary Mines Limited</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;10, 2002, Daun et Cie AG, Courthiel Holdings (Pty) Ltd, KBH,
Claas Edmond Daun, Paul Cornelis Thomas Schouten, Moltin Paseka Ncholo,
Masechaba Palesa Moletsane Ncholo, Michelle Patience Baird, Derek Sean
Webbstock, or collectively the Sellers, and CGR, entered into an agreement in
terms of which CGR agreed to purchase from the Sellers the entire issued share
capital and shareholders&#146; claims of ERPM. Dr.&nbsp;M.P. Ncholo is one of our
non-executive directors and we own a 40% interest in CGR. The purchase price
for the acquisition of the shares and the claims was R100&nbsp;million ($9.5
million). CGR loaned an amount of R60&nbsp;million ($5.7&nbsp;million) to the Sellers as
an interest free loan, and CGR received from the Sellers, as security for the
loan, a pledge of the entire issued share capital of ERPM and a cession of the
Sellers&#146; claims to CGR. The conditions of the sale were fulfilled and the
amount was deemed to be paid to the Sellers on account of the purchase price.
An existing mortgage bond registered by ERPM in favor of Courthiel Holdings
(Pty) Ltd securing shareholder loans in the sum of R10&nbsp;million ($1.9&nbsp;million)
was also ceded to CGR as security on October&nbsp;11, 2002. The full amount is still
owing under the bond.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The competition authorities&#146; approval for the acquisition of ERPM by CGR
was obtained and the R60&nbsp;million ($5.7&nbsp;million) loan was deemed to be part
payment of the purchase price. As to the balance of the purchase price of R40
million ($3.8&nbsp;million), KBH, a 40% shareholder in CGR, agreed to use its best
endeavors to obtain a loan of R40&nbsp;million ($3.8&nbsp;million) from the IDC which was
paid to the Sellers as final part payment of the purchase price of the ERPM
acquisition. CGR procured the release of the Sellers from all statutory
environmental obligations, including obligations to furnish guarantees and the
like to the Department of Minerals and Energy, or DME, affairs, and ERPM will
assume the Sellers&#146; responsibilities in this regard. CGR acquired ERPM as is,
without indemnification for any disclosed or undisclosed liabilities, which
could require CGR to incur significant financial obligations to satisfy any
liability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;10, 2002, in order to enable CGR to effect payment of the
purchase price of the acquisition of ERPM, we entered into a loan agreement
with CGR pursuant to which we agreed to lend to CGR the sum of R60&nbsp;million
($5.7&nbsp;million). The loan bore interest at the rate of 18.4% and was secured by
a notarial general covering bond over all movable assets of CGR. This loan has
been repaid.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;1, 2003 and April&nbsp;7, 2003, we advanced to CGR R9.8&nbsp;million
($1.6&nbsp;million) and R2.1&nbsp;million ($0.3&nbsp;million), respectively, on the same
terms. These amounts were advanced for ERPM acquisition costs and working
capital requirements respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, on September&nbsp;18, 2002, in connection with CGR&#146;s acquisition
of ERPM, we provided a working capital facility of R10.0&nbsp;million ($1.6&nbsp;million)
to ERPM. The loan bears interest at the prime rate charged by The Standard Bank
of South Africa Limited on overdraft and as of October&nbsp;31, 2004, the interest
rate on the loan stood at 11%. The loan is secured by a pledge of certain
movable assets of ERPM.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, from July&nbsp;1, 2003 to April&nbsp;30, 2004, funds were advanced to
ERPM by way of a capital expansion loan of R32.2&nbsp;million ($5.1&nbsp;million) and on
September&nbsp;1, 2003, by way of debentures of R16.0&nbsp;million ($2.6&nbsp;million). These
funds were utilized to fund infrastructure upgrades and the purchase of mining
equipment. The loan facility is repayable in equal installments over the next
5&nbsp;years and bears interest at prime less 0.5%. The debentures are repayable in
78&nbsp;months from issue date and bear interest at prime less 2.5%. In addition
the debentures attract a royalty of 0.267% of the gross revenue received from
net smelter revenue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the low Rand gold price coupled with a number of unforeseen
operational setbacks, the structured capital expansion and underground resource
development plan at ERPM was abandoned. All project finance loans advanced to
CGR and ERPM, and included above, totaling $8.8&nbsp;million were included in the
investment in our associate, against which losses recorded by the associate,
were recognized against these advances in fiscal 2004.


<P align="left" style="font-size: 10pt"><I>Management Service Agreements</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide management services for CGR and ERPM under management service
agreements entered into with each of them. These services include financial
management, gold administration and hedging, technical and engineering
services, mineral resource services and other management related services. We
own a 40% interest in CGR. ERPM is a wholly-owned subsidiary of CGR. These
arrangements allow us to monitor and provide input on the management of these
companies in which we have an investment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For CGR we provide management services with KBH. The management services
at ERPM are provided exclusively by us. Our management fee for services
performed at the Crown Section was R0.7&nbsp;million ($0.07&nbsp;million) per month and
our management fee for services performed at the ERPM Section is approximately
R1.5&nbsp;million ($0.1&nbsp;million) per month. The agreement with CGR entered on July
1, 2002, was for one year and was renewable annually. The agreement with the
ERPM Section entered on July&nbsp;1, 2002, was for a fixed two year period with an
option to renew. In April&nbsp;2004, the management fees were revised to R0.3
million ($ 0.04&nbsp;million) per month for both the Crown Section and the ERPM
Section.


<P align="left" style="font-size: 10pt"><I>Rand Refinery Agreement</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;12, 2001, we entered into an agreement with Rand Refinery
Limited, or RRL, for the refining and sale of all of our gold produced in South
Africa. Under the agreement, RRL performs the final refining of our gold and
casts it into troy ounce bars. RRL then sells the gold on the same day as
delivery, at the London afternoon close price on the day the gold is sold. In
exchange for this service, we pay RRL a variable refining fee plus fixed
marketing, loan and administration fees. For fiscal 2004 this amounted to $0.9
million. Mr.&nbsp;W.G. Koonin, our Divisional Director: Group Finance, is also a
director of RRL and has been appointed as a member of their audit committee.
Also, Mr.&nbsp;I.D. Graulich, our General Manager: Investor Relations, is an
alternate director to Mr.&nbsp;W. G. Koonin. We currently own 10.6% of RRL (which is
jointly owned by South African gold mining companies).


<P align="left" style="font-size: 10pt"><I>Consultancy Service Agreement</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;2, 2002, we entered into a consultancy service agreement with
one of our non-executive directors, Mr.&nbsp;N. Goodwin. Under this agreement, Mr.
N. Goodwin provided us with project management services at the Argonaut
Project. The agreement was for a fixed one year term from September&nbsp;2, 2002, so
long as the Argonaut Project was ongoing. Under this agreement, Mr.&nbsp;N. Goodwin was paid a fee of $400 per day. Mr.
Goodwin worked for 128&nbsp;days under this agreement for a total amount of $51,200.
Mr.&nbsp;N. Goodwin resigned as a non-executive director effective January&nbsp;29, 2003.
This agreement was terminated as of February&nbsp;26, 2003.

<P align="center" style="font-size: 10pt">147
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><I>Assistance with regards to funeral expenses</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2004, financial assistance was provided by ERPM, our 40%
associate company with KBH, to the family of Dr.&nbsp;M.P. Ncholo, a non-executive
director of our Company, and executive director of KBH, with regards to funeral
expenses relating to the death of a family member who was a temporary employee
of ERPM. In terms of ERPM&#146;s practice, the funds were advanced on compassionate
grounds to assist the family with costs associated with the funeral. This
amounted to R90,447 ($14,414). At October&nbsp;31, 2004 this amount was still
outstanding in the accounts of ERPM.


<P align="left" style="font-size: 10pt"><I>Employment agreements with executive directors</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;M.M. Wellesley-Wood receives from the Company an all-inclusive
remuneration package of R1.9&nbsp;million ($0.3&nbsp;million), and from DRD (Isle of Man)
$250,000 per annum. He is also eligible, under his agreement with us and his
agreement with DRD (Isle of Man), to receive an incentive bonus of up to 40% of
his annual remuneration package in respect of each of four bonus cycles of 6
months each, over the duration of his appointments, on condition that he
achieves certain agreed key performance indicators. Mr.&nbsp;M.M. Wellesley-Wood&#146;s
agreements also provide that he will receive a total of up to 460,000 of our
ordinary shares in four equal tranches at intervals of 6&nbsp;months over the
duration of his agreements of employment. In terms of a JSE listing
requirement these allotments were subject to
approval by shareholders. We have since decided, and Mr.&nbsp;M.M. Wellesley-Wood
has agreed, that we will not seek the consent of our shareholders and that he
will not be issued these shares. We are, however, seeking an alternate means of
achieving the objective of the retention incentive, which is not related to the
receiving of our shares. Our agreement further provides that Mr.&nbsp;M.M.
Wellesley-Wood became entitled to an amount equal to 92% of his annual
remuneration package from us, by relinquishing the position of Chief Executive
Officer and Deputy Chairman of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;I.L. Murray receives from the Company an all-inclusive remuneration
package of R1.5&nbsp;million ($0.2&nbsp;million) and from DRD (Isle of Man) $200,000 per
annum. Mr.&nbsp;I.L. Murray is eligible, under his agreement with us and his
agreement with DRD (Isle of Man), to receive an incentive bonus in respect of
up to 50% of his annual remuneration package in respect of each of four bonus
cycles of 6&nbsp;months each over the duration his appointments, on condition that
he achieves certain key performance indicators. Mr.&nbsp;I.L. Murray&#146;s agreements
also provide that he will receive a total of up to 366,000 of our ordinary
shares in four equal tranches at intervals of 6&nbsp;months over the duration of his
agreements of employment. In terms of a JSE listing
requirement these allotments were subject to approval by
shareholders. We have since decided, and Mr.&nbsp;I.L. Murray has agreed, that we
will not seek the consent of our shareholders and that he will not be issued
these shares. We are, however, seeking an alternate means of achieving the
objective of the retention incentive, which is not related to the receiving of
our shares. If he relinquishes the post of Chief Financial Officer and the
Board appoints a replacement Chief Financial Officer, he will become entitled
to an amount equal to 93% of his annual South African remuneration package
calculated on the basis of the remuneration package as determined on December
1, 2003.


<P align="left" style="font-size: 10pt"><I>Appointment of J. Turk as Non-Executive Director</I>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;J. Turk was appointed as a non-executive director on October&nbsp;27, 2004. Mr.
J. Turk is the founder and a director of G.M. Network Limited (GoldMoney.com).
In April&nbsp;2004, we acquired 50.25% of the shares in Net-Gold Services Limited, a
subsidiary of G.M. Network Limited (GoldMoney.com).

<DIV align="left">
<A name="167"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><i>7C. INTERESTS OF EXPERTS AND COUNSEL</I></b>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.


<P align="center" style="font-size: 10pt">148
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="123"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 8. FINANCIAL INFORMATION</B>


<DIV align="left">
<A name="124"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>8A. CONSOLIDATED FINANCIAL STATEMENTS AND OTHER INFORMATION</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Item&nbsp;18.: &#147;Financial Statements.&#148;


<P align="left" style="font-size: 10pt"><B>Legal Proceedings</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Legal proceedings&#148; under Item&nbsp;4D.: &#147;Property, plant and equipment.&#148;


<P align="left" style="font-size: 10pt"><B>Dividend Policy</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Item&nbsp;10B.: &#147;Memorandum and Articles of Association&#148;.

<DIV align="left">
<A name="125"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>8B. SIGNIFICANT CHANGES</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See note 25 &#147;Subsequent Events&#148; under Item&nbsp;18.: &#147;Financial Statements.&#148;

<DIV align="left">
<A name="126"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 9. THE OFFER AND LISTING</B>


<DIV align="left">
<A name="127"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>9A. OFFER AND LISTING DETAILS</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth, for the periods indicated, the high and
low market sales prices and average daily trading volumes of our ordinary
shares on the JSE and ADSs on the Nasdaq SmallCap Market.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Price Per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Price Per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Average Daily</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Ordinary Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>ADS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Trading</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>R</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>$</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Volume</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ordinary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Year Ended </B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>High</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Low</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>High</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Low</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ADSs</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">June&nbsp;30, 2000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">671,956</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">June&nbsp;30, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593,520</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">June&nbsp;30, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,085,179</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">June&nbsp;30, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,809,445</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">June&nbsp;30, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,084,794</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Price Per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Ordinary Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Price Per ADS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Average Daily</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>R</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>$</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Trading Volume</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ordinary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Year Ended</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Quarter</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>High</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Low</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>High</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Low</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ADSs</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">June&nbsp;30, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">292,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,222,610</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,067,297</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,776,048</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,160,115</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">June&nbsp;30, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,164,865</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,541,106</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,881,572</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,682,855</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">149
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Price Per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Ordinary Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Price Per ADS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Average Daily</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>R</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>$</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Trading Volume</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ordinary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Month Ended</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>High</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Low</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>High</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Low</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ADRs</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">April&nbsp;30, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,431,329</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">May&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,892,960</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">June&nbsp;30, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,731,815</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">July&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,859,826</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">August&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,355,741</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">September&nbsp;30, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,303,178</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<A name="128"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>9B. PLAN OF DISTRIBUTION</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<DIV align="left">
<A name="129"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>9C. MARKETS</I></B>



<P align="left" style="font-size: 10pt"><B>Nature of Trading Markets</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal trading market for our equity securities is the JSE and the
Australian Stock Exchange, or ASX, and our ADSs that trade on the Nasdaq
SmallCap Market in the form of ADRs under the symbol &#147;DROOY.&#148; Our ordinary
shares trade on the JSE under the symbol &#147;DUR.&#148; Our ordinary shares also trade
on the LSE (symbol: DBNR), the Marche Libre on the Paris Bourse (symbol: DUR),
Brussels Bourse (symbol: DUR) in the form of International Depository Receipts,
Port Moresby Stock Exchange (symbol: DUR) and ASX (symbol: DRD). The ordinary
shares also trade on the over the counter markets in Berlin, Stuttgart and the
Regulated Unofficial Market on the Frankfurt Stock Exchange. The ADRs are
issued by The Bank of New York, as depositary. Each ADR represents one ADS.
Each ADS represents one of our ordinary shares. Prior to February&nbsp;2001, our
ADSs traded on the Nasdaq National Market.


<P align="left" style="font-size: 10pt"><B>Nasdaq Exemptions</B>
<P align="left" style="font-size: 10pt"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption from the
shareholder approval requirements</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between August and December&nbsp;2003, the Company entered into a series of
discounted issuances with several different investors resulting in the issuance
of ordinary shares, and securities convertible into ordinary shares, totaling
46,843,902, or 25.43% of the total shares outstanding on a pre-issuance basis.
Included within those issuances, on December&nbsp;12, 2003, the Company entered into
an agreement granting Investec the option to acquire 10.2&nbsp;million ordinary
shares. The Company requested an exemption from Nasdaq Marketplace Rule
4350(i)(1)(D) in reliance upon Nasdaq Marketplace Rule&nbsp;4350(a). Rule
4350(i)(1)(D) provides that shareholder approval is required upon issuing 20%
or more of the common stock or 20% or more of the voting power outstanding
before the issuance for less than the greater of book or market value of the
stock. Nasdaq granted this exemption on the basis that the shareholder approval
requirements of Rule&nbsp;4350(i)(1)(D) are contrary to generally accepted business
practices of companies located in South Africa.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The South African Companies Act of 1973 (as amended) requires issuers to
obtain shareholder approval before the issuance of any shares or rights to
shares, which approval can be provided by specific authority or a general
authority granted by means of a resolution passed by shareholders in a general
meeting. JSE Listing Requirements require 75% shareholder approval for any
issuance of shares for cash. JSE Listing Requirements do, however, permit an
issuer to issue shares for cash under a general authority granted by its
shareholders, but not in excess of 15% of the company&#146;s total issued share
capital during any financial year under that authority, or the general
authority. In terms of the specific issuances for which the Company received
the exemption from Nasdaq described above, there was no JSE requirement that
would mandate specific shareholder approval for these transactions. The JSE
Listing Requirements accept a general authority by our shareholders under
certain circumstances. The shareholders had approved a general authority which
covered the relevant transactions by resolutions passed at the Company&#146;s annual
general meetings in November&nbsp;2003. In addition, included in the shares issued
for cash were approximately 24.4&nbsp;million shares to the value of R435.5&nbsp;million
($63.1&nbsp;million) which were used for the acquisition of the Porgera Joint
Venture. Approval was obtained from the JSE to deem these shares to be a vendor
placing.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exemption from the quorum requirements</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq&#146;s Marketplace Rules, which apply to all companies listed on the Nasdaq Stock Market and
Nasdaq SmallCap Market, state in Rule 4350(f) that the minimum quorum for any meeting of holders of
the company&#146;s common stock must be no less than 33 1/3% of the issuer&#146;s outstanding shares.
Consistent with the practice of companies incorporated in South Africa, our articles of association
only require a quorum of three members. As a result, and in connection with the listing of our
ADSs on the Nasdaq National Market in July&nbsp;1996, we requested, and Nasdaq granted us in October
1996, an exemption from compliance with the Rule 4350(f) quorum requirement.


<P align="center" style="font-size: 10pt">150
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="130"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>9D. SELLING SHAREHOLDERS</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<DIV align="left">
<A name="131"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>9E. DILUTION</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<DIV align="left">
<A name="132"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>9F. EXPENSES OF THE ISSUE</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<DIV align="left">
<A name="133"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 10. ADDITIONAL INFORMATION</B>


<DIV align="left">
<A name="134"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>10A. SHARE CAPITAL</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

<DIV align="left">
<A name="135"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>10B. MEMORANDUM AND ARTICLES OF ASSOCIATION</I></B>



<P align="left" style="font-size: 10pt"><B>Description of Our Memorandum and Articles of Association and Ordinary Shares</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;30, 2004, we had 300,000,000 ordinary shares, no par value, and
5,000,000 cumulative preference shares, authorized for issuance. On that date,
we had issued 233,307,667 ordinary shares and 5,000,000 cumulative preference
shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;31, 2004, we had 600,000,000 ordinary shares, no par value, and
5,000,000 cumulative preference shares, R0.10 par value, authorized for
issuance. On that date, we had issued 244,768,294 ordinary shares and 5,000,000
cumulative preference shares. On September&nbsp;28, 2004, an Extraordinary General
Meeting voted to increase the authorized share capital to 600,000,000 ordinary
shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set out below are brief summaries of certain provisions of our Articles of
Association, or our Articles, the South African Companies Act, 1973 (as
amended), or the Companies Act, and the requirements of the JSE, all as in
effect on October&nbsp;31, 2004. The summary does not purport to be complete and is
subject to and qualified in its entirety by reference to the full text of the
Articles, the Companies Act, and the requirements of the JSE.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are registered under the Companies Act under registration number
1895/000926/06. As set forth in Section&nbsp;4-Objects of our Memorandum of
Association, our purpose is to explore and exploit mineral rights and establish
and own mining enterprises.


<P align="left" style="font-size: 10pt"><I>Borrowing Powers</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our directors may, at their discretion, raise or borrow or secure the
payment of any sum or sums of money for our use as they see fit. For so long as
we are a listed company, the directors shall so restrict our borrowings and
exercise all voting and other rights or powers of control exercisable by us in
relation to our subsidiary companies so that the aggregate principal amount
outstanding in respect of us and any of our subsidiary companies, as the case
may be, exclusive of inter-company borrowings, shall not, except with the
consent of our shareholders at a general meeting, exceed R30&nbsp;million or the
aggregate from time to time of our issued and paid up capital, together with
the aggregate of the amounts standing to the credit of all distributable and
non-distributable reserves, any of our share premium accounts and our
subsidiaries&#146; share premium accounts certified by our auditors and which form
part of our and our subsidiaries&#146; financial statements, whichever is higher.


<P align="center" style="font-size: 10pt">151
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<P align="left" style="font-size: 10pt"><I>Share Ownership Requirements</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our directors are not required to hold any shares to qualify or be
appointed as a director.


<P align="left" style="font-size: 10pt"><I>Voting by Directors</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director may authorize any other director to vote for him at any meeting
at which neither he nor his alternate director appointed by him is present. Any
director so authorized shall, in addition to his own vote, have a vote for each
director by whom he is authorized.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The quorum necessary for the transaction of the business of the directors
may be fixed by the directors, and unless so fixed shall be not less than two.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors are required to notify our board of directors of interests in
companies and contracts. If a director&#146;s interest is under discussion,
depending on the nature of the interest, he shall not be allowed to vote and
shall not be counted, for the purpose of any resolution regarding his interest,
in the quorum present at the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Code of Corporate Practices and Conduct of the King II Report on
Corporate Governance for South Africa, 2002 sets out guidelines to promote the
highest standards of corporate governance among South African companies. The
board of directors believes that our business should be conducted according to
the highest legal and ethical standards. In accordance with their practice, all
remuneration of directors is approved by the Remuneration Committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under South African common law, directors are required to comply with
certain fiduciary duties to the company and to exercise proper care and skill
in discharging their responsibilities.


<P align="left" style="font-size: 10pt"><I>Age Restrictions</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no age limit for directors.


<P align="left" style="font-size: 10pt"><I>Election of Directors</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors may be appointed at a general meeting from time to time. The
directors may appoint any eligible person as a director but he shall only hold
office until the next annual general meeting when the relevant director shall
be eligible for election. One third of our directors, on a rotating basis, are
subject to re-election at each annual general shareholder&#146;s meeting. Retiring
directors usually make themselves available for re-election.


<P align="left" style="font-size: 10pt"><I>General Meetings</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the request of 100 shareholders or shareholders holding not less than
one-twentieth of our share capital which carries the right of voting at general
meetings, we shall within 14&nbsp;days of the lodging of a request by such
shareholders issue a notice to shareholders convening a general meeting for a
date not less than 21&nbsp;days and not more than 35&nbsp;days from the date of the
notice. Directors may convene general meetings at any time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our annual general meeting and a meeting of our shareholders for the
purpose of passing a special resolution may be called by giving 21&nbsp;days advance
written notice of that meeting. For any other general meeting of our
shareholders, 14&nbsp;days advance written notice is required.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Articles provide that if at a meeting convened upon request by our
shareholders a quorum is not present within one half hour after the time
selected for the meeting, such meeting shall be dissolved. The necessary quorum
is three members present in person or represented by proxy.


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<P align="left" style="font-size: 10pt"><I>Voting Rights</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of our ordinary shares are generally entitled to vote at
general meetings and on a show of hands have one vote per person and on a poll
have one for every share held. The holders of our cumulative preference shares
are not entitled to vote at a general meeting unless any preference dividend is
in arrears for more than six months at the date on which the notice convening
the general meeting is posted to the shareholders. However, they will obtain
voting rights once the Argonaut Project becomes an operational gold mine.
Additionally, holders of cumulative preference shares may vote on resolutions
which adversely affect their interests and on resolutions regarding the
disposal of all or substantially all of our assets or mineral rights. When
entitled to vote, holders of our cumulative preference shares are entitled to
one vote per person on a show of hands and that portion of the total votes
which the aggregate amount of the nominal value of the shares held by the
relevant shareholder bears to the aggregate amount of the nominal value of all
shares issued by us.


<P align="left" style="font-size: 10pt"><I>Dividends</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may, in a general meeting, or our directors may, from time to time,
declare a dividend to be paid to the shareholders in proportion to the number
of shares they each hold. No dividend shall be declared except out of our
profits. Dividends may be declared either free or subject to the deduction of
income tax or duty in respect of which we may be charged. Holders of ordinary
shares are entitled to receive dividends as and when declared by the directors.
Holders of cumulative preference shares are entitled to receive cumulative
preferential dividends in priority to the holders of our ordinary shares equal
to the prescribed portion of 3% of our future revenue generated by the
exploitation or other application of the mineral rights represented by the
Argonaut Project. All unclaimed dividends are forfeited back to us after a
period of twelve years.


<P align="left" style="font-size: 10pt"><I>Ownership Limitations</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no limitations imposed by our Articles or South African law on
the rights of shareholders to hold or vote on our ordinary shares or securities
convertible into our ordinary shares.


<P align="left" style="font-size: 10pt"><I>Winding-up</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we are wound-up, then the assets remaining after payment of all of our
debts and liabilities, including the costs of liquidation, shall be applied to
repay to the shareholders the amount paid up on our issued capital and
thereafter the balance shall be distributed to the shareholders in proportion
to their respective shareholdings. On a winding up, our cumulative preference
shares rank, in regard to all arrears of preference dividends, prior to the
holders of ordinary shares. As of October&nbsp;31, 2004, no such dividends have been
declared. Except for the preference dividend and as described in this paragraph
our cumulative preference shares are not entitled to any other participation in
the distribution of our surplus assets on winding-up.


<P align="left" style="font-size: 10pt"><I>Reduction of Capital</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may, by special resolution, reduce the share capital authorized by our
Memorandum of Association, or reduce our issued share capital including,
without limitation, any stated capital, capital redemption reserve fund and
share premium account by making distributions and buying back our shares.


<P align="left" style="font-size: 10pt"><I>Amendment of the Articles of Association</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Articles may only be altered by the passing of a special resolution. A
special resolution is passed when the shareholders holding at least 25% of the
total votes of all the members entitled to vote are present or represented by
proxy at a meeting and, if the resolution was passed on a show of hands, at
least 75% of those shareholders voted in favor of the resolution and, if a poll
was demanded, at least 75% of the total votes to which those shareholders are
entitled were cast in favor of the resolution.


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<P align="left" style="font-size: 10pt"><I>Consent of the Holders of Cumulative Preference Shares</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, the rights and conditions attaching to the cumulative preference
shares may not be cancelled, varied or added, nor may we issue shares ranking,
regarding rights to dividends or on winding up, in priority to or equal with
our cumulative preference shares, or dispose of all or part of our mineral
rights without the consent in writing of the registered holders of our
cumulative preference shares or the prior sanction of a resolution passed at a
separate class meeting of the holders of our cumulative preference shares.


<P align="left" style="font-size: 10pt"><I>Distributions</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under an amendment to the Articles on October&nbsp;21, 2002, we are authorized
to make payments in cash or in specie to our shareholders in accordance with
the provisions of the Act and other consents required by law from time to time.
We may, for example, in a general meeting, upon recommendation of our
directors, resolve that any surplus funds representing capital profits arising
from the sale of any capital assets and not required for the payment of any
fixed preferential dividend, be distributed among our ordinary shareholders.
However, no such profit shall be distributed unless we have sufficient other
assets to satisfy our liabilities and to cover our paid up share capital.

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<A name="136"></A>
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<P align="left" style="font-size: 10pt"><B><I>10C. MATERIAL CONTRACTS</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below is a brief summary of material contracts entered into by us, other
than in the ordinary course of business, during the two years immediately
preceding the date of this report.

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    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Loan Agreement between Industrial Development Corporation of South Africa Ltd.
and Blyvooruitzicht Gold Mining Company Ltd, dated July&nbsp;18, 2002.</I></DIV></TD>
</TR>

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<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement IDC loaned R65&nbsp;million ($6.3&nbsp;million) to Blyvoor
specifically for financing capital expenditures incurred by Blyvoor in
completing the Blyvoor expansion project. The loan bears interest at 1%
below the prime rate of First National Bank Limited of Southern Africa.
The loan is repayable in 48&nbsp;monthly installments.</TD>
</TR>

</TABLE>

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    <TD width="100%">&nbsp;</TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Agreement of Loan and Pledge between Durban Roodepoort Deep, Limited and East
Rand Proprietary Mines Ltd, dated September&nbsp;18, 2002.</I></DIV></TD>
</TR>

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<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement we provided ERPM with a working capital facility of
R10&nbsp;million ($0.9&nbsp;million). The loan bears interest at the prime rate on
overdraft which is currently 17%. The loan is secured by a pledge of
certain movable assets of ERPM.</TD>
</TR>

</TABLE>

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    <TD width="100%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Management Services Agreement between Durban Roodepoort Deep, Limited, Khumo
Bathong Holdings (Pty) Ltd and Crown Gold Recoveries (Pty) Ltd, dated
October&nbsp;1, 2002.</I></DIV></TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement we agreed to provide certain management services to
CGR for a management service fee of R0.7&nbsp;million ($0.1&nbsp;million) per month.</TD>
</TR>

</TABLE>

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    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Agreement amongst Durban Roodepoort Deep, Limited, West Witwatersrand Gold
Mines Limited and Bophelo Trading (Pty) Ltd, dated October&nbsp;1, 2002.</I></DIV></TD>
</TR>

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</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement we agreed to sell the West Wits gold plant and
certain related assets for R25&nbsp;million ($2.4&nbsp;million) to process certain
sand dumps, surface materials, freehold areas and surface right permits
located at the West Wits Section. The purchase price was to be paid in
installments from September&nbsp;30, 2002. This agreement was superseded by the
following agreement.</TD>
</TR>

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</TABLE>

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Memorandum of Agreement made and entered between Durban Roodepoort Deep,
Limited, West Witwatersrand Gold Mines Limited, Mogale Gold (Proprietary)
Limited and Luipaards Vlei Estates (Proprietary) Limited, dated June&nbsp;6,
2003.</I></DIV></TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This agreement amended the payment terms for the remainder of the purchase
price of the agreement amongst Durban Roodepoort Deep, Limited, West
Witwatersrand Gold Mines Limited and Bophelo Trading (Pty) Ltd, dated
October&nbsp;1, 2002. Mogale Gold (Proprietary) Limited was previously known as
Bophelo Trading (Pty) Ltd. This agreement also included Luipaards Vlei as
a surety and co-principal debtor to Mogale and also imposes the obligation
to obtain certain authorizations on Mogale and provides that Mogale may
use permits covering a portion of the West Wits Section without us
abandoning them. Under this agreement, we determined the remainder of the
selling price to be paid for the West Wits gold plant to be R8.3 ($1.1
million). This amount is to be paid within 4&nbsp;years from the date of the
agreement.</TD>
</TR>

</TABLE>

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<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Letter Agreement between Durban Roodepoort Deep, Limited and The Standard Bank
of South Africa, represented by its Standard Corporate and Merchant Bank
Division, dated October&nbsp;7, 2002.</I></DIV></TD>
</TR>

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</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this letter agreement, SCMB agreed to provide us with various direct
and indirect banking facilities. These facilities include a general short
term banking facility, business line of credit, liquidating credit line,
performance guarantees and derivative products. The aggregate amount
available under these facilities is R176.3&nbsp;million ($17.0&nbsp;million). The
rate of interest varies between the various facilities. As of October&nbsp;31,
2004, approximately R46&nbsp;million ($7.5&nbsp;million) of this facility has been
utilized.</TD>
</TR>

</TABLE>

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Memorandum of Agreement between Daun Et Cie A.G., Courthiel Holdings (Pty) Ltd,
Khumo Bathong Holdings (Pty) Ltd, Claas Edmond Daun, Paul Cornelis Thomas
Schouten, Moltin Paseka Ncholo, Michelle Patience Baird, Derek Sean
Webbstock, as sellers, and Crown Gold Recoveries (Pty) Ltd, as purchaser,
dated October&nbsp;10, 2002.</I></DIV></TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement, CGR purchased from the sellers the entire issued
share capital and shareholders&#146; claims of ERPM for a purchase price of
R100&nbsp;million ($9.5&nbsp;million). As a result of this acquisition, the pledge
by KBH of its ERPM stock to us has lapsed.</TD>
</TR>

</TABLE>

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Memorandum of Loan Agreement between Durban Roodepoort Deep, Limited and Crown
Gold Recoveries (Pty) Ltd, dated October&nbsp;10, 2002.</I></DIV></TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement we loaned CGR R60&nbsp;million in connection with the
acquisition of ERPM by CGR. This loan bears interest at a rate of 18.4%
and must be repaid within four months of our security interest becoming
effective. This loan was repaid during fiscal 2003.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Management Services Agreement between Durban Roodepoort Deep, Limited and East
Rand Proprietary Mines Ltd, dated October&nbsp;10, 2002.</I></DIV></TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement we agreed to provide certain management services to
ERPM for a management service fee of approximately R1.5&nbsp;million ($0.1
million) per month.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Purchase Agreement between Durban Roodepoort Deep, Limited and CIBC World
Markets Corp., dated November&nbsp;4, 2002.</I></DIV></TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement, CIBC World Markets Corp. agreed to purchase up to a
principal amount of $66,000,000 of our 6% Senior Convertible Notes due
2006, or the Notes, in a private placement for a purchase price of up to
$66,000,000. CIBC World Markets Corp. has purchased these notes pursuant
to this agreement.</TD>
</TR>

</TABLE>

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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Registration Rights Agreement between Durban Roodepoort Deep, Limited and CIBC
World Markets Corp., dated November&nbsp;4, 2002.</I></DIV></TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement we agreed to file with the Securities and Exchange
Commission within 90&nbsp;days after the date of the initial issuance of the
Notes, and to use our reasonable best efforts to cause to become effective
within 180&nbsp;days after the date of the initial issuance of the Notes, a
shelf registration statement with respect to the resale of the Notes and
the resale of the ordinary shares underlying the ADSs issuable upon
conversion of the Notes. The shelf registration statement was declared
effective on September&nbsp;30, 2003.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Indenture between Durban Roodepoort Deep, Limited, as Issuer, and The Bank of
New York, as Trustee, dated November&nbsp;12, 2002.</I></DIV></TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Indenture contains the terms under which we issued a principal amount
of the Notes in a private placement in November&nbsp;2002.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Letter Agreement for sale of shares in Emperor Mines Limited, between DRD (Isle
of Man) Limited and Kola Ventures Limited, dated December&nbsp;13, 2002.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This agreement contains the terms under which we purchased 14% of Emperor
Mines Limited for A$11.5&nbsp;million ($7.8&nbsp;million), at December&nbsp;13, 2002.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Confirmation, between Durban Roodepoort Deep, Limited, and Investec Bank
(Mauritius) Limited, dated August&nbsp;14, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement we granted Investec (Mauritius) an option to purchase
up to 18&nbsp;million of our ordinary shares, at a strike price per share of
95% of the trade-weighted average price of our American Depository Shares,
or ADSs, for the 30&nbsp;days period to exercise.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Amendment to Confirmation, dated September&nbsp;4, 2003, between Durban Roodepoort
Deep and Investec Bank (Mauritius) Limited.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This agreement amended the terms of the confirmation dated August&nbsp;14,
2003, increasing the number of ordinary shares covered by the option to 27
million. On September&nbsp;9, 2003, Investec (Mauritius) exercised the option
in respect of 18&nbsp;million ordinary shares at a price of $2.3967 per
ordinary share for a total consideration of $42.1&nbsp;million. On September
12, 2003, Investec (Mauritius) exercised the remaining portion of the
option, acquiring an additional 9&nbsp;million ordinary shares, at a price of
$2.4242 per share for a total consideration of $21.7&nbsp;million.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Confirmation, between Durban Roodepoort Deep, Limited and Investec Bank
(Mauritius) Limited, dated December&nbsp;17, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;17, 2003, we entered into an option agreement with Investec
(Mauritius) granting Investec (Mauritius) the option to acquire 10.2&nbsp;million
ordinary shares. The strike price per share of the option is 95.5% of the
trade-weighted average price of our ADSs for the 10&nbsp;days prior to exercise. The
option had an expiry date of March&nbsp;15, 2004. The option was exercised on
February&nbsp;19, 2004 at a price of $3.21 per share for a total consideration of
$32.3&nbsp;million. Of this $19.3&nbsp;million was used to close out 180,000 ounces or
57.1% of the then committed 315,000 ounces under the Eskom gold for electricity
contract.


<P align="center" style="font-size: 10pt">156
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Deed of Amalgamation for the Corporate Restructuring of Orogen Minerals
(Porgera) Limited, Mineral Resources Porgera Limited and Dome Resources
(PNG)&nbsp;Limited, dated October&nbsp;14, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement, we acquired two of the wholly-owned subsidiaries of
Oil Search Limited, or OSL, Orogen Minerals (Porgera) Limited, or OMP, and
Mineral Resources Porgera Limited, MRP. The transaction was affected
though an amalgamation of OMP and MRP with our wholly-owned subsidiary
Dome Resources (PNG)&nbsp;Limited. As a result of the amalgamation, OMP,
subsequently renamed DRD (Porgera) Limited, is the surviving entity. The
final purchase price of the transaction was $77.1&nbsp;million, which was
comprised of $60.3&nbsp;million in cash and 6,643,902 ($16.7&nbsp;million) of our
ordinary shares, determined based on the prevailing market value of the
Company&#146;s shares on November&nbsp;22, 2003.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Porgera Joint Venture Operating Agreement between Placer (P.N.G.) Pty Limited
and Highlands Gold Properties Pty. Limited and PGC (Papua New Guinea) Pty
Limited, dated November&nbsp;2, 1988.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Joint Venture Operating Agreement was incorporated by reference in
the Deed of Amalgamation (referred to above) and indicates the role of
manager and manager&#146;s relationship with the management committee.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Undertaking, between Oil Search Limited and DRD (Isle of Man) Limited, dated
October&nbsp;14, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This agreement removes the rights of all parties to the Deed of
Amalgamation to claim that completion, as that term is defined in the Deed
of Amalgamation, has not occurred and to invoke certain rights under the
Deed of Amalgamation relating to failure on the part of OSL and Orogen
Minerals Limited, the holding company of OMP and MRP, to comply with
certain document delivery requirements.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Loan Assignment Agreement between Orogen Minerals Limited, DRD (Isle of Man)
and Orogen Minerals (Porgera) Limited, dated October&nbsp;14, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement, Orogen Minerals Limited assigned its rights to a
loan owed to it by OMP, to DRD (Isle of Man).</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Agreement between Orogen Minerals Limited and DRD (Isle of Man) Limited, dated
October&nbsp;14, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement, DRD (Isle of Man) Limited agreed to pay up to the
maximum stamp duty incurred in connection with the transaction
contemplated by the Deed of Amalgamation. The maximum amount of this duty
is $3.69&nbsp;million. DRD (Isle of Man) Limited also agreed to pay any stamp
duty top up, as calculated in the Deed of Amalgamation. All or a portion
of these amounts may be refunded to DRD (Isle of Man) Limited.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Agreement of Employment between Durban Roodepoort Deep, Limited and Mr.&nbsp;D.J.M.
Blackmur, dated as of October&nbsp;21, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The agreement states the employment terms and basis of remuneration for
this director, with regards to duties for Durban Roodepoort Deep, Limited.
Mr.&nbsp;D.J.M. Blackmur receives a gross all-inclusive fee of $24,000 per
annum, for all the services to be rendered by him in terms of this
agreement. The term of the contract is from October&nbsp;21, 2003 to October
21, 2005.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Banking Facilities Agreement made and entered between Durban Roodepoort Deep,
Limited and Standard Bank of South Africa, Limited, dated November&nbsp;14,
2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The agreement awards to the Company certain banking facilities with
Standard Bank of South Africa, Limited. The banking facilities include
credit card facilities ($11,155), fleet management services ($5,100),
performance guarantee facilities ($1.5&nbsp;million) and derivative product
facilities ($18.7&nbsp;million).</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">157
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Agreement of Employment between Durban Roodepoort Deep, Limited and Mr.&nbsp;M.M.
Wellesley-Wood, dated as of December&nbsp;1, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The agreement states the employment terms and basis of remuneration for
this executive director, with regards to duties for Durban Roodepoort
Deep, Limited. The term of the contract is from December&nbsp;1, 2003 to
November&nbsp;30, 2005. Mr.&nbsp;M.M. Wellesley-Wood receives an all-inclusive
remuneration package of R1.9&nbsp;million ($0.3&nbsp;million), from us. He is also
eligible to receive an incentive bonus of up to 40% of his annual
remuneration package in respect of each of four bonus cycles of 6&nbsp;months
each, over the duration of his appointments, on condition that he achieves
certain agreed key performance indicators. Mr.&nbsp;M.M. Wellesley-Wood&#146;s
agreement also provides that he will receive a total of up to 250,000 of
our ordinary shares in four equal tranches at intervals of 6&nbsp;months over
the duration of his agreement of employment. In terms of a  JSE listing
requirement  these allotments were subject
to approval by shareholders. We have since decided, and Mr.&nbsp;M.M.
Wellesley-Wood has agreed, that we will not seek the consent of our
shareholders and that he will not be issued these shares. We are, however,
seeking an alternate means of achieving the objective of the retention
incentive, which is not related to the receiving of our shares.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Service Agreement between DRD (Isle of Man) Limited and Mr.&nbsp;M.M.
Wellesley-Wood, dated as of December&nbsp;1, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The agreement states the employment terms and basis of remuneration for
this executive director, with regards to duties for DRD (Isle of Man)
Limited. Mr.&nbsp;M.M. Wellesley-Wood receives an all-inclusive remuneration
package of $250,000 per annum, from DRD (Isle of Man). The term of the
contract is from December&nbsp;1, 2003 to November&nbsp;30, 2005. He is also
eligible to receive an incentive bonus of up to 40% of his annual
remuneration package in respect of each of four bonus cycles of six months
each, over the duration of his appointment, on condition that he achieves
certain agreed key performance indicators.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Agreement of Employment between Durban Roodepoort Deep, Limited and Mr.&nbsp;I.L.
Murray, dated as of December&nbsp;1, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The agreement states the employment terms and basis of remuneration
for this executive director, with regards to duties for Durban Roodepoort
Deep, Limited. Mr.&nbsp;I.L. Murray receives an all-inclusive remuneration
package of R1.5&nbsp;million ($0.2&nbsp;million) from us. Mr.&nbsp;I.L. Murray is
eligible for an incentive bonus in respect of up to 50% of his annual
remuneration package in respect of each of four bonus cycles of 6&nbsp;months
each over the duration his appointments, on condition that he achieves
certain key performance indicators. Mr.&nbsp;I.L. Murray&#146;s agreement also
provides that he will receive a total of up to 198,000 of our ordinary shares in four equal tranches at intervals of 6&nbsp;months over the duration
of his agreement of employment. In terms of a JSE listing
requirement these allotments were subject to approval
by shareholders. We have since decided, and Mr.&nbsp;I.L. Murray has agreed,
that we will not seek the consent of our shareholders and that he will not
be issued these shares. We are, however, seeking an alternate means of
achieving the objective of the retention incentive, which is not related
to the receiving of our shares. The term of the contract is from December
1, 2003 to November&nbsp;30, 2005.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Service Agreement between DRD (Isle of Man) Limited and Mr.&nbsp;I.L. Murray, dated
as of December&nbsp;1, 2003.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The agreement states the employment terms and basis of remuneration for
this executive director, with regards to duties for DRD (Isle of Man)
Limited. Mr.&nbsp;I.L. Murray receives an all-inclusive remuneration package
of $200,000 per annum, from DRD (Isle of Man). The term of the contract is
from December&nbsp;1, 2003 to November&nbsp;30, 2005. He is also eligible to receive
an incentive bonus of up to 50% of his annual remuneration package in
respect of each of four bonus cycles of six months each, over the duration
of his appointment, on condition that he achieves certain agreed key
performance indicators.</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Subscription and Option Agreement made and entered between DRD (Isle of Man)
Limited, Net-Gold Services Limited and G.M. Network Limited, dated January
26, 2004.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under this agreement we subscribed for 50.25% of Net-Gold Services
Limited&#146;s shares in issue. In addition a put and call option was awarded
with regards to the exchange of the shares that we acquired in Net-Gold
Services Limited for 523.26 shares in G.M. Network Limited. The options
expire on December&nbsp;31, 2007.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">158
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Forward Bullion Transaction Agreements made and entered between Durban
Roodepoort Deep, Limited and Investec Bank Limited, dated February&nbsp;4,
2004, February&nbsp;6, 2004, February&nbsp;11, 2004 and February&nbsp;12, 2004.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:3%; font-size: 10pt">These agreements constitute forward bullion sales transactions whereby a
total of 90,000 ounces of gold bullion was forward purchased from Investec
Bank Limited.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Loan Agreement made and entered between Durban Roodepoort Deep, Limited and
Investec Bank Limited, dated June&nbsp;24, 2004.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:3%; font-size: 10pt">The agreement makes available to the Company a loan facility of R100
million ($15.9&nbsp;million). The facility bears interest at the three-month
Johannesburg Interbank Acceptance Rate, or JIBAR, plus 300 interest basis
points. Investec calls for payment by delivering a repayment notice.
Upon receipt of the notice we may elect to repay the facility in cash or
by the issue of our shares.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Termination Agreement made and entered between Durban Roodepoort Deep, Limited,
Eskom Holdings Limited and Investec Bank Limited, dated June&nbsp;24, 2004.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:3%; font-size: 10pt">During fiscal 2004 we entered into a series of agreements with Investec to
close out a significant portion of the remaining hedge position held with
Eskom Holdings Limited. This agreement terminates the previous forward
bullion transaction agreements in place with Investec and Eskom Holdings
Limited, through affecting the Novation Agreement made and entered between
J Aron &#038; Company, Eskom Holdings Limited and Investec, dated June&nbsp;24,
2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Novation Agreement made and entered between J Aron &#038; Company, Eskom Holdings
Limited and Investec Bank Limited, dated June&nbsp;24, 2004.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:3%; font-size: 10pt">This agreement transfers the rights, liabilities, duties and obligations
that Eskom Holdings Limited were bound to under the Eskom gold for
electricity hedge contract, to Investec, thereby creating a counterparty
relationship between Investec and J Aron &#038; Company.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Memorandum of Understanding made and entered between Buffelsfontein Gold Mines
Limited, Buffels Division and The National Union of Mineworkers, The
United Association of South Africa, The Mine Workers Union (Solidarity)
and The South African Electrical Workers Association regarding
retrenchments associated with Number 9, 10 and 12 Shafts of Buffelsfontein
Division, dated August&nbsp;6, 2004.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:3%; font-size: 10pt">This agreement states the effect of the 60-day operational review under
Section&nbsp;189A of the South African Labor Relations Act, on the retrenchment
of employees, based on the condition that the proposals and measures that
are introduced as a result of the 60-day review prove to be effective in
restoring the Buffels Section, North West Operations, to profitability,
and on the Buffels Section attaining a sustainable gold price to cost
ratio, that is budgeted tonnage, grade, kilograms and working costs.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>CCMA Settlement Agreement made and entered between Blyvooruitzicht Gold Mining
Company Limited and The United Association of South Africa, South African
Equity Workers&#146; Association, Solidarity and The National Union of
Mineworkers regarding the retrenchment of up to 2,000 employees of the
Blyvooruitzicht Gold Mining Company, dated September&nbsp;2, 2004.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt;margin-left: 3%">This agreement outlines the sustainability thresholds of the Blyvoor
Section&#146;s business plan and the acknowledgements of these thresholds by
the participants. Furthermore, the agreement outlines the retrenchment of
up to 2,000 employees to return the Blyvoor Section to initially
break-even point, then to work towards operating profitably over the next
six months.


<P align="center" style="font-size: 10pt">159
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Loan Agreement made and entered between Durban Roodepoort Deep, Limited and
Investec Bank Limited, dated September&nbsp;15, 2004.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:3%; font-size: 10pt">The agreement makes available to the Company a second loan facility of
R100&nbsp;million ($15.9&nbsp;million). The facility bears interest at the
three-month JIBAR plus 300 interest basis points. Investec calls for
payment by delivering a repayment notice. Upon receipt of the notice we
may elect to repay the facility in cash or by the issue of our shares.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Subscription Agreement made and entered between DRD (Isle of Man) Limited and
Durban Roodepoort Deep, Limited, dated September&nbsp;21, 2004.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:3%; font-size: 10pt">The agreement indicates the Company&#146;s intention to subscribe for 135
ordinary shares in DRD (Isle of Man) Limited at a subscription price of
$100,000 per shares, being a total subscription price of $13.5&nbsp;million.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Loan Agreement made and entered between DRD (Isle of Man) Limited and Investec
Bank (Mauritius) Limited, dated October&nbsp;14, 2004.</I></DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:3%; font-size: 10pt">The agreement
makes available to our subsidiary, DRD (Isle of Man) a third loan
facility of $15.0 million with Investec Bank (Mauritius) Limited, or
Investec (Mauritius). Subject to the terms of the agreement the
facility may be used to finance future acquisitions or rights offers
by companies in which we wish to acquire shares, or it may be used
for any other purpose with prior written consent of Investec
(Mauritius). The facility bears interest at the three-month London
Interbank Offered Rate, or LIBOR, plus 300 basis points. Funds
advanced and interest on this facility shall be repaid in cash in
equal installments every three months from the date of that advance so that the amount of the
advance is paid in full to Investec (Mauritius) within 36 months. The
facility is secured by DRD (Isle of Man)&#146;s shares in Emperor
Mines Limited, DRD (Porgera) Limited and Tolukuma Gold Mines Limited.
The loan agreement prohibits us from disposing of or further
encumbering the secured assets. The facility restricts the flow of
payments from DRD (Isle of Man) to the Company through requiring that
all net operating cash or cash distributions received by DRD (Isle of
Man) in respect of the secured assets must be used to first service
our interest and principal payment obligations under the facility in
accordance with the terms of the facility agreement. The agreement
requires that we hold, in a debt servicing account, sufficient cash
to cover our quarterly principal payments. Any funds in excess of
these repayment requirements may be utilized by the Company. In
addition, if DRD (Isle of Man) intends to make any payment, which is
a distribution, by or on behalf of it to or for the Company, Investec
(Mauritius) has the option to require DRD (Isle of Man) to pay 50% of
the distribution funds as a prepayment of the facility. The facility
agreement contains a number of additional customary restrictive
covenants. On November 12, 2004, $7.0 million was drawn under this
facility to fund our portion of the Emperor rights offering.

<DIV align="left">
<A name="137"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>10D. EXCHANGE CONTROLS</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material South African exchange control
measures, which has been derived from publicly available documents. The
following summary is not a comprehensive description of all the exchange
control regulations. The discussion in this section is based on the current law
and positions of the South African Government. Changes in the law may alter the
exchange control provisions that apply to you, possibly on a retroactive basis.


<P align="left" style="font-size: 10pt"><B>Introduction</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealings in foreign currency, the export of capital and revenue, payments
by residents to non-residents and various other exchange control matters in
South Africa are regulated by the South African exchange control regulations,
or the Regulations. The Regulations form part of the general monetary policy of
South Africa. The Regulations are issued under section 9 of the Currency and
Exchanges Act, 1933 (as amended). In terms of the Regulations, the control over
South African capital and revenue reserves, as well as the accruals and
spending thereof, is vested in the Treasury (Ministry of Finance), or the
Treasury.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Treasury has delegated the administration of exchange controls to the
Exchange Control Department of the South African Reserve Bank, or SARB, which
is responsible for the day to day administration and functioning of exchange
controls. SARB has a wide discretion. Certain banks authorized by the Treasury
to co-administer certain of the exchange controls, are authorized by the
Treasury to deal in foreign exchange. Such dealings in foreign exchange by
authorized dealers are undertaken in accordance with the provisions and
requirements of the exchange control rulings, or Rulings, and contain certain
administrative measures, as well as conditions and limits applicable to
transactions in foreign exchange, which may be undertaken by authorized dealers. Non-residents have been granted
general approval, in terms of the Rulings, to deal in South African assets, to
invest and disinvest in South Africa.

<P align="center" style="font-size: 10pt">160
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Regulations provide for restrictions on exporting capital from the
Common Monetary Area consisting of South Africa, Namibia, and the Kingdoms of
Lesotho and Swaziland. Transactions between residents of the Common Monetary
Area, are not subject to these exchange control regulations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are many inherent disadvantages to exchange controls including
distortion of the price mechanism, problems encountered in the application of
monetary policy, detrimental effects on inward foreign investment and
administrative costs associated therewith. The South African Finance Minister
has indicated that all remaining exchange controls are likely to be dismantled
as soon as circumstances permit. Since 1998, there has been a gradual
relaxation of exchange controls. The gradual approach to the abolition of
exchange controls adopted by the Government of South Africa is designed to
allow the economy to adjust more smoothly to the removal of controls that have
been in place for a considerable period of time. The stated objective of the
authorities is equality of treatment between residents and non-residents with
respect to inflows and outflows of capital. The focus of regulation, subsequent
to the abolition of exchange controls, is expected to favor the positive
aspects of prudential financial supervision.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The present exchange control system in South Africa is used principally to
control capital movements. South African companies are not permitted to
maintain foreign bank accounts without SARB approval and, without the approval
of SARB, are generally not permitted to export capital from South Africa or
hold foreign currency. In addition, South African companies are required to
obtain the approval of SARB prior to raising foreign funding on the strength of
their South African balance sheets, which would permit recourse to South Africa
in the event of defaults. Where 75% or more of a South African Company&#146;s
capital, voting power, power of control or earnings is directly or indirectly
controlled by non-residents, such a corporation is designated an &#147;affected
person&#148; by SARB, and certain restrictions are placed on its ability to obtain
local financial assistance. We are not, and have never been, designated an
&#147;affected person&#148; by SARB.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign investment and outward loans by South African companies are also
restricted. In addition, without the approval of SARB, South African companies
are generally required to repatriate to South Africa profits of foreign
operations and are limited in their ability to utilize profits of one foreign
business to finance operations of a different foreign business. South African
companies establishing subsidiaries, branches, offices or joint ventures abroad
are generally required to submit financial statements on these operations as
well as progress reports to SARB on an annual basis. As a result, a South
African Company&#146;s ability to raise and deploy capital outside the Common
Monetary Area is restricted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although exchange controls have been gradually relaxed since 1998,
unlimited outward transfers of capital are not permitted at this stage. Some of
the more salient changes to the South African exchange control provisions over
the past few years have been as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>corporations wishing to invest in countries outside the Common
Monetary Area, in addition to what is set out below, apply for
permission to enter into corporate asset/share swap and share placement
transactions to acquire foreign investments. The latter mechanism
entails the placement of the locally quoted corporation&#146;s shares with
long-term overseas holders who, in payment for the shares, provide the
foreign currency abroad which the corporation then uses to acquire the
target investment;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>corporations wishing to establish new overseas ventures are permitted
to transfer offshore up to R1.0&nbsp;billion ($159.4&nbsp;million) to finance
approved investments abroad and up to R2.0&nbsp;billion ($318.7&nbsp;million) to
finance approved new investments in African countries. However, the
approval of SARB is required in advance. On application to SARB,
corporations are also allowed to use part of their local cash holdings
to finance up to 10% of approved new foreign investments where the cost
of these investments exceeds the current limits;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as a general rule, SARB requires that more than 50% of equity of the
acquired off-shore venture is acquired within a predetermined period of
time, as a prerequisite to allowing the expatriation of funds. If these
requirements are not met, SARB may instruct that the equity be disposed
of. In our experience (with the acquisition of Emperor Mines) SARB has
taken a commercial view on this, and has on occasion extended the period
of time for compliance; and</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">161</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>remittance of directors&#146; fees payable to persons permanently resident
outside the Common Monetary Area may be approved by authorized dealers,
in terms of the Rulings.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized dealers in foreign exchange may, against the production of
suitable documentary evidence, provide forward cover to South African residents
in respect of fixed and ascertained foreign exchange commitments covering the
movement of goods.


<P align="left" style="font-size: 10pt">Persons who emigrate from South Africa are entitled to take limited amounts of
money out of South Africa as a settling-in allowance. The balance of the
emigrant&#146;s funds will be blocked and held under the control of an authorized
dealer. These blocked funds may only be invested in:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>blocked current, savings, interest bearing deposit accounts in the
books of an authorized dealer in the banking sector;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securities quoted on the JSE and financial instruments listed on the
Bond Exchange of South Africa which are deposited with an authorized
dealer and not released except temporarily for switching purposes,
without the approval of SARB. Authorized dealers must at all times be
able to demonstrate that listed or quoted securities or financial
instruments which are dematerialized or immobilized in a central
securities depository are being held subject to the control of the
authorized dealer concerned; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>mutual funds.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aside from the investments referred to above, blocked Rands may only be
utilized for very limited purposes. Dividends declared out of capital gains or
out of income earned prior to emigration remain subject to the blocking
procedure. It is not possible to predict when existing exchange controls will
be abolished or whether they will be continued or modified by the South African
Government in the future.


<P align="left" style="font-size: 10pt"><B>Sale of Shares</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under present exchange control regulations in South Africa, our ordinary
shares and ADSs are freely transferable outside the Common Monetary Area
between non-residents of the Common Monetary Area. In addition, the proceeds
from the sale of ordinary shares on the JSE on behalf of shareholders who are
not residents of the Common Monetary Area are freely remittable to such
shareholders. Share certificates held by non-residents will be endorsed with
the words &#147;non-resident,&#148; unless dematerialized.


<P align="left" style="font-size: 10pt"><B>Dividends</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends declared in respect of shares held by a non-resident in a
Company whose shares are listed on the JSE are freely remittable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any cash dividends paid by us are expected to be paid in Rands. Holders of
ADSs on the relevant record date will be entitled to receive any dividends
payable in respect of the shares underlying the ADSs, subject to the terms of
the deposit agreement entered on August&nbsp;12, 1996, and as amended and restated,
between the Company and The Bank of New York, as the depository. Subject to
exceptions provided in the deposit agreement, cash dividends paid in Rand will
be converted by the depositary to Dollars and paid by the depositary to holders
of ADSs, net of conversion expenses of the depositary, in accordance with the
deposit agreement. The depositary will charge holders of ADSs, to the extent
applicable, taxes and other governmental charges and specifies fees and other
expenses.


<P align="left" style="font-size: 10pt"><B>Voting rights</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no limitations imposed by South African law or by our Articles
on the right of non-South African shareholders to hold or vote our ordinary
shares.


<P align="center" style="font-size: 10pt">162</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="138"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>10E. TAXATION</I></B>



<P align="left" style="font-size: 10pt"><B>Material Income Tax Consequences</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is a discussion of the material income tax considerations under South
African and United States tax law. No representation with respect to the
consequences to any particular purchaser of our securities is made hereby.
Prospective purchasers are urged to consult their own tax advisers with respect
to their particular circumstances and the effect of US national, state or local
tax laws to which they may be subject.


<P align="left" style="font-size: 10pt"><B>South Africa</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa imposes tax on worldwide income of South African residents.
Generally, South African non-residents do not pay tax in South Africa except in
the following circumstances:


<P align="left" style="font-size: 10pt"><I>Income Tax</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-residents will pay income tax on any amounts received by or accrued to
them from a source within (or deemed to be within) South Africa. Interest
earned by a non-resident on a debt instrument issued by a South African company
will be regarded as being derived from a South African source but will be
regarded as exempt from taxation in terms of section 10(1)(hA) of the South
African Income Tax Act, 1962 (as amended), or the Income Tax Act. This
exemption does not apply if:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the non-resident has been a resident of South Africa at any time and
carried on a business in South Africa;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the non-resident was a resident of the Common Monetary Area, in other
words, Lesotho, Namibia and Swaziland, and in such an event the
non-resident shall be deemed to be a resident of South Africa;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the interest is effectively connected with a business carried on by
the non-resident in South Africa; and/or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the recipient of the interest is a natural person, unless he was
absent from South Africa for at least 183&nbsp;days in aggregate during the
year of assessment in which the interest was received or accrued.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No withholding tax is deductible in respect of interest payments made to
non-resident investors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No income tax is payable on dividends paid to residents or non-residents,
in terms of Section&nbsp;10(1)(k) of the Income Tax Act except in respect of foreign
dividends received by or accrued to residents of South Africa. Accordingly,
there is no withholding tax on dividends received by or accrued to non-resident
shareholders of companies listed in South Africa and non-residents will receive
the same dividend as South African resident shareholders. Prior to payment of
the dividend, the Company pays secondary tax on companies at a rate of 12.5% of
the excess of dividends declared over dividends received in a dividend cycle
but the full amount of the dividend declared is paid to shareholders.


<P align="left" style="font-size: 10pt"><I>Capital Gains Tax</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-residents are generally not subject to capital gains tax, or CGT, in
South Africa. They will only be subject to CGT on gains arising from the
disposal of capital assets if the assets disposed of consist of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immovable property owned by the non-residents situated in South
Africa, or any interest or right in or to immovable property. A
non-resident will have an interest in immovable property if it has a
direct or indirect shareholding of at least 20% in a Company, where 80%
or more of the net assets of that Company (determined on a market value
basis) are attributable directly or indirectly to immovable property; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any asset of a permanent establishment of a non resident in South
Africa through which a trade is carried on.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">163</DIV>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the non-residents are not subject to CGT because the assets disposed of
do not fall within the categories described above, it follows that they will
also not be able to claim the capital losses arising from the disposal of the
assets.


<P align="left" style="font-size: 10pt"><I>Taxation of dividends</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa imposes a corporate tax known as Secondary Tax on Companies,
or STC, on the distribution of earnings in the form of dividends, and, at
present, the STC tax rate is equal to 12.5%.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1993, all existing gold mining companies, in South Africa, had the
option to elect to be exempt from STC. If the election was made, a higher tax
rate would apply for both mining and non-mining income. In fiscal 2004, 2003
and 2002, the tax rates for taxable mining and non-mining income, for companies
that elected the STC exemption were 46% and 38%, respectively. During those
same years the tax rates for companies that did not elect the STC exemption
were 37% and 30%, respectively. In 1993, the Company elected not to be exempt
from STC, as this would have meant that the Company would have been liable for
normal taxation at the higher rates of 46% for mining income and 38% for
non-mining income. The Company, having chosen not to be subject to the STC
exemption, is subject to 37% tax on mining income and 30% for non-mining
income. However, with the exception of Blyvoor, all of the Company&#146;s
subsidiaries elected the STC exemption. Any dividends paid by Blyvoor, being a
wholly-owned subsidiary of the Company, would be exempt from STC. Any
dividends paid by the Company, to the extent that they are paid out of income
from Blyvoor, will be subject to STC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa does not impose any withholding tax or any other form of tax
on dividends paid to US holders with respect to shares. Should South Africa
decide in the future to impose a withholding tax on dividends paid to a US
holder with respect to shares, the Treaty would limit the rate of this tax to 5
percent of the gross amount of the dividends if a US holder holds directly at
least 10&nbsp;percent of our voting stock and 15&nbsp;percent of the gross amount of the
dividends in all other cases. The above provisions shall not apply if the
beneficial owner of the dividends is resident in the US, carries on business in
South Africa through a permanent establishment situated in South Africa, or
performs in South Africa independent personal services from a fixed base
situated in South Africa, and the dividends are attributable to such permanent
establishment or fixed base.


<P align="left" style="font-size: 10pt"><B>United States</B>



<P align="left" style="font-size: 10pt"><B>Certain United States Federal Income Tax Consequences</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of certain United States, or US, federal
income tax consequences to US holders (as defined below) of the purchase,
ownership and disposition of ordinary shares or ADSs. It deals only with US
holders who hold ordinary shares or ADSs as capital assets for US federal
income tax purposes. This discussion is based upon the provisions of the
Internal Revenue Code of 1986, as amended, or the Code, published rulings,
judicial decisions and the Treasury regulations, all as currently in effect and
all of which are subject to change, possibly on a retroactive basis. This
discussion has no binding effect or official status of any kind; we cannot
assure holders that the conclusions reached below would be sustained by a court
if challenged by the Internal Revenue Service.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This discussion does not address all aspects of US federal income taxation
that may be applicable to holders in light of their particular circumstances
and does not address special classes of US holders subject to special treatment
(such as dealers in securities or currencies, partnerships or other
pass-through entities, financial institutions, life insurance companies, banks,
tax-exempt organizations, certain expatriates or former long-term residents of
the United States, persons holding ordinary shares or ADSs as part of a
&#147;hedge,&#148; &#147;conversion transaction,&#148; &#147;synthetic security,&#148; &#147;straddle,&#148;
&#147;constructive sale&#148; or other integrated investment, persons whose functional
currency in not the US dollar, or persons that actually or constructively own
ten percent or more of our voting stock). This discussion addresses only US
federal income tax consequences and does not address the effect of any state,
local, or foreign tax laws that may apply, or the alternative minimum tax.




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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A &#147;US holder&#148; is a holder of ordinary shares or ADSs that is, for US
federal income tax purposes,


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a citizen or resident of the US;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation that is organized under the laws of the US or any political subdivision thereof;</TD>
</TR>

</TABLE>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an estate, the income of which is subject to US federal income tax without regard to its source; or</TD>
</TR>

</TABLE>


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    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust, if a court within the US is able to exercise primary
supervision over the administration of the trust and one or more US
persons have the authority to control all substantial decisions of the
trust or if the trust has made a valid election to be treated as a US
person.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a partnership holds any ordinary shares or ADSs, the tax treatment of a
partner will generally depend on the status of the partner and on the
activities of the partnership. Partners of partnerships holding any notes,
ordinary shares or ADSs are urged to consult their tax advisors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Because individual circumstances may differ, US holders of ordinary shares
or ADSs are urged to consult their own tax advisors concerning the US federal
income tax consequences applicable to their particular situations as well as
any consequences to them arising under the tax laws of any foreign, state or
local taxing jurisdiction.</B>


<P align="left" style="font-size: 10pt"><I>Ownership of Ordinary Shares or ADSs</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the Code, US holders of ADSs will be treated for US
federal income tax purposes as the owner of the ordinary shares represented by
those ADSs. Exchanges of ordinary shares for ADSs and ADSs for ordinary shares
generally will not be subject to US federal income tax.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For US federal income tax purposes, distributions with respect to the
ordinary shares or ADSs, other than distributions in liquidation and
distributions in redemption of stock that are treated as exchanges, will be
taxed to US holders as ordinary dividend income to the extent that the
distributions do not exceed our current and accumulated earnings and profits.
For US federal income tax purposes, the amount of any distribution received by
a US holder will equal the Dollar value of the sum of the South African Rand
payments made (including the amount of South African income taxes, if any,
withheld with respect to such payments), determined at the &#147;spot rate&#148; on the
date the dividend distribution is includable in such US holder&#146;s income,
regardless of whether the payment is in fact converted into Dollars. Generally,
any gain or loss resulting from currency exchange fluctuations during the
period from the date a US holder includes the dividend payment in income to the
date such holder converts the payment into Dollars will be treated as ordinary
income or loss. Distributions, if any, in excess of our current and accumulated
earnings and profits will constitute a non-taxable return of capital and will
be applied against and reduce the holder&#146;s basis in the ordinary shares or
ADSs. To the extent that these distributions exceed the US holder&#146;s tax basis
in the ordinary shares or ADSs, as applicable, the excess generally will be
treated as capital gain, subject to the discussion below under the heading
&#147;Passive Foreign Investment Company.&#148; We do not intend to calculate our
earnings or profits for US federal income tax purposes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the recently enacted Jobs and Growth Tax Relief Reconciliation Act
of 2003, the maximum US federal income tax rate on dividends paid to
individuals through 2008 is reduced to 15%. This reduced rate generally would
apply to dividends paid by us if, at the time such dividends are paid, either
(i)&nbsp;we are eligible for benefits under a qualifying income tax treaty with the
US or (ii)&nbsp;our ordinary shares or ADSs with respect to which such dividends
were paid are readily tradable on an established securities market in the US.
However, this reduced rate is subject to certain important requirements and
exceptions, including, without limitation, certain holding period requirements
and an exception applicable if we are treated as a passive foreign investment
company as discussed under the heading &#147;Passive Foreign Investment Company.&#148; US
holders are urged to consult their own tax advisors regarding the US federal
income tax rate that will be applicable to their receipt of any dividends paid
with respect to the ordinary shares and ADSs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this discussion, the &#147;spot rate&#148; generally means a rate
that reflects a fair market rate of exchange available to the public for
currency under a &#147;spot contract&#148; in a free market and involving representative
amounts. A &#147;spot contract&#148; is a contract to buy or sell a currency on or before
two business days following the date of the execution of the contract. If such
a spot rate cannot be demonstrated, the US Internal Revenue Service has the
authority to determine the spot rate.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income derived with respect to the ordinary shares or ADSs will
constitute &#147;portfolio income&#148; for purposes of the limitation on the use of
passive activity losses and, therefore, generally may not be offset by passive
activity losses, and as &#147;investment income&#148; for purposes of the limitation on
the deduction of investment interest expense. Such dividends will not be
eligible for the dividends received deduction generally allowed to a US
corporation under Section&nbsp;243 of the Code. Dividend income will be treated as
foreign source income for foreign tax credit and other purposes. In computing
the separate foreign tax credit limitations, dividend income should generally
constitute &#147;passive income,&#148; or in the case of certain US holders, &#147;financial
services income.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed under &#147;Taxation &#151; South Africa&#148; above, South Africa currently
does not impose any withholding tax on distributions with respect to the
ordinary shares or ADSs. Should South Africa decide in the future to impose a
withholding tax on such distributions, the tax treaty between the United States
and South Africa would limit the rate of this tax to 5&nbsp;percent of the gross
amount of the distributions if a US holder holds directly at least 10&nbsp;percent
of our voting stock and to 15&nbsp;percent of the gross amount of the distributions
in all other cases. In addition, if South Africa decided in the future to
impose a withholding tax on distributions with respect to the ordinary shares
or ADSs, a determination would need to be made at such time as to whether any
South African income taxes withheld would be treated as foreign income taxes
eligible for credit against such US holder&#146;s US federal income tax liability,
subject to limitations and conditions generally applicable under the Code. Any
such taxes may be eligible at the election of such US holder, for deduction in
computing such US holder&#146;s taxable income. The limitation on foreign taxes
eligible for credit is calculated separately with respect to specific classes
of income. The calculation of foreign tax credits and, in the case of a US
holder that elects to deduct foreign taxes, the availability of deductions is
complex and involves the application of rules that depend on a US holder&#146;s
particular circumstances. US holders are urged to consult their own tax
advisors regarding the availability to them of foreign tax credits or
deductions in respect of South African income taxes, if any, withheld.


<P align="left" style="font-size: 10pt"><I>Disposition of Ordinary Shares or ADSs</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon a sale, exchange, or other taxable disposition of ordinary shares or
ADSs, a US holder will recognize gain or loss in an amount equal to the
difference between the US dollar value of the amount realized on the sale or
exchange and such holder&#146;s adjusted tax basis in the ordinary shares or ADSs.
Subject to the application of the &#147;passive foreign investment company&#148; rules
discussed below, such gain or loss generally will be capital gain or loss and
will be long-term capital gain or loss if the US holder has held the ordinary
shares or ADSs for more than one year. The deductibility of capital losses is
subject to limitations. Gain or loss recognized by a US holder on the taxable
disposition of ordinary shares or ADSs generally will be treated as US-source
gain or loss for US foreign tax credit purposes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a cash basis US holder who receives Rand in connection with
the taxable disposition of ordinary shares or ADSs, the amount realized will be
based on the spot rate as determined on the settlement date of such exchange. A
US holder who receives payment in Rand and converts Rand into US Dollars at a
conversion rate other than the rate in effect on the settlement date may have a
foreign currency exchange gain or loss that would be treated as ordinary income
or loss.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An accrual basis US holder may elect the same treatment required of cash
basis taxpayers with respect to a taxable disposition of ordinary shares or
ADSs, provided that the election is applied consistently from year to year.
Such election may not be changed without the consent of the Internal Revenue
Service. In the event that an accrual basis holder does not elect to be treated
as a cash basis taxpayer, such US holder may have a foreign currency gain or
loss for US federal income tax purposes because of the differences between the
US dollar value of the currency received prevailing on the trade date and the
settlement date. Any such currency gain or loss will be treated as ordinary
income or loss and would be in addition to gain or loss, if any, recognized by
such US holder on the disposition of such ordinary shares or ADSs.



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<P align="left" style="font-size: 10pt"><I>Passive Foreign Investment Company</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special and adverse set of US federal income tax rules apply to a US
holder that holds stock in a passive foreign investment company, or PFIC. We
would be a PFIC for US federal income tax purposes if for any taxable year
either (i)&nbsp;75% or more of our gross income, including our pro rata share of the
gross income of any company in which we are considered to own 25% or more of
the shares by value, were passive income or (ii)&nbsp;50% or more of our average
total assets (by value), including our pro rata share of the assets of any
company in which we are considered to own 25% or more of the shares by value, were assets that produced or were held for the production of
passive income. If we were a PFIC, US holders of the ordinary shares or ADSs
would be subject to special rules with respect to (i)&nbsp;any gain recognized upon
the disposition of the ordinary shares or ADSs and (ii)&nbsp;any receipt of an
excess distribution (generally, any distributions to a US holder during a
single taxable year that is greater than 125% of the average amount of
distributions received by such US holder during the three preceding taxable
years in respect of the ordinary shares or ADSs or, if shorter, such US
holder&#146;s holding period for the ordinary shares or ADSs). Under these rules:



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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
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    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the gain or excess distribution will be allocated ratably over a US
holder&#146;s holding period for the ordinary shares or ADSs, as applicable;</TD>
</TR>

</TABLE>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount allocated to the taxable year in which a US holder
realizes the gain or excess distribution will be taxed as ordinary
income;</TD>
</TR>

</TABLE>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount allocated to each prior year, with certain exceptions,
will be taxed at the highest tax rate in effect for that year; and</TD>
</TR>

</TABLE>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the interest charge generally applicable to underpayments of tax will
be imposed in respect of the tax attributable to each such year.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we generally will be treated as a PFIC as to any US holder if we
are a PFIC for any year during a US holder&#146;s holding period, if we cease to
satisfy the requirements for PFIC classification, the US holder may avoid PFIC
classification for subsequent years if such holder elects to recognize gain
based on the unrealized appreciation in the ordinary shares or ADSs through the
close of the tax year in which we cease to be a PFIC. Additionally, if we are a
PFIC, a US holder who acquires ordinary shares or ADSs from a decedent would be
denied the normally available step-up in tax basis for such notes, ordinary
shares or ADSs to fair market value at the date of death and instead would have
a tax basis equal to the lower of the fair market value or the decedent&#146;s tax
basis.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A US holder who beneficially owns stock in a PFIC must file Form&nbsp;8621
(Return by a Shareholder of a Passive Foreign Investment Company or Qualified
Electing Fund) with the Internal Revenue Service for each tax year such holder
holds stock in a PFIC. This form describes any distributions received with
respect to such stock and any gain realized upon the disposition of such stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A US holder of the ordinary shares or ADSs that are treated as &#147;marketable
stock&#148; under the PFIC rules may be able to avoid the imposition of the special
tax and interest charge described above by making a mark-to-market election.
Pursuant to this election, the US holder would include in ordinary income or
loss for each taxable year an amount equal to the difference as of the close of
the taxable year between the fair market value of the ordinary shares or ADSs
and the US holder&#146;s adjusted tax basis in such ordinary shares or ADSs. Losses
would be allowed only to the extent of net mark-to-market gain previously
included by the US holder under the election for prior taxable years. If a
mark-to-market election with respect to ordinary shares or ADSs is in effect on
the date of a US holder&#146;s death, the tax basis of the ordinary shares or ADSs
in the hands of a US holder who acquired them from a decedent will be the
lesser of the decedent&#146;s tax basis or the fair market value of the ordinary
shares or ADSs. US holders desiring to make the mark-to-market election are
urged to consult their tax advisors with respect to the application and effect
of making the election for the ordinary shares or ADSs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a US holder who holds ordinary shares or ADSs and who does
not make a mark-to-market election, the special tax and interest charge
described above will not apply if such holder makes an election to treat us as
a &#147;qualified electing fund&#148; in the first taxable year in which such holder owns
the ordinary shares or ADSs and if we comply with certain reporting
requirements. However, we do not intend to supply US holders with the
information needed to report income and gain pursuant to a &#147;qualified electing
fund&#148; election in the event that we are classified as a PFIC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that we were not a PFIC for our 2004 fiscal year ended June&nbsp;30,
2004. However, the tests for determining whether we would be a PFIC for any
taxable year are applied annually and it is difficult to make accurate
predictions of future income and assets, which are relevant to this
determination. In addition, certain factors in the PFIC determination, such as
reductions in the market value of our capital stock, are not within our control
and can cause us to become a PFIC. Accordingly, there can be no assurance that we will not become a
PFIC.


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<P align="left" style="font-size: 10pt"><B>Rules relating to a PFIC are very complex. US holders are urged to consult
their own tax advisors regarding the application of PFIC rules to their
investments in our ordinary shares or ADSs.</B>



<P align="left" style="font-size: 10pt"><I>Information Reporting and Backup Withholding</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments made in the United States or through certain US-related financial
intermediaries of dividends or the proceeds of the sale or other disposition of
our ordinary shares or ADSs may be subject to information reporting and US
federal backup withholding if the recipient of such payment is not an &#147;exempt
recipient&#148; and fails to supply certain identifying information, such as an
accurate taxpayer identification number, in the required manner. Generally,
individuals are not exempt recipients, whereas corporations and certain other
entities generally are exempt recipients. The backup withholding tax rate is
currently 28%. For payments made after 2010, the backup withholding rate will
be increased to 31%. Payments made with respect to our ordinary shares or ADSs
to a US holder must be reported to the Internal Revenue Service, unless the US
holder is an exempt recipient or establishes an exemption. Any amount withheld
from a payment to a US holder under the backup withholding rules is refundable
or allowable as a credit against the holder&#146;s US federal income tax, provided
that the required information is furnished to the Internal Revenue Service.


<P align="left" style="font-size: 10pt"><I>US Gift and Estate Tax</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An individual US holder of ordinary shares or ADSs will be subject to US
gift and estate taxes with respect to ordinary shares or ADSs in the same
manner and to the same extent as with respect to other types of personal
property.

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<P align="left" style="font-size: 10pt"><B><I>10F. DIVIDENDS AND PAYING AGENTS</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<P align="left" style="font-size: 10pt"><B><I>10G. STATEMENT BY EXPERTS</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<P align="left" style="font-size: 10pt"><B><I>10H. DOCUMENTS ON DISPLAY</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of our US Securities and Exchange Commission
filings, at no cost, by writing or calling us at DRDGOLD Limited, P.O. Box 390, Maraisburg, Johannesburg, South Africa 1700. Attn: Group
Company Secretary. Tel No.&nbsp;27-11-381-7800. A copy of each report submitted in
accordance with applicable United States law is available for public review at
our principal executive offices.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each document concerning us that is referred to in this Annual
Report on Form 20-F, is available for public view at our principal executive
offices at DRDGOLD Limited, 45 Empire Road, Parktown,
Johannesburg, South Africa 2193.

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<P align="left" style="font-size: 10pt"><B><I>10I. SUBSIDIARIES</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


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<P align="left" style="font-size: 10pt"><B>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B>



<P align="left" style="font-size: 10pt"><B>Quantitative and Qualitative Disclosures About Market Risk</B>



<P align="left" style="font-size: 10pt"><B><I>General</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the normal course of our operations, we are exposed to market risk,
including commodity price, foreign currency, interest, liquidity and credit
risks. We enter into transactions which make use of derivative instruments to
economically hedge certain exposures. These instruments include interest rate
swaps and gold lease rate swaps. The decision to use these types of
transactions is based on our hedging policy. Although most of these instruments
are used as economic hedges, none of them qualify for hedge accounting and,
consequently, are marked-to-market through the statements of operations in
accordance with our accounting policies. We do not hold or issue derivative
financial instruments for speculative purposes, nor do we hedge forward gold
sales.


<P align="left" style="font-size: 10pt"><B><I>Commodity price risk</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of gold has a significant effect on our results of
operations, our ability and the ability of our subsidiaries to pay dividends
and undertake capital expenditures, and the market price of our ordinary shares
or ADSs. Historically, gold prices have fluctuated widely and are affected by
numerous industry factors over which we have no control. The aggregate effect
of these factors on the gold price is impossible for us to predict. The price
of gold may not remain at a level allowing us to economically exploit our
reserves. It is not our policy to hedge this commodity price risk.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until May&nbsp;2002, we used forward contracts, options and swaps to reduce our
risk exposure to volatility in the gold price. The total gold production
committed under our hedging program as of July&nbsp;1, 2001, was 802,625 ounces over
a three-year period. Consequently, our shareholders were exposed to opportunity
loss as a result of an increase in the price of gold.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2002, our management reached the conclusion that our hedge
book structure would make it difficult for us to accomplish our strategy of
providing our investors with exposure to increases in the price of gold, as
gains would be offset against potential losses on the forward contracts. As a
result, our policy is not to hedge forward gold sales however we do hedge
specified projects, acquisitions and capital expenditure and we consistently
take advantage of opportunities in the market to close out the remainder of the
Eskom &#147;gold for electricity&#148; contract.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of this decision in May&nbsp;2002, we entered into equal and
opposite positions of all outstanding derivatives (excluding the Eskom gold for
electricity contract) to effectively close these positions out and eliminate
any existing commitment to sell our gold production. The loss that we realized
on the existing positions was $72.8&nbsp;million. The various counterparties, J.P.
Morgan Chase Bank, J. Aron &#038; Company and UBS AG, each agreed to accept a
portion of the amounts due to them under the restructuring immediately in cash,
which amounted to approximately $38.1&nbsp;million, with the remainder, which
amounted to approximately $34.7&nbsp;million, to be paid over an 18&nbsp;month period.
These balances have therefore been treated as long-term loans. Of this amount,
$6.6&nbsp;million due to J.P. Morgan Chase Bank was secured by a general notarial
covering bond and surety mortgage over the metallurgical plants of the Blyvoor,
West Wits and Buffels Sections and was due to be repaid by June&nbsp;2003. We repaid
the full amount to J.P. Morgan Chase Bank on March&nbsp;26, 2003 and obtained a
release of these assets. During July&nbsp;2003, J. Aron &#038; Company was paid in full
and during August&nbsp;2003 UBS AG was paid in full.


<P align="left" style="font-size: 10pt"><I>Eskom gold for electricity contract</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2000, we entered into a contract to buy electricity from Eskom,
the parastatal authority in South Africa responsible for the supply of
electricity. Under the terms of our agreement, we pay Eskom standard
electricity tariff for all energy we consume, including the 75 GWh per month
specified in the contract. This contract expires in September&nbsp;2005. In
addition, every 12&nbsp;month-period starting in October we adjust the amounts paid
in that period in accordance with an established formula based on the gold
price.


<P align="center" style="font-size: 10pt">169</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gold price adjustment is based on the notional amount of 15,000 ounces
per month of gold multiplied by the difference between the contracted gold
price, which is the price that was agreed on the date of the transaction for a
determined period, and the arithmetic average of London PM close for each
business day in the calculation period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have concluded that (1)&nbsp;the contract in its entirety does not meet the
definition of a derivative instrument and therefore it does not have to be
carried on our balance sheet at fair value; (2)&nbsp;the embedded gold for
electricity forward contract possesses economic characteristics that are not
clearly and closely related to the economic characteristics of the host
contract; and (3)&nbsp;a separate, stand-alone instrument with the same terms would
qualify as a derivative instrument. Accordingly, the embedded derivative was
separated from the host contract and carried at fair value.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed in note 16 to our financial statements, the fair value of the
gold for electricity contract was a liability of $3.1&nbsp;million as at June&nbsp;30,
2004 (a liability of $30.9&nbsp;million as at June&nbsp;30, 2003). The fair value
reflects the difference between the price that was agreed on the date of the
transaction and the forward price on June&nbsp;30, 2004. Therefore, the $3.1&nbsp;million
reflects the loss as at June&nbsp;30, 2004 when the gold price was R2,451 per ounce
against an average contract price of R2,256 per ounce. If the spot Rand gold
price is trading above the strike of the gold for electricity contract, the
instrument has a negative value and will result in us paying Eskom. Similarly
if the spot Rand gold price is trading below the strike of the gold for
electricity contract, Eskom would settle with us.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2004, due to the lower Rand gold price, we closed out
265,000 ounces of the Eskom gold for electricity contract in line with our
policy of not hedging gold production, at a cost of $25.1&nbsp;million. To fund the
closing out of the first 180,000 ounces at a cost of $19.3&nbsp;million, we entered
into an option agreement with Investec (Mauritius), on December&nbsp;17, 2003, to
acquire 10.2&nbsp;million ordinary shares. The strike price per share of the option
is 95.5% of the trade-weighted average price of our ADSs for the 10&nbsp;days prior
to exercise. The option had an expiry date of March&nbsp;15, 2004. The option was
exercised on February&nbsp;19, 2004, at a price of $3.21 per share for a total
consideration of $32.3&nbsp;million. To fund the closing out of the following 85,000
ounces of the Eskom hedge, we entered into a R100.0&nbsp;million ($15.9&nbsp;million)
short-term loan facility with Investec Bank Limited, a South African bank, on
June&nbsp;24, 2004. This loan has been settled.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>For the year ending</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Eskom gold for electricity contract (by maturity)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ounces (notional)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Average price (R/ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,256</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above table reflects the number of ounces committed and the average
contract price over the remaining period of the contract. A 10% increase or
decrease in the average Rand gold price would change the loss/(profit) on
derivative instruments by $1.7&nbsp;million.


<P align="left" style="font-size: 10pt"><I>Put options bought</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Put options bought refer to the right, but not the obligation to sell a
predetermined amount of gold at a predetermined price on a predetermined date.
During fiscal 2003, the remaining put options were closed out. This resulted
in a cash inflow of $7.1&nbsp;million. Included in profit/(loss) on derivative
instruments is $nil for fiscal 2004 and fiscal 2002, and a profit of $9.5
million for fiscal 2003, relating to these instruments.




<P align="center" style="font-size: 10pt">170
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt"><I>Other positions</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company had entered into a gold rate lease swap and call position
transactions which had been accounted for on a mark-to-market basis in prior
fiscal years, and which matured or were closed out in the fiscal 2004.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2004, a gold lease rate swap for 109,875 ounces, at a rate
of 0.20%, matured.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A gold lease rate swap is a contract whereby the Company and a
counterparty select a notional amount of gold, and thereafter over the life of
the contract one party pays a fixed lease rate based on that amount of gold and
the other party pays a floating lease rate based on the same amount of gold.
The Company had exposure to increases in the three-month lease rate up to June
2004. The volume the swap was based on decreases every quarter until it reached
zero (by June&nbsp;2004). Every quarter the Company received a fixed cash flow equal
to 0.2% per annum of the volume and $280/oz, and paid the three-month floating
lease rate converted at the then market spot rate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2003, the Company bought call options as a risk management
tool to protect the maximum exposure on the gold for electricity contract.
Options covering a total of 272,110 ounces were purchased for $14.9&nbsp;million.
These contracts were to expire by September&nbsp;2005. During fiscal 2004, the
Company took advantage of the lower Rand gold price and closed out 265,000
ounces of the Eskom gold for electricity contract in line with its policy of
not hedging gold production. Accordingly the exposure for which the call
options were bought as a risk management tool had been significantly reduced
and the call options were closed out during fiscal 2004, recording a gain of
$0.1&nbsp;million. The fair value of the call positions bought was an asset of $6.6
million as at June&nbsp;30, 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in profit/(loss) on derivative instruments is a loss of $3.2
million for fiscal 2004, a profit of $40.9&nbsp;million for fiscal 2003 and a loss
of $91.0&nbsp;million for fiscal 2002, respectively, relating to these instruments.


<P align="left" style="font-size: 10pt"><B><I>Concentration of credit risk</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our financial instruments do not represent a concentration of credit risk,
because we deal with a variety of major banks and financial institutions
located in South Africa and Australia, after evaluating the credit ratings of
the representative financial institutions. Furthermore, our accounts receivable
and loans are regularly monitored and assessed for recoverability. Where it is
appropriate to raise a provision, an adequate level of provision is maintained.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, our South African operations all deliver their gold to Rand
Refinery Limited, or RRL, which refines the gold to saleable purity levels and
then sells the gold, on our behalf, on the bullion market. The gold is sold by
RRL on the same day as it is delivered and settlement is made within two days.
Once the gold has been assayed by RRL, the risks and rewards of ownership have
passed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tolukuma Section delivers their gold to one customer, N.M. Rothschild
and receives proceeds within two days. The concentration of credit risk in
Australia is mitigated by the reputable nature of the customer and the
settlement of the proceeds within a week.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porgera delivers their gold to AGR Matthey (Australia) who refines the
gold and then delivers it to the Bank of Western Australia Limited, or
BankWest, at a price negotiated by us. The concentration of credit risk in
Australia is mitigated by the reputable nature of the customer and the
settlement of the proceeds within two days.


<P align="left" style="font-size: 10pt"><B><I>Foreign currency risk</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our functional currency for the South African operations is the South
African Rand and for the Tolukuma Section and Porgera it is the Papua New
Guinea Kina. Although gold is sold in Dollars, we are obliged to convert this
into Rands for our South African operations under the South African Reserve
Bank regulations. We are thus exposed to fluctuations in the Dollar/Rand
exchange rate. We conduct our operations in South Africa and Papua New Guinea
predominantly in Rand and Kina respectively. Currently, foreign exchange
fluctuations affect the cash flow that we will realize from our operations as
gold is sold in Dollars while production costs are incurred primarily in Rands
and Papua New Guinean Kina. Our results are positively affected when the Dollar
strengthens against these foreign currencies and adversely affected when the
Dollar weakens against these foreign currencies. Our cash and cash equivalent
balances are held in Dollars, Rands and Papua New Guinean Kina; holdings
denominated in other currencies are relatively insignificant. Certain of our
financial liabilities are denominated in a currency other than the Rand. We are
thus exposed to fluctuations in the Rand exchange rate with the relevant
currency.


<P align="center" style="font-size: 10pt">171
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on our fiscal 2004 financial results, a hypothetical 10%
increase/decrease in Rand/Dollar exchange rate would have approximately a $22.3
million increase/decrease impact on revenues and a $15.6&nbsp;million
increase/decrease impact on net profit after tax.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on our fiscal 2004 financial results, a hypothetical 10%
increase/decrease in Australian Dollar/Dollar exchange rate would have
approximately a $9.4&nbsp;million increase/decrease impact on revenues and a $6.6
million increase/decrease impact on net profit after tax.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not entered into any foreign exchange hedging contracts to attempt
to mitigate our foreign currency risk.


<P align="left" style="font-size: 10pt"><B><I>Interest rate and liquidity risk</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluctuations in interest rates impact on the value of short-term cash
investments and financing activities, giving rise to interest rate risks.


<P align="left" style="font-size: 10pt"><I>Interest rate swap agreement</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An interest rate swap agreement was entered into to minimize the exposure
to changes in interest rates with regard to the coupon payable on our
$66,000,000 of 6% Senior Convertible Notes due 2006 (refer to note 18 of the
financial statements). The fixed coupon rate (in Dollars) was swapped for a
floating South African interest rate, calculated at the JIBAR plus 200 basis
points per annum. An amount of 60% of the coupon rate is subject to this swap
agreement, based on the requirements of the South African Reserve Bank, as this
represents the amount of the funds raised utilized in South Africa. The
maturity date of this agreement is November&nbsp;2006. A 0.5% increase or decrease
in the assumed weighted average interest rate would change loss/(profit) on
derivative instruments by $8,400.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed in note 16 to our financial statements, the fair value of the
interest rate swap agreement was a liability of $2.0&nbsp;million as at June&nbsp;30,
2004 (a liability of $1.8&nbsp;million as at June&nbsp;30, 2003).


<P align="left" style="font-size: 10pt"><I>Liquidity</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the ordinary course of business, we receive cash from our operations
and are required to fund working capital and capital expenditure requirements.
This cash is managed to ensure surplus funds are invested in a manner to
achieve maximum returns while minimizing risks. Funding deficits for our mining
operations have been financed through the issue of additional shares, by
utilizing undrawn committed borrowing facilities and obtaining new facilities
at competitive rates to fund our working capital requirements. Lower interest
rates result in lower returns on investments and deposits and also may have the
effect of making it less expensive to borrow funds at then current rates.
Conversely, higher interest rates result in higher interest payments on loans
and overdrafts. As at June&nbsp;30, 2004, undrawn committed borrowing facilities
amounted to $14.7&nbsp;million and at October&nbsp;31, 2004, these amounted to $8.4
million.


<P align="center" style="font-size: 10pt">172
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><I>Long-term debt</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set out below is an analysis of our debt (in $&#146;000&#146;s) as at June&nbsp;30, 2004,
analyzed between fixed and variable interest rates and classified by currency.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dollar</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Rand</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>denominated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>denominated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>loans</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>loans</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Interest rate</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Variable rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,046</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Weighted average interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>n/a</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fixed rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>61,134</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Weighted average interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>n/a</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>61,134</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,046</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>69,180</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Repayment period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,315</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,551</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53,314</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>61,134</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,046</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>69,180</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B><I>Labor risk</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately 70% of the labor force at our South African Operations are
members of labor unions. The majority of the union members are blue-collar
employees. The unions negotiate two year wage agreements which are binding on
employees in the respective bargaining units, the largest of which consists of
occupational groupings of mainly blue collar workers in the organization. These
agreements are valid from July 1 in the first year to June&nbsp;30 of the second
year. The levels of unionization for operations outside South Africa varies. It
is mostly contained amongst blue collar workers and membership is below 50%.

<DIV align="left">
<A name="144"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="center" style="font-size: 10pt">173
</DIV>

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<DIV align="left">
<A name="145"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>


<DIV align="left">
<A name="146"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no material defaults in the payment of principal,
interest, a sinking or purchase fund installment, or any other material
defaults with respect to any indebtedness of ours.

<DIV align="left">
<A name="147"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<DIV align="left">
<A name="148"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 15. CONTROLS AND PROCEDURES</B>

<P align="left" style="font-size: 10pt"><B>Evaluation of Disclosure Controls and Procedures</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Chief Executive Officer and our Chief Financial Officer have evaluated the effectiveness
of our disclosure controls and procedures (as this term is defined under the rules of the SEC) as
of June&nbsp;30, 2004. Based on this evaluation, as of June&nbsp;30, 2004, our Chief Executive Officer and
our Chief Financial Officer concluded that, as a result of the material weaknesses in our internal
control over financial reporting described below, our disclosure controls and procedures were not
effective in recording, processing, summarizing and reporting, on a timely basis, information
required to be disclosed by the Company in the reports that it files or submits under the US
Securities Exchange Act of 1934, or the Exchange Act, and were not effective in ensuring that
information required to be disclosed by the Company in the reports it files or submits under the
Exchange Act is accumulated and communicated to the Company&#146;s management, including its principal
executive and principal financial officers, or persons performing similar functions, as appropriate
to allow timely decisions regarding required disclosure.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the process of conducting our audit for fiscal 2004, during the period from May to August&nbsp;2004
our auditors identified accounting errors in our reported US GAAP quarterly results for fiscal 2004
that related to the recognition of losses of our equity accounted associate, CGR and its subsidiary
ERPM, and the incorrect recognition of accelerated depreciation related to the Number 6 Shaft at
our North West Operations, as disclosed in Item&nbsp;5A under &#147;Restatement of US GAAP Quarterly
Results,&#148; which they brought to the attention of our Divisional Director: Group Finance, who
promptly advised our senior management. As a result of these errors, in this Annual Report we have
restated our Group quarterly financial statements for fiscal 2004 in the manner specified in Item
5A under &#147;Restatement of US GAAP Quarterly Results.&#148; These restatements affected the Group
quarterly financial statements as previously disclosed under cover of Forms 6-K filed with the SEC
on October&nbsp;31, 2003, February&nbsp;25, 2004, May&nbsp;5, 2004, May&nbsp;10, 2004, and August&nbsp;19, 2004. These
restatements did not result in any restatement or revision to our financial results for fiscal 2004
as a whole.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously disclosed, effective on October&nbsp;14, 2003, we acquired a 20% interest in the Porgera
Joint Venture through our acquisition of Orogen Minerals (Porgera) Limited, or OMP, and Mineral
Resources Porgera Limited, or MRP. The Porgera Joint Venture has not historically prepared its
accounts in accordance with US GAAP. The preparation of separate historical US GAAP financial
statements of OMP and MRP and pro forma financial statements for the Company and OMP and MRP in
connection with this acquisition took us nearly 12&nbsp;months after the acquisition, requiring us to
suspend sales under our outstanding Registration Statement (No.&nbsp;333-102800) relating to our 6%
Senior Convertible Notes due 2006. Our senior management had been aware since November&nbsp;2003 of the
requirement to file these financial statements in order to keep our outstanding Registration
Statement compliant with relevant SEC disclosure requirements. In addition, due to the restatement
of our quarterly results for fiscal 2004, we were required to restate the unaudited pro forma
financial statements of the Company and OMP and MRP for the six months ended December&nbsp;31, 2003.
The necessary financial reporting systems have now been implemented to report in accordance with US
GAAP the results of our 20% interest in the Porgera Joint Venture on an ongoing basis, and as
reported in this Annual Report.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the accounting errors in our reported US GAAP quarterly results for fiscal 2004
described above, in late September&nbsp;2004 our senior management, in conjunction with our auditors,
identified material weaknesses in our internal control over financial reporting at a Group level
with respect to our US GAAP quarterly financial reporting processes. Separately, in October&nbsp;2004,
in connection with the preparation of separate US GAAP historical financial statements of OMP and
MRP and pro forma financial statements for the Company and OMP and MRP in connection with our
acquisition of the 20% interest in the Porgera Joint Venture, our auditors identified material
weaknesses in our internal control over financial reporting at a Group level relating to our
failure to monitor the SEC&#146;s reporting requirements in relation to acquisitions. In summary, the
material weaknesses (which were reported to our Audit Committee) were as follows:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
<TD width="1%">&nbsp;</TD>
<TD>A lack of sufficient knowledge and experience among our internal accounting personnel
regarding the application of US GAAP and SEC requirements.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Insufficient written policies and procedures for accounting and financial reporting with
respect to the requirements and application of US GAAP and SEC requirements.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(c)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Insufficient emphasis by management on evaluating our compliance with US GAAP and SEC
requirements.</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">174
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the communications by KPMG with our Audit Committee with respect to KPMG&#146;s audit
procedures for fiscal 2004, KPMG informed the Audit Committee that these deficiencies constituted
material weaknesses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The lack of sufficient knowledge and experience among our internal accounting personnel regarding
the application of US GAAP and SEC requirements primarily reflects the limited availability in
South Africa of potential accounting employee candidates who have US GAAP experience or expertise.
Although we mitigated this weakness in fiscal years 1999 through 2002 through the use of external
accounting advisors with US GAAP expertise, we did not employ such advisors for our US GAAP
quarterly reporting, which we commenced in the second quarter of fiscal 2003, or for the
preparation of our US GAAP annual financial statements for fiscal 2003 or 2004. Accordingly, when
a set of facts gave rise to significant accounting and reporting issues that raised issues of
judgment during these periods, these issues were not always properly identified and evaluated
internally, prior to discussion with our external auditors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our accounting and financial reporting personnel did not have any objective written policies and
procedures to follow that dealt with US GAAP and SEC disclosure requirements, and as a result, US
GAAP issues were not always dealt with in a consistent manner and were not always properly
identified during the periods for which we did not employ an external accounting advisor with US
GAAP expertise. We also did not have our quarterly US GAAP results reviewed by our auditors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The insufficient emphasis by management on evaluating our compliance with US GAAP requirements
reflected a lack of US GAAP knowledge in our management team. This was compounded by the
substantial turnover in our senior management during the period from July&nbsp;1, 2001 through June&nbsp;30,
2003, as previously disclosed in our Annual Report on Form 20-F for fiscal 2002, as amended. Among
other things, this resulted in Mr.&nbsp;I. L. Murray taking on the roles of both Chief Executive Officer
and Chief Financial Officer for all of fiscal 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to our US GAAP quarterly reporting processes, we believe that these material
weaknesses existed from the time we commenced quarterly reporting under US GAAP in the second
quarter of fiscal 2003 and manifested themselves in errors in certain of those quarterly results.
During our fiscal 2003 audit, our auditors identified accounting errors in our reported US GAAP
quarterly results for the fourth quarter of fiscal 2003 and for the first quarter of fiscal 2004,
relating to a reversal of an impairment charge for the Number 6 Shaft at our North West Operations,
an increase in the valuation allowance against the deferred tax asset for our North West Operations
and an adjustment to the fair value of our 6% Senior Convertible Notes due 2006. We disclosed the
final restated financial results for the fourth quarter of fiscal 2003 in our Annual Report on Form
20-F for fiscal 2003, filed with the SEC on December&nbsp;30, 2003. We are not aware of any errors in
our published US GAAP quarterly financial statements other than those that have been subsequently
corrected and restated, as disclosed in this Item&nbsp;15.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to our US GAAP annual reporting processes, we believe that the circumstances that
contributed to these material weaknesses existed as early as fiscal 1996, when we began reporting
on an annual basis under US GAAP, at least insofar as they related to a lack of sufficient
knowledge and experience among our internal accounting personnel regarding the application of US
GAAP and SEC requirements and insufficient emphasis by management on evaluating our compliance with
US GAAP and SEC requirements. Although we believe that these internal circumstances were
effectively mitigated through fiscal 2002 in relation to our audited annual financial statements
through our use of external accounting advisors with US GAAP expertise to assist us in identifying
US GAAP issues and in preparing our annual US GAAP financial statements, we did not obtain such
outside advice in connection with the preparation of our quarterly US GAAP reports, which we
commenced publishing for the second quarter of fiscal 2003, or for the preparation of our US GAAP
annual financial statements for fiscal 2003 or 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to address the material weaknesses our senior management has reviewed our US GAAP
financial reporting processes and has prepared a US GAAP action plan. Management has discussed the
US GAAP action plan with the Audit Committee and will continue to provide periodic updates on
progress made. This plan has been designed to generally improve our US GAAP reporting processes
and to strengthen our control processes and procedures in order to prevent a recurrence of the
circumstances that resulted in the need to restate our quarterly financial statements and the
material weaknesses identified above. Our senior management will continue to review our US GAAP
financial reporting processes, in conjunction with the implementation of Section&nbsp;404 of the
Sarbanes-Oxley Act, and intends to complete this review by the end of
May&nbsp;2005, and implement the
US GAAP action plan outlined below by the end of fiscal 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The US GAAP action plan comprises the following initiatives:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
<TD width="1%">&nbsp;</TD>
<TD>We will arrange for our senior management and certain other accounting and finance-related
personnel to attend training sessions on US GAAP and financial reporting responsibilities and
SEC disclosure requirements. To date, our Manager of Internal Audit and Compliance has
attended a US GAAP update course in London in December&nbsp;2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
<TD width="1%">&nbsp;</TD>
<TD>We are in the process of modifying the mandate of our internal audit function to place
greater emphasis on the adequacy of, and compliance with, procedures relating to internal
control over US GAAP financial reporting and have engaged an internationally recognized
accounting firm to assist in formulating an internal audit plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
<TD width="1%">&nbsp;</TD>
<TD>In October&nbsp;2004, we hired a Manager of Internal Audit and Compliance, who is a certified
public accountant with knowledge of, and experience with, US GAAP and SEC disclosure
requirements. In particular, she has spent three years as an external auditor with an
internationally recognized accounting firm where her experience included the review of
periodic SEC filings of US companies, followed by two years experience as an internal auditor
of the parent company of two US listed companies, where her focus was primarily on compliance
with the Sarbanes-Oxley Act.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.</TD>
<TD width="1%">&nbsp;</TD>
<TD>We are in the process of engaging an internationally recognized accounting firm to provide us
with technical advice on specific or unusual US GAAP matters and SEC disclosure requirements
on an ongoing basis.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.</TD>
<TD width="1%">&nbsp;</TD>
<TD>We have engaged an internationally recognized accounting firm to assist in monitoring and
improving our internal controls and procedures in connection with the implementation of
Section&nbsp;404 of the Sarbanes-Oxley Act. We are in the process of evaluating, documenting and
testing our internal control procedures in preparation for the requirements of Section&nbsp;404 of
the Sarbanes-Oxley Act. We expect the monitoring and evaluation of the adequacy of our
internal control over financial reporting will continue into fiscal 2007. During the course
of this process, we may identify additional deficiencies that we will need to remedy.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6.</TD>
<TD width="1%">&nbsp;</TD>
<TD>We are in the process of developing detailed US GAAP financial reporting checklists to
provide guidance to internal accounting staff with regard to US GAAP and SEC reporting
requirements.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate that the costs we incurred up to January&nbsp;2005 on the implementation of our US GAAP
action plan are approximately $230,000. We expect to continue to incur annual costs to maintain
the US GAAP action plan of approximately $620,000, which does not include the cost of a review of
our semi-annual financial results by our independent auditors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have experienced difficulties in finding internal personnel and external advisors in South
Africa with sufficient US GAAP experience. Concurrent quarterly reporting under both South African
Generally Accepted Accounting Principles, or SA GAAP, as the primary basis for reporting for South
African purposes, and US GAAP, as the primary basis for our Exchange Act filings, imposes a
significant time and expense burden on a business of our size. Going forward, we believe it is a
more prudent use of our staff resources and funds to cease quarterly financial reporting and
instead report financial information semi-annually under both SA GAAP (or International Financial
Reporting Standards, or IFRS when it becomes applicable for financial years commencing on or after
January&nbsp;1, 2005) and US GAAP, with our first semi-annual financial statements to be released for the half-year
ended December&nbsp;31, 2004. Our external auditors, KPMG Inc, have been engaged to perform a review,
under Statement of Auditing Standards No.&nbsp;100 &#147;Interim Financial Information,&#148; of our semi-annual
financial statements for the half-year ended December&nbsp;31, 2004. Quarterly releases, which
commenced for the quarter ended September&nbsp;30, 2004, will be limited to production data and capital
expenditure only.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2004, with regards to the scope of our assessment, we did not have the right or
authority to assess, modify or dictate the internal control over financial reporting of the Porgera
Joint Venture, nor have we reviewed its internal control over financial reporting. We also lacked
the ability, in practice, to make this assessment, as we did not have control of this entity.
Accordingly, our conclusions regarding the effectiveness of our disclosure controls and procedures
and internal control over financial reporting do not extend to the disclosure controls and
procedures and internal control over financial reporting of the Porgera Joint Venture. However, we
do have adequate internal control over financial reporting in place to ensure that the financial
information for the Porgera Joint Venture is appropriately included in our financial statements.
We have disclosed key subtotals in note 12 of Item&nbsp;18: &#147;Financial Statements.&#148;


<P align="left" style="font-size: 10pt"><B>Changes in Internal Control over Financial Reporting</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended June&nbsp;30, 2004, there were no changes in our internal control over
financial reporting that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As disclosed above, however, we are in the process of implementing a US GAAP action plan that
we believe will result, during the fiscal year ended June&nbsp;30, 2005, in the substantial elimination
or mitigation of the material weaknesses identified by our auditors in connection with the audit of
our financial statements as of and for the year ended June&nbsp;30, 2004.

<DIV align="left">
<A name="149"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 16. CORPORATE GOVERNANCE</B>

<DIV align="left">
<A name="150"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><i>16A. AUDIT COMMITTEE FINANCIAL EXPERT</i></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is at least one member of our audit committee that possesses the
relevant attributes sufficient to have an understanding of South African
Generally Accepted Accounting Practice, or SA GAAP, and financial statements
and the ability to assess the general application of SA GAAP. However, we do
not have an audit committee financial expert (as defined in Item&nbsp;16A of the
Form 20-F) as no member of the Audit Committee currently has the required US
GAAP experience.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board is satisfied that the skills, experience and attributes of the
members of the audit committee are sufficient to enable those members to
discharge the responsibilities of the audit committee.

<P align="center" style="font-size: 10pt">175
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="151"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>16B. CODE OF ETHICS AND CONDUCT</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted a Code of Ethics and Conduct that applies to all senior
executives including our Chairman, the Chief Executive Officer, Chief
Financial Officer and the Divisional Director: Group Finance, Group Financial
Manager and Financial Manager at each mining operation. The Code of Ethics and
Conduct can be accessed on the Company&#146;s website at www.drdgold.com.

<DIV align="left">
<A name="152"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><I>16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPMG Inc has served as our independent public accountants for the fiscal
years ending June&nbsp;30, 2004 and 2003, for which audited financial statements
appear in this Annual Report. The Annual General Meeting elects the auditors
annually.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the aggregate fees for professional services
and other services rendered by KPMG to us in fiscal 2004 and 2003:


<P align="left" style="font-size: 10pt"><I>Auditors&#146; remuneration</I>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Year ended June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit-related fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tax fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All other fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees billed for the annual audit services engagement, which are
those services that the external auditor reasonably can provide, include the
company audit; statutory audits; comfort letters and consents; attest services;
and assistance with and review of documents filed with the SEC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees for tax services include fees billed for tax compliance, tax advice
and tax planning services.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee appoints, re-appoints and removes the external
auditors as well as determines the remuneration and terms of engagement of the
external auditors. The committee pre-approves, and has pre-approved, all
non-audit services provided by the external auditors. The Audit Committee
considered all of the fees mentioned above and determined that such fees are
compatible with maintaining KPMG Inc&#146;s independence.

<DIV align="left">
<A name="168"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B><i>16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</I></B>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.


<DIV align="left">
<A name="169"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B><i>16E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER</I></B>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.


<P align="center" style="font-size: 10pt">176
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="170"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PART III</B>


<DIV align="left">
<A name="153"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 17. FINANCIAL STATEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<DIV align="left">
<A name="154"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 18. FINANCIAL STATEMENTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following financial statements and related auditors&#146; reports are filed
as part of this Annual Report.

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="85%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Report of the independent registered public accounting firm
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">F-1</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Report of Deloitte &#038; Touche
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">F-2</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consolidated statements of operations for the years ended June&nbsp;30, 2004, 2003 and 2002
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">F-3</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consolidated balance sheets at June&nbsp;30, 2004 and 2003
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">F-4</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consolidated statement of stockholders&#146; equity for the years ended June&nbsp;30, 2004, 2003 and 2002
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">F-5 to F-6</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consolidated statements of cash flows for the years ended June&nbsp;30, 2004, 2003 and 2002
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">F-7</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notes to the consolidated financial statements
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">F-8 to F-59</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate
consolidated financial statements and notes, thereto for Crown Gold
Recoveries (Pty) Limited and its subsidiaries for its fiscal years
ended June&nbsp;30, 2004 and 2003, have been filed pursuant to
Rule&nbsp;3-09 of Regulation S-X. Reference is made to Exhibit&nbsp;15.1
to our Annual Report on Form&nbsp;20-F.


<P align="center" style="font-size: 10pt">177
</DIV>

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<P><HR noshade><P>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>DURBAN ROODEPOORT DEEP, LIMITED<BR>
Report of the Independent Registered Public Accounting Firm to the Board of Directors<BR>
and Stockholders of Durban Roodepoort Deep, Limited</B>


<P align="left" style="font-size: 10pt">We have audited the accompanying consolidated balance sheets of Durban
Roodepoort Deep, Limited and its subsidiaries as of June&nbsp;30, 2004 and 2003, and
the related consolidated statements of operations, stockholders&#146; equity and
cash flows for each of the years in the two-year period ended June&nbsp;30, 2004.
These consolidated financial statements are the responsibility of the Company&#146;s
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.


<P align="left" style="font-size: 10pt">We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our
opinion.


<P align="left" style="font-size: 10pt">In our opinion, based on our
audits, the
consolidated financial statements referred to above present fairly, in all
material respects, the consolidated financial position of Durban Roodepoort
Deep, Limited and its subsidiaries at June&nbsp;30, 2004 and 2003, and the
consolidated results of its operations and its cash flows for each of the years
in the two-year period ended June&nbsp;30, 2004, in conformity with accounting
principles generally accepted in the United States of America.


<P align="left" style="font-size: 10pt">As discussed in Note 2 to the consolidated financial statements, Durban
Roodepoort Deep, Limited and its subsidiaries changed its method of accounting
for asset retirement obligations effective July&nbsp;1, 2002.



<P align="left" style="font-size: 10pt">KPMG Inc<BR>
Registered Accountants and Auditors<BR>
Chartered Accountants (SA)

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Johan Holtzhausen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Carel Smit</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Johan Holtzhausen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Carel Smit</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Johannesburg, Republic of South Africa<BR>
November&nbsp;29, 2004


<P align="center" style="font-size: 10pt">F-1
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>DURBAN ROODEPOORT DEEP, LIMITED<BR>
Report of the Independent Registered Public Accounting Firm to the Board of Directors<BR>
and Stockholders of Durban Roodepoort Deep, Limited</B>


<P align="left" style="font-size: 10pt">We have audited the accompanying consolidated statement of operations of Durban
Roodepoort Deep, Limited, and the related consolidated statements of
stockholders&#146; equity and cash flow for the year ended June&nbsp;30, 2002. These
financial statements are the responsibility of the Company&#146;s management. Our
responsibility is to express an opinion on these consolidated financial
statements based on our audit.


<P align="left" style="font-size: 10pt">We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit (which includes the conversion to generally accepted accounting
principles in the United States) provides a reasonable basis for our opinion.


<P align="left" style="font-size: 10pt">In our opinion, based on our audit the consolidated financial statements
referred to above present fairly, in all material respects, the consolidated
results of operations of Durban Roodepoort Deep, Limited and its consolidated
cash flow for the year ended June&nbsp;30, 2002, in conformity with accounting
principles generally accepted in the United States of America.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ DELOITTE &#038; TOUCHE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deloitte &#038; Touche</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Registered Accountants and Auditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chartered Accountants (SA)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Johannesburg, Republic of South Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">September&nbsp;29, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Durban Roodepoort Deep, Limited<BR>
Consolidated Statements of Operations for the years ended June&nbsp;30</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="61%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Notes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>REVENUES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Product sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>313,290</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>261,342</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>303,858</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>COSTS AND EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>279,946</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>238,024</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>217,571</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,056</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Movement in gold in process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Movement in rehabilitation provision, reclamation and closure costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(774</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>OTHER OPERATING EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,933</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Employment termination costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Management and consulting fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,888</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Post retirement medical benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,786</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Loss/(profit) on derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(43,821</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,153</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Loss/(profit) on sale of mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,729</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Profit on disposal of subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,302</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Write off of investments and loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>SELLING, ADMINISTRATION AND GENERAL CHARGES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">(including stock based compensation costs of $2,310,000 (2003:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$4,313,000 and 2002: $2,503,000))</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,254</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>NET OPERATING (LOSS)/INCOME</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(37,633</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>49,589</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(94,974</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>NON-OPERATING INCOME/(LOSS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest and dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,219</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrealized foreign exchange gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">567</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Profit on sale of other assets and listed investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>FINANCE COSTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,912</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,909</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,385</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>(LOSS)/PROFIT BEFORE TAX AND OTHER ITEMS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(32,686</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>62,764</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(94,573</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income and mining tax (expense)/benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,230</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(41,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,864</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity in loss from associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,452</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>(LOSS)/PROFIT AFTER TAX</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(55,743</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,547</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(51,709</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>NET (LOSS)/PROFIT BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(55,750</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,547</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(51,709</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cumulative effect of accounting change (net of income tax of $Nil
in 2003)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(173</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>NET (LOSS)/PROFIT APPLICABLE TO COMMON STOCKHOLDERS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(55,750</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,374</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(51,709</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BASIC (LOSS)/PROFIT PER SHARE (CENTS)&nbsp;BEFORE CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING POLICY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(26</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(32</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING POLICY (CENTS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BASIC (LOSS)/PROFIT PER SHARE (CENTS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(26</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(32</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>DILUTED (LOSS)/PROFIT PER SHARE (CENTS)&nbsp;BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING POLICY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(26</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(32</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING POLICY (CENTS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>DILUTED (LOSS)/PROFIT PER SHARE (CENTS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(26</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(32</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">The accompanying notes are an integral part of these Consolidated Financial Statements.










<P align="center" style="font-size: 10pt">F-3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Durban Roodepoort Deep, Limited<BR>
Consolidated Balance Sheets at June&nbsp;30</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Notes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,460</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>90,863</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,423</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,563</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,844</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Receivables owing by related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,912</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,866</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Mining assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>156,943</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>83,257</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,969</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(170,172</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(136,712</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Other assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-current related party receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-current inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,555</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>284,975</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>202,381</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>83,453</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>88,444</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bank overdraft</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,897</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,964</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,552</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Short-term portion of long-term loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,068</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income and mining taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non-current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>116,741</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>108,701</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,149</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,756</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,169</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Provision for environmental rehabilitation, reclamation and closure costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,627</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>200,194</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>197,145</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>929</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>83,852</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,236</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Authorized</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">300,000,000 (2003: 300,000,000) ordinary no par value shares and
5,000,000 (2003: 5,000,0000) cumulative preference shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Issued</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">233,307,667 (2003: 184,222,073) ordinary no par value shares and
5,000,000 (2003: 5,000,000) cumulative preference shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cumulative preference shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stated capital and share premium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">360,351</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Additional paid in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,705</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unearned stock compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(971</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(396,154</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(340,404</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(43,249</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52,523</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Liabilities and Stockholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>284,975</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>202,381</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">The accompanying notes are an integral part of these Consolidated Financial Statements.





<P align="center" style="font-size: 10pt">F-4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Durban Roodepoort Deep, Limited<BR>
Consolidated Statement of Stockholders&#146; Equity/(Deficit)<BR>
For the years ended June&nbsp;30</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stated capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Additional</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Preferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>paid-in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>common</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>preferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>premium</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>capital</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BALANCE - JULY 1, 2001</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>154,529,578</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,000,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>107</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>302,959</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30,889</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercise of employee stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,643,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issue of shares for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share issue expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,559</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,503</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other comprehensive income, net of tax of nil</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Reclassification adjustment for net gain
included in net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Decrease in mark-to-market on listed
investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Foreign currency translation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BALANCE - JUNE 30, 2002</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>177,173,485</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,000,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>107</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>351,537</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33,392</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercise of employee stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,253,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issue of shares for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,794,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share issue expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(213</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net profit for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,313</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other comprehensive income, net of tax of nil</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Decrease in mark-to-market on listed
investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Foreign currency translation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BALANCE - JUNE 30, 2003</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>184,222,073</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,000,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>107</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>360,351</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37,705</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR clear="all"><DIV align="right" style="font-size: 10pt">[Additional columns below]</DIV><P align="left" style="font-size: 10pt">[Continued from above table, first column(s) repeated]

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stockholders&#146;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>equity/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Comprehensive</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>deficit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>loss</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(deficit)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(loss)/ income</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BALANCE - JULY 1, 2001</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(300,069</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(54,453</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(20,567</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercise of employee stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issue of shares for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share issue expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,559</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,709</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,709</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,709</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other comprehensive income, net of tax of nil</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Reclassification adjustment for net gain
included in net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,683</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,683</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,683</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Decrease in mark-to-market on listed
investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(719</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(719</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(719</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Foreign currency translation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,126</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BALANCE - JUNE 30, 2002</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(351,778</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(48,729</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(15,471</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(45,985</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercise of employee stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issue of shares for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share issue expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(213</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net profit for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,374</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other comprehensive income, net of tax of nil</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Decrease in mark-to-market on listed
investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,759</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,759</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,759</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Foreign currency translation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,035</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,035</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,035</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BALANCE - JUNE 30, 2003</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(340,404</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(52,523</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,236</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,580</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>Durban Roodepoort Deep, Limited<BR>
Consolidated Statement of Stockholders&#146; Equity/(Deficit)<BR>
For the years ended June&nbsp;30</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stated capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Additional</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Preferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>paid-in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>common</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>preferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>premium</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>capital</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BALANCE - JUNE 30, 2003</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>184,222,073</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,000,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>107</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>360,351</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37,705</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercise of employee stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">978,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issue of shares for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,463,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share issue expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(992</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Shares issued for acquisition of joint
venture interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,643,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss for the year
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">
Unearned stock compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,642</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of unearned stock compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other comprehensive income, net of tax of nil</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Decrease in mark-to-market on listed
investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Foreign currency translation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BALANCE - JUNE 30, 2004</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>233,307,667</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,000,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>107</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>484,772</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39,347</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR clear="all"><DIV align="right" style="font-size: 10pt">[Additional columns below]</DIV><P align="left" style="font-size: 10pt">[Continued from above table, first column(s) repeated]

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unearned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stockholders&#146;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>equity/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Comprehensive</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>deficit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>loss</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(deficit)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(loss)/ income</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BALANCE - JUNE 30, 2003</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(340,404</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(52,523</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,236</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,580</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercise of employee stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issue of shares for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share issue expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(992</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Shares issued for acquisition of joint
venture interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,750</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unearned stock compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,642</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of unearned stock compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other comprehensive income, net of tax of nil</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Decrease in mark-to-market on listed
investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,403</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Foreign currency translation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,639</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,232</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>BALANCE - JUNE 30, 2004</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(971</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(396,154</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(43,249</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>83,852</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(48,115</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Analysis of accumulated other comprehensive<BR>loss:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mark-to-market on listed investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,447</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,714</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,689</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign currency translation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(57,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(48,774</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(50,809</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(45,938</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54,453</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(48,729</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52,523</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(43,249</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">The accompanying notes are an integral part of these Consolidated Financial Statements.





<P align="center" style="font-size: 10pt">F-6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Durban Roodepoort Deep, Limited<BR>
Consolidated Statements of Cash Flows<BR>
For the years ended June&nbsp;30</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Notes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net cash utilized by operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(25,092</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(23,878</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(64,170</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net (loss)/profit applicable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,709</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Reconciliation to net cash provided by operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Net increase in provision for rehabilitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">445</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,933</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Amortization of restraint of trade payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Impairment of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Loss/(profit) on sale of mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,729</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(331</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">(Profit)/loss on sale of other assets and listed investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(152</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">937</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Stock based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,503</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Share of results of associate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Deferred tax provision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(42,085</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Cumulative effect of change in accounting policy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Unrealized losses on derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(35,843</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(72,985</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,403</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Debt issuance costs amortized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Profit on disposal of subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,302</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Write down of investments and loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Minority interest in loss of subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Effect of changes in working capital items:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,328</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">698</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Movement in gold in process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Accounts payable and accrued liabilities (excluding short-term loans)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13,462</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,683</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,335</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Increase in interest accruals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Movement in net taxation liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(471</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net cash (utilized in)/realized from investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(94,074</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(9,818</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,854</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Additions to investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,828</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,108</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,961</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proceeds on sale of other assets and listed investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,070</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Additions to mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26,917</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,188</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proceeds on disposal of mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,662</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Decrease in restricted cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash paid for acquisition of joint venture interest and for subsidiaries,
net of cash acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(59,789</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proceeds on disposal of subsidiary, net of cash disposed of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net cash generated in financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>88,626</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55,449</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>67,561</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proceeds from the issue of the convertible notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Costs associated with the issue of the convertible notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(636</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,395</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net proceeds from issue of shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,137</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share issue expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(992</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(213</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,559</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">(Decrease)/increase in bank overdraft</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,069</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">487</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term loans received</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,062</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term loans repaid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,107</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25,068</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,566</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net (decrease)/increase in cash and cash equivalents</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(22,874</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,753</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,245</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Effect of exchange rate changes on cash</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,570</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(1,182</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,718</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Cash and cash equivalents at beginning of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44,423</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23,852</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,889</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Cash and cash equivalents at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,453</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44,423</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23,852</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income taxes paid/(refunded)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(153</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,385</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">The accompanying notes are an integral part of these Consolidated Financial Statements.



<P align="center" style="font-size: 10pt">F-7
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<P align="left" style="font-size: 10pt"><B>1. NATURE OF OPERATIONS</B>


<P align="left" style="font-size: 10pt">Durban Roodepoort Deep, Limited (&#147;the Company&#148;), was formed in 1895 and is a
gold mining company engaged in underground and surface gold mining including
exploration, extraction, processing and smelting. The Group (being the Company
and its subsidiaries, associates and joint ventures) focuses its operations on
the West Witwatersrand basin in South Africa and in Papua New Guinea.


<P align="left" style="font-size: 10pt">As at June&nbsp;30, 2004, the South African operations consist of the North West
Operations (comprising the Buffels and Harties Sections), the Blyvoor Section
and its 40% interest in Crown Gold Recoveries (Pty) Limited (comprising the
Crown Section and the ERPM Section). The Australasian operations consist of
the Tolukuma Section and a 20% interest in the Porgera Joint Venture, both
based in Papua New Guinea. The Company has a 19.78% interest in Emperor Mines
Limited, located in Fiji. It also has exploration projects in South Africa,
Papua New Guinea and Australia.


<P align="left" style="font-size: 10pt">Beginning in July&nbsp;2002, the Company entered into a series of transactions,
consistent with its black economic empowerment strategy resulting in the sale
of 60% of its interest in Crown Gold Recoveries (Pty) Limited, or CGR, to Khumo
Bathong Holdings (Pty) Limited, or KBH, for R105&nbsp;million ($11.6&nbsp;million). Also,
as part of this transaction, KBH repaid a portion of certain shareholder loans
on behalf of CGR. Consequently, CGR now owes 60% of those loans to KBH and 40%
of the loans to the Company.


<P align="left" style="font-size: 10pt">In October&nbsp;2002, CGR acquired 100% of the outstanding share capital of and loan
accounts in East Rand Proprietary Mines Limited, or ERPM, for R100&nbsp;million
($11.0&nbsp;million).


<P align="left" style="font-size: 10pt">On December&nbsp;16, 2002, the Company announced its proposed acquisition of 14% of
Emperor Mines Limited, an Australian listed gold mining company for A$11.5
million ($6.7&nbsp;million). Since that date, the Company has increased its
percentage holding in Emperor Mines Limited to 19.78% (June&nbsp;30, 2003: 19.81%)
at a total additional cost of A$5.0&nbsp;million ($2.9&nbsp;million). From July 6 to July
30, 2004, the Group acquired a further 25.55% of the shares in Emperor Mines
Limited to increase the shareholding to 45.33%, for an additional consideration
of $16.6&nbsp;million.


<P align="left" style="font-size: 10pt">On October&nbsp;14, 2003, the Group acquired the shares in Orogen Minerals (Porgera)
Limited, or OMP, and Mineral Resources Porgera Limited, or MRP. The
transaction was affected through the amalgamation of OMP, MRP and the Company&#146;s
wholly-owned subsidiary, Dome Resources (PNG)&nbsp;Limited. OMP changed its name to
DRD (Porgera) Limited. This resulted in the Company acquiring a 20% interest in
the Porgera Joint Venture in Papua New Guinea, for a consideration of $75.9
million, net of cash acquired, $16.7&nbsp;million settled by way of shares and $59.2
million in cash.


<P align="left" style="font-size: 10pt">On April&nbsp;28, 2004, the Group acquired 50.25% of the ordinary share capital of
Net-Gold Services Limited, for a cash consideration of $2.0&nbsp;million. This
entity brokers the payment of purchases made by subscribers, through settlement
in gold.



<P align="left" style="font-size: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES</B>


<P align="left" style="font-size: 10pt">The following are accounting policies used by the Group which have been
consistently applied as indicated below:


<P align="left" style="font-size: 10pt"><B>Use of estimates</B>


<P align="left" style="font-size: 10pt">The preparation of the financial statements in conformity with generally
accepted accounting principles in the United States requires the Group&#146;s
management to make assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amounts of revenues and expenses
during the reporting period. These estimates include the collectability of
related party receivables, the valuation of deferred tax assets, the impairment
of mining assets, and the estimation of reclamation and closure costs and
environmental rehabilitation costs, among others. Actual results could differ
from those estimates.



<P align="center" style="font-size: 10pt">F-8
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<P align="left" style="font-size: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><B>Consolidation</B>


<P align="left" style="font-size: 10pt">The consolidated financial information includes the financial statements of the
Company, its subsidiaries and investments in associates and joint ventures. A
company which is more than 50% owned by the Group which the Group controls
directly or indirectly, through other subsidiary interests, is classified as a
subsidiary. The results of any subsidiary, associate or joint venture acquired
or disposed of during the year, are consolidated from the effective date of
acquisition and up to the effective date of disposal.


<P align="left" style="font-size: 10pt">Intra-company transactions and balances are eliminated on consolidation.


<P align="left" style="font-size: 10pt"><B>Investment in joint ventures</B>


<P align="left" style="font-size: 10pt">Investments in unincorporated mining joint ventures in which the Group has
joint control, under a contractual agreement, are reported using the
proportionate consolidation method.


<P align="left" style="font-size: 10pt"><B>Investment in associates</B>


<P align="left" style="font-size: 10pt">Investments in associates are accounted for by the equity method of accounting.
These are entities over which the Group has the ability to exercise significant
influence, but which it does not control. The ability to exercise significant
influence is presumed where the Group owns more than 20%, but less than 50%, of
the voting stock of an investee. The Group&#146;s investments in associates are
carried in the balance sheet at an amount that reflects its share of the net
assets of the associates.


<P align="left" style="font-size: 10pt">The recoverable amount of the associate, that is the Group&#146;s proportionate
share of the estimate of future undiscounted distributions from the associate,
or its disposal value, if higher, is compared to the carrying value of the
associate. If an impairment exists on this basis, a reduction in the carrying
value of the associate is recorded to the extent that the carrying value
exceeds the fair value.


<P align="left" style="font-size: 10pt">Equity accounting involves recognizing, in the statement of operations, the
Group&#146;s share of the associates&#146; profit or loss for the year after tax to the
extent of the Group&#146;s investment in and advances to its associates.


<P align="left" style="font-size: 10pt">Goodwill on the acquisition of associates is included in the carrying value of
the investment in associates.


<P align="left" style="font-size: 10pt"><B>Goodwill</B>


<P align="left" style="font-size: 10pt">Where the excess purchase price of a business acquisition cannot be attributed
to assets acquired, including acquired properties and mineral rights, it is
included in goodwill and reviewed for impairment in accordance with the
provisions of SFAS 142, &#147;<I>Goodwill and Other Intangible Assets.</I>&#148;


<P align="left" style="font-size: 10pt">Goodwill is stated at cost less impairment. Goodwill is tested for impairment
at the reporting unit level on an annual basis, or more frequently if the Group
believes indicators of impairment exist. The performance of the test involves
a two tier process. The first step of the impairment test involves comparing
the fair value of the reporting unit with the reporting unit&#146;s carrying amount,
including goodwill. The fair value of the reporting unit is determined based
on estimated future discounted cash flows. If the carrying amount of the
reporting unit exceeds the reporting unit&#146;s fair value, the second step of the
goodwill impairment test is performed to determine the amount of the impairment
loss. The second step of the goodwill impairment test involves comparing the
implied fair value of the reporting unit&#146;s goodwill with the carrying amount of
that goodwill.



<P align="center" style="font-size: 10pt">F-9
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<P align="left" style="font-size: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><B>Foreign currency</B>


<P align="left" style="font-size: 10pt">The Group&#146;s functional currency for the South African operations is the South
African Rand and for the Papua New Guinean operations is the Papua New Guinean
Kina. Transactions denominated in currencies other than the functional currency
are recorded at the rate of exchange ruling at the transaction date. Monetary
assets and liabilities denominated in such currencies are translated at the
rates applicable at the balance sheet date and profits and losses arising as a
result of translating those assets and liabilities to the functional currency
are recorded in the statement of operations.


<P align="left" style="font-size: 10pt">For foreign subsidiaries, whose functional currency is a currency other than
the Rand, assets and liabilities are translated using the closing rates at year
end, and the statement of operations are translated at average rates.
Differences arising on translation are included as a component of other
comprehensive loss. The translation of amounts into US Dollars is in accordance
with Statement of Financial Accounting Standards, or SFAS No.&nbsp;52, &#147;<I>Foreign
Currency Translation</I>,&#148; whereby assets and liabilities are translated using the
closing rates at year end, the statement of operations are translated at
average rates and equity at historical rates. The translation differences
arising as a result of converting to US Dollars using the current exchange rate
method, are included as a separate component of stockholders&#146; equity - other
comprehensive loss.


<P align="left" style="font-size: 10pt"><B>Receivables</B>


<P align="left" style="font-size: 10pt">Receivables consist of amounts owing by external and related parties and
include amounts of a long- and short-term nature. Provisions for uncollectible
amounts are included in determining net income or loss where a decline in the
value of the receivable has occurred. Interest on balances owed to the Group
accrues on a daily basis. Interest accrued on impaired balances owed to the
Group is not recorded as it is not considered to be recoverable.


<P align="left" style="font-size: 10pt"><B>Cash and cash equivalents</B>


<P align="left" style="font-size: 10pt">Cash and cash equivalents consist of all cash balances and highly liquid
investments with an original maturity of three months or less. Due to the short
maturity of the investments, the carrying amounts approximate their fair value.


<P align="left" style="font-size: 10pt"><B>Non-current unlisted investments</B>


<P align="left" style="font-size: 10pt">Non-current unlisted investments, in which the Group does not have significant
influence or a controlling interest, are carried at acquisition cost. Realized
gains and losses are included in determining net income or loss. Impairment
losses are included in determining net income or loss where an other than
temporary decline in the value of the investment has occurred.


<P align="left" style="font-size: 10pt"><B>Non-current listed investments</B>


<P align="left" style="font-size: 10pt">Non-current listed investments, are treated as &#145;available for sale&#146;, and are
accounted for at fair value with unrealized gains and losses excluded from
earnings and reported as a separate component of stockholders&#146; equity.
Realized gains and losses are included in determining net income or loss.


<P align="left" style="font-size: 10pt"><B>Inventories</B>


<P align="left" style="font-size: 10pt">Inventories, comprising gold in process (being gold at the stage of production
immediately prior to smelting) and supplies, are stated at the lower of cost
and market value. Costs are assigned to inventory on an average cost basis.
Costs relating to gold in process comprise all costs incurred to the stage
immediately prior to smelting, including costs of extraction, depletion and
processing, based on the relevant stage of production. Selling, refining and
general administration costs are excluded from inventory valuation.


<P align="left" style="font-size: 10pt">Non-current inventory comprises ore stockpile. These in-process inventories are
measured on the absorption cost method and valued at the lower of average
production cost and net realizable value, after a reasonable allowance for
further processing costs. Costs relating to ore stockpile comprise all costs
incurred to the stage immediately prior to stockpiling, including costs of
extraction and crushing, as well as processing costs associated with ore
stockpiles, based on the relevant stage of production.



<P align="center" style="font-size: 10pt">F-10
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<P align="left" style="font-size: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><B>Exploration costs</B>


<P align="left" style="font-size: 10pt">Mining exploration costs, including property acquisitions and mineral and
surface rights relating to exploration stage properties, are expensed as
incurred.


<P align="left" style="font-size: 10pt"><B>Development costs</B>


<P align="left" style="font-size: 10pt">Development costs relating to major programs at existing mines are capitalized.
Development costs consist primarily of expenditures to initially establish a
mine and to expand the capacity of operating mines. Ordinary development costs
to maintain production are expensed as incurred.


<P align="left" style="font-size: 10pt"><B>Mining assets</B>


<P align="left" style="font-size: 10pt">Land is recorded at cost and not depreciated. Buildings and other non-mining
fixed assets are recorded at cost less accumulated depreciation.


<P align="left" style="font-size: 10pt">Actual expenditures incurred for mineral property interests, mine development
costs, mine plant facilities and equipment are capitalized to the specific mine
to which the cost relates. Amortization is calculated on a mine-by-mine basis
(i.e. the cost pools are the individual mines) using the units of production
method. Under the units of production method, the Group estimates the
amortization rate based on actual production over total proven and probable ore
reserves of the particular mine. This rate is then applied to actual costs
incurred to arrive at the amortization expense for the period. Proven and
probable ore reserves of a particular mine reflect estimated quantities of
economically recoverable reserves that can be recovered in the future from
known mineral deposits that are presently accessible.


<P align="left" style="font-size: 10pt"><B>Deferred stripping costs</B>


<P align="left" style="font-size: 10pt">Stripping costs incurred in open-pit operations during the production phase to
remove additional waste are charged to operating costs on the basis of the
average life of mine stripping ratio and the average life of mine costs per
ton. The average stripping ratio is calculated as the number of tons of waste
material expected to be removed during the life of mine per ton of ore mined.
The average life of mine cost per ton is calculated as the total expected costs
to be incurred to mine the orebody divided by the number of tons expected to be
mined. The average life of mine stripping ratio and the average life of mine
cost per ton is recalculated annually in light of additional knowledge and
changes in estimates.


<P align="left" style="font-size: 10pt">The cost of the &#147;excess stripping&#148; is capitalized as mine development costs
when the actual mining costs exceed the sum of the adjusted ore tons mined,
being the actual ore tons plus the product of the actual ore tones multiplied
by the average life of mine stripping ratio, multiplied by the life of mine
cost per ton. When the actual mining costs are below the sum of the adjusted
ore tons mined, being the actual ore tons plus the product of the actual ore
tons multiplied by the average life of mine stripping ratio, multiplied by the
life of mine cost per ton, previously capitalized costs are expensed to
increase the cost up to the average. Thus, the cost of stripping in any period
will be reflective of the average stripping rates for the orebody as a whole.
Deferred stripping costs of $3.6&nbsp;million, at Porgera, are classified as mining
assets and the amounts amortized are included in the depreciation and
amortization charge for all periods presented. During fiscal 2004, $4.1&nbsp;million
of deferred stripping costs were capitalized to mining assets.


<P align="left" style="font-size: 10pt">The deferred stripping costs are included in the calculations of impairment
tests performed in accordance with the provisions of SFAS 144, &#147;<I>Accounting for
the Impairment or Disposal of Long-Lived Assets</I>.&#148;


<P align="left" style="font-size: 10pt"><B>Borrowing costs</B>


<P align="left" style="font-size: 10pt">Interest on borrowings utilized to finance qualifying capital projects under
construction is capitalized during the construction phase as part of the cost
of the project. Other borrowing costs are expensed as incurred. No borrowing
costs were capitalized during the years ended June&nbsp;30, 2004, 2003 or 2002.



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<P align="left" style="font-size: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><B>Impairment of mining assets</B>


<P align="left" style="font-size: 10pt">The impairment of long-lived assets is accounted for in terms of SFAS 144,
&#147;<I>Accounting for the Impairment or Disposal of Long-Lived Assets.</I>&#148;


<P align="left" style="font-size: 10pt">Long-lived assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset or group of assets
may not be recoverable. Recoverability of an asset or asset group is assessed
by comparing the carrying amount of an asset or group of assets to the
estimated future undiscounted net cash flows of the asset or group of assets.
Estimates of future cash flows include estimates of future gold prices and
foreign exchange rates. It is therefore reasonably possible that changes could
occur which may affect the recoverability of the Group&#146;s mining assets. If an
asset or asset group is considered to be impaired, the impairment which is
recognized is measured as the amount by which the carrying amount of the asset
or group of assets exceeds the discounted future cash flows expected to be
derived from that asset or group of assets. The asset or asset group, is the
lowest level for which there are identifiable cash flows that are largely
independent of other cash flows. The lowest level for which there are
identifiable cash flows that are largely independent of other cash flows is on
a mine-by-mine basis. Therefore the Company makes the analysis on a
mine-by-mine basis.


<P align="left" style="font-size: 10pt"><B>Reclamation and closure costs</B>


<P align="left" style="font-size: 10pt">SFAS 143, &#147;<I>Accounting for Asset Retirement Obligations,&#148; </I>or SFAS 143 was
adopted by the Group with effect from July&nbsp;1, 2002 and requires that the fair
value of liabilities for asset retirement obligations be recognized in the
period in which they are incurred. A corresponding increase to the carrying
amount of the related asset, is recorded and is depreciated over the life of
the asset. Prior to the adoption of SFAS 143, the Group accrued for the
estimated reclamation and closure liability through annual charges to earnings
over the estimated life of the mine. The cumulative effect of the change in
accounting policy on the balance sheet at that date was to increase Mining
Assets by $0.55&nbsp;million and increase rehabilitation liabilities by $0.72
million with a cumulative effect of change in accounting principle adjustment
charge to net earnings of $0.17&nbsp;million in fiscal 2003.


<P align="left" style="font-size: 10pt"><B>Environmental rehabilitation costs</B>


<P align="left" style="font-size: 10pt">Where a related asset is not easily identifiable, environmental rehabilitation
costs which are based on the Group&#146;s interpretation of current environmental
and regulatory requirements are accrued as and when tailings are deposited. The
estimated costs of rehabilitation are reviewed annually and adjusted as
appropriate for changes in legislation, technology or other circumstances.


<P align="left" style="font-size: 10pt">Environmental rehabilitation, costs and related liabilities are based on the
Group&#146;s interpretation of current environmental and regulatory requirements are
accrued and expensed as environmental damage is incurred. The estimated costs
of rehabilitation are reviewed annually and adjusted as appropriate for changes
in legislation, technology, as additional environmental damage takes place or
other circumstances. Based on current environmental regulations and known
rehabilitation requirements, management has included its best estimate of these
obligations in its rehabilitation accrual.


<P align="left" style="font-size: 10pt">Environmental liabilities other than rehabilitation costs which relate to
liabilities from specific events are accrued when they are known, probable and
reasonably estimable.


<P align="left" style="font-size: 10pt">In South Africa, annual contributions are made to dedicated rehabilitation
trust funds to fund the estimated cost of rehabilitation during and at the end
of the life of the relevant mine. The funds contributed to the trusts,
including income earned thereon, are included under non-current assets.


<P align="left" style="font-size: 10pt"><B>Revenue</B>


<P align="left" style="font-size: 10pt">Revenue consists of sales of gold bullion and is recognized when the product is
delivered to the relevant refinery, Rand Refinery Limited in South Africa, N.M.
Rothschild in Australasia (for the Tolukuma Section) and AGR Matthey in Papua
New Guinea (for Porgera), at which stage title, including all risks and rewards
of ownership, passes from the Group to the buyer.



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<P align="left" style="font-size: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><B>Revenue </B>(<I>continued</I>)


<P align="left" style="font-size: 10pt">Once the gold bars reach the refinery, they are assayed to determine the gold
content of each bar before being sent for refining where it is purified to
99.9% purity and cast into troy ounce bars of varying weights. The bullion is
then sold by the refinery on the same day as the delivery, and the proceeds are
remitted to the Group within two days.


<P align="left" style="font-size: 10pt"><B>Derivative instruments</B>


<P align="left" style="font-size: 10pt">Under SFAS 133, &#147;<I>Accounting for Derivative Instruments and Hedging Activities</I>,&#148;
as amended, all derivative instruments are recognized on the balance sheet at
their fair value, unless they meet the criteria for the normal purchase normal
sale exception. On the date a derivative contract is entered into, the
derivative can be designated as (1)&nbsp;a hedge of the fair value of a recognized
asset or liability (fair value hedge), (2)&nbsp;a hedge of a forecasted transaction
(cash flow hedge), or (3)&nbsp;a hedge of a net investment in a foreign entity. The
Group&#146;s derivative transactions, while designed to provide effective economic
hedges under the Group&#146;s risk management policies, do not qualify for hedge
accounting. Therefore, any changes in their fair value are recognized in the
statement of operations, currently. Derivative instruments are not entered into
for trading purposes.


<P align="left" style="font-size: 10pt"><B>Pension plans and other employee benefits</B>


<P align="left" style="font-size: 10pt">Pension plans, which are multi-employer plans in the nature of defined
contribution plans, are funded through annual contributions. Refer Note 21.


<P align="left" style="font-size: 10pt">In addition, the Group makes long service bonus contributions (long-service
awards) for certain eligible employees, based on qualifying ages and levels of
service, and accrues the cost of such liabilities over the service life of the
employees on an actuarial basis. Contributions in this regard are made to a
multi-employer plan. Refer Note 21.


<P align="left" style="font-size: 10pt">The Group contributes to a defined contribution multi-employer medical fund for
current employees and certain retirees on an annually determined contribution
basis. No contributions are made for employees retiring after December&nbsp;31,
1996. Refer Note 21.


<P align="left" style="font-size: 10pt"><B>Premium and debt costs</B>


<P align="left" style="font-size: 10pt">Discounts and underwriting, legal and other direct costs incurred in connection
with the issuance of debt are deferred and are amortized to interest expense
using the effective interest rate method.


<P align="left" style="font-size: 10pt"><B>Taxation</B>


<P align="left" style="font-size: 10pt"><I>Deferred income and mining taxes</I>


<P align="left" style="font-size: 10pt">The Group follows the liability method of accounting for deferred income and
mining tax whereby the Group recognizes the tax consequences of temporary
differences by applying current statutory tax rates applicable to future years
to differences between financial statement amounts and the tax bases of certain
assets and liabilities. Changes in deferred tax assets and liabilities include
the impact of any tax rate changes enacted during the year.


<P align="left" style="font-size: 10pt">A valuation allowance is raised against deferred tax assets which are not
considered more likely than not to be realizable.


<P align="left" style="font-size: 10pt"><I>Secondary Taxation on Companies (STC)</I>


<P align="left" style="font-size: 10pt">STC is a tax levied by the South African Revenue Services on dividends declared
and becomes payable on declaration of a dividend. STC is expensed when the
related dividend is declared.



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<P align="left" style="font-size: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><B>(Loss)/profit per share</B>


<P align="left" style="font-size: 10pt">(Loss)/profit per share is calculated based on the net result divided by the
weighted average number of shares in issue during the year. Fully diluted
(loss)/profit per share is based upon the inclusion of potential dilutive
shares with a dilutive effect on (loss)/profit per share. In fiscal 2004, the
shares underlying the convertible notes and the shares underlying the staff
options allocated in terms of the Employee Share Option Scheme, or ESOS, along
with their respective impact on the net (loss)/profit applicable to common
stockholders, of $3.6&nbsp;million and $nil, were considered in determining the
diluted (loss)/profit per share. In fiscal 2003 the shares underlying the
convertible notes and the shares underlying the staff options allocated in
terms of ESOS, along with their respective impact on the net (loss)/profit
applicable to common stockholders, of $2.6&nbsp;million and $nil, were considered in
determining the diluted loss per share. In fiscal 2002 the shares underlying
the options allocated in terms of ESOS, and their respective impact on the net
loss applicable to common stockholders, of $nil, was considered in determining
the diluted loss per share.


<P align="left" style="font-size: 10pt">In fiscal 2004 and 2002, a loss applicable to common stockholders of $55.8
million and $51.7&nbsp;million, respectively, was recorded. As a result of the
losses recorded in fiscal 2004 and 2002, the adjustments were anti-dilutive.


<P align="left" style="font-size: 10pt"><B>Stock-based compensation plans</B>


<P align="left" style="font-size: 10pt">At June&nbsp;30, 2004, the Company has in place an Employee Share Option Scheme,
which is described more fully in Note 21.


<P align="left" style="font-size: 10pt">The Group has adopted the disclosure only provisions of SFAS 123, &#147;<I>Accounting
for Stock-Based Compensation,</I>&#148; or SFAS 123, and SFAS 148, &#147;<I>Accounting for
Stock-Based Compensation Transition and Disclosure and amendment of SFAS 123</I>,&#148;
and applies Accounting Principles Board Opinion No.&nbsp;25, &#147;<I>Accounting for Stock
Issued to Employees,</I>&#148; or APB No.&nbsp;25 and related Interpretations, with respect
to its accounting for its employee based compensation plan.


<P align="left" style="font-size: 10pt">The difference between the option strike price and the prevailing market value
of the share at grant date is recorded as an expense over the vesting period.


<P align="left" style="font-size: 10pt">In accordance with APB No.&nbsp;25 and related Interpretations, $2.3&nbsp;million,
(fiscal 2003: $4.3&nbsp;million; fiscal 2002: $2.5&nbsp;million) of stock-based
compensation cost was recognized as an expense for the year ended June&nbsp;30,
2004.




<P align="center" style="font-size: 10pt">F-14
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES </B><I>(continued)</I>



<P align="left" style="font-size: 10pt"><B>Stock-based compensation plans </B><I>(continued)</I>

<P align="left" style="font-size: 10pt">The following table illustrates the effect on net (loss)/profit applicable to
common stockholders if the Company had applied the fair value recognition
provisions of SFAS 123 to its employee based compensation plan (thousands
except for earnings per share information):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net (loss)/profit applicable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- as stated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,709</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- add back: stock-based compensation costs
included in statement of operations, net of
related tax effects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,504</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- less: total stock-based compensation costs
determined under fair value based method, net of
related tax effects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,700</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,861</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,776</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- pro-forma</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(57,140</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,981</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Basic (loss)/profit per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- as stated (cents)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- pro-forma (cents)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Diluted (loss)/profit per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- as stated (cents)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- pro-forma (cents)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>Comparatives</B>


<P align="left" style="font-size: 10pt">Comparatives have been reclassified, where necessary to conform to the current
year&#146;s presentation.


<P align="left" style="font-size: 10pt"><B>Recent pronouncements</B>


<P align="left" style="font-size: 10pt">In January&nbsp;2003, the Financial Accounting Standards Board, or FASB, issued FASB
Interpretation No.&nbsp;46, &#147;<I>Consolidation of Variable Interest Entities,</I>&#148; or FIN
No.&nbsp;46. This interpretation requires that if an entity has a controlling
interest in a variable interest entity, the assets, liabilities and results of
activities of the variable interest entity should be included in the
consolidated financial statements of the entity. The provisions of this
interpretation are effective for all arrangements entered into after January
31, 2003. For those arrangements entered into prior to February&nbsp;1, 2003, the
provisions of this interpretation were required to be adopted at the beginning
of the first interim or annual period beginning after June&nbsp;15, 2003.


<P align="left" style="font-size: 10pt">However, in December&nbsp;2003 the FASB published a revision to this interpretation
(hereafter referred to as &#147;FIN No.&nbsp;46R&#148;) to clarify some of the provisions of
this interpretation and to exempt certain entities from its requirements.
Under the new guidance, there are new effective dates for companies that have
interests in structures that are commonly referred to as special-purposes
entities. These rules are effective for financial statements for periods
ending after March&nbsp;15, 2004. The adoption of FIN No.&nbsp;46R did not have any
impact on the Group&#146;s financial statements, as it did not have any variable
interest entities.


<P align="left" style="font-size: 10pt">In April&nbsp;2003, the FASB issued SFAS No.&nbsp;149, &#147;<I>Amendment of Statement 133 on
Derivative Instruments and Hedging Activities</I>,&#148; or SFAS 149, to amend and
clarify financial accounting and reporting for derivative instruments embedded
in other contracts and for hedging activities under SFAS No.&nbsp;133, &#147;<I>Accounting
for Derivative Instruments and Hedging Activities</I>.&#148; This statement requires
that contracts with comparable characteristics be accounted for similarly and
clarifies under what circumstances a contract with an initial net investment
meets the characteristics of a derivative as discussed in SFAS No.&nbsp;133. In
addition, it clarifies when a derivative contains a financing component that
warrants special reporting in the statement of cash flows. This statement is
effective for contracts entered into or modified after June&nbsp;30, 2003 and for
hedging relationships designated after June&nbsp;30, 2003. The adoption of SFAS 149
did not have an impact on the Group&#146;s financial position or results of
operations.



<P align="center" style="font-size: 10pt">F-15
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES </B><I>(continued)</I>



<P align="left" style="font-size: 10pt"><B>Recent pronouncements </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">In March&nbsp;2004, the EITF reached final consensus on the remaining issues related
to Issue 03-1, &#147;<I>The Meaning of Other-Than-Temporary Impairment and Its
Application to Certain Investments.</I>&#148; A consensus was reached regarding
disclosures about unrealized losses on available-for-sale debt and equity
securities accounted for under SFAS No.&nbsp;115, &#147;<I>Accounting for Certain
Investments in Debt and Equity Securities,</I>&#148; and No.&nbsp;124, &#147;<I>Accounting for
Certain Investments Held by Not-for-Profit Organizations.</I>&#148; The guidance for
evaluating whether an investments is other-than-temporarily impaired should be
applied in other-than-temporary impairments evaluations made in reporting
periods beginning after June&nbsp;15, 2004. The disclosures are effective in annual
financial statements for fiscal years ending after December&nbsp;15, 2003, for
investments accounted for under SFAS 115 and 124.


<P align="left" style="font-size: 10pt">In March&nbsp;2004, the EITF reached final consensus on Issue 03-06, &#147;<I>Participating
Securities and the Two-Class&nbsp;Method under FASB Statement No.&nbsp;128, Earnings per
Share.</I>&#148; Issue 03-6 provides guidance in determining when a security
participates in dividends such that the two-class method must be used to
calculate earnings per share. This consensus applies to reporting periods
beginning after March&nbsp;31, 2004. The Company is in the process of evaluating the
impact of this consensus on its earnings per share calculations. The cumulative
preference shares in issue, will need to be considered in this regard, however
as dividends will not be payable on these until the Argonaut ore reserves are
revenue producing, these are not expected to have a significant impact.


<P align="left" style="font-size: 10pt">In March&nbsp;2004, the EITF reached final consensus on Issue 04-3, &#147;<I>Mining Assets:
Impairment and Business Combinations.</I>&#148; As there is a diversity in practice in
estimating cash flows used to value mining assets or assess those assets for
impairment under SFAS No.&nbsp;144, &#147;<I>Accounting for the Impairment or Disposal of
Long-Lived Assets,</I>&#148; questions arise as to the appropriateness of including in
those cash flows (a)&nbsp;cash flows for a mining asset&#146;s potential reserves value
beyond &#147;proven and probable&#148; (VBPP)&nbsp;and (b)&nbsp;estimates of future market price
changes. The EITF concluded the following:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The value attributable to VBPP and the effects of anticipated
fluctuations in the future market price of minerals should be considered when
an entity allocates the purchase price of a business combination to mining
assets.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;An entity should consider the future cash flows associated with VBPP
in the cash flow analysis used to test mining assets for impairment under
Statement 144.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;An entity should consider the effects of anticipated fluctuations in
the future market price of minerals in the cash flow analysis used to test
mining assets for impairment under Statement 144.

<P align="left" style="font-size: 10pt">This consensus applies prospectively to periods beginning after March&nbsp;31, 2004.



<P align="left" style="font-size: 10pt"><B>3. ACQUISITION AND DISPOSAL OF BUSINESSES</B>



<P align="left" style="font-size: 10pt"><B>2004 acquisitions</B>


<P align="left" style="font-size: 10pt"><B>Net-Gold Services Limited</B>


<P align="left" style="font-size: 10pt">With effect from April&nbsp;28, 2004, the closing date, the Group acquired 50.25% of
the shares of Net-Gold Services Limited, a subsidiary of G.M. Network Limited.
This entity brokers the payment of purchases made by subscribers, through
settlement in gold. The results of Net-Gold Services Limited&#146;s operations have
been included in the consolidated financial statements since that date.
Included in the acquisition is an option to exchange the Group&#146;s shareholding
in Net-Gold Services Limited for approximately 14.3% of the shares in G.M.
Network Limited, a non-public company that focuses on the development of
patents and other intellectual property specifically in connection with
electronic trading on the Internet. This option is valid until December&nbsp;31,
2007.



<P align="center" style="font-size: 10pt">F-16
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>3. ACQUISITION AND DISPOSAL OF BUSINESSES </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">The estimated fair value of the assets and liabilities acquired as part of this
transaction were as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,378</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,034</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(655</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fair value of net assets at date of acquisition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,801</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">50.25% thereof</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Goodwill arising on acquisition (refer Note 14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,095</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consideration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less cash and cash equivalents of acquired entity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,378</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net consideration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">622</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Settled by way of cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">622</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>Porgera Joint Venture</B>


<P align="left" style="font-size: 10pt">With effect from October&nbsp;14, 2003, the Group acquired the shares in Orogen
Minerals (Porgera) Limited, or OMP, and Mineral Resources Porgera Limited, or
MRP. The transaction was affected through the amalgamation of OMP, MRP and the
Company&#146;s wholly-owned subsidiary, Dome Resources (PNG)&nbsp;Limited. OMP changed
its name to DRD (Porgera) Limited. This resulted in the Company acquiring a 20%
interest in the Porgera Joint Venture in Papua New Guinea. The Porgera mine&#146;s
main business focus is the extraction of gold.


<P align="left" style="font-size: 10pt">The estimated fair value of the assets and liabilities acquired as part of this
transaction were as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="89%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,219</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,036</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Taxation receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,877</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,504</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,812</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-current inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,826</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,659</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,799</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Provision for environmental rehabilitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,682</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fair value of attributable net assets at date of acquisition (20% interest)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Attributable net assets at date of acquisition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less cash and cash equivalents of acquired entity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,219</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net consideration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,915</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Settled by way of cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Settled by way of shares issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,748</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net consideration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,915</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-17
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>3. ACQUISITION AND DISPOSAL OF BUSINESSES </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><B>Porgera Joint Venture </B>(<I>continued</I>)


<P align="left" style="font-size: 10pt">The fair value of the 6,643,902 no par value shares issued was $16.7&nbsp;million,
determined based on the prevailing market value of Durban Roodepoort Deep,
Limited shares on November&nbsp;22, 2003 (refer Note 19), in final settlement of the
purchase price determined on October&nbsp;14, 2003.


<P align="left" style="font-size: 10pt"><B>Fortis Limited</B>


<P align="left" style="font-size: 10pt">With effect May&nbsp;21, 2004, the Group acquired the shares in Fortis Limited, or
Fortis, a company dealing with insurance and reinsurance activities, in Papua
New Guinea. Fortis was acquired for a consideration of $712,000, the only asset
of Fortis being cash and cash equivalents of $712,000.



<P align="left" style="font-size: 10pt"><B>2004 disposals</B>



<P align="left" style="font-size: 10pt">The Group made no disposals during the year.



<P align="left" style="font-size: 10pt"><B>2003 acquisitions</B>



<P align="left" style="font-size: 10pt">The Group made no acquisitions during the year.



<P align="left" style="font-size: 10pt"><B>2003 disposals</B>



<P align="left" style="font-size: 10pt"><B>Crown Gold Recoveries (Pty) Limited</B>


<P align="left" style="font-size: 10pt">Effective July&nbsp;1, 2002, the Company engaged in a transaction consistent with
its black economic empowerment strategy by entering into a share purchase
agreement with the Industrial Development Corporation of South Africa, or IDC,
and Khumo Bathong Holdings (Pty) Limited, or KBH. Under this share purchase
agreement, the Company sold 57% of its interest in Crown Gold Recoveries (Pty)
Limited, or CGR, to IDC and 3% of its interest in CGR to KBH for a total
consideration of $11.7&nbsp;million, and realized a profit of $5.3&nbsp;million.


<P align="left" style="font-size: 10pt">KBH obtained an option to purchase IDC&#146;s shares in CGR. IDC and KBH also each
purchased their respective share of three shareholder loans, aggregating $21.0
million owed by CGR to the Company.


<P align="left" style="font-size: 10pt">As part of this transaction, the Company loaned KBH $0.7&nbsp;million to fund that
entity&#146;s initial purchase of the 3% interest in CGR. The loan bears interest at
the prime rate of The Standard Bank of South Africa on overdraft plus 3% per
annum. This loan has a term of five years from July&nbsp;1, 2002 and is repayable on
demand. This loan was secured by a pledge of 49,928,824 shares of ERPM held by
KBH. However, since the acquisition of ERPM by CGR, the loan is no longer
secured. As of June&nbsp;30, 2004, the loan has been impaired (Refer Note 13).


<P align="left" style="font-size: 10pt">Shortly thereafter, KBH chose to exercise its option to purchase all of IDC&#146;s
interest in CGR. As a result, with effect from July&nbsp;15, 2002, the share capital
of CGR is now owned 40% by the Company and 60% by KBH. Also, as part of this
transaction, KBH repaid IDC&#146;s portion of the shareholder loans on behalf of
CGR. Consequently, CGR now owes 60% of the loans to KBH and 40% of the loans to
the Company.


<P align="left" style="font-size: 10pt">As a result of this transaction, CGR is no longer a subsidiary of the Company.
The results of operations and the financial position of CGR are no longer
consolidated into the Group&#146;s annual financial statements. The Company&#146;s
remaining 40% interest in CGR is equity accounted as an investment in an
associate.



<P align="center" style="font-size: 10pt">F-18
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>3. ACQUISITION AND DISPOSAL OF BUSINESSES </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">The aggregate carrying value of the assets and liabilities disposed as part of
this transaction were as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,738</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,730</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,886</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">739</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,310</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Provision for environmental rehabilitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,317</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(882</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,584</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">60% thereof</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,350</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash proceeds received</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,652</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Profit realized on sale of subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment of loan due by CGR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,164</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash proceeds received</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,652</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less cash and cash equivalents of entity disposed of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,738</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net cash flow on disposal of subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,914</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>2002 acquisitions</B>



<P align="left" style="font-size: 10pt">The Group made no acquisitions during the year.



<P align="left" style="font-size: 10pt"><B>2002 disposals</B>



<P align="left" style="font-size: 10pt">The Group made no disposals during the year.



<P align="left" style="font-size: 10pt"><B>4. RELATED PARTY TRANSACTIONS</B>


<P align="left" style="font-size: 10pt">The Company has related party relationships with its associates and with its
directors and senior management.


<P align="left" style="font-size: 10pt">All contracts with related parties for the supply of goods and services are
approved in accordance with the Company&#146;s procurement policies. The contract
terms are compared to similar suppliers of goods and services to benchmark that
the contract is on market related terms.



<P align="left" style="font-size: 10pt"><B><I>Mr.&nbsp;C. Press Loan</I></B>


<P align="left" style="font-size: 10pt">During fiscal 2003, Mr.&nbsp;C. Press, a director of Net-Gold Services (Pty)
Limited, or Net-Gold, a consolidated subsidiary, loaned an amount of US$24,946
to Net-Gold. This loan is interest free, unsecured and has no fixed terms of
repayment. The funds were used for short-term working capital advances. As at
June&nbsp;30, 2004 the full balance was still outstanding.



<P align="center" style="font-size: 10pt">F-19
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>4. RELATED PARTY TRANSACTIONS </B>(<I>continued</I>)



<P align="left" style="font-size: 10pt"><B><I>Rand Refinery Agreement</I></B>


<P align="left" style="font-size: 10pt">On October&nbsp;12, 2001, we entered into an agreement with Rand Refinery Limited,
or RRL, for the refining and sale of all of our gold produced in South Africa.
Under the agreement, RRL performs the final refining of our gold and casts it
into troy ounce bars. Then, RRL sells the gold on the same day as delivery, for
the London afternoon fixed price on the day the gold is sold. In exchange for
this service, we pay RRL a variable refining fee plus fixed marketing, loan and
administration fees. Mr.&nbsp;W.G. Koonin, our Divisional Director: Group Finance,
is also a director of RRL and has been appointed as a member of their audit
committee. Also, Mr.&nbsp;I.D. Graulich, our General Manager: Investor Relations, is
an alternate director to Mr.&nbsp;W. G. Koonin. We currently own 10.6% of RRL (which
is jointly owned by South African mining companies).



<P align="left" style="font-size: 10pt"><B><I>Consultancy Service Agreement</I></B>


<P align="left" style="font-size: 10pt">The Company entered into a consultancy service agreement with one of our
non-executive directors, Mr.&nbsp;N. Goodwin. Under this agreement, Mr.&nbsp;N. Goodwin
provided the Company with project management services at the Argonaut Project.
This agreement took effect on September&nbsp;2, 2002. The agreement was for a fixed
one year term from September&nbsp;2, 2002, so long as the Argonaut Project was
ongoing. Under this agreement, Mr.&nbsp;N. Goodwin was paid a fee of $400 per day.
Mr.&nbsp;Goodwin worked for 128&nbsp;days under this agreement for a total amount of
$51,200. Mr.&nbsp;N. Goodwin resigned as a non-executive director effective January
29, 2003. This agreement was terminated as of February&nbsp;26, 2003.



<P align="left" style="font-size: 10pt"><B><I>Dr.&nbsp;M.P. Ncholo Funeral Assistance</I></B>

<P align="left" style="font-size: 10pt">During fiscal 2004, financial assistance was provided by ERPM, our 40%
associate company with KBH, to the family of Dr.&nbsp;M.P. Ncholo, a non-executive
director of our Company, and executive director of KBH, with regards to funeral
expenses relating to the death of a family member who was a temporary employee
of ERPM. In terms of ERPM&#146;s practice, the funds were advanced on compassionate
grounds to assist the family with costs associated with the funeral. This
amounted to R90,447 ($14,414). At November&nbsp;1, 2004 this amount was still
outstanding in the accounts of ERPM.



<P align="left" style="font-size: 10pt"><B><I>Issue of shares to Khumo Bathong Holdings (Pty) Limited</I></B>


<P align="left" style="font-size: 10pt">KBH subscribed for 4,794,889 of the Company&#146;s ordinary shares (representing
2.06% of its outstanding shares at June&nbsp;30, 2004) for a cash subscription price
of $6.8&nbsp;million during the year ended June&nbsp;30, 2003.



<P align="left" style="font-size: 10pt"><B><I>Purchase of 100% of East Rand Proprietary Mines Limited by CGR</I></B>


<P align="left" style="font-size: 10pt">In October&nbsp;2002, CGR entered into an agreement to acquire 100% of the
outstanding share capital of and loan accounts in East Rand Proprietary Mines
Limited, or ERPM, for $11.0&nbsp;million. In connection with this transaction, the
Company provided ERPM with a loan of $1.3&nbsp;million. In addition, an amount of
$8.0&nbsp;million was lent by the Company to CGR which CGR advanced to the then
shareholders of ERPM as an interest free loan. CGR received from the
shareholders, as security for the loan, a pledge of the entire issued share
capital of ERPM and a cession of the shareholders&#146; claim to CGR. The South
African competition authorities approved the transaction and the $8.0&nbsp;million
loan is deemed to be part payment of the purchase price of $11.0&nbsp;million by CGR
for the acquisition of the shares and the claims of ERPM. We have recognized
losses generated by CGR against this loan and the loan is therefore carried at
nil value.



<P align="center" style="font-size: 10pt">F-20
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>4. RELATED PARTY TRANSACTIONS </B>(<I>continued</I>)



<P align="left" style="font-size: 10pt"><B><I>Transactions with Associate Companies</I></B>


<P align="left" style="font-size: 10pt">During the year ended June&nbsp;30, 2004, the Company earned $1.0&nbsp;million (fiscal
2003: $1.3&nbsp;million) in management fees from CGR and $2.0&nbsp;million (fiscal 2003:
$1.4&nbsp;million) in management fees from ERPM, of which $0.3&nbsp;million was
outstanding at June&nbsp;30, 2004 (June&nbsp;30, 2003: $1.3&nbsp;million). At June&nbsp;30, 2004
CGR owed the Group $34.3&nbsp;million (June&nbsp;30, 2003: $25.9&nbsp;million), KBH owed the
Group $1.1&nbsp;million (June&nbsp;30, 2003: $0.8&nbsp;million), and ERPM owed the Group
$10.2&nbsp;million (June&nbsp;30, 2003: $3.7&nbsp;million). Interest amounting to $2.9
million (fiscal 2003: $3.1&nbsp;million) was payable to the Group on the loans to
CGR, $0.1&nbsp;million (fiscal 2003: $0.1&nbsp;million) was payable to the Group on the
loans to KBH, and $0.7&nbsp;million (fiscal 2003: $0.2&nbsp;million) was payable to the
Group on the loans to ERPM for the year ended June&nbsp;30, 2004. No interest income
on the loans was recorded as it was not considered to be recoverable. No
dividends were received from associates in fiscal 2004 or fiscal 2003. As of
June&nbsp;30, 2004, we have recognized losses generated by CGR and ERPM against
these loans and they are therefore carried at nil value (refer Note 13).



<P align="left" style="font-size: 10pt"><B><I>Transactions with Consolidated African Mines Limited, or CAM, and JCI Gold
Limited, or JCI</I></B>


<P align="left" style="font-size: 10pt">Consolidated African Mines Limited, or CAM, JCI Gold Limited, or JCI, Western
Areas Limited and Laverton Gold NL were all related parties by reason of having
common directorships, either through an individual or through a family
relationship. All of these companies were, at the time the transactions were
consummated, related, either directly or indirectly, to Mr.&nbsp;R.A.R. Kebble who
was at that time Chairman of the Company. Either Mr.&nbsp;R.A.R. Kebble or his son,
Mr.&nbsp;B. Kebble, were directors of these companies. These companies are no longer
related parties of the Company, effective June&nbsp;30, 2002. Subsequent to that
date there were no transactions with these companies.



<P align="left" style="font-size: 10pt"><B><I>Western Areas Limited</I></B>


<P align="left" style="font-size: 10pt">A total of R111.3&nbsp;million ($18.3&nbsp;million) was owed by us to Western Areas
Limited, or WAL, for advances made between December&nbsp;1999 and January&nbsp;2000. The
proceeds of the loan were used as follows:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>between December&nbsp;14, 1999 and January&nbsp;11, 2000, the Company
purchased 7,187,000 ordinary shares of Randgold, 6,268,000 ordinary
 shares of JCI and 15,128,500 shares of CAM (the &#147;Sale Shares&#148;) for a
total of R98.2&nbsp;million ($16.2&nbsp;million) in contemplation of a proposed
group restructuring with affiliated companies; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to purchase 812,100 ordinary shares of Randfontein Estates
Limited for a purchase price of R8.6&nbsp;million ($1.4&nbsp;million) together
with 2,349,000 options at a purchase price of R4.4&nbsp;million ($0.7
million). These shares and options were purchased as part of a
strategy to consolidate the various companies in which CAM, JCI and
WAL had an interest into one corporate group. The Randfontein Estates
Limited shares and options were sold on January&nbsp;15, 2001 and the
proceeds retained.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The Company entered into an agreement with WAL regarding its debt on or about
April&nbsp;25, 2001. In this agreement, the Company acknowledged, that its debt to
WAL amounted to R132.8&nbsp;million ($17.3&nbsp;million) as of March&nbsp;1, 2001. CAM and JCI
agreed to be jointly and severally liable as sureties for this amount.


<P align="left" style="font-size: 10pt">In August&nbsp;2001, the Company and WAL entered into an agreement fixing the
interest rate on the debt owed to WAL by the Company at 14%.


<P align="left" style="font-size: 10pt">On or about October&nbsp;9, 2001, the Company concluded a contract of guarantee and
cession as security for payment with Investec Bank Limited, or Investec. Under
the terms of this agreement, the Company agreed to guarantee WAL&#146;s obligations
to Investec up to the value of the Sale Shares. Also, the Company ceded the
Sale Shares, as security, to and in favor of Investec allowing Investec to sell
the Sale Shares in the event that WAL defaulted.



<P align="center" style="font-size: 10pt">F-21
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>4. RELATED PARTY TRANSACTIONS </B><I>(continued)</I>

<P align="left" style="font-size: 10pt"><B><I>Western Areas Limited </I></B>(<I>continued</I>)

<P align="left" style="font-size: 10pt">The agreement with Investec describes the debt owed to the Company by CAM and
JCI, including the monthly option fee then outstanding, as R20.8&nbsp;million ($2.6
million) plus any further monthly option fee as of June&nbsp;30, 2001. This
agreement also states that this amount and all monthly option fees accruing
after June&nbsp;30, 2001 would bear interest at the rate of 1% above the prime rate
charged by The Standard Bank of South Africa.


<P align="left" style="font-size: 10pt">This agreement also states that the debt owed to the Company by CAM and JCI
would become immediately due and payable upon the occurrence of a default by
WAL. Such amount to be paid directly to WAL by CAM and JCI on the Company&#146;s
behalf with any excess being repaid to the Company.




<P align="left" style="font-size: 10pt">On or about September&nbsp;26, 2001, the Sale Shares were ceded to Investec and WAL
granted the Company a put option in respect of the Sale Shares at a total price
of at least R116.4&nbsp;million ($13.3&nbsp;million). CAM and JCI undertook to apply all
dividends received from WAL in respect of their shareholdings to the reduction
of all amounts owed by them to the Company. The parties agreed that the monthly
option fee would be payable to exercise their rights under the call option for
the duration of the Company&#146;s guarantee and cession and agreed that if Investec
exercised its rights under that guarantee, the rights of CAM and JCI under the
call option would terminate.


<P align="left" style="font-size: 10pt">On or about December&nbsp;13, 2001, WAL repaid its debt to Investec. On December&nbsp;13,
2001, the Company put the Sale Shares to WAL in satisfaction of the debt which
amounted to R149.4&nbsp;million ($14.4&nbsp;million) including interest owed by the
Company resulting in a loss of $0.9&nbsp;million.


<P align="left" style="font-size: 10pt">The option fee payable to the Company by CAM and JCI for the period of November
2001 up to December&nbsp;13, 2001 amounted to R21.6&nbsp;million ($2.0&nbsp;million) plus VAT
in the amount of R3.0&nbsp;million ($0.3&nbsp;million) plus interest in the amount of
R1.7&nbsp;million ($0.2&nbsp;million) at the prescribed rate of 15.5% per annum from
January&nbsp;25, 2001 to the date of payment.


<P align="left" style="font-size: 10pt">On December&nbsp;13, 2001, the Company invoiced JCI on behalf of JCI and CAM in
these amounts. On December&nbsp;14, 2001, the Company made a demand on CAM and JCI
for the amount of R32.8&nbsp;million ($3.0&nbsp;million). On December&nbsp;24, 2001, the
Company&#146;s attorney&#146;s made demands on CAM and JCI for the same amount. The
Company has instituted legal proceedings against JCI and CAM for the recovery
of these amounts. The matter was heard on August&nbsp;30, 2004. At this date
partial settlement of certain small claims related to the larger JCI Ltd and
CAM Ltd claim, to the value of R2.4&nbsp;million ($0.4&nbsp;million), was awarded by the
High Court of Johannesburg, however the Company has provided in full in the
financial year ended June&nbsp;30, 2002, for the balance outstanding by CAM against
the probable bad debt. Refer Note 8.


<P align="left" style="font-size: 10pt">On October&nbsp;21, 2004, the High Court of Johannesburg ordered JCI Ltd and CAM Ltd
to pay us an amount of R35.7&nbsp;million ($5.5&nbsp;million), plus interest and costs,
including the costs of two counsel. JCI Ltd&#146;s and CAM Ltd&#146;s counterclaim to
recover the earlier part-payment was also dismissed with costs. JCI Ltd and CAM
Ltd made an application to the High Court of Johannesburg for leave to appeal,
which was rejected.



<P align="center" style="font-size: 10pt">F-22
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>4. RELATED PARTY TRANSACTIONS </B><I>(continued)</I>



<P align="left" style="font-size: 10pt"><B><I>Laverton Gold NL</I></B>


<P align="left" style="font-size: 10pt">Laverton Gold NL is also a related party because Mr.&nbsp;J. Stratton, a director of
CAM and Consolidated African Mines Jersey, or CAMJ, was a corporate advisor to
the Company.


<P align="left" style="font-size: 10pt">In May&nbsp;2000, the Company&#146;s board appointed a special committee to investigate
irregular related party transactions involving Mr.&nbsp;J. Stratton from the
Company&#146;s office in Perth, Australia (which has now been closed). The related
party transactions involved the issuance of approximately 8.2&nbsp;million Company
ordinary shares (the &#147;Rawas Shares&#148;) in exchange for assets of the Rawas group,
that owned the Rawas gold mine in Indonesia, pursuant to agreements between the
Company and Laverton Gold NL, an Australian listed company.


<P align="left" style="font-size: 10pt">During July and October&nbsp;1999, the Company allotted and issued the Rawas Shares
at the market value of $12.4&nbsp;million to several creditors of Laverton or its
subsidiaries, including CAMJ, JCI and related companies, in anticipation of
receiving shares of, and claims against, the companies in the Rawas Group and
the rights to the Rawas mine. The allocation of the Rawas Shares was based on
each creditor&#146;s relative exposure. No proper valuation proceedings were
conducted prior to the issuance.


<P align="left" style="font-size: 10pt">According to the evidence gathered during the course of the investigation, the
Company&#146;s board determined that, faced with pressure from its creditors (i)
Laverton arranged the issue by the Company of its ordinary shares to creditors
in consideration for assets of no value, for the benefit of Laverton and its
creditors and not for the Company; (ii)&nbsp;to avoid the South African Companies
Act requirement for a special resolution, the Company had issued the Rawas
Shares at an inflated issue price unrelated to the true value of the
consideration; (iii)&nbsp;as the special resolution was not obtained, the allotment
and issue of ordinary shares for the Rawas transaction was unlawful and
invalid. Upon discovery by the board of the unlawful transactions, the board
decided to rescind the agreements with Laverton NL during fiscal 2001. At that
time, the Company had received ownership of the claims against, but not the
shares of, the companies in the Rawas Group. As a result of this rescission the
shares of the Rawas Group were never delivered to the Company.


<P align="left" style="font-size: 10pt">Because of subsequent splits and consolidations resulting in validly issued
ordinary shares being consolidated with invalid Rawas Shares, it was not
possible to distinguish the Rawas Shares from the other issued ordinary shares
of the Company. None of the Rawas Shares, and their holders at the time, could
be identified and, therefore, none of the Rawas Shares could be removed from
the Company&#146;s members&#146; register. In July&nbsp;2002 the High Court of South Africa
validated Rawas shares.


<P align="left" style="font-size: 10pt">The $12.4&nbsp;million value of the Rawas shares was credited to stated capital in
the financial statements. During fiscal 2000, the Company wrote off the
attributed $12.4&nbsp;million value of the shares on the statement of operations as
aborted acquisition costs and loans made by the Company to members of the Rawas
Group, amounting to $2.9&nbsp;million, as no amounts have been recovered on these
loans.


<P align="left" style="font-size: 10pt">The Company has instituted various legal proceedings in South Africa and
Australia in connection with these related party transactions.



<P align="left" style="font-size: 10pt"><B><I>Mr.&nbsp;R.A.R. Kebble</I></B>


<P align="left" style="font-size: 10pt">A loan received from Mr.&nbsp;R.A.R. Kebble, amounting to R5.3&nbsp;million ($0.51
million) was repaid during the year ended June&nbsp;30, 2002. Interest on this
amount during that fiscal year amounted to R0.4&nbsp;million ($0.04&nbsp;million).



<P align="left" style="font-size: 10pt"><B><I>Executive directors</I></B>


<P align="left" style="font-size: 10pt">On May&nbsp;23, 2001, the executive directors made advances to the Company for
working capital purposes which bear interest. The loans were repaid on December
31, 2001, with $30,000 in interest paid during fiscal 2002.



<P align="center" style="font-size: 10pt">F-23
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>4. RELATED PARTY TRANSACTIONS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><B><I>FW Services CC</I></B>


<P align="left" style="font-size: 10pt">During 2002, the Company paid $0.7&nbsp;million to FW Services CC for services
provided by FW Services CC, for the repair of electrical motors in pumps and
winches. FW Services CC is a related party to Mr.&nbsp;F. Weideman, a previous
executive director of the Company who resigned as a director on March&nbsp;1, 2002.
In addition, during 2002 the Company paid $0.03&nbsp;million to Mr.&nbsp;N. Pretorius for
services rendered as a legal advisor to the Company. Mr.&nbsp;N. Pretorius is
related to Mr.&nbsp;F. Weideman and was subsequently appointed as the Company&#146;s
Legal Advisor in May&nbsp;2003.



<P align="left" style="font-size: 10pt"><B><I>Libra Accounting CC</I></B>


<P align="left" style="font-size: 10pt">During 2002, the Company made use of Libra Accounting CC for corporate
administrative accounting services, a related party to Mr.&nbsp;W.T Beer, the Chief
Administrative Officer of the Company. During 2002, the Company paid $0.1
million to Libra Accounting CC for services rendered.



<P align="left" style="font-size: 10pt"><B>5. EMPLOYMENT TERMINATION COSTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor Mine (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North West Mine (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Wits Mine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">(a)&nbsp;In an effort to reduce the cost structure at this South African mining
operation, voluntary retrenchments were offered to employees during 2004, and
approximately 220 employees accepted the offer. This gave rise to an expense of
$0.9&nbsp;million for the year ended June&nbsp;30, 2004. No balance was outstanding with
regards to these payments as at June&nbsp;30, 2004.


<P align="left" style="font-size: 10pt">(b)&nbsp;On July&nbsp;21, 2003, the Company entered into a 60-day review period on the
North West Operations designed to restore the operations to profitability. On
August&nbsp;25, 2003, management announced a proposal to meet this target. This
proposal was submitted to all stakeholders, including organized labor, the
Department of Labour and the Department of Minerals and Energy for their input.
Agreement was reached with all labor organizations and the process was finally
completed on September&nbsp;21, 2003, with some 2,400 employees retrenched with the
placing of certain infrastructure (Number 6 Shaft at the Harties Section) on a
&#147;care and maintenance&#148; program. In addition Number 11 Shaft at the Buffels
Section of the North West Operations was closed in April&nbsp;2004 leading to the
retrenchment of 600 employees. The total retrenchment costs for the North West
Operations for fiscal 2004, were $7.1&nbsp;million. No balance was outstanding with
regards to these payments as at June&nbsp;30, 2004.


<P align="left" style="font-size: 10pt">During fiscal 2003, the Group initiated an exercise between the North West
Operations and the Blyvoor Section, to centralize certain services provided to
both mines. This resulted in the retrenchment of 363 employees at a cost of
$0.8&nbsp;million.


<P align="left" style="font-size: 10pt">During fiscal 2002, the North West Operations initiated a voluntary
retrenchment project, to reduce the production cost base. This resulted in the
retrenchment of 133 employees at a cost of $0.3&nbsp;million.


<P align="left" style="font-size: 10pt">(c)&nbsp;During fiscal 2003 two directors retired from active duty. Retrenchment
payments of $0.1&nbsp;million were made to Mr.&nbsp;V. Hoops (HR Director) and $0.4
million to Mr.&nbsp;F. Coetzee (Chief Operating Officer). No balance was outstanding
with regards to these payments as at June&nbsp;30, 2003.


<P align="left" style="font-size: 10pt">
<P align="center" style="font-size: 10pt">F-24
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>6. IMPAIRMENT OF ASSETS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- Durban Deep Section (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- North West Operations (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other assets (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Goodwill (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">(a)&nbsp;In view of continued low Rand gold prices and high cost of production, and
cessation of operational synergies between Durban Deep Section and Randfontein
Estates, underground mining operations ceased permanently at Shaft Numbers 6, 7
and 9 and the Circular Shaft. This closure of the underground mining operations
has resulted in a write down to zero of the related mining assets.


<P align="left" style="font-size: 10pt">(b)&nbsp;In view of continued low Rand gold prices, the planned expansion project at
the South Plant of the North West Operations was abandoned. Accordingly initial
capital expenditures incurred were written off.


<P align="left" style="font-size: 10pt">(c)&nbsp;Consistent with the Group&#146;s black economic empowerment strategy, the West
Wits Operations&#146; assets were sold during fiscal 2003 to a black economic
empowerment partner, Bophelo Trading (Pty) Limited, subsequently renamed Mogale
Gold (Pty) Limited. During fiscal 2004, Mogale has been placed under judicial
management and the balance of the purchase price owed is therefore seen to be
irrecoverable. In addition, funds advanced to Khumo Bathong Holdings (Pty)
Limited have been impaired as the most significant asset owned by this entity
is its 60% interest in CGR and ERPM, which are currently experiencing liquidity
problems.


<P align="left" style="font-size: 10pt">(d)&nbsp;As a result of the losses recorded by Net-Gold Services Limited, goodwill
recorded on the acquisition has been impaired (refer Note 14).




<P align="center" style="font-size: 10pt">F-25
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>7. DEFERRED INCOME AND MINING TAX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">(Loss)/profit before tax and other items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">South Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(43,231</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(89,977</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,127</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,596</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32,686</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(94,573</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>(a)&nbsp;Income and mining tax and expenses</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Current income and mining tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,165</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Current non-mining income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">South Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(223</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">South Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,532</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(59,890</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,855</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,310</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(330</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Prior year rate change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Secondary tax on companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total income and mining tax (expense)/benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,230</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(41,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Mining tax on mining income in South Africa is determined based on a formula
which takes into account the profit and revenue from mining operations during
the year. Non-mining income, which consists primarily of interest, is taxed at
a standard rate. The tax rates applicable to the mining and non-mining income
of a gold mining company depends on whether the company has elected to be
exempt from the Secondary Tax on Companies, or STC. STC is a tax on dividends
declared, which is payable by the company declaring the dividend, and, at
present, the STC tax rate is equal to 12.5%. In 1993, all existing gold mining
companies had the option to elect to be exempt from STC.


<P align="left" style="font-size: 10pt">If the election was made, a higher tax rate would apply for both mining and
non-mining income. In fiscal 2004, 2003 and 2002, the tax rates for taxable
mining and non-mining income, for companies that elected the STC exemption were
46% and 38%, respectively. During those same years the tax rates for companies
that did not elect the STC exemption were 37% and 30%, respectively. In 1993,
the Company elected not to be exempt from STC, as this would have meant that
the Company would have been liable for normal taxation at the higher rates of
46% for mining income and 38% for non-mining income. The Company, having chosen
not to be subject to the STC exemption, is subject to 37% tax on mining income
and 30% for non-mining income. However, with the exception of Blyvoor, all of
the Company&#146;s subsidiaries elected the STC exemption. Any dividends paid by
Blyvoor, being a wholly-owned subsidiary of the Company, would be exempt from
STC. Any dividends paid by the Company, to the extent that they are paid out
of income from Blyvoor, will be subject to STC.



<P align="left" style="font-size: 10pt">
<P align="center" style="font-size: 10pt">F-26
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>7. DEFERRED INCOME AND MINING TAX </B><I>(continued)</I>

<P align="left" style="font-size: 10pt">South African deferred taxation has been provided at the effective mining rate
applicable in terms of the mining tax formula to the relevant operations at
either 37% or 46% (fiscal 2003: 37% or 46%; fiscal 2002: 30%), while the
Australasian deferred tax has been provided at the Australian statutory tax
rate of 30% (fiscal 2003: 30%; fiscal 2002: 30%). Material items causing the
Group&#146;s income tax provision to differ from the estimated effective mining tax
rates were as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mining tax at estimated effective rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,549</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,540</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-mining tax at statutory rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,264</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign tax at statutory rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,545</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,099</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Taxation at normal rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,568</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,375</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-deductible expenditure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,904</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,478</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-taxable income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,114</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Additional tax expense relating to the prior year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(223</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rate change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Valuation allowances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25,309</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(41,853</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,853</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income and mining tax (expense)/benefit as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,230</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(41,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<P align="left" style="font-size: 10pt"><I><B>(b) Deferred income and
mining tax liabilities and assets:</B></I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>South Africa</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax liabilities and assets on the balance sheet
as of June&nbsp;30, 2004 and 2003, relate to the following:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross deferred income and mining tax liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30,474</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(29,793</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30,474</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(29,052</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(741</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross deferred income and mining tax assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,079</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Assessable tax loss carried forward</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Unredeemed capital expenditure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,851</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Provision for environmental rehabilitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,154</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Financial instrument liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,315</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,607</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax valuation allowances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(96,108</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(82,176</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax (liabilities)/assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,110</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net deferred income and mining tax liability - long-term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(982</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,756</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net deferred income and mining tax asset - current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,866</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-27
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>7. DEFERRED INCOME AND MINING TAX </B><I>(continued)</I>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="81%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Australasia</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax liabilities and assets on the balance sheet
as of June&nbsp;30, 2004 and 2003, relate to the following:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross deferred income and mining tax liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23,780</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13,920</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,852</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross deferred income and mining tax assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Assessable tax loss carried forward</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Provision for environmental rehabilitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax valuation allowances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(260</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21,108</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net deferred income and mining tax liability - long-term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,022</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net deferred income and mining tax liability - current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,086</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred
income and mining tax liabilities and assets on the balance sheet as
of June&nbsp;30, 2004 and 2003, relate to the following:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross
deferred income and mining tax liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54,254</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(29,793</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(44,394</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(29,052</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,852</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(741</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>&nbsp;</TD>
</TR>


<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross
deferred income and mining tax assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">129,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">117,079</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Assessable
tax loss carried forward</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">96,837</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60,152</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Unredeemed
capital expenditure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23,743</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29,851</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Provision
for environmental rehabilitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,174</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,154</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Financial
instrument liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,143</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15,315</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other
provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,589</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9,607</TD>
    <TD nowrap>&nbsp;</TD>
</TR>


<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred
income and mining tax valuation allowances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(96,368</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(82,176</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred
income and mining tax (liabilities)/assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21,108</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5,110</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net deferred income and mining tax liability - long-term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13,004</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,756</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net deferred income and mining tax liability - current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,104</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net deferred income and mining tax asset - current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,866</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The classification of deferred income and mining tax assets and liabilities is
based on the related asset or liability creating the deferred tax. Valuation
allowances have been provided on deferred tax assets arising out of assessed
losses and unredeemed capital expenditure because it is more likely than not
that these losses and unredeemed capital expenditures will not be utilized in
the foreseeable future.


<P align="left" style="font-size: 10pt">The valuation allowance was $63.3&nbsp;million as of July&nbsp;1, 2001. During the years
ending June&nbsp;30, 2002, 2003 and 2004, the valuation allowance decreased by $56.3
million and increased by $75.2&nbsp;million and $14.2&nbsp;million respectively. These
movements include foreign exchange differences.



<P align="center" style="font-size: 10pt">F-28
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>7. DEFERRED INCOME AND MINING TAX </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">As at June&nbsp;30, 2004 and
June&nbsp;30, 2003 the Group had estimated tax losses
carried forward consisting of:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Unredeemed</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>capital</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Tax losses</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>expenditure</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;m</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146; m</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;m</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;m</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">South African subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Australasian subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The estimated tax losses of the Company and its subsidiaries have no expiry
date. Should a subsidiary cease to trade, the estimated tax losses would be
forfeited.


<P align="left" style="font-size: 10pt"><I>Unremitted earnings of foreign subsidiaries and foreign joint ventures</I>


<P align="left" style="font-size: 10pt">No provision has been made for South African income tax or foreign tax that may
result from future remittances of undistributed earnings of foreign
subsidiaries or joint ventures because it is expected that such earnings will
be permanently reinvested in these foreign entities.


<P align="left" style="font-size: 10pt">The distribution of these undistributed earnings of $7.5&nbsp;million at June&nbsp;30,
2004 by DRD (Isle of Man), in Isle of Man, Porgera and the Tolukuma Section in
Papua New Guinea, and other foreign entities would result in income and foreign
withholding taxes of approximately $2.3&nbsp;million.




<P align="center" style="font-size: 10pt">F-29
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>8. RECEIVABLES</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Trade accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,735</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less: allowances for doubtful debts &#150; trade accounts receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(93</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(353</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Taxation receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,640</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Prepayments of insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,328</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Receivable from associates &#151; management fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Payroll paid in advance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">494</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amounts owing by related parties (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,220</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less: allowances for doubtful debts &#151; related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,024</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,220</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Current receivables</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,514</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23,099</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non-current receivables</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amounts owing by related parties (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less: allowances for doubtful debts &#151; related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(841</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total receivables</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,514</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23,805</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disclosed as current receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disclosed as current receivables owing by related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disclosed as non-current related party receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,514</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23,805</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="67%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="left"><I>Reconciliation of allowances for
doubtful debts - related parties</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Charge to statement of operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,115</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(75</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Closing balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,040</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-30
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>8. RECEIVABLES </B>(<I>continued</I>)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="left"><I>Reconciliation of allowances for
doubtful debts &#150; trade accounts receivable</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">(Credit)/charge to statement of operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(298</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Closing balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">a) Amounts owing by related parties comprise amounts due from CAM for the
option over the Sale Shares, which have been fully provided for (refer Note 3).


<P align="left" style="font-size: 10pt">b) Amounts owing by KBH arising from the sale of 60% of CGR (refer Note 3).
These loans have been fully provided for in fiscal 2004.


<P align="left" style="font-size: 10pt"><B>9. INVENTORIES</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gold-in-progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,816</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Supplies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,096</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ore stock pile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less: non-current inventories (Ore stock pile)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32,006</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-31
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>10. MINING ASSETS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Mining properties, mine development costs and mine
plant facilities and equipment</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182,700</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,549</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Additions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,414</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Asset retirement obligation raised in the current year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adoption of SFAS 143 - Asset Retirement Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">548</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,480</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,865</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Acquired through business combinations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disposed through sale of subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31,885</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,057</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(170,172</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(136,712</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(136,712</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(110,516</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30,135</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,602</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disposed through sale of subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,501</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(33,593</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net book value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,257</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Certain assets, with a net book value of $29.0&nbsp;million, have been pledged as
security for long-term borrowings. Refer Note 18.


<P align="left" style="font-size: 10pt">Included in mining assets are deferred stripping costs as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="81%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Deferred stripping costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Additions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(548</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(548</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net book value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-32
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>11. NON-CURRENT ASSETS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Listed investments (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,927</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Cape Tel Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Drillsearch Energy Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Emperor Mines Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,852</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Startrack Communications Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unlisted investments (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Rand Refinery Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,586</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">The Employment Bureau of Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amounts contributed to environmental trust funds (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,555</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">(a)&nbsp;These investments are classified as available for sale, and are accounted
for at fair value.


<P align="left" style="font-size: 10pt">Unrealized gains and losses related to investments that are included in
accumulated other comprehensive loss are summarized below:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="71%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross unrealized holding gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross unrealized holding losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,759</TD>
    <TD nowrap>)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">A realized gain of $0.1&nbsp;million was recorded in fiscal 2004, a gain of $0.2
million was recorded in fiscal 2003 and a loss of $0.9&nbsp;million was recorded in
fiscal 2002.


<P align="left" style="font-size: 10pt">(b)&nbsp;Unlisted investments comprise investments in various unlisted companies in
South Africa, the fair value of which is not directly available from market
quotations. The directors of the Company perform valuations of the investments
on an annual basis to ensure that an other than temporary decline in the value
of the investments has not occurred.


<P align="left" style="font-size: 10pt">(c)&nbsp;Amounts have been contributed to irrevocable trusts under the Company&#146;s
control. The monies in the trust are invested primarily in interest bearing
debt securities and may be used only for environmental rehabilitation purposes.


<P align="left" style="font-size: 10pt"><B>12. JOINT VENTURE</B>


<P align="left" style="font-size: 10pt">The unincorporated mining joint venture for which the statement of operations
and balance sheet has been proportionately consolidated is as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>percentage held</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>percentage held</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Together with Placer Dome Inc. and Mineral Resources Enga, DRD (Porgera)
Limited, is a participant in the Porgera Joint Venture. Each joint venture
partner has an undivided holding in the mineral tenements forming part of the
mine, and in a proportionate share of the mine&#146;s production and costs, through
a joint venture agreement. Each joint venture partner is responsible for the
sale of their proportionate share of production.



<P align="center" style="font-size: 10pt">F-33
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>12. JOINT VENTURE </B>(<I>continued</I>)


<P align="left" style="font-size: 10pt">The summarized financial statements of DRD (Porgera) Limited reflect the
revenue received for their 20% share of production at the mine, as well as
administrative costs, including depreciation and amortization, and taxation
incurred by DRD (Porgera) Limited, in addition to their proportionate share of
the costs incurred by the joint venture.


<P align="left" style="font-size: 10pt">The Group acquired its 20% interest in the Porgera Joint Venture in Papua New
Guinea on October&nbsp;14, 2003. Accordingly no comparative information is
disclosed.


<P align="left" style="font-size: 10pt">Summarized financial statements of DRD (Porgera) Limited, including the joint
venture which has been proportionately consolidated, are as follows (from date
of acquisition):


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="89%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>30,2004</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="left"><I>Statement of income for the period</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Revenues</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>60,445</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Costs and expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30,311</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Production costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Movement in gold in process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,499</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Movement in rehabilitation provision, reclamation and closure costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Other operating expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation
and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,260</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Selling, administration and general charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,243</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net operating income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,631</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest and dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,103</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Profit before tax</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,537</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income and mining tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,475</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net profit</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,062</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Balance sheet at June&nbsp;30</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,498</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,768</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Receivables owing by Group companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,897</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Mining Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>61,741</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Other Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32,006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-current inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>111,245</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(39,740</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,528</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Payables owing to Group companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(29,384</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income and mining taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,828</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Non-current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(27,508</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income and mining tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21,108</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Provisions for environmental rehabilitation, reclamation and closure costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,400</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,997</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-34
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>13. INVESTMENTS IN UNLISTED ASSOCIATES</B>


<P align="left" style="font-size: 10pt">The principal associate is Crown Gold Recoveries (Pty) Limited, a company
incorporated in South Africa. The Group holds a 40% interest in this
associate, which it equity accounts.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening carrying amount</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Acquired during year through the sale of a subsidiary company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,234</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Advances to associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,218</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment of advances to associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,218</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net share of results in associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,234</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Share of results before tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,208</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Share of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Closing carrying amount</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The
following has been recognized in the Statement of Operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity in loss from associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,234</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Losses applied to advances to associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment of advances to associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,218</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,452</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">On July&nbsp;1, 2002, the Company sold 60% of its wholly owned subsidiary company,
Crown Gold Recoveries (Pty) Limited to Khumo Bathong Holdings (Pty) Limited in
a transaction consistent with the Company&#146;s black economic empowerment strategy
(refer Note 3). In the prior year, the results of this company had been
consolidated into the results of the Group. Effective July&nbsp;1, 2002, the
Company&#146;s remaining 40% interest has been treated as an investment in an
associate and equity accounted.


<P align="left" style="font-size: 10pt"><B>14. GOODWILL</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Goodwill on acquisition of Net-Gold Services Limited (refer Note 3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment of goodwill (refer Note 6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,025</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(70</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-35
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>15. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,116</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accrual for leave pay provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,522</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Payroll and other compensation payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,987</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>16. DERIVATIVE INSTRUMENTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gold for electricity contract (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,090</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30,903</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Call positions bought (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,563</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest rate swap agreement (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,984</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,818</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,074</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26,158</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disclosed under non-current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,169</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disclosed under current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(309</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,552</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disclosed under current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,563</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,074</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26,158</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">(a)&nbsp;This amount comprises the fair value of the gold for electricity contract
entered into by the Company. Changes in fair value have been recorded as
loss/(profit) on derivative instruments in the statement of operations. The
fair value represents the difference between the contract price that was agreed
on the date of the transaction and the forward price on June&nbsp;30, 2004, (refer
to Note 22 for further details of quantities and the timing of settlement). The
liability of $3.1&nbsp;million reflects the fair value as at June&nbsp;30, 2004 when the
gold price was R2,451 per ounce against an average contract price of R2,256 per
ounce. The gold price adjustment is based on the notional amount of 15,000
ounces of gold multiplied by the difference between the contracted gold price,
which is the price that was agreed on the date of the transaction for a
determined period, and the arithmetic average of London PM fix for each
business day in the calculation period. During fiscals 2004, 2003 and 2002 the
realized and unrealized gain/(loss) included in loss/(profit) on derivative
instrument for this instrument amounted to a loss of $1.4&nbsp;million, a gain of
$43.8&nbsp;million and a loss of $56.2&nbsp;million, respectively.


<P align="left" style="font-size: 10pt">b) This amount reflects the fair value of call positions bought during fiscal
2003 by the Company. These contracts were closed out during fiscal 2004. No new
positions have been entered into. During fiscal 2004, fiscal 2003 and fiscal
2002 the realized and unrealized gain/(loss) included in loss/(profit) on
derivative instrument for this instrument amounted to a loss of $0.1&nbsp;million, a
gain of $2.1&nbsp;million and $nil million, respectively.



<P align="center" style="font-size: 10pt">F-36
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>16. DERIVATIVE INSTRUMENTS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">c) This amount reflects the fair value of the interest rate swap agreement that
was entered into to manage the interest rate and currency risk on the bi-annual
interest payments of the convertible notes which were issued in fiscal 2003.
The interest rate swap has not been accounted for as a hedge. Changes in fair
value have been recorded as loss/(profit) on derivative instruments in the
statement of operations. The fair value represents the difference between the
fixed coupon rate of 6% per annum and the forward Johannesburg Interbank
Acceptance Rate, or JIBAR, plus 20 interest basis points together with the spot
and forward US$ exchange rate with reference to the coupon amount payable
bi-annually. At June&nbsp;30, 2004, the six month JIBAR rate was 8.313%. During
fiscal 2004 and fiscal 2003 the realized and unrealized gain/(loss) included in
loss/(profit) on the interest rate swap amounted to a loss of $1.7&nbsp;million and
a loss of $1.5&nbsp;million, respectively.


<P align="left" style="font-size: 10pt"><B>17. PROVISION FOR ENVIRONMENTAL REHABILITATION, RECLAMATION AND CLOSURE COSTS</B>


<P align="left" style="font-size: 10pt">While the ultimate amount of rehabilitation costs to be incurred in the future
is uncertain, the Group has estimated that the total future costs for the
mines, in current monetary terms, will be $39.1&nbsp;million at June&nbsp;30, 2004 (2003:
$24.6&nbsp;million). The costs associated with sealing off all potential water
ingress points at the Durban Deep and West Wits Sections have been included in
the provisions for environmental rehabilitation. The estimates are prepared on
an annual basis by the Group&#146;s Environmental Manager in accordance with the
Company&#146;s rehabilitation plans. The relevant rehabilitation plan is submitted
to local authorities for approval and the provision is adjusted accordingly to
reflect changes therein.


<P align="left" style="font-size: 10pt">Amounts have been contributed to irrevocable trusts (refer Note 11) under the
Group&#146;s control. The monies in the trusts are invested primarily in interest
bearing debt securities and may be used only for environmental rehabilitation
purposes. The Group intends to finance the ultimate rehabilitation costs from
the money invested with the trust funds, as well as, at the time of mine
closure, the proceeds on sale of remaining assets and gold from plant clean-up.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Provision for asset retirement obligations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at the beginning of the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,658</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adoption of SFAS 143 - Asset Retirement Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">720</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,628</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disposed of through sale of subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(684</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Asset retirement obligation arising during period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accretion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">629</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Closing balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,951</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-37
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>17. PROVISION FOR ENVIRONMENTAL REHABILITATION, RECLAMATION AND CLOSURE
COSTS </B><I>(continued)</I>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Provision for environmental rehabilitation costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,270</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,254</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Acquired through purchase/(disposed of through
sale) of Joint Venture and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,633</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accretion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">785</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Closing balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,676</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Provision for environmental rehabilitation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39,107</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24,627</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The provision for asset retirement obligations relates to expected costs
associated with the demolition of gold plants, shaft headgear and shaft
infrastructure.


<P align="left" style="font-size: 10pt">The provision for environmental rehabilitation costs relates to the expected
costs associated with the revegetation of tailings dams, revegetation of rock
dumps and the rehabilitation of open cast areas.


<P align="left" style="font-size: 10pt">Included in the net book value of the mining asset balance are asset retirement
costs, relating to the following mines:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="53%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blyvoor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North West</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Porgera</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tolukuma</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">642</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-38
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>18. LONG-TERM LOANS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="79%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">These comprise loans from:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Secured</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Industrial Development Corporation, or IDC (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,738</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mineral Resources Development Company (Proprietary) Limited (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">First National Bank Limited (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Hire purchase creditors (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bank of South Pacific Limited (e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,603</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Unsecured</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Senior Convertible Notes (f)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,422</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Investec Bank Limited (g)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">CAWMS Post Retirement Medical Liability (h)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,479</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">J Aron and Company (i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,412</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">UBS AG (j)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,785</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less: Payable within one year shown under current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,315</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,068</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The terms and conditions, including interest rates, attaching to the above
loans are given in the narrative below:


<P align="left" style="font-size: 10pt">(a)&nbsp;On July&nbsp;18, 2002, Blyvooruitzicht Gold Mining Company Limited, or Blyvoor,
entered into a loan agreement with the Industrial Development Corporation, or
IDC, for R65.0&nbsp;million ($10.4&nbsp;million) specifically for financing capital
expenditures incurred by Blyvoor in completing the Blyvoor expansion project.
The loan bears interest at 1% below the prime rate of First National Bank of
Southern Africa Limited on overdraft. As of June&nbsp;30, 2004, the interest rate
on this loan stood at 10.5% per annum and $5.3&nbsp;million had been drawn down. The
loan is repayable in 48&nbsp;monthly installments starting from September&nbsp;2003.


<P align="left" style="font-size: 10pt">The loan was secured over the Blyvoor metallurgical plant and gold lock-up,
with a net book value of $29.0&nbsp;million at June&nbsp;30, 2004. The loan agreement
prohibits the Company from disposing of or further encumbering the assets
covered by the special notarial bond and places restrictions over its ability
to change the business of Blyvoor.


<P align="left" style="font-size: 10pt">(b)&nbsp;On November&nbsp;20, 1997, Dome Resources NL entered into a loan agreement with
the Mineral Resources Development Company (Proprietary) Limited, or MRDC, by
which MRDC provided a loan to Tolukuma Gold Mine, or Tolukuma, denominated in
Australian Dollars. The loan was repayable in 4 equal semi-annual installments,
with the first payable June&nbsp;30, 2002 and the last payable December&nbsp;31, 2003.
Interest was payable at 9% per annum. The loan was secured by a fixed and
floating charge over the assets of Tolukuma. This loan was settled during
fiscal 2004.


<P align="left" style="font-size: 10pt">(c)&nbsp;The mortgage loan bore interest at 0.75% below prime lending rate offered
by First National Bank of South Africa Limited on overdraft. The loan was
repayable over 60&nbsp;months, which commenced on July&nbsp;1, 1999 and was
collateralized by a first covering mortgage bond over Stand 752, Parktown
Extension 1 and a deed of suretyship signed by the Company. This loan was
settled during fiscal 2004.



<P align="center" style="font-size: 10pt">F-39
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>18. LONG-TERM LOANS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">(d)&nbsp;In November&nbsp;2000, Dome entered into a master finance lease agreement with
Volvo Truck Finance Australia (Pty) Limited, or Volvo, for the lease of two
articulated dump trucks to transport ore from the mine in Tolukuma to the
metallurgical plant. The initial value of the lease was A$1&nbsp;million. The
principal was paid in 35 equal monthly installments. Interest on the lease was
payable at a rate of 12% per annum. This lease agreement was settled during
fiscal 2004. At the termination of the lease, the equipment was returned to
Volvo.


<P align="left" style="font-size: 10pt">(e)&nbsp;On August&nbsp;22, 2001, the Company entered into an agreement with Bank of
South Pacific Limited by which Bank of South Pacific Limited provided a loan to
Tolukuma denominated in Australian Dollars. The loan was repayable in equal
monthly payments of principal and interest over a period of three years.
Interest was payable at the Indicator Lending Rate in Papua New Guinea plus 4%
per annum. The loan was secured by a fixed and floating charge over the assets
of Tolukuma, Dome Resources (PNG)&nbsp;Limited and Dome Resources NL. This loan was
settled during fiscal 2004.


<P align="left" style="font-size: 10pt">(f) On November&nbsp;12, 2002, the Company issued $66,000,000 of 6% Senior
Convertible Notes due 2006, in a private placement. The interest payments of 6%
per annum are payable semi-annually on May&nbsp;12 and November&nbsp;12 of each year. The
Company issued the notes at a purchase price of 100% of the principal amount
thereof. If not converted, or previously redeemed, the notes will be repaid at
102.5% of their principal amount plus accrued interest on the fifth business
day following their maturity date in November&nbsp;2006.


<P align="left" style="font-size: 10pt">The notes are convertible at any time at the option of the holder into the
Company&#146;s ordinary shares, or American Depositary Shares, or ADSs, at a
conversion price of $3.75 per share or ADS, subject to adjustment in certain
events if the cumulative adjustments amount to 1% or more of the conversion
rate.


<P align="left" style="font-size: 10pt">The Company may redeem the notes, in whole or in part, at any time after
November&nbsp;12, 2005, at a redemption price equal to 100% of the principal amount
of the notes to the redeemed, plus accrued original issue discount, plus
accrued and unpaid interest, if any, to but excluding, the date of redemption
on giving not less than 30 nor more than 60&nbsp;days notice if (1)&nbsp;the closing
price of its ADSs on the Nasdaq SmallCap Market or substitute national
securities exchange has exceeded 150% of the conversion price then in effect
for at least 20 trading days within a period of 30 consecutive trading days
ending on the trading day immediately before the date of mailing of the
provisional redemption notice and (2)&nbsp;the shelf registration statement covering
the resale of the notes and the ordinary shares and ordinary shares underlying
the ADSs issuable upon conversion of the notes is effective and available for
use and is expected to remain effective and available for use for 30&nbsp;days
following the provisional redemption date, unless registration in no longer
required.


<P align="left" style="font-size: 10pt">If there is a change in control of the Company, holders of the notes have the
right to require it to repurchase their notes, at 102.5% of the principal
amount of the notes.


<P align="left" style="font-size: 10pt">In connection with the offering of the notes, the Company entered into a
registration rights agreement with the initial purchaser of the notes. This
agreement obligated the Company to file with the SEC a shelf registration
statement with respect to the offer and sale of the notes and the ordinary
shares or the ordinary shares underlying the ADSs issuable upon conversion of
the notes. On September&nbsp;30, 2003 the SEC declared effective the Company&#146;s
registration statement of Form F-3 pertaining to the notes. To date, no notes
have been converted.


<P align="left" style="font-size: 10pt">In connection with the delay in the registration of the notes, the Company
incurred liquidated damages payable to the note holders in the amount of $1.2
million, which have been included in interest expense in the statement of
operations for fiscal 2003.



<P align="center" style="font-size: 10pt">F-40
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>18. LONG-TERM LOANS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">The notes are presented in the consolidated balance sheet as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Opening balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Liability portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,382</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Derivative portion (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,618</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of capitalized issuance costs, net of additional expenses incurred (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,044</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest accrued (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,669</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,960</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,980</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Change in fair value of derivative portion (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,270</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,946</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(887</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,277</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Closing balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,422</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Liability portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,732</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Derivative portion (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,672</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">(1)&nbsp;The conversion option embedded in the notes is accounted for as an
embedded derivative instrument under SFAS133. The option does not qualify for
hedge accounting. The embedded derivative instrument is carried at fair value,
such fair value being determined on the residual cash flow method, with changes
in fair value included in the statement of operations in the period in which
the change occurs and classified as loss/(profit) on derivative instruments.


<P align="left" style="font-size: 10pt">(2)&nbsp;The issuance costs relating to the convertible loan note have been
capitalized, and are being amortized over the life of the instrument.


<P align="left" style="font-size: 10pt">(3)&nbsp;Interest on the notes is calculated on the effective yield basis, at an
effective rate of 7.05% per annum.


<P align="left" style="font-size: 10pt">Included in unrealized foreign exchange gains, is a gain of $10.6&nbsp;million and
$11.2&nbsp;million in fiscals 2004 and 2003, relating to foreign exchange movements
on the convertible note.


<P align="left" style="font-size: 10pt">(g)&nbsp;On June&nbsp;24, 2004, Investec Bank Limited, or Investec, granted the Company
a R100.0&nbsp;million (June&nbsp;30, 2004: $15.9&nbsp;million) loan facility. Draw downs are
to be made in the prescribed form and are at Investec&#146;s discretion. The
facility bears interest at the three-month Johannesburg Interbank Acceptance
Rate, or JIBAR, plus 300 basis points. As at June&nbsp;30, 2004, the interest rate
was 10.95%. The Company may elect to repay the facility in cash or by the issue
of Durban Roodepoort Deep, Limited ordinary shares, valued at the market price
of the shares on the date of settlement. The balance owing at June&nbsp;30, 2004,
was settled on August&nbsp;3, 2004 through the issue of shares (refer Note 25).


<P align="left" style="font-size: 10pt">(h)&nbsp;In September&nbsp;2001, the Group voluntarily accepted liability for certain
post retirement medical benefits of employees who were members of various
medical schemes arranged by the Group. The liability was payable over five
years, with no interest and was unsecured. This liability was settled during
fiscal 2004.


<P align="left" style="font-size: 10pt">(i)&nbsp;During the fourth quarter of fiscal 2002, the Company closed out its hedge
position with J Aron &#038; Company recording a loss on the close out of the
positions. The liability was payable over the next 12&nbsp;months, without interest
and was unsecured. This obligation was settled during fiscal 2004.



<P align="center" style="font-size: 10pt">F-41
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>18. LONG-TERM LOANS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">(j)&nbsp;During the fourth quarter of fiscal 2002, the Company closed out its hedge
position with UBS AG recording a loss on the close out of the positions. The
liability was payable over the next 12&nbsp;months, was unsecured and was payable
without interest. This liability was settled during fiscal 2004.



<P align="left" style="font-size: 10pt"><B>Long-term loans are scheduled for repayment in the 12&nbsp;months to:</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="62%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">30 June&nbsp;2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,315</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">30 June&nbsp;2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,551</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">30 June&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,314</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">30 June&nbsp;2008 onwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="62%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="left"><B>Currencies in which long-term loans are denominated are as follows:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">United States Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,619</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">South African Rands</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,303</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Australian Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,295</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The Group has undrawn committed borrowing facilities of $2.9&nbsp;million (June&nbsp;30,
2003: $3.0&nbsp;million) from the Industrial Development Corporation and bank
overdraft facilities of $1.8&nbsp;million (June&nbsp;30, 2003: $4.0&nbsp;million) of which
$1.8&nbsp;million (June&nbsp;30, 2003: $3.9&nbsp;million) had been utilized at year-end. On
June&nbsp;24, 2004, the Company agreed a $15.9&nbsp;million loan facility with Investec.
As at June&nbsp;30, 2004, $2.8&nbsp;million had been utilized and has been included in
short-term portion of long-term liabilities payable.



<P align="left" style="font-size: 10pt"><B>19. STOCKHOLDERS EQUITY</B>



<P align="left" style="font-size: 10pt"><B>Ordinary shares:</B>



<P align="left" style="font-size: 10pt"><I>June&nbsp;30, 2004</I>


<P align="left" style="font-size: 10pt">During the year ended June&nbsp;30, 2004, the Company issued 41,463,639 no par value
shares at market value to certain institutional investors, in exchange for
gross cash proceeds of $107.4&nbsp;million. In addition 6,643,902 no par value
shares, with a value of $16.7&nbsp;million, were issued to Oil Search Limited in
final settlement of the Porgera Joint Venture acquisition price (refer Note 3).



<P align="left" style="font-size: 10pt"><I>June&nbsp;30, 2003</I>


<P align="left" style="font-size: 10pt">During the year ended June&nbsp;30, 2003, the Company issued 4,794,889 shares at
market value to Khumo Bathong Holdings (Pty) Limited in exchange for gross cash
proceeds of $6.8&nbsp;million.



<P align="center" style="font-size: 10pt">F-42
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>19. STOCKHOLDERS EQUITY </B>(<I>continued</I>)



<P align="left" style="font-size: 10pt"><I>June&nbsp;30, 2002</I>


<P align="left" style="font-size: 10pt">During the year ended June&nbsp;30, 2002, the Company issued 12,000,000 shares at
market value to certain institutional investors in exchange for gross cash
proceeds of $43.5&nbsp;million.



<P align="left" style="font-size: 10pt"><B>Cumulative preference shares:</B>


<P align="left" style="font-size: 10pt">The terms of issue of the cumulative preference shares are that they carry the
right, in priority to the Company&#146;s ordinary shares, to receive a dividend
equal to 3% of the gross future revenue generated by the exploration or the
disposal of the Argonaut mineral rights acquired from Randgold &#038; Exploration
Company Limited in September&nbsp;1997.


<P align="left" style="font-size: 10pt">If the preference dividend described above in respect of any prescribed period
(is in arrears for more than six months at the date on which the notice
convening a general meeting is posted to the Company&#146;s members, the holder of
the cumulative preference share shall be entitled to vote on all the
resolutions which are to be proposed at the general meeting.


<P align="left" style="font-size: 10pt">The holders are also entitled to vote if a resolution is to be proposed at the
general meeting which adversely affects the rights attached to the cumulative
preference shares, or the disposal of the whole or substantially the whole of
the undertaking of the Company or the whole or the greater part of the assets
of the Company or for the disposal of the whole or greater part of the mineral
rights. Additionally, holders of the cumulative preference shares will obtain
voting rights once the Argonaut Project becomes an operational gold mine. To
date, no revenues have been derived from the Argonaut Project mineral rights
and it has yet to be developed into an operational gold mine.



<P align="left" style="font-size: 10pt"><B>Durban Deep &#147;C&#148; options:</B>


<P align="left" style="font-size: 10pt">The Company has authorized but not issued 10,000,000 Durban Deep &#147;C&#148; options on
ordinary shares at an exercise price of R15 per ordinary share which are
exercisable at any time during the period from the date on which the option is
issued to a date not later than five years from the date of issue. These
options are to be used as consideration for acquisitions by the Company.


<P align="left" style="font-size: 10pt"><B>20. (LOSS)/PROFIT PER SHARE</B>


<P align="left" style="font-size: 10pt">(Loss)/profit per share is calculated based on the (loss)/profit divided by the
weighted average number of shares in issue during the year. Fully diluted
(loss)/profit per share is based upon the inclusion of potential common shares
with a dilutive effect on (loss)/profit per share.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="71%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>For the year ended June 30, 2004</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Loss</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per-share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$ 000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>amount</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Numerator)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Denominator)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$ cents</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Basic and fully diluted loss per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Shares outstanding July, 1, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,222,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average number of shares issued - 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,287,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss applicable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,509,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Anti-dilutive shares (shares underlying Convertible Notes)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Anti-dilutive shares (shares underlying staff options allocated)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">621,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-43
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>20. (LOSS)/PROFIT PER SHARE </B>(<I>continued</I>)


<P align="left" style="font-size: 10pt">There is no dilution in loss per share for the fiscal year ended June&nbsp;30, 2004
as the effect of dilutive securities in issue would have been anti-dilutive as
the Company recorded a loss for the year.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="71%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>For the year ended June 30, 2003</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Profit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per-share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$ 000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>amount</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Numerator)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Denominator)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$ cents</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Basic profit per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Shares outstanding July, 1, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,173,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average number of shares issued - 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,127,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net profit before cumulative effect of accounting change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,300,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cumulative effect of accounting change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(173</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net profit applicable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Fully diluted profit per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average number of shares as per basic profit per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,300,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average dilutive number of shares underlying
Convertible Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,598</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,090,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average dilutive number of shares underlying staff
options allocated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,943,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
    <TD align="right"><HR size="1" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
    <TD align="right"><HR size="1" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Diluted net profit applicable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,334,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cumulative effect of accounting change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Diluted net profit before cumulative effect of accounting change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="71%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>For the year ended June 30, 2002</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Loss</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per-share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$ 000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>amount</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Numerator)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Denominator)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$ cents</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Basic and fully diluted loss per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Shares outstanding July, 1, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,529,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average number of shares issued - 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,135,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss applicable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,709</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,664,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Anti-dilutive shares (shares underlying staff options allocated)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,550,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">There is no dilution in loss per share for the fiscal year ended June&nbsp;30, 2002
as the effect of dilutive securities in issue would have been anti-dilutive as
the Company recorded a loss for the year.



<P align="center" style="font-size: 10pt">F-44
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>21. EMPLOYEE BENEFIT PLANS</B>



<P align="left" style="font-size: 10pt"><B>Pension and provident funds</B>


<P align="left" style="font-size: 10pt">In South Africa, the Group participates in a number of multi-employer
industry-based retirement plans. All plans are governed by the Pension Funds
Act, 1956. All the pension funds are actuarially valued at intervals of not
more than three years using the projected benefit valuation basis. All pension
funds have been valued during the last three years and were certified to be in
a sound financial position. The provident funds are funded on the &#147;money
accumulative basis&#148; with the members&#146; and Group&#146;s contributions having been
fixed in the constitutions of the funds. In Papua New Guinea retirement fund
contributions are regulated by the Superannuation Act. According to the Act,
the Group has to contribute 7% of the employee&#146;s earnings to a local superfund
(NASFUND), whilst the employee contributes 5% of their gross salaries and
wages. Payments are made to the fund on a monthly basis.


<P align="left" style="font-size: 10pt">The majority of the Group&#146;s employees are covered by either of the
above-mentioned funds. Fund contributions by the Group for the year ended June
30, 2004 amounted to $8.7&nbsp;million (year ended June&nbsp;30, 2003: $6.4&nbsp;million; year
ended June&nbsp;30, 2002: $4.9&nbsp;million).


<P align="left" style="font-size: 10pt"><B>Post-retirement benefits other than pensions</B>


<P align="left" style="font-size: 10pt">Prior to the Company&#146;s acquisition of Blyvooruitzicht Gold Mining Company
Limited, skilled workers (clerical workers and mine management) at that
operation participated in multi-employer health plans, which paid certain
medical costs. Employer contributions were determined on an annual basis by
these health funds. Qualifying dependants received the same benefits as active
employees. This benefit was no longer offered to employees joining subsequent
to the acquisition.


<P align="left" style="font-size: 10pt">Currently, no post-retirement benefits other than pensions are available to
workers who are not part of the above multi-employer plans.


<P align="left" style="font-size: 10pt">A subsidiary of the Company has voluntarily accepted liability for certain
post-retirement medical benefits of employees who were members of various
multi-employer medical schemes arranged by the Company. The fixed amount, which
was determined based on negotiations between the Company and the various
medical schemes, was payable with no interest over five years, was unsecured
and was settled during fiscal 2004 (see Note 18(h)). The full cost of $1.8
million was expensed in fiscal 2002 in the statement of operations.



<P align="left" style="font-size: 10pt"><B>Long service awards</B>


<P align="left" style="font-size: 10pt">The Group participates in the Chamber of Mines of South Africa Long Service
Awards Scheme, or the Scheme. The Scheme does not confer on any employee or
other persons any right of payment of any award. In terms of the scheme, bonus
payments may be made to certain employees, usually semi-skilled, upon reaching
the age of 55, who have completed 15&nbsp;years of continuous service in South
African gold mining companies which are members of the Chamber of Mines of
South Africa and the Employment Bureau of Africa, provided such service is not
pensionable service. The Scheme lays down the rules under which an employee may
be eligible for the award. The award is paid by the company for which the
employee works upon becoming eligible for the award and electing to receive
payment. All awards must be confirmed by the Chamber of Mines of South Africa
before payment. The amount of the award is based on both the employee&#146;s skill
level and years of service with qualified gold mining companies.


<P align="left" style="font-size: 10pt">The accumulated benefit obligation at June&nbsp;30, 2004, is not significant. During
fiscal 2004, the Company expensed $0.2&nbsp;million (fiscal 2003: $0.1&nbsp;million;
fiscal 2002: $0.1&nbsp;million) relating to the long service awards.



<P align="center" style="font-size: 10pt">F-45
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>21. EMPLOYEE BENEFIT PLANS </B><I>(continued)</I>



<P align="left" style="font-size: 10pt"><B>Share option plan</B>


<P align="left" style="font-size: 10pt">The Company has an Employee Share Option Scheme, or ESOS, under which all
employees may be granted options to purchase shares in the Company&#146;s
authorized, but unissued common stock. Unissued shares that have been reserved
for the ESOS may not exceed 15% of the number of issued ordinary and preferred
ordinary shares.


<P align="left" style="font-size: 10pt">The number of issued and exercisable share options is approximately 3.6% of the
issued ordinary share capital. The participants in the ESOS are fully taxed on
any gains realized on the exercise of their options.


<P align="left" style="font-size: 10pt">On October&nbsp;24, 1997, the terms of the ESOS were amended. The amended terms
applied to options outstanding at the date of the amendment and options to be
issued thereafter. The exercise price of options is the lowest seven day
trailing average of the closing market prices of an ordinary share on the
Johannesburg Securities Exchange South Africa, or JSE, as confirmed by the
Company&#146;s directors, during the three months proceeding the day on which the
employee is granted the option. Prior to the amendment, the exercise price was
the closing JSE market price on the day preceding the grant date of the option.
The vesting period for options is determined by the directors.


<P align="left" style="font-size: 10pt">All options expire ten years after grant date.


<P align="left" style="font-size: 10pt">During the fiscal years 1998 to 2004, the Company issued options, one quarter
of which were exercisable six months after grant date, a further quarter of
which are exercisable twelve months after grant date and a further quarter of
which are exercisable annually thereafter. Share options activity in respect of
these options was as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Outstanding</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Exercisable</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at July&nbsp;1, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,812,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,712,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.97</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,067,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,599,321</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Forfeited/lapsed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(679,938</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,600,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,113,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,055,944</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Forfeited/lapsed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,012,863</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,645,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">931,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,452,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(940,269</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Forfeited/lapsed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(388,167</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,768,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,964,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Average price per share is disclosed in South African Rand as the options are
on ordinary shares and the option price is stated in South African Rand. As of
June&nbsp;30, 2004, the average price per share for outstanding options is $3.03 and
average price per share for exercisable options is $2.98.



<P align="center" style="font-size: 10pt">F-46
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>21. EMPLOYEE BENEFIT PLANS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">For the purposes of the pro-forma disclosures in terms of SFAS 123, the
weighted average grant date fair value of the above options granted in fiscal
2004 at exercise prices which exceeded the market price of the stock on grant
date was Rnil (2003: Rnil; 2002: Rnil). The weighted average grant date fair
value of the above options granted in fiscal 2004 at exercise prices, which
were less than the market price of the stock on grant date, was R18.37 (2003:
R8.07; 2002: R15.43).


<P align="left" style="font-size: 10pt">The grant date fair value of these options was determined using a Black-Scholes
pricing option model, applying the following weighted average assumptions:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expected life (in years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Risk free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.19</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">46</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">During fiscal 1998, the Company also issued certain options which were
exercisable immediately, but which vested over a period of twelve months. Share
options activity in respect of these options was as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Outstanding</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Exercisable</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at July&nbsp;1, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Forfeited/lapsed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,250</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Forfeited/lapsed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">For the purposes of the pro-forma disclosures in terms of SFAS 123, the
weighted average grant date fair value of the above options granted in 1998 was
R2.67. These options had an exercise price equal to the market price of the
stock on grant date.


<P align="left" style="font-size: 10pt">The grant date fair value of these options was determined using a Black-Scholes
pricing option model, applying the following assumptions:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1998</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expected life (in years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Risk free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.25</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">85</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-47
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>21. EMPLOYEE BENEFIT PLANS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">During 2001, the Company also issued certain options, 51% which were
exercisable immediately and the remainder after 6&nbsp;months. Share options
activity in respect of these options was as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Outstanding</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Exercisable</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at July&nbsp;1, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,145,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,145,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">For the purposes of the pro-forma disclosures in terms of SFAS 123, the
weighted average grant date fair value of the above options granted in 2001 at
exercise prices, which were less than the market price of the stock on grant
date, was R2.98.


<P align="left" style="font-size: 10pt">The grant date fair value of these options was determined using a Black-Scholes
pricing option model, applying the following weighted average assumptions:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expected life (in years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Risk free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.23</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">72</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">During 2002, the Company issued certain options, 25% which were exercisable
immediately and the remaining 75% in equal tranches after 6, 12, 24 and 36
months. Share options activity in respect of these options was as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Outstanding</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Exercisable</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at July&nbsp;1, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(62,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">937,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(227,125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Forfeited/lapsed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(78,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">631,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(43,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Forfeited/lapsed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11,250</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">419,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-48
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>21. EMPLOYEE BENEFIT PLANS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">Average price per share is disclosed in South African Rand as the options are
on ordinary shares and the option price is stated in South African Rand. As of
June&nbsp;30, 2004, the average price per share for outstanding options is $2.52 and
average price per share for exercisable options is $2.52.


<P align="left" style="font-size: 10pt">For the purposes of the pro-forma disclosures in terms of SFAS 123, the
weighted average grant date fair value of the above options granted in 2002 at
exercise prices, all of which were less than the market price of the stock on
grant date, was R19.08.


<P align="left" style="font-size: 10pt">The grant date fair value of these options was determined using a Black-Scholes
pricing option model, applying the following weighted average assumptions:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expected life (in years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Risk free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.58</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">49.7</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">During 2002, the Company issued certain options, which were exercisable
immediately. Share options activity in respect of these options was as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Outstanding</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Exercisable</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at July&nbsp;1, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">611,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(591,708</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Forfeited/lapsed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,292</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at June&nbsp;30, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">For the purposes of the pro-forma disclosures in terms of SFAS 123, the
weighted average grant date fair value of the above options granted in 2002 at
exercise prices, all of which were less than the market price of the stock on
grant date, was R6.20.


<P align="left" style="font-size: 10pt">The grant date fair value of these options was determined using a Black-Scholes
pricing option model, applying the following weighted average assumptions:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expected life (in years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Risk free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.79</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.4</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-49
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>21. EMPLOYEE BENEFIT PLANS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">The following tables summarize information relating to all employee stock
options outstanding as June&nbsp;30, 2004:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Outstanding</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Exercisable</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>contractual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>average</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>life (in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>years)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in Rand)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Range of
exercise prices (R)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R3.11 to R4.68</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.52</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R4.69 to R6.99</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">238,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">238,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R7.00 to R10.50</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.67</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R10.51 to R14.35</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.95</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R14.36 to R27.55</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,689,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,427,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.97</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R27.56 to R36.08</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,023,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">511,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,345,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,342,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>22. FAIR VALUE OF FINANCIAL INSTRUMENTS</B>


<P align="left" style="font-size: 10pt"><I>Cash and cash equivalents</I>


<P align="left" style="font-size: 10pt">The carrying value of cash and cash equivalents approximates their fair value
due to the short-term maturity of these deposits. The Group attempts to
minimize its credit risk by placing cash and cash equivalents with major banks
and financial institutions located in South Africa, Australia and Papua New
Guinea, after evaluating the credit ratings of the respective financial
institutions. The Group believes that no concentration of credit risk exists in
respect of cash and cash equivalents.


<P align="left" style="font-size: 10pt"><I>Derivative instruments</I>


<P align="left" style="font-size: 10pt">In the normal course of its operations, the Group is exposed to market risks,
including commodity price, foreign currency, interest, liquidity and credit
risks. The Company entered into transactions, which make use of derivative
instruments, to economically hedge certain exposures. These instruments include
interest rate swaps and gold lease rate swaps. The decision to use these types
of transactions is based on the Company&#146;s hedging policy, which precludes the
forward selling of gold. Although most of these instruments are used as
economic hedges, none of them qualify for hedge accounting and, consequently,
are marked-to-market through statement of operations in accordance SFAS 133,
<I>&#147;Accounting for Derivative Instruments and Hedging Activities</I>.&#148; The Group does
not hold or issue derivative financial instruments for speculative purposes.



<P align="center" style="font-size: 10pt">F-50
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>22. FAIR VALUE OF FINANCIAL INSTRUMENTS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><I>Eskom gold for electricity contract</I>


<P align="left" style="font-size: 10pt">In October&nbsp;2000, the Company entered into a contract to buy electricity from
Eskom. Under the terms of the Company&#146;s agreement, the Company pays Eskom the
standard electricity tariff for all energy it consumes, including the 75 GWh
per month specified in the contract. This contract expires in September&nbsp;2005.
In addition, every 12&nbsp;month-period starting in October the Company adjusts the
amounts paid in that period in accordance with an established formula based on
the gold price.


<P align="left" style="font-size: 10pt">The gold price adjustment is based on the notional amount of 15,000 ounces of
gold multiplied by the difference between the contracted gold price, which is
the price that was agreed on the date of the transaction for a determined
period, and the arithmetic average of London PM fix for each business day in
the calculation period.


<P align="left" style="font-size: 10pt">The Company concluded that (1)&nbsp;the contract in its entirety does not meet the
definition of a derivative instrument and therefore it does not have to be
carried on the balance sheet at fair value; (2)&nbsp;the embedded gold for
electricity forward contract possesses economic characteristics that are not
clearly and closely related to the economic characteristics of the host
contract; and (3)&nbsp;a separate, stand-alone instrument with the same terms would
qualify as a derivative instrument. Accordingly, the embedded derivative was
separated from the host contract and carried at fair value.


<P align="left" style="font-size: 10pt">As discussed in Note 16, the fair value of the gold for electricity contract
was a liability of $3.1&nbsp;million as at June&nbsp;30, 2004 (June&nbsp;30, 2003: a liability
of $30.9&nbsp;million). The fair value reflects the difference between the price
that was agreed on the date of the transaction and the forward price on June
30, 2004. Therefore, the negative $3.1&nbsp;million reflects the loss as at June&nbsp;30,
2004 when the gold price was R2,451 per ounce against an average contract price
of R2,256 per ounce. If the spot rand gold price is trading above the strike
price of the gold for electricity contract, the instrument has a negative value
and will result in the Company paying Eskom. Similarly, if the spot rand gold
price is trading below the strike price of the gold for electricity contract,
Eskom would pay the Company.


<P align="left" style="font-size: 10pt">During fiscal 2004, the Company took advantage of the lower rand gold price and
closed out 355,000 ounces of the Eskom gold for electricity contract in line
with its policy of not hedging gold production, at a cost of $25.1&nbsp;million. A
total of 50,000 ounces remain outstanding at June&nbsp;30, 2004 (405,000 ounces at
June&nbsp;30, 2003). To fund the closing out of 85,000 ounces of the Eskom hedge,
the Company entered into a R100&nbsp;million ($15.9&nbsp;million) short-term loan
facility with Investec Bank Limited, a South African bank.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>For the year ending</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Gold for electricity contract (by maturity)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ounces (notional)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Average price (R/ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,256</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The above table reflects the number of ounces committed and the average
contract price over the remaining period of the contract.



<P align="center" style="font-size: 10pt">F-51
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>22. FAIR VALUE OF FINANCIAL INSTRUMENTS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><I>Put options bought</I>


<P align="left" style="font-size: 10pt">Put options bought refer to the right, but not the obligation to sell a
predetermined amount of gold at a predetermined price on a predetermined date.
During fiscal 2003, the remaining put options were closed out. This resulted
in a cash inflow of $7.1&nbsp;million. Included in profit/(loss) on derivative
instruments is $nil for fiscal 2004 and fiscal 2002, and a profit of $9.5
million for fiscal 2003, relating to this instrument.


<P align="left" style="font-size: 10pt"><I>Other positions</I>


<P align="left" style="font-size: 10pt">The Company had entered into a gold rate lease swap and call position
transactions which had been accounted for in the financial statements on a
mark-to-market basis in prior fiscal years, and which matured or were closed
out in fiscal 2004.


<P align="left" style="font-size: 10pt">During fiscal 2004, a gold lease rate swap for 109,875 ounces, at a rate of
0.20% matured.


<P align="left" style="font-size: 10pt">A gold lease rate swap is a contract whereby the Company and a counterparty
select a notional amount of gold, and thereafter over the life of the contract
one party pays a fixed lease rate based on that amount of gold and the other
party pays a floating lease rate based on the same amount of gold. The Company
had exposure to increases in the three-month lease rate up to June&nbsp;2004. The
volume the swap was based on decreases every quarter until it reached zero (by
June&nbsp;2004). Every quarter the Company received a fixed cash flow equal to 0.2%
per annum of the volume and $280/oz, and paid the three-month floating lease
rate converted at the then market spot rate.


<P align="left" style="font-size: 10pt">During fiscal 2003, the Company bought call options as a risk management tool
to protect the maximum exposure on the gold for electricity contract. Options
covering a total of 272,110 ounces were purchased for $14.9&nbsp;million. These
contracts expire by September&nbsp;2005. During fiscal 2004 the Company took
advantage of the lower rand gold price and closed out 265,000 ounces of the
Eskom gold for electricity contract in line with its policy of not hedging gold
production. Accordingly the exposure for which the call options were bought as
a risk management tool had been significantly reduced and the call options were
closed out during fiscal 2004, recording a gain of $0.1&nbsp;million. The fair value
of the call positions bought was an asset of $6.6&nbsp;million as at June&nbsp;30, 2003.


<P align="left" style="font-size: 10pt">Included in profit/(loss) on derivative instruments is a loss of $3.2&nbsp;million
for fiscal 2004, a profit of $40.9&nbsp;million for fiscal 2003 and a loss of $91.0
million for fiscal 2002, respectively, relating to these instruments.


<P align="left" style="font-size: 10pt"><I>Concentration of credit risk</I>


<P align="left" style="font-size: 10pt">The Company believes that its financial instruments do not represent a
concentration of credit risk, because the Group deals with a variety of major
banks and financial institutions located in South Africa and Australia, after
evaluating the credit ratings of the representative financial institutions.
Furthermore, its debtors and loans are regularly monitored and assessed for
recoverability. Where it is appropriate to raise a provision, an adequate level
of provision is maintained.


<P align="left" style="font-size: 10pt">In addition, the Group&#146;s South African operations all deliver their gold to
Rand Refinery Limited which refines the gold to saleable purity levels and then
sells the gold, on behalf of the Group, on the bullion market. The gold is sold
by Rand Refinery on the same day as it is delivered and settlement is made
within two days. Once the gold has been delivered to Rand Refinery, the risks
and rewards of ownership have passed.


<P align="left" style="font-size: 10pt">The Tolukuma mining operation delivers its gold to one customer, N M Rothschild
(Australia) and receives proceeds within two days. The concentration of credit
risk in Australia is mitigated by the reputable nature of the customer and the
settlement of the proceeds within two days.



<P align="center" style="font-size: 10pt">F-52
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>22. FAIR VALUE OF FINANCIAL INSTRUMENTS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt">The Porgera mining operation delivers its gold to AGR Matthey (Papua New
Guinea) who refines the gold and then delivers it to the Bank of Western
Australia Limited at a price negotiated by the Company. The concentration of
credit risk in Papua New Guinea is mitigated by the reputable nature of the
customer and the settlement of the proceeds within two days.


<P align="left" style="font-size: 10pt"><I>Foreign currency risk</I>


<P align="left" style="font-size: 10pt">The Group&#146;s functional currency for the South African operations is the South
African Rand and for the Papua New Guinea operations it is the Papua New Guinea
Kina. Although gold is sold in US Dollars, the Company is obliged to convert
these into Rands for its South African operations in terms of South African
Reserve Bank, or SARB, regulations. The Company is thus exposed to
fluctuations in the Dollar / South African Rand exchange rate. The Company
conducts its operations in South Africa and Papua New Guinea. Currently,
foreign exchange fluctuations affect the cash flow that it will realize from
its operations as gold is sold in US Dollars while production costs are
incurred primarily in Rands and Papua New Guinean Kina.


<P align="left" style="font-size: 10pt">The Company&#146;s results are positively affected when the Dollar strengthens
against these foreign currencies and adversely affected when the Dollar weakens
against the foreign currencies. The Company&#146;s cash and cash equivalent
balances are held in US Dollars, Rands and Australian Dollars; holdings
denominated in other currencies are relatively insignificant. Certain of the
Company&#146;s financial liabilities are denominated in a currency other than the
Rand (refer Note 18). The Company is thus exposed to fluctuations in the Rand
with the relevant currency. The Company has not entered into any foreign
exchange hedging contracts to attempt to mitigate its foreign currency risk.


<P align="left" style="font-size: 10pt"><I>Interest rate and liquidity risk</I>


<P align="left" style="font-size: 10pt">Fluctuations in interest rates impact the value of short-term cash investments
and financing activities, giving rise to interest rate risks.


<P align="left" style="font-size: 10pt">Interest rate swap agreement


<P align="left" style="font-size: 10pt">An interest rate swap agreement was entered into in November&nbsp;2002 to manage the
exposure to changes in interest rates with regard to the interest payable on
the convertible notes (refer Note 18). The fixed interest rate (in US Dollars)
was swapped for a floating South African interest rate, calculated at the
Johannesburg Inter Bank Acceptance Rate, or JIBAR, plus 200 basis points per
annum. An amount of 60% of the coupon rate is subject to this swap agreement,
based on the requirements of the SARB, as this represents the amount of the
funds raised in South Africa. The maturity date of this agreement is November
2006. The Company believes that the counterparty to this agreement, being The
Standard Bank of South Africa Limited, is a financially sound institution and
the credit risk for non-performance is not significant.


<P align="left" style="font-size: 10pt">As discussed in Note 16, the fair value of the interest rate swap agreement was
a liability of $2.0&nbsp;million as at June&nbsp;30, 2004.


<P align="left" style="font-size: 10pt"><I>Labor risk</I>


<P align="left" style="font-size: 10pt">Approximately 70% of the labor force at our South African Operations are
members of labor unions. The majority of the union members are blue-collar
employees. The unions negotiate two year wage agreements which are binding on
employees in the respective bargaining units, the largest of which consists of
occupational groupings of mainly blue collar workers in the organization. These
agreements are valid from July&nbsp;1, 2003 to June&nbsp;30, 2005. The levels of
unionization for operations outside South Africa varies. It is mostly contained
amongst blue-collar workers and membership is below 50%.



<P align="center" style="font-size: 10pt">F-53
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>22. FAIR VALUE OF FINANCIAL INSTRUMENTS </B><I>(continued)</I>


<P align="left" style="font-size: 10pt"><I>Fair value of financial instruments</I>


<P align="left" style="font-size: 10pt">The following table represents the carrying amounts and fair values of the
Group&#146;s financial instruments outstanding at June&nbsp;30.


<P align="left" style="font-size: 10pt">The fair value of a financial instrument is defined as the amount at which the
instrument could be exchanged in a current transaction between willing parties,
other than in a forced or liquidation sale.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fair</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fair</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>amount</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>value</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>amount</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>value</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Financial assets</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,423</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,563</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,805</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Listed investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,927</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unlisted investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,725</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Investment in environmental trusts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,903</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Financial liabilities</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bank overdrafts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,897</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,964</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,721</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- long-term portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,149</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">- short-term portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,068</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The carrying values of cash and cash equivalents, receivables, accounts payable
and accrued liabilities and short-term loans approximates their fair values due
to the short-term maturities of these assets and liabilities.


<P align="left" style="font-size: 10pt">The fair value of listed investments has been determined by reference to the
market value of the underlying investments. The investment in the environmental
trusts is invested primarily in interest bearing securities, the cost of which
approximate their fair value.


<P align="left" style="font-size: 10pt">The fair value of the fixed interest rate long-term debt instruments is subject
to changes in market interest rates. The fair values are calculated based on a
credit adjusted US Treasury rate, with comparable terms of maturity.



<P align="left" style="font-size: 10pt"><B>23. COMMITMENTS AND CONTINGENT LIABILITIES</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Capital expenditure commitments:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Contracted but not provided for in the financial statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,299</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Authorized by the directors but not contracted for</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,724</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,023</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><I>Litigation</I>


<P align="left" style="font-size: 10pt">The Group is subject to litigation in the normal course of business. The
Group believes that any adverse outcome from litigation would not have a
material effect on its financial position or results of operations.



<P align="center" style="font-size: 10pt">F-54
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>24. GEOGRAPHIC AND SEGMENT INFORMATION</B>


<P align="left" style="font-size: 10pt">Based on risks and returns the Directors consider that the primary reporting
format is by business segment. The Group operates in one industry segment,
being the extraction and production of gold and related by products. Therefore
the disclosures for the primary segment have already been given in these
financial statements.


<P align="left" style="font-size: 10pt">The chief operating decision-maker is the Board of Directors, who evaluates the
business based on the following geographical operational segments, based on
revenue generated from the location of the seller:


<DIV align="center">


<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Year ended June 30, 2004</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><BR><B>Total South</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Blyvoor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>North West</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>West Wits</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>African</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Revenues</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220,102</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Depreciation and amortization</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,643</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,263</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(698</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,604</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(90,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(134,465</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,189</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(226,020</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Results</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net operating income/(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,867</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21,636</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,539</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26,890</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(58,932</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income/(loss) after tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,337</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20,917</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,403</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20,157</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(57,814</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Balance sheet</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,371</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,866</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net current assets/(liabilities)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(59,902</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(157,709</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,036</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">298,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,255</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Other information</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,751</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,266</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total number of employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,986</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>




</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR clear="all"><DIV align="right" style="font-size: 10pt">[Additional columns below]</DIV><P align="left" style="font-size: 10pt">[Continued from above table, first column(s) repeated]

<DIV align="center">




<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Year ended June 30, 2004</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>

    <TD colspan="3" valign="top" align="center"><B>$&#146;000</B></TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$&#146;000</B><BR><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center"><B>$&#146;000</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Porgera</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tolukuma</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Australasian</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Revenues</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,290</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Depreciation and amortization</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,260</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,340</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,931</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(24,531</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30,135</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31,650</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,821</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,471</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(277,491</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Results</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net operating income/(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD align="right">18,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(37,633</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income/(loss) after tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,285</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,743</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Balance sheet</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,943</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,975</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net current assets/(liabilities)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25,102</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,651</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(60,495</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(87,248</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(24,993</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Other information</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,917</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,266</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total number of employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>


</DIV>




<P align="center" style="font-size: 10pt">F-55
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>24. GEOGRAPHIC AND SEGMENT INFORMATION </B>(<I>continued</I>)


<P align="left" style="font-size: 10pt">The South African operations deliver their gold to Rand Refinery Limited, which
acts as their agent in the sale of gold bullion. The Tolukuma mining operation
and Porgera mining operation also has one customer for their gold bullion,
namely N M Rothschild and AGR Matthey respectively.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27"><B>Year ended June 30, 2003</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>

    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>

    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B><BR><B>Total South</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center" ><B>$&#146;000</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Blyvoor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>North West</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>West Wits</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>African</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Australasian</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Revenue</B>s</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">238,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261,342</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Depreciation and amortization</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,509</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,047</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(402</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(83</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,041</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,561</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,602</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(65,240</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(144,568</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,859</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,587</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(216,254</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,105</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(235,359</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Results</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net operating income/(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(80</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,229</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,993</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,589</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income/(loss) after tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22,752</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,457</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,374</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Balance sheet</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,257</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net current assets/(liabilities)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13,788</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(24,356</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,656</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,419</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Other information</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,414</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impairment of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total number of employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,238</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-56
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>24. GEOGRAPHIC AND SEGMENT INFORMATION </B>(<I>continued</I>)


<P align="left" style="font-size: 10pt">The South African operations deliver their gold to Rand Refinery Limited, which
acts as their agent in the sale of gold bullion. The Australasian operations
also have one customer for their gold bullion, namely N M Rothschild.


<P align="left" style="font-size: 10pt">The Australasian operations comprise Tolukuma gold mine and its related
corporate structures.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="31"><B>Year ended June 30, 2002</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center" valign="top" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center" valign="top" ><B>$&#146;000</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center" valign="top" ><B>$&#146;000</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total South</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Blyvoor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>North West</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>West Wits</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>African</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Australasian</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Crown Mine</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Revenues</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,858</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Depreciation and amortization</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(933</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,068</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(43</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,162</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,668</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,874</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,059</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13,933</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Production costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(46,579</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(118,265</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,136</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28,254</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(980</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(200,214</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,842</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(218,056</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Results</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net operating profit/(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,169</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(70,055</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,387</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,332</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(90,106</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,868</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(94,974</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income/(loss) after tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(47,962</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,349</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11,646</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(47,157</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,552</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,709</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Balance sheet</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Mining assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,184</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,306</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Net current assets/(liabilities)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18,032</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(74,944</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,281</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(40,275</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(34,311</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Other information</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,188</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Impairment of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total number of employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,934</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The South African operations deliver their gold to Rand Refinery Limited, which
acts as their agent in the sale of gold bullion. The Australasian operations
also have one customer for their gold bullion, namely N M Rothschild.


<P align="left" style="font-size: 10pt">The Australasian operations comprise Tolukuma gold mine and its related
corporate structures.



<P align="center" style="font-size: 10pt">F-57
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>25. SUBSEQUENT EVENTS</B>


<P align="left" style="font-size: 10pt"><B><I>Investec Bank Limited facilities</I></B>


<P align="left" style="font-size: 10pt">On June&nbsp;28, 2004, the Company announced that it had closed out another 85,000
ounces of the Eskom gold for electricity contract in line with the Company&#146;s
policy of not hedging gold production (refer Note 22 for the remaining
position).


<P align="left" style="font-size: 10pt">To fund the closing out of the 85,000 ounces on the Eskom gold for electricity
contract, the Company agreed a R100.0&nbsp;million ($15.9&nbsp;million) short-term loan
facility with Investec Bank Limited, a South African bank. The loan is based
on commercial terms and conditions and is repayable at the Company&#146;s election,
either in cash, in Durban Roodepoort Deep, Limited shares or in a combination
of both.


<P align="left" style="font-size: 10pt">On August&nbsp;3, 2004, 1,370,886 shares to the value of R20.0&nbsp;million ($3.2
million) were issued to Investec Bank Limited in settlement of part of the draw
downs that had been made.


<P align="left" style="font-size: 10pt">On September&nbsp;15, 2004, the Company entered into the second facility of R100.0
million ($15.9&nbsp;million) with Investec. The facility bears interest at the
three-month JIBAR plus 300 basis points. The Company may elect to repay the
facility in cash or by the issue of our ordinary shares, valued at market value
on the date of issue. As at November&nbsp;1, 2004, R80.0&nbsp;million ($13.0&nbsp;million) had
been utilized under this facility and R60.0&nbsp;million ($9.8&nbsp;million) had been
settled by the Company issuing 5,033,911 ordinary shares, based on the market
value at the date of issue. This facility is a general funding facility and is
not renewable.


<P align="left" style="font-size: 10pt">On October 14, 2004, the
Company&#146;s subsidiary, DRD (Isle of Man) entered into the third
facility of $15.0 million with Investec Bank (Mauritius) Limited, or
Investec (Mauritius). Subject to the terms of the agreement the
facility may be used to finance future acquisition or rights offers
by companies in which DRD (Isle of Man) wishes to acquire shares, or
it may be used for any other purpose with prior written consent of
Investec (Mauritius). The facility bears interest at the three-month
London Interbank Offered Rate, or LIBOR, plus 300 basis points. Funds
advanced and interest on this facility shall be repaid in cash in
equal installments every three months from the date of that advance
so that the amount of the advance is paid in full to Investec
(Mauritius) within 36 months. The facility is secured by DRD (Isle of
Man)&#146;s shares in Emperor Mines Limited, DRD (Porgera) Limited
and Tolukuma Gold Mines Limited. The loan agreement prohibits DRD
(Isle of Man) from disposing of or further encumbering the secured
assets. The facility restricts the flow of payments from DRD (Isle of
Man) to the Company through requiring that all net operating
cash or cash distributions received by DRD (Isle of Man) in respect
of the secured assets must be used to first service the interest and
principle payment obligations under the facility in accordance with
the terms of the facility agreement. The agreement requires that DRD
(Isle of Man) hold, in a debt servicing account, sufficient cash to
cover the quarterly principal payments. Any funds in excess of these
repayment requirements may be utilized by the Company. In addition,
if DRD (Isle of Man) intends to make any payment, which is a
distribution, by or on behalf of it to or for the Company, Investec
(Mauritius) has the option to require DRD (Isle of Man) to pay 50% of
the distributed funds as a prepayment of the facility. The facility
agreement contains a number of additional customary restrictive
covenants. On November 12, 2004, $7.0 million was drawn under this
facility to fund the Company&#146;s portion of the Emperor rights
offering.

<P align="left" style="font-size: 10pt"><B><I>Emperor Mines Limited</I></B>


<P align="left" style="font-size: 10pt">Subsequent to June&nbsp;30, 2004, 6,612,676 Durban Roodepoort Deep, Limited shares
to the value of $16.6&nbsp;million were issued in exchange for the 29,097,269
Emperor shares now owned by the Group with share issue and transaction costs
amounting to R8.7&nbsp;million ($1.3&nbsp;million) bringing the effective shareholding of
the Group to 45.33%.


<P align="left" style="font-size: 10pt">On August&nbsp;3, 2004, the Company&#146;s Executive Chairman, Mr.&nbsp;M.M. Wellesley-Wood
was appointed as the Managing Director of Emperor Mines Limited and the
Company&#146;s Divisional Director: Australasian Operations, Mr.&nbsp;R. Johnson was
appointed as a non-executive director.


<P align="left" style="font-size: 10pt">On November 12, 2004, the
Company&#146;s wholly-owned subsidiary, DRD (Isle of Man), subscribed
for its entitlement under Emperor&#146;s A$20.4 million ($14.6
million) non-renounceable rights offering, of 20,522,122 Emperor
shares, which at A$0.45 per share, amounted to A$9.2 million ($7.0
million). DRD (Isle of Man) did not participate in any of the
shortfall to the rights offer. DRD (Isle of Man) funded its participation in this rights
offering out of a debt facility of $15 million negotiated with
Investec (Mauritius). Interest and principal payments will be funded
from the Company&#146;s net cash generated from offshore operations.
The repayment terms and restriction of funds under this facility are
discussed in detail under Item 5B.: &#147;Liquidity and Capital
Resources.&#148;




<P align="center" style="font-size: 10pt">F-58
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>25. SUBSEQUENT EVENTS</B>
<I>(continued)</I>



<P align="left" style="font-size: 10pt"><B><I>Review of Operations</I></B>


<P align="left" style="font-size: 10pt">On June&nbsp;26, 2004 and June&nbsp;28, 2004, respectively, the Company entered into a
further 60-day review period at the Buffels Section at our North West
Operations and at our Blyvoor Section designed to restore the operations to
profitability. Proposals were received into a consultative forum in which both
management and organized labor participated, and was distributed to the
Department of Labour and the Department of Minerals and Energy, for their
input. At the Buffels Section agreement was reached with all the relevant
parties early in August&nbsp;2004, to close the Number 9 Shaft, but to keep the
Number 11 and 12 Shafts in operation on condition that certain defined
sustainability thresholds are met. This agreement resulted in the retrenchment
of 120 employees at this mining operation during fiscal 2005 at a cost of
approximately R4.0&nbsp;million ($0.6&nbsp;million). At the Blyvoor Section the 60-day
review was extended by two weeks to conclude on September&nbsp;13, 2004. On October
5, 2004, it was announced that 1,619 employees have been retrenched at a cost
of approximately R32.0&nbsp;million ($5.1&nbsp;million).



<P align="center" style="font-size: 10pt">F-59
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="155"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 19. EXHIBITS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed as a part of this Annual Report:

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1.1(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Association of Durban Roodepoort Deep, Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1.2(7)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Association of Durban Roodepoort Deep, Limited, as amended
on November&nbsp;8, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1.3(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Excerpts of relevant provisions of the South African Companies Act.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1.4(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Durban Roodepoort Deep (1996)&nbsp;Share Option Scheme as amended.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">2.1(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Excerpts of relevant provisions of the Johannesburg Stock Exchange
Listings Requirements.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.2(7)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture between Durban Roodepoort Deep, Limited, as Issuer, and The
Bank of New York, as Trustee, dated November&nbsp;12, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.3(7)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purchase Agreement between Durban Roodepoort Deep, Limited and CIBC
World Markets Corp., dated November&nbsp;4, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.4(7)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration Rights Agreement between Durban Roodepoort Deep, Limited
and CIBC World Markets Corp., dated November&nbsp;4, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.5(7)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Durban Roodepoort Deep, Limited 6% Senior Convertible Note Due 2006 in
the amount of $61,500,000 issued pursuant to Rule&nbsp;144A of the
Securities Act of 1933, as amended.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.6(7)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Durban Roodepoort Deep, Limited 6% Senior Convertible Note Due 2006 in
the amount of $4,500,000 issued pursuant to Regulation&nbsp;S under the
Securities Act of 1933, as amended.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tribute Agreement, dated October&nbsp;9, 1992 between Durban Roodepoort
Deep, Limited and Rand Leases.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Service Agreement, dated July&nbsp;27, 1995, between Durban Roodepoort
Deep, Limited and Randgold.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement, dated September&nbsp;28, 1995, among First Wesgold Mining
(Proprietary) Limited, Durban Roodepoort Deep, Limited and Rand Leases
in respect of purchase of assets of First Wesgold by Rand Leases.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pumping Assistance, dated October&nbsp;14, 1997, for the 1997/1998 fiscal
year from the Minister of Mineral and Energy Affairs &#151; Republic of
South Africa to Durban Roodepoort Deep, Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposit Agreement among Durban Roodepoort Deep, Limited, The Bank of
New York as Depositary, and owners and holders of American Depositary
Receipts, dated as of August&nbsp;12, 1996, as amended and restated as of
October&nbsp;2, 1996, as further amended and restated as of August&nbsp;11,
1998.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Security Agreement, dated November&nbsp;5, 1998, between The Chase
Manhattan Bank, Durban Roodepoort Deep, Limited, Blyvoor, Buffels and
West Wits.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated June&nbsp;8, 1999, between Industrial Development
Corporation of South Africa Limited, Crown and Durban Roodepoort Deep,
Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lender Substitution Deed, dated August&nbsp;18, 1999, between Durban
Roodepoort Deep, Limited, DRD Australasia, NM Rothschild &#038; Sons
(Singapore) Limited, NM Rothschild &#038; Sons (Australia) Limited, as
agent in its own capacity, and Rothschild Nominees (Pty) Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A $10m Facility Agreement, dated September&nbsp;10, 1999, between Durban
Roodepoort Deep, Limited, DRD Australasia and NM Rothschild &#038; Sons
(Australia) Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facility Agreement, dated August&nbsp;9, 1996, between PT Barisan Tropical
Mining, Rothschild Australia Limited and the Participants.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposit Agreement, dated September&nbsp;30, 1999, between Buffels and BOE
Merchant Bank, a division of BOE Bank Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.12(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Undertaking and Security Agreement, dated November&nbsp;17, 1999, between
BOE Bank Limited, through its division BOE Merchant Bank, and Buffels.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.13(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee and Indemnity Agreement, dated November&nbsp;17, 1999, between
Durban Roodepoort Deep, Limited, Blyvoor, Argonaut Financial Services
(Proprietary) Limited, West Wits, Crown and BOE Bank Limited, through
its division BOE Merchant Bank.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.14(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Security Agreement, dated November&nbsp;17, 1999, between FBCF
Equipment Finance (Proprietary) Limited and Buffels.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.15(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sale of Business Agreement in respect of Harties, dated August&nbsp;16,
1999, between Avgold Limited, Buffels and Durban Roodepoort Deep,
Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.16(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Restraint Agreement.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.17(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sale of Shares Agreement, dated September&nbsp;29, 1997, between RMP
Properties Limited, Randgold, Crown, City Deep Limited, Consolidated
Main Reef Mines and Estate Limited, Crown Mines Limited, RMP
Properties SA Limited and Industrial Zone Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.18(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Non-Executive Employment Agreement.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">179
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.19(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Executive Employment Agreement.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.20(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Share Sale Option Agreement, dated March&nbsp;12, 1993, between Newmont
Proprietary Limited, Ballimore No.&nbsp;56 Proprietary Limited, Clayfield
Proprietary Limited and Dome Resources N.L.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.21(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Convertible Loan Agreement, dated November&nbsp;19, 1997, between Tolukuma
Gold Mines Proprietary Limited, Dome Resources N.L. and Mineral
Resources Development Company Proprietary Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.22(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Deed of Variation of Loan Agreement, between Mineral Resources
Development Company Pty Limited, Dome Resources N.L. and Tolukuma Gold
Mines Pty Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.23(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement, dated February&nbsp;21, 2000, between Durban Roodepoort Deep,
Limited and Western Areas Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.24(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Independent Auditor&#146;s Report from PricewaterhouseCoopers to the Board
of Directors and Shareholders of Crown Consolidated Gold Recoveries
Limited, dated August&nbsp;28, 2000.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.25(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholders&#146; Agreement, dated September&nbsp;29, 2000, between Durban
Roodepoort Deep, Limited, Fraser Alexander Tailings (Proprietary)
Limited and Mine Waste Solutions (Proprietary) Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.26(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Addendum to the Agreement, dated November&nbsp;15, 2000, between
Durban Roodepoort Deep, Limited and Western Areas Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.27(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Addendum to the Agreement, dated December&nbsp;21, 2000, between
Durban Roodepoort Deep, Limited and Western Areas Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.28(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement between Durban Roodepoort Deep, Limited, Western Areas,
Limited, Consolidated African Mines Limited and JCI Gold Limited,
dated April&nbsp;25, 2001.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.29(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Addendum to the Agreement between Durban Roodepoort Deep, Limited,
Western Areas Limited, Consolidated African Mines Limited and JCI Gold
Limited, dated August&nbsp;31, 2001.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.30(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Addendum to the Agreement between Durban Roodepoort Deep, Limited,
Western Areas Limited, Consolidated African Mines Limited and JCI Gold
Limited, dated September&nbsp;26, 2001.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.31(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee and Cession in Securitatem Debiti Agreement between DRDGOLD
Limited and Investec Bank Limited, dated October&nbsp;9, 2001.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.32(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Deed of Variation of Loan Agreement between Tolukuma Gold Mines
Limited, Dome Resources NL and Mineral Resources Development Company
Limited, dated June&nbsp;28, 2001.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.33(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Terms and Conditions for Waiving Right to Declare Default
and Enforce Security Deed under 1993 Purchase Agreement between
Newmont Second Capital Corporation, Tolukuma Gold Mines (Pty.)
Limited, Dome Resources (PNG)&nbsp;Pty. Limited, Dome Resources NL and
Durban Roodepoort Deep, Limited, dated July&nbsp;16, 2001.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.34(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement between Bank of South Pacific Limited and Tolukuma Gold
Mines Limited, dated November&nbsp;8, 2001.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.35(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Master Finance Lease between Volvo Truck Finance Australia (Pty) Ltd
and Dome Resources N.L., dated October&nbsp;31, 2000.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.36(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement between Durban Roodepoort Deep, Limited and Rand Refinery
Ltd, dated October&nbsp;12, 2001.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.37(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Share Purchase Agreement between Crown Consolidated Gold Recoveries
Ltd, The Industrial Development Corporation of South Africa Ltd, Khumo
Bathong Holdings (Pty) Ltd and Durban Roodepoort Deep, Limited, dated
June&nbsp;12, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.38(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder&#146;s Agreement between The Industrial Development Corporation
of South Africa Limited, Khumo Bathong Holdings (Pty) Ltd, Crown
Consolidated Gold Recoveries Ltd, Crown Gold Recoveries (Pty) Ltd. and
Durban Roodepoort Deep, Limited, dated June&nbsp;12, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.39(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Addendum to Shareholder&#146;s Agreement between The Industrial Development
Corporation of South Africa Limited, Khumo Bathong Holdings (Pty) Ltd,
Crown Consolidated Gold Recoveries Ltd, Crown Gold Recoveries (Pty)
Ltd. and Durban Roodepoort Deep, Limited, dated June&nbsp;14, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.40(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subscription Agreement between Khumo Bathong Holdings (Pty) Limited
and Durban Roodepoort Deep, Limited, dated June&nbsp;12, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.41(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement between Durban Roodepoort Deep, Limited and Khumo
Bathong Holdings (Pty) Ltd, dated June&nbsp;12, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.42(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Loan Agreement No.&nbsp;1 between Durban Roodepoort Deep, and
Crown Gold Recoveries (Pty) Ltd, dated June&nbsp;12, 2002.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">180
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.43(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Loan Agreement No.&nbsp;2 between Durban Roodepoort Deep,
Limited and Crown Gold Recoveries (Pty) Ltd, dated June&nbsp;12, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.44(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Loan Agreement No.&nbsp;3 between Crown Consolidated Gold
Recoveries Ltd and Crown Gold Recoveries (Pty) Ltd, dated June&nbsp;12,
2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.45(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement between Industrial Development Corporation of South
Africa Ltd. and Blyvooruitzicht Gold Mining Company Ltd, dated July
18, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.46(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement of Loan and Pledge between Durban Roodepoort Deep, Limited
and East Rand Proprietary Mines Ltd, dated September&nbsp;18, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.47(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Services Agreement between Durban Roodepoort Deep, Limited,
Khumo Bathong Holdings (Pty) Ltd and Crown Gold Recoveries (Pty)Ltd,
dated October&nbsp;1, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.48(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement amongst Durban Roodepoort Deep, Limited, West Witwatersrand
Gold Mines Limited and Bophelo Trading (Pty) Ltd, dated October&nbsp;1,
2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.49(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter Agreement between Durban Roodepoort Deep, Limited and The
Standard Bank of South Africa, represented by its Standard Corporate
and Merchant Bank Division, dated October&nbsp;7, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.50(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Agreement between Daun Et Cie A.G., Courthiel Holdings
(Pty) Ltd, Khumo Bathong Holdings (Pty) Ltd, Claas Edmond Daun, Paul
Cornelis Thomas Schouten, Moltin Paseka Ncholo, Michelle Patience
Baird, Derek Sean Webbstock, as sellers, and Crown Gold Recoveries
(Pty) Ltd, as purchaser, dated October&nbsp;10, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.51(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Loan Agreement between Durban Roodepoort Deep, Limited
and Crown Gold Recoveries (Pty) Ltd, dated October&nbsp;10, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.52(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter Agreement Relating to Consultancy Arrangement between Durban
Roodepoort Deep, Limited and Nicolas Goodwin.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.53(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Services Agreement between Durban Roodepoort Deep, Limited
and East Rand Proprietary Mines Ltd, dated October&nbsp;10, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.54(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement for sale of shares in Emperor Mines Limited, between DRD
(Isle of Man) Limited and Kola Ventures Limited, dated December&nbsp;13,
2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.55(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confirmation, dated August&nbsp;14, 2003, between Durban Roodepoort Deep,
Limited and Investec Bank (Mauritius) Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.56(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to Confirmation, dated September&nbsp;4, 2003, between Durban
Roodepoort Deep, Limited and Investec Bank (Mauritius) Limited.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.57(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Amalgamation for the Corporate Restructuring of Orogen
Minerals (Porgera) Limited, Mineral Resources Porgera Limited and Dome
Resources (PNG)&nbsp;Limited, dated October&nbsp;14, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.58(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Undertaking, between Oil Search Limited and DRD (Isle of Man) Limited,
dated October&nbsp;14, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.59(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Assignment Agreement between Orogen Minerals Limited, DRD (Isle
of Man) and Orogen Minerals (Porgera) Limited, dated October&nbsp;14, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.60(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement between Orogen Minerals Limited and DRD (Isle of Man)
Limited, dated October&nbsp;14, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.61(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Assignment Agreement, between Dome Resources (PNG)&nbsp;Limited, Dome
Resources Pty Limited, DRD (Isle of Man) Limited and Tolukuma Gold
Mines Limited, dated November&nbsp;21, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.62(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Agreement made and entered into between Durban
Roodepoort Deep, Limited, West Witwatersrand Gold Mines Limited,
Mogale Gold (Proprietary) Limited and Luipaards Vlei Estates
(Proprietary) Limited dated June&nbsp;6, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.63(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Porgera Joint Venture Operating Agreement between Placer (P.N.G.) Pty
Limited and Highlands Gold Properties Pty. Limited and PGC (Papua New
Guinea) Pty Limited, dated November&nbsp;2, 1988.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.64(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement of Employment between Durban Roodepoort Deep, Limited and
Mr.&nbsp;D.J.M. Blackmur, dated as of October&nbsp;21, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.65(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banking facilities Agreement made and entered between Durban
Roodepoort Deep, Limited and Standard Bank of South Africa, Limited,
dated November&nbsp;14, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.66(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement of Employment between DRDGOLD Limited and Mr.&nbsp;M.M.
Wellesley-Wood, dated as of December&nbsp;1, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.67(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Service Agreement between DRD (Isle of Man) Limited and Mr.&nbsp;M.M.
Wellesley-Wood, dated as of December&nbsp;1, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.68(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement of Employment between Durban Roodepoort Deep, Limited and
Mr.&nbsp;I.L. Murray, dated as of December&nbsp;1, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.69(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Service Agreement between DRD (Isle of Man) Limited and Mr.&nbsp;I.L.
Murray, dated as of December&nbsp;1, 2003.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">181
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.70(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subscription and Option Agreement made and entered between DRD (Isle
of Man) Limited, Net-Gold Services Limited and G.M. Network Limited,
dated January&nbsp;26, 2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.71(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forward Bullion Transaction Agreements made and entered between Durban
Roodepoort Deep, Limited and Investec Bank Limited, dated February&nbsp;4,
2004, February&nbsp;6, 2004, February&nbsp;11, 2004 and February&nbsp;12, 2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.72(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement made and entered between Durban Roodepoort Deep,
Limited and Investec Bank Limited, dated June&nbsp;24, 2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.73(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Termination Agreement made and entered between Durban Roodepoort Deep,
Limited, Eskom Holdings Limited and Investec Bank Limited, dated June
24, 2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.74(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Novation Agreement made and entered between J Aron &#038; Company, Eskom
Holdings Limited and Investec Bank Limited, dated June&nbsp;24, 2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.75(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Understanding made and entered between Buffelsfontein
Gold Mines Limited, Buffels Division and The National Union of
Mineworkers, The United Association of South Africa, The Mine Workers
Union (Solidarity) and The South African Electrical Workers
Association regarding retrenchments associated with Number 9, 10 and
12 Shafts of Buffelsfontein Division, dated August&nbsp;6, 2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.76(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CCMA Settlement Agreement made and entered between Blyvooruitzicht
Gold Mining Company Limited and The United Association of South
Africa, South African Equity Workers&#146; Association, Solidarity and The
National Union of Mineworkers regarding the retrenchment of up to
2,000 employees of the Blyvooruitzicht Gold Mining Company, dated
September&nbsp;2, 2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.77(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement made and entered between Durban Roodepoort Deep,
Limited and Investec Bank Limited, dated September&nbsp;15, 2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.78(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subscription Agreement made and entered between DRD (Isle of Man)
Limited and DRDGOLD Limited, dated September&nbsp;21, 2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.79(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common Terms Agreement of Loan made and entered between DRD (Isle of
Man) Limited and Investec Bank (Mauritius) Limited, dated October&nbsp;14,
2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.80(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facility A Loan Agreement made and entered between DRD (Isle of Man)
Limited and Investec Bank (Mauritius) Limited, dated October&nbsp;14, 2004.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.1(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">List of Subsidiaries.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1#</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of
2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.2#</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of
2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.1#</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of
2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.2#</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of
2002.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.1#</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG Inc.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.2#</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.1(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Crown Gold Recoveries (Pty) Limited Consolidated Financial Statements
for the years ended June&nbsp;30, 2004 and 2003.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1(11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release dated February&nbsp;18, 2005, entitled &#147;Trading Statement.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2(12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release dated March&nbsp;17, 2005, entitled &#147;DRDGOLD Suspends
Operations at its North West Operations&#146; No.&nbsp;2 Shaft Following Further
Earth Tremors.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.3(12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release dated March&nbsp;22, 2005, entitled &#147;Provisional Liquidation
of Buffelsfontein Gold Mines Limited.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.4(13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Announcement dated April&nbsp;5, 2005, regarding subscription.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.5(14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Announcement dated April&nbsp;5, 2005 regarding claw back offer.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to our Registration Statement (File No.&nbsp;0-28800) on Form 20-F.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to our Annual Report on Form 20-F for the fiscal year ended June&nbsp;30, 1997.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to our Registration Statement (File No.&nbsp;333-9242) on Form F-6.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to our Annual Report on Form 20-F for the fiscal year ended June&nbsp;30, 1999.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to our Annual Report on Form 20-F for the fiscal year ended June&nbsp;30, 2000.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to our Annual Report on Form 20-F for the fiscal year ended June&nbsp;30, 2001.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to our Annual Report on Form 20-F for the fiscal year ended June&nbsp;30, 2002.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to Amendment No.&nbsp;4 our Annual Report on Form 20-F for the fiscal year ended June&nbsp;30, 2002.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to our Annual Report on Form 20-F for the fiscal year ended June&nbsp;30, 2003.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Filed herewith</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to the Company&#146;s Form 6-K (File No.&nbsp;0-28800) filed with the SEC on February&nbsp;18, 2005.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to the Company&#146;s Form 6-K (File No.&nbsp;0-28800) filed with the SEC on March&nbsp;22, 2005.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(13)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to the Company&#146;s Form 6-K (File No.&nbsp;0-28800) filed with the SEC on April&nbsp;5, 2005.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(14)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Incorporated by reference to the Company&#146;s Form 6-K (File No.&nbsp;0-28800) filed with the Sec on April&nbsp;5, 2005.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">#</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Filed herewith.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">182
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant hereby certifies that it meets all of the requirements for
filing on Form 20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">DRDGOLD LIMITED<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ M.M. Wellesley-Wood
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">M.M. Wellesley-Wood&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">                             /s/ I.L. Murray
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">I.L. Murray&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Date: April 29, 2005



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.63
<SEQUENCE>2
<FILENAME>u07700exv4w63.txt
<DESCRIPTION>PORGERA JOINT VENTURE OPERATING AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.63

                                             DATED the 6th day of December, 1988

                              PORGERA JOINT VENTURE

                               OPERATING AGREEMENT

                                     BETWEEN

                          PLACER (P.N.G.) PTY. LIMITED

                                OF THE FIRST PART

                                       AND

                     HIGHLANDS GOLD PROPERTIES PTY. LIMITED

                               OF THE SECOND PART

                                       AND

                       RGC (PAPUA NEW GUINEA) PTY. LIMITED

                                OF THE THIRD PART

<PAGE>

                                                                 2 NOVEMBER 1988

                                    I N D E X

                              PORGERA JOINT VENTURE

                               OPERATING AGREEMENT
<TABLE>
<CAPTION>
 Clause                                 Heading                                           Page
 ------      -------------------------------------------------------------------------    ----
<S>                                                                                       <C>
Clause 1.    Definitions and Interpretations..........................................      2

Clause 2.    Sub-Committees...........................................................      4

Clause 3.    Manager's Responsibilities...............................................      5

Clause 4.    Manager's Contracting Powers.............................................      9

Clause 5.    Manager's Powers during Construction.....................................     11

Clause 6.    Payment for Manager's Services...........................................     12

Clause 7.    Manager's and Joint Venturers' Liability.................................     12

Clause 8.    Insurance................................................................     15

Clause 9.    Termination of Manager...................................................     16

Clause 10.   Termination by Manager...................................................     18

Clause 11.   Replacement of Manager...................................................     19

Clause 12.   Independent Contractor...................................................     19

Clause 13.   Data Ownership...........................................................     19

Clause 14.   Conflict with Joint Venture Agreement....................................     19

Clause 15.   Assignment and Delegation................................................     19

Clause 16.   Governing Law............................................................     20

Clause 17.   Just and Faithful........................................................     20
</TABLE>

<TABLE>
<CAPTION>
                                    SCHEDULES
             -------------------------------------------------------------------------
<S>                                                                                         <C>
"A"          EXPLORATION, FEASIBILITY AND CONSTRUCTION PHASES
             BASIS FOR REIMBURSEMENT..................................................      1

1.           INTERPRETATION...........................................................      1

2.           REIMBURSEMENT OF MANAGER.................................................      1

3.           COST ACCOUNTING..........................................................      4

4.           PAYMENT FOR SERVICES AND ADVANCE CALLS...................................      4
</TABLE>

                                        i
<PAGE>
<TABLE>
<S>                                                                                         <C>
"B"          CONCEPT OF CAPITAL CONTROL PROCEDURES TO BE
             INCORPORATED IN THE PROCEDURES MANUALS...................................      1

"C"          OPERATING PHASE OPERATING FEE AND BASIS FOR
             REIMBURSEMENT............................................................      1

1.           INTERPRETATION...........................................................      1

2.           REIMBURSEMENT OF MANAGER.................................................      1

3.           COST ACCOUNTING..........................................................      3

4.           PAYMENT FOR SERVICES AND ADVANCE CALLS...................................      3

5.           OPERATING FEE............................................................      5
</TABLE>

                                       ii
<PAGE>

                              PORGERA JOINT VENTURE

                               OPERATING AGREEMENT

THIS OPERATING AGREEMENT (hereinafter referred to as the "Agreement") made the
Sixth day of December, one thousand nine hundred and eight-eight BETWEEN PLACER
(P.N.G.) PTY. LIMITED a company incorporated in Papua New Guinea with its
registered office at c/- Blake Dawson Waldron, 4th floor, Mogoru Moto Building,
Champion Parade, Port Moresby (hereinafter called "Placer") of the first part
HIGHLANDS GOLD PROPERTIES PTY. LIMITED a company incorporated in Papua New
Guinea with its registered office at c/- Blake Dawson Waldron, 4th floor, Mogoru
Building, Champion Parade, Port Moresby (hereinafter called "Highlands Gold") of
the second part and RGC (PAPUA NEW GUINEA) PTY. LIMITED a company incorporated
in Papua New Guinea with its registered office at c/- Coopers and Lybrand,
Mogoru Moto Building, Champion Parade, Port Moresby (hereinafter called "RGC")
of the third part, all of which are hereinafter collectively referred to as the
"Joint Venturers".

WHEREAS:

A.    The Joint Venturers, or their predecessors in interest, entered into an
      agreement dated the 31st day of July, 1979 (the "Joint Venture Agreement")
      for the purpose of providing for the future exploration and development of
      the Property by way of Joint Venture;

B.    The Joint Venture Agreement provided that the management of the Joint
      Venture rest exclusively with Placer as Manager subject to the control of
      the Management Committee; and

C.    The Joint Venturers are now desirous of defining the role of the Manager
      and the Manager's relationship with the Management Committee more
      precisely.

<PAGE>

NOW IT IS HEREBY AGREED as follows:

Clause 1. Definitions and Interpretations

(a)   Except where otherwise defined herein or the context otherwise requires,
      expressions used in this Agreement (reference to which shall include the
      Schedules annexed hereto) shall bear the meaning ascribed to them in the
      Joint Venture Agreement as amended from time to time.

(b)   For the purposes of this Agreement the following terms shall have the
      meanings specified below unless the context is inconsistent therewith:

      (i)   "Commencement of Underground Operations" means the last day of the
            first period of 40 consecutive days in which for not less than
            thirty (30) days section 1 of the concentrator processed ore
            extracted underground from the Property at not less than
            seventy-five percent (75%) of the daily rated capacity (as
            contemplated by the Approved Proposal for Development) for each of
            the said 30 days and the concentrate thereby produced was processed
            into dore bullion;

      (ii)  "Conclusion of the Construction Phase" means the last day of the
            first period of sixty (60) consecutive days in which, for not less
            than fifty (50) days, the pressure oxidation circuit processed
            concentrate produced from ore from the Property at not less than
            seventy-five percent (75%) of the daily rated capacity (as
            contemplated by the Approved Proposal for Development) for each of
            the said fifty (50) days;

      (iii) "Proposal for Development" means the proposal for development and
            operation of underground and open pit mines on the Property together
            with all facilities and infrastructure associated therewith which
            proposal is based upon the Feasibility Study and will encompass
            environmental, training and localisation, supply and procurement and
            other aspects

                                       2
<PAGE>

            required by or agreed with the Government of Papua New Guinea and is
            to be submitted to that Government and which will, when approved by
            the Government, become the "Approved Proposal for Development";

      (iv)  "Project" means the activities comprised within those phases
            described in paragraphs (v), (vi), (vii) and (viii) of this
            subclause 1(b);

      (v)   "Exploration Phase" means that period during which Exploration of
            the Property is carried out and which terminates on the commencement
            of the Feasibility Phase;

      (vi)  "Feasibility Phase" means that period commencing when the Management
            Committee authorises the preparation of the Feasibility Study and
            the Proposal for Development arising as a consequence thereof and
            terminating with a decision of the Management Committee to commence
            the Construction Phase;

      (vii) "Construction Phase" means that period commencing when the
            Management Committee authorises the commencement of development of
            underground and open pit mines on the Property and all facilities
            and infrastructure associated therewith in accordance with the
            Approved Proposal for Development and terminating on the Conclusion
            of the Construction Phase;

      (viii) "Operating Phase" means that period commencing on the Commencement
            of Underground Operations;

      (ix)  "Management Committee" means the management committee established
            pursuant to subclause 4(b) of the Joint Venture Agreement;

                                       3
<PAGE>

      (x)   "Manager" means Placer, any interim manager appointed pursuant to
            Clause 9 and in the event that the manager's position becomes vacant
            pursuant to Clause 11 hereof.

(c)   It is acknowledged that there can be both a Construction Phase and an
      Operating Phase being undertaken by the Manager contemporaneously.

(d)   The Clause headings herein are inserted for convenience only and are not
      to be construed as part of this Agreement.

Clause 2. Sub-Committees

(a)   There is hereby constituted a committee ("the Planning and Information
      Committee") consisting of one representative of each of the Joint
      Venturers. The appointment by a Joint Venturer of its representative shall
      be by notice in writing to the other Joint Venturers and any change in the
      identity of a representative shall be similarly notified.

(b)   The provision of subclause 4(b) (ii), (iv) and (v) of the Joint Venture
      Agreement shall, mutatis mutandis, apply in respect of the Planning and
      Information Committee and representatives of the Joint Venturers at
      meetings thereof may be accompanied by such advisers as they individually
      deem desirable.

(c)   The Planning and Information Committee's function shall be:

      (i)   to assist the Manager in formulating all work programmes and
            budgets;

      (ii)  to assist the Manager in formulating other recommendations
            (including, without limitation, recommendations as to the timing of
            and the budget and parameters for the Feasibility Study) to the
            Management Committee and to ensure that such programmes, budgets and
            recommendations are in sufficient detail to enable the Manager to
            proceed with the implementation

                                       4
<PAGE>

            thereof without further reference to the Management Committee once
            the Management Committee has reached its decision thereon;

      (iii) to meet as required for the purposes of gathering and exchanging
            information and data relating to the Project;

      (iv)  to monitor the implementation of the current work programme and
            budget;

      (v)   to provide input to the agenda for meetings of and advice to the
            Management Committee;

(d)   Decisions of the Planning and Information Committee shall be carried by
      those Joint Venturers representing in the aggregate a majority Percentage
      Interest PROVIDING THAT such decisions shall not be binding on the
      Manager. The Manager shall, nevertheless, take such decisions into account
      in formulating work programmes and budgets for and other recommendations
      to the Management Committee.

Clause 3. Manager's Responsibilities

(a)   The Manager's responsibilities will include, but not be limited to:

      (i)   completing the exploration necessary to define the tonnage and grade
            of ore so as to categorize as proven ore a sufficient tonnage
            thereof to enable the Feasibility Study to proceed;

      (ii)  gathering all required data for and preparing a Feasibility Study
            and all other studies necessary for the compilation and submission
            of the proposal for development;

      (iii) overseeing and co-coordinating the activities of contractors
            utilized by the Manager in the performance of design, procurement
            and construction activities required for or in connection with the
            mines and processing

                                       5
<PAGE>

            plans as provided for in the Approved Proposal for Development and
            in the performance of its other obligations hereunder;

     (iv)   preparing, in consultation with the Planning and Information
            Committee, strategy plans and policies for all negotiations with the
            Papua New Guinea Government and, after approval by the Management
            Committee, participating in and unless otherwise instructed by the
            Management Committee, leading the negotiations in accordance with
            the approved plans and policies;

     (v)    preparing a procedures manual for the Construction Phase and a
            further procedures manual for the Operating Phase, which manuals
            shall be prepared and given to the Joint Venturers for their
            information prior to the start of the phase to which they relate and
            shall include, inter alia, procedures generally following those
            contained in Schedule B hereto;

     (vi)   supervising the commissioning of the mines and plant facilities;

     (vii)  operating the mines and facilities on behalf of the Joint Venturers
            and implementing any work programme adopted from time to time by the
            Management Committee;

     (viii) compliance with all contractual and statutory obligations owed by
            the Joint Venturers jointly and severally to third parties including
            the Papua New Guinea Government and any Provincial Authorities as a
            result of the Joint Venturers' ownership, development or operation
            of the mines or Property except insofar as the Management Committee
            has agreed that any specific obligation is of such a nature as to
            require discharge by a Joint Venturer in which event compliance with
            such specific obligation shall be the responsibility of that Joint
            Venturer;

                                       6
<PAGE>

      (ix)  effecting and maintaining all necessary and usual insurance to cover
            potential liabilities of the Joint Venturers as directed by the
            Management Committee pursuant to Clause 8(a) (i) and 8(a) (iii);

      (x)   protecting and maintaining Joint Venturers' assets in the Manager's
            possession;

      (xi)  taking all reasonable action as may be necessary or desirable for
            the safety of persons employed on the Project; and

      (xii) procuring an annual audit of the Joint Venture accounts to be
            carried out by an international firm of auditors nominated by the
            Management Committee.

(b)   For the purposes of fulfilling its obligations hereunder and under the
      Joint Venture Agreement, the Manager shall ensure that there is on its
      staff or seconded to its staff at all times after the date hereof, one
      suitably qualified (having regard to the phase which the Project has
      reached at any time) Project Manager, who will be responsible on behalf of
      the Manager for the Project on a full time basis, and for the following:

      (i)   reporting to the Management Committee in accordance with the Joint
            Venture Agreement, including at meetings of the Management Committee
            which shall be called by the Manager at least once each calendar
            quarter unless otherwise agreed to by the Joint Venturers;

      (ii)  directing the work of the personnel engaged on the Project to
            achieve the objectives set by the Management Committee;

      (iii) ensuring that adequate and separate accounting systems are
            established and maintained with respect to the Construction Phase
            and Operating

                                       7
<PAGE>

            Phase so as to provide the Management Committee with accurate,
            detailed and timely records of all expenditures;

      (iv)  co-ordinating the activities of persons in the field with the
            activities of those persons working elsewhere on design,
            procurement, and other activities of the Project so as to ensure
            that there is a sufficient, timely and accurate flow of information
            to carry out these activities; and

      (v)   such other Project related matters as are usually conducted by the
            Joint Venturers but may, from time to time, be delegated to the
            Project Manager by the Management Committee.

(c)   The Manager will, subject to subclause 4(a) hereof ensure that, at all
      times, the Project has an adequate staff of suitable personnel either
      directly employed by it or seconded to it by an affiliated company of the
      Manager or one of the other Joint Venturers or hired as consultants.

(d)   All activities of the Manager on behalf of the Joint Venturers pursuant
      hereto and to the Joint Venture Agreement shall be conducted by the
      Manager in accordance with policies, work programmes and budgets
      established by the Management Committee in accordance with the Joint
      Venture Agreement provided that the manner of carrying out such policies,
      work programmes and budgets shall be the responsibility of the Manager in
      accordance with the provisions of subclause 3(f) hereof.

(e)   The Manager shall at all times fulfill its responsibilities in a good and
      workmanlike manner and in accordance with generally accepted industry
      practices appropriate to the activities undertaken.

                                       8
<PAGE>

Clause 4. Manager's Contracting Powers

(a)   The Manager may enter into agreement or contracts on normal commercial
      terms for the provision of specific services by any party or parties
      including, but not limited to, parties associated or affiliated with the
      Manager or other Joint Venturers subject to the following limitations:

      (i)   during the Exploration Phase and Feasibility Phase, within an annual
            work programme and budget which has been approved in advance by the
            Management Committee but only with the specific approval of the
            Management Committee where such agreements or contracts are in
            excess of 1,000,000 Kina in aggregate with any one organisation;

      (ii)  during the Construction Phase within the scope of work defined in
            the Feasibility Study, and the budget therefor adopted by the
            Management Committee, subject to Clause 5;

      (iii) during the Operating Phase within the annual work programme and
            budget approved by the Management Committee with respect thereto but
            only with the prior consent of the Management Committee for
            agreements and contracts with a Joint Venturer or its affiliated
            companies.

      (iv)  during all phases the Manager shall enter into and undertake all
            commercial transactions in accordance with financial and accounting
            procedures which have been approved by the Management Committee; and

      (v)   during all phases the Manager shall keep the Planning and
            Information Committee informed of all substantial commercial
            arrangements made or contemplated for the Project with the intent of
            ensuring that the Management Committee is aware of those commercial
            arrangements which may be commercially or politically sensitive.

                                       9
<PAGE>

(b)   The Manager may request that any of the Joint Venturers which is not
      affiliated with the Manager provide, from time to time, personnel having
      expertise which is required for the Project and each Joint Venturer will
      use its best endeavours to comply with any such request.

(c)   (i)   Subject to the limitations set out in paragraphs (i), (ii) and (iv)
            of subclause 4(a) hereof, the Manager may enter into a contract with
            Placer Dome Technical Services Limited ("PTS") for the provision of
            any services during the Exploration Phase, Feasibility Phase and
            Construction Phase of the Project required of the Manager pursuant
            to the Joint Venture Agreement and this Agreement.

            Such contract shall provide for reimbursement of PTS by the Manager
            on the same basis mutatis mutandis as that outlined in Schedule "A"
            with the addition of a fee payable by the Manager to PTS (which fee
            will be considered as a charge against the Project) during the
            Construction Phase in the amount of three percent (3%) of the amount
            of all contracts and phase orders placed by PTS, or its affiliated
            companies or agents on behalf of the Project and for the purposes of
            its construction, with parties other than any of the Joint Venturers
            or their affiliated companies.

      (ii)  During the Exploration Phase, Feasibility Phase and Construction
            Phase of the Project, the Manager may also enter into contracts with
            any party being or being associated or affiliated with any of the
            Joint Venturers to provide the services required by the said
            contracts in accordance with the basis for reimbursement outlined in
            Schedule "A" mutatis mutandis, all subject to the limitations set
            out in paragraphs (i), (ii) and (iv) of subclause 4(a) hereof.

                                       10
<PAGE>

      (iii) In the two situations described in paragraphs (i) and (ii) of this
            subclause 4(c), such contracts shall be deemed to be made on "normal
            commercial terms" for the purposes of subclause 4(a).

      (iv)  Subject to Clause 4(a), during all phases the Manager may, on behalf
            of the Project, enter into such contracts with third parties not
            being associated or affiliated with any of the Joint Venturers as
            may be necessary for the implementation of work programmes approved
            by the Management Committee and, the Manager may on entering any
            contract, call for advance of funds as the same are required to
            enable the Manager to meet its obligations under the contract as
            they arise in accordance with procedures set out in Clause 5(b) of
            the Joint Venture Agreement.

Clause 5. Manager's Powers during Construction

The management of the Joint Venture shall rest exclusively with the Manager
subject to the control of the Management Committee; however once the decision to
proceed with construction of the mine as defined in the Feasibility Study has
been taken and the budget therefor adopted by the Management Committee, the
Manager will be free to take all action necessary for design, procurement and
construction without further approvals from the Management Committee and as per
agreed procedures in the Procedures Manual referred to in Clause 3(a) (v)
except:

      (i)   when the Management Committee otherwise determines at the
            instigation of any of the Joint Venturers as a result of the
            perceived invalidity of any of the fundamental assumptions on which
            the Feasibility Study was based; or

      (ii)  when major changes are required or when proposed expenditure for a
            major item is in excess of the budgeted amount of more than ten (10)
            percent, any of which shall be submitted to the Management Committee
            for its prior approval.

                                       11
<PAGE>

Clause 6. Payment for Manager's Services

(a)   The Manager will during the Exploration Phase, Feasibility Phase and
      Construction Phase provide its services in accordance with the basis for
      reimbursement set out in Schedule "A" hereto.

(b)   The Manager will during the Operating Phase provide its services with
      respect thereto in accordance with the basis for reimbursement and in
      consideration of the payment by the Joint Venturers of the Operating Fee
      set out in Schedule "C" hereto.

(c)   As a consequence of the projected overlapping of the Construction Phase
      and the Operating Phase the Joint Venturers acknowledge and agree that the
      Manager will, during such period, be entitled to reimbursement for
      services relating to construction pursuant to Schedule A and services
      relating to operations pursuant to Schedule C.

Clause 7. Manager's and Joint Venturers' Liability

(a)   The Manager's liability to the Joint Venturers pursuant to both the Joint
      Venture Agreement and this Agreement shall be limited and restricted
      solely to that set out hereunder.

(b)   (i)   Liability arising out of the Manager's engineering responsibilities
            during the Exploration Phase, Feasibility Phase and Construction
            Phase, shall be limited to the Manager re-performing at its own
            expense those engineering services which are deficient in any
            respect by reason of a breach by the Manager of Clause 3(f) hereof.
            The Manager's liability to re-perform those engineering services as
            aforesaid pursuant to this subclause shall terminate:

                                       12
<PAGE>

            (aa)  in the case of engineering services related to the
                  Commencement of Underground Operations, after the expiration
                  of one year from such commencement; and

            (bb)  in the case of other engineering services from the earlier of
                  the Conclusion of the Construction Phase or one year from the
                  date a facility (being a facility the use of which in
                  operations is not dependent on the subsequent completion of
                  another facility) is completed and available for use in
                  operations, whether or not it is then so used.

      (ii)  Liability otherwise caused by the Manager's negligence or breach of
            the Manager's duty pursuant to Clause 3(f) hereof during the
            aforesaid phases, shall be limited in total to the greater of:

            (aa)  seventy-five percent (75%) of the total fees received by the
                  Manager during those phases; or

            (bb)  the proceeds received from insurance coverage plus any
                  deductible relative to the liability arising under this
                  subclause;

      and the Joint Venturers hereby release the Manager from any liability in
      excess thereof.

      (iii) Liability caused by the Manager's negligence or breach of the
            Manager's duty pursuant to Clause 3(f) hereof during the Operating
            Phase shall be limited in total to the greater of:

            (aa)  Seventy five percent (75%) of the total fees relating to the
                  Operating Phase received by the Manager during the twelve (12)
                  months immediately preceding the negligent act or breach of
                  duty; or

                                       13
<PAGE>

                     (bb)      the proceeds received from insurance coverage
                               plus any deductible relative to the liability
                               arising under this subclause;

      and the Joint Venturers hereby release the Manager from any liability in
      excess thereof.

(c)   (i)   Under no circumstances shall the Manager be liable to the Joint
            Venturers for any consequential or incidental damages, including but
            not limited to loss of use or loss of profits, notwithstanding
            whether caused by negligence, a breach of the Manager's duty
            pursuant to Clause 3(f) hereof or otherwise.

      (ii)  Under no circumstances shall the Manager be liable to the Joint
            Venturers for damages that would have been covered by the insurance
            recommended to be purchased by the Manager pursuant to Clause 8
            (a)(ii) hereof and for which the Management Committee decided not to
            purchase insurance and furthermore, the Joint Venturers shall
            indemnify the Manager for any loss it suffers or incurs as a result
            of third party claims against the Manager that would have been
            covered by the said recommended insurance coverage including any
            deductible or excess thereto.

      (iii) The Joint Venturers agree to indemnify the Manager for all liability
            incurred by the Manager to third parties, except that caused by the
            negligence of the Manager.

      (iv)  Any loss or damage suffered by the Joint Venturers arising out of
            the Project for which no insurance cover was effected by reason of
            the failure of the Manager to promptly implement a direction of the
            Management Committee shall be met by the Manager without recourse to
            or contribution from the Joint Venturers who shall be indemnified by
            the Manager to the extent of such loss or damage.

                                       14
<PAGE>

(d)   Releases from liability and limitations on liability expressed in this
      Agreement shall apply even in the event of the fault, negligence, strict
      liability, or otherwise of the Manager and shall extend to the directors,
      officers and employees, and related or affiliated companies of the Manager
      and their directors, officers and employees.

(e)   A reference in this Clause 7 to the Manager shall be deemed to include a
      reference to PTS where services are provided by PTS pursuant to Clause 4
      (c)(i) hereof.

Clause 8. Insurance

(a)   In the name of the Joint Venturers and the Manager for their respective
      rights and interest, the Manager shall:

      (i)   obtain all insurance required by law or statute including, but not
            necessarily limited to, both third party motor vehicle insurance and
            Workers' Compensation insurance in accordance with the appropriate
            statutory requirement;

      (ii)  use its best efforts to obtain quotes on insurance of the types and
            in amounts appropriate to a project of the size and nature of the
            Project, including but not limited to directors and officers
            insurance and professional liability insurance for employees working
            on the Project, and present the same to the Management Committee
            annually along with a written recommendation as to what insurance
            should be purchased; and

      (iii) obtain all available insurance as specifically directed by the
            Management Committee.

(b)   The cost of all insurance (including any deductible or excess incurred
      except in the circumstances referred in Clause 7(b) (ii) .and (iii))
      obtained by the Manager

                                       15
<PAGE>

      pursuant to Clause 8(a) hereof shall be charged to and paid for by the
      Joint Venturers in accordance with their Percentage Interest in the Joint
      Venture.

Clause 9. Termination of Manager

(a)   In the event that the Management Committee decides that the Manager has
      been incompetent, seriously derelict or seriously negligent in performance
      of its duties as Manager it may dismiss the Manager in which event, it
      shall notify the Manager in writing ("Notice of Dismissal") of its
      decision which decision shall take effect immediately upon receipt thereof
      by the Manager and the Joint Venturers shall thereupon appoint an interim
      manager provided that, notwithstanding its dismissal or termination
      pursuant to subclause (g) hereof, the former Manager, in order to ensure
      an orderly transition in the management of the Project, shall co-operate
      fully with the other Joint Venturers, including by making available to the
      interim manager key personnel engaged in the Project for a reasonable time
      and on the cost reimbursement and fee basis provided for herein.

(b)   The Manager shall have the right within 28 days of receipt of Notice of
      Dismissal to dispute the decision referred to in subclause (a) hereof by
      giving written notice to the Joint Venturers whereupon the matter shall be
      referred immediately to arbitration pursuant to subclause (f) hereof.

(c)   If the manager elects not to dispute the Notice of Dismissal within 28
      days of receipt as aforesaid, the position of Manager shall become vacant
      as of the date of the expiry of the said 28 day period.

(d)   If it is determined by arbitration:

      (i)   that the Manager has not been incompetent, seriously derelict or
            seriously negligent in performance of its duties and was therefore
            wrongly dismissed then at the Manager's option:

                                       16
<PAGE>

            (a)   the Manager will be reinstated and the other Joint Venturers
                  will pay to the Manager one hundred and twenty-five percent
                  (125%) of the fee that the Manager would have been paid for
                  work performed during the period it was not acting as Manager:

            or

            (b)   the Manager may decline reinstatement and be paid by the other
                  Joint Venturers one hundred and twenty five percent (125%) of
                  the fee that the Manager would have been paid for work
                  performed during the said period.

      (ii)  that the Manager has been incompetent, seriously derelict or
            seriously negligent in performance of its duties as Manager, the
            position of Manager shall become vacant as of the date of the
            determination.

(e)   A dispute referred to in subclause (b) hereof, shall be decided by a board
      of three arbitrators (the "Board"), one to be appointed by the Manager,
      one jointly by all the Joint Venturers other than the Joint Venturer who
      is the Manager, and the third, who will be chairman, to be appointed by
      the first two arbitrators or as hereinafter provided. If any of the
      parties to the dispute fails to appoint an arbitrator within thirty (30)
      days after receiving notification of a referral to arbitration by another
      party, then such arbitrator will be appointed by the President of the
      international Chamber of Commerce.

      Furthermore, if the two arbitrators so appointed do not appoint a third
      arbitrator within thirty (30) days from the appointment of the second
      arbitrator such third arbitrator will also be appointed by the President
      of the International Chamber of Commerce. After the appointment of the
      third arbitrator, the Board will convene at a place selected by him and
      proceed with the arbitration hearing without delay. After such hearing,
      the Board will make its award expeditiously and will deliver a copy of
      such award to each of the parties thereto. All costs and expenses of the

                                       17
<PAGE>

      Board and of the parties in dispute will be paid as the Board will
      determine. The Board will determine by majority vote the rules of evidence
      and procedure that will apply to the hearing before the Board, provided
      that each Joint Venturer and the Manager will be entitled to submit oral
      evidence to the hearing. The Manager and the Joint Venturers will be bound
      by the majority decision of the Board, whose decision shall be final.

(f)   In the event that Placer's Percentage Interest in the Joint Venture is
      reduced to less than 20% and a majority in Percentage Interest of the
      other Joint Venturers jointly notify the Manager in writing that they do
      not wish the Manager to continue as Manager as of a specified date, the
      position of Manager shall become vacant on the date specified in the said
      notice.

Clause 10. Termination by Manager

(a)   The Manager may terminate its position as Manager by giving prior written
      notice to the other Joint Venturers to take effect at any of the following
      times:

      (i)   at the end of the Exploration Phase; or

      (ii)  at the end of the Feasibility Phase; or

      (iii) at the end of the Construction Phase; or

      (iv)  during the Operating Phase by giving the Joint Venturers not less
            than twelve (12) months prior written notice; or

      (v)   at any time if agreed by all the Joint Venturers not holding the
            position of Manager.

(b)   The Manager shall, in any of the circumstances referred to in sub clause
      (a) of this clause, give the Joint Venturers as much prior notice as
      possible of its intention

                                       18
<PAGE>

      and shall cooperate with the Joint Venturers and any new Manager appointed
      by them so as to ensure an orderly transition in the management of the
      Project.

Clause 11. Replacement of Manager

If the position of Manager becomes vacant pursuant to this Agreement, the
Management Committee shall be empowered to decide on and shall appoint a
replacement therefore.

Clause 12. Independent Contractor

The Manager shall be an independent contractor in the performance of the
services hereunder and shall have a complete charge of the personnel engaged in
the performance of such services.

Clause 13. Data Ownership

The Manager agrees that designs, calculations, drawings, specifications and
other similar material produced or prepared for the Project on behalf of the
Manager, whether complete or not, become the property of the Joint Venture for
the purpose of the Project when they come into existence.

Clause 14. Conflict with Joint Venture Agreement

Where the terms of this Agreement conflict with those of the Joint Venture
Agreement, the terms of this Agreement shall prevail.

Clause 15. Assignment and Delegation

The Manager may not, without prior written consent of the other Joint Venturers,
representing a majority in Percentage Interest of those Joint Venturers assign
or delegate its rights, obligations or duties under this Agreement or the Joint
Venture Agreement except as permitted hereunder or thereunder.

                                       19
<PAGE>

Clause 16. Governing Law

This Agreement shall be governed by the laws of New South Wales, Australia and
the parties hereto hereby submit to the jurisdiction of the Supreme Court of
that State.

Clause 17. Just and Faithful

The Manager covenants and agrees with each of the Joint Venturers to be just and
faithful in all its activities and dealings with the said Joint Venturers and
without limiting the generality of the foregoing to be just and faithful in the
discharge of its obligations under this Agreement.

IN WITNESS WHEREOF the parties hereto have caused their Seals to be affixed the
day and year first above written.

THE COMMON SEAL OF PLACER (P.N.G)                          )
PTY LIMITED was hereunto affixed in the                    )
presence of:                                               )

_______________________________________                    )

_______________________________________                    )
                                                           )

THE COMMON SEAL OF HIGHLANDS                               )
GOLD PROPERTIES PTY LIMITED was                            )
hereunto affixed in the presence of:                       )

_______________________________________                    )

_______________________________________                    )
                                                           )

                                       20
<PAGE>

THE COMMON SEAL OF RGC (PAPUA                              )
NEW GUINEA) PTY LIMITED was                                )
hereunto affixed in the presence of:                       )

_______________________________________

_______________________________________

                                       21
<PAGE>

                                  Schedule "A"

                EXPLORATION, FEASIBILITY AND CONSTRUCTION PHASES

                             BASIS FOR REIMBURSEMENT

1.    INTERPRETATION

      In this Schedule the following terms shall have the meanings set out
      below:

(a)   "Base Salary" means only the actual standard annual salary paid to any
      employee referred to in subparagraphs 2(a) and 2(c) below.

(b)   "Standard Working Hours" means the annual number of hours which the
      personnel in question are expected to work in accordance with the
      Manager's standard employment practices from time to time.

2.    REIMBURSEMENT OF MANAGER

For the services requested by the Joint Venturers or required of the Manager
pursuant to this Agreement or the Joint Venturers Agreement (the "Services") and
performed as herein provided, the Joint Venturers shall pay the Manager in
accordance with paragraph 4 hereof an amount of money, equal to all costs and
expenses incurred by the Manager in such performance, including:

(a)   In respect of employees of the Manager's affiliated companies not employed
      full time on the project during the Exploration Phase and Feasibility
      Phase, an amount equal to two and one-half times that proportion of their
      Base Salaries which is the same proportion that the hours worked by those
      employees on the Project in any month bears to one twelfth of their
      Standard Working Hours, plus all employee related costs that are specific
      to the Project, including but not limited to the following if applicable:

      1.    site allowance

      2.    foreign service allowances

<PAGE>

      3.    overtime

      4.    premium time

      5.    penalty time

      6.    special project allowances

      7.    living away form home allowances

      8.    inconvenience allowances

      9.    special housing allowances

      10.   relocation allowances

      11.   schooling allowances for children

      12.   home travel allowances

      13.   severance pay

      14.   any reasonable Project related allowances or charges that may be
            agreed to by the Joint Venturers from time to time.

(b)   In respect of all other employees of the Manager and its affiliated
      companies during the Exploration Phase and Feasibility Phase (including,
      but not limited to, contract employees) all actual salary costs,
      allowances and benefits including but not limited to the items listed in
      items 1 to 14, inclusive of subparagraph 2(a) hereof and

      1.    superannuation

      2.    Workers' compensation

      3.    payroll taxes

      4.    annual leave premium

      5.    public holidays if paid

      6.    sick leave

      7.    long service leave

      8.    life insurance

(c)   In respect of employees of the Manager's affiliated companies not employed
      full time on the Project during the Construction Phase, an amount equal to
      two and one-fifth times that proportion of their Base Salaries which is in
      the same proportion that the hours worked by those employees on the
      Project in any month bear to one twelfth of their Standard Working Hours
      plus all employee related

<PAGE>

      costs that are specific to the Project, including but not limited to the
      items listed in items 1 to 14, inclusive, of subparagraph 2(a) hereof.

(d)   In respect of all employees of the Manager and its affiliated companies
      employed full time on the Project during the Construction Phase
      (including, but not limited to, contract employees) all actual salary
      costs, allowances and benefits including but not limited to the items
      listed in items 1 to 14, inclusive, of subparagraph 2(a) hereof and items
      1 to 8, inclusive of subparagraph 2(b).

(e)   The costs, expenses and fees in connection with subcontracts entered into
      by the Manager with third parties for the performance of such subcontracts
      including all payments made to such third parties.

(f)   Amounts paid by the Manager to or for the benefit of employees of the
      Manager and its affiliated companies for transportation, travelling and
      living expenses and other necessary expenses while travelling in the
      interest of and for the benefit of the Joint Venturers.

(g)   The cost of any materials and supplies used by the Manager in connection
      with performance of the Services.

(h)   The cost of all long distance communications incurred in performance of
      the Services.

(i)   All costs incurred by the Manager in connection with the procurement of
      any materials, equipment, supplies or services on behalf of or for the
      benefit of the Joint Venturers.

(j)   All premiums and fees in relation to policies of insurance and/or
      contracts of indemnity obtained by the Manager for the benefit of the
      Joint Venturers.

(k)   A rental fee for equipment of Placer Dome Inc.'s ("P.D.I.") Computer
      Centre section used in relation to this Schedule, pursuant to the schedule
      of fees charged from time to time by such section to companies associated
      with P.D.I., which fee

                                       3
<PAGE>

      shall not be greater than the rate charged by P.D.I. to companies not
      associated with P.D.I.

(l)   A rental fee for equipment of P.D.I.'s Laboratory section used in relation
      to this Schedule, pursuant to the schedule of fees charged therefor from
      time to time by such section to companies associated with P.D.I. which fee
      shall not be greater than the rate charged by P.D.I. to companies not
      associated with P.D.I.

(m)   A fee for assays performed pursuant to this Schedule, in accordance with
      the schedule of fees charged therefor from time to time by P.D.I.'s
      Laboratory section to companies associated with P.D.I. which fee shall not
      be greater than the rate charged by P.D.I. to companies not associated
      with P.D.I.

(n)   Any and all other costs and expenses incidental to an reasonably necessary
      for performance of the Services hereunder.

3.    COST ACCOUNTING

The Manager shall keep books and records on the costs and expenses incurred
pursuant to paragraph 2 hereof in accordance with generally accepted accounting
principles and practices. During the term hereof the Manager shall provide
copies of any receipts, invoices, extracts from books or records or other
documents, in the Manager's possession, reasonably required by the Joint
Venturers to substantiate any costs or expenses pursuant to paragraph 2 hereof.

The Manager shall ensure that any services provided by PTS shall be documented
in such detail as to show to the reasonable satisfaction of the Joint Venturers
the precise basis of the charges made.

4.    PAYMENT FOR SERVICES AND ADVANCE CALLS

On, or as soon after as practical, the 1st day of each calendar month
immediately following a calendar month in which Services have been performed:

                                       4
<PAGE>

(a)   the Manager shall prepare and submit to each Joint Venturer a detailed
      invoice (including or supported by particulars of hours worked on the
      Project by employees referred to in paragraphs 2(a) and 2(c) of this
      Schedule "A") showing that Joint Venturer's proportion, in accordance with
      its Percentage Interest, of:

      (i)   the amount determined in accordance with paragraph 12(a) and 2(c) of
            this Schedule "A";

      (ii)  all other costs and expenses referred to in paragraph 2 of this
            Schedule A for such calendar month with supporting documents with
            respect to significant costs and expenses attached thereto; and

      (iii) the amount forecast by the Manager as being required in the current
            month to meet expenditure to be made by it pursuant to the current
            budget;

      and deducting from the total of those amounts, any payment previously made
      to the Manager by that Joint Venturer pursuant to sub-paragraph (iii) of
      this paragraph 4(a) and not expended by the Manager.

(b)   Within 30 days after the submitting of any such invoice, each Joint
      Venturer shall pay to the Manager at its office, as designated by the
      Manager, the amount shown to be due, (if any) in kind or in such other

[page 27 of original missing]

                                       5
<PAGE>

                                  Schedule "B"

                      CONCEPT OF CAPITAL CONTROL PROCEDURES
                  TO BE INCORPORATED IN THE PROCEDURES MANUALS

It is understood and agreed to by the Joint Venturers that the procedures
manuals to be prepared under Clause 3(a)(v) of this Agreement will contain
procedures for control of capital expenditures during the Construction Phase and
Operating Phase generally as follows:

1.    Tenders relating to the Construction Phase for all budgeted items with a
      tender or purchase price not exceeding five (5) million Kina may be
      approved in accordance with the Manager's normal practices which normal
      practices will be included in and form part of the procedures manual.

2.    Tender summaries and recommendations for individual tenders relating to
      the Construction Phase exceeding five (5) million kina will be submitted
      to each Joint Venturer along with the budget comparison for their
      consideration and approval. If a Joint Venturer does not respond within
      three working days after receipt of the tender summaries the Manager may
      assume that the Joint Venturer has concurred with the recommendation.

3.    Tenders relating to the Operating Phase for all budgeted items with a
      tender or purchase price not exceeding two and one half (2.5) million Kina
      can be approved according to the Manager's normal practices which normal
      practices will be included in and form part of the procedures manual.

4.    Tender summaries and recommendations relating to the Operating Phase
      exceeding two and one half (2.5) million kina will be submitted to each
      Joint Venturer along with the budget comparison for their consideration
      and approval. If a Joint Venturer does not respond within three working
      days after receipt of the tender summaries the Manager may assume that the
      Joint Venturer has concurred with the recommendation.

<PAGE>

5.    All capital expenditures will be reported to the Joint Venturers by the
      Manager on a regular basis but not less than once each month by means of
      the budget status report which will show for all items identified in the
      approved capital cost budget by a cost code number the following:

            Cost to Date
            Cost Committed
            Estimated Cost to Complete
            Total Estimated Cost
            Budget Estimate
            Variation from Budget

In addition detailed cost reports will be available to the Joint Venturers if
they so desire them.

6.    Funds will not be transferred from nor will charges be made against the
      contingency fund without approval of the Management Committee.

7.    Except in the case of an emergency where human life or Joint Venturers
      property is at risk all unbudgeted items in excess of K100,000 are to be
      submitted to each Joint Venturer for consideration and approval prior to
      any commitment by the Manager to any vendor or supplier. If a Joint
      Venturer fails to respond within five working days, the Manager may assume
      that the Joint Venturer has concurred with Manger's recommendation, but at
      the request of any Joint Venturer notified to the Manager within the said
      period of five working days the matter shall be referred to the next
      Management Committee meeting for decision.

                                       2
<PAGE>

                                  Schedule "C"

                                 OPERATING PHASE
                    OPERATING FEE AND BASIS FOR REIMBURSEMENT

1.    INTERPRETATION

In this Schedule the following terms shall have the meanings set out below:

"Operating Fee" means the fee payable to the Manager as provided in Paragraph 5
hereof.

"Operating Year" means each period of twelve (12) consecutive calendar months
commencing from the commencement of the Operating Phase.

"Consumer Price Index" or "CPI" shall mean the Consumer Price Index for all
consumers published by the Bureau of Labor Statistics of the United States
Department of Labor in its monthly "Consumer Price Index Detailed Report," as it
is calculated from time to time. In this definition, reference to the Consumer
Price Index includes the same index but with a different name, and the same
index adjusted mathematically to take account of a change in an Operating Year
(provided that indices based on the same year are used throughout the
calculation), and the reference to the United States Bureau of Labor Statistics
includes a reference to that Bureau but with a different name, and any
governmental agency in the United States having similar functions. If the
Consumer Price Index is not published for any reason for any month, the Joint
Venturers shall endeavor to agree on a substitute index. If they fail to
unanimously agree within 14 business days commencing from the time a calculation
is to be made, any Joint Venturer may request the President for the time being
of the Institute of Chartered Accountants in Australia to nominate within 5 days
of being so requested an expert to determine a substitute index within 30 days
of being so nominated. The expert shall act as an expert and not as an
arbitrator and his decision shall be final and binding on the Joint Venturers.
The costs of the determination shall be borne by the Joint Venturers in
accordance with the Percentage Interest.

2.    REIMBURSEMENT OF MANAGER

For the services requested by the Joint Venturers or required of the Manager
pursuant to this Agreement or the Joint Venture Agreement during the Operating
Phase (the

<PAGE>

"Services") and performed as herein provided, the Joint Venturers shall pay the
Manager in accordance with paragraph 4 hereof an amount of money, equal to all
costs and expenses incurred by the Manager, in such performance, including:

(a)   in respect of employees of the Manager during the Operating Phase
      (including, but not limited to, contract employees) all actual salary
      costs, allowances and benefits including but not limited to the items 1 to
      8, inclusive, of subparagraph 2(b) of Schedule A hereof;

(b)   the costs, expenses and fees in connection with subcontracts entered into
      by the Manager with third parties for the performance of such subcontracts
      including all payments made to such third parties;

(c)   amounts paid by the Manager to or for the benefit of its employees for
      transportation, travelling and living expenses and other necessary
      expenses while travelling in the interest of and for the benefit of the
      Joint Venturers;

(d)   the cost of any materials and supplies used by the Manager in connection
      with performance of the Services;

(e)   the cost of all long distance communications incurred in performance of
      the Services;

(f)   all costs incurred by the Manager in connection with the procurement of
      any materials, equipment supplies or services on behalf of or for the
      benefit of the Joint Venturers;

(g)   all premiums and fees in relation to policies of insurance and/or
      contracts of indemnity obtained by the Manager for the benefit of the
      Joint Venturers;

(h)   any and all other costs and expenses incidental to and reasonably
      necessary for performance of the Services hereunder.

                                        2
<PAGE>

3.    COST ACCOUNTING

The Manager shall keep books and records on the costs and expenses incurred
pursuant to paragraph 2 hereof in accordance with generally accepted accounting
principles and practices. During the term hereof the Manager shall provide
copies of any receipts, invoices, extracts from books or records or other
documents, in the Manager's possession, reasonably required by the Joint
Venturers to substantiate any costs or expenses pursuant to paragraph 2 hereof.

4.    PAYMENT FOR SERVICES AND ADVANCE CALLS

On, or as soon after as practical, the 1st day of each calendar month
immediately following a calendar month in which services have been performed;

(a)   the Manager shall prepare and submit to each Joint Venturer a detailed
      invoice showing that Joint Venturer's proportion, in accordance with its
      Percentage Interest, of:

      (i)   actual salary and on-costs of employees of the Manager calculated in
            accordance with sub paragraph 2(a) of this Schedule C;

      (ii)  all other costs and expenses referred to in paragraph 2 of this
            Schedule C for such calendar month with supporting documents with
            respect to significant costs and expenses attached thereto; and

      (iii) the amount forecast by the Manager as being required in the current
            month to meet expenditure to be made by it pursuant to the current
            budget;

and deducting from the total of those amounts, any payment previously made to
the Manager by that Joint Venturer pursuant to sub-paragraph (iii) of this
paragraph 4(a) and not expended by the Manager.

(b)   within 30 days after the submitting of any such invoices each Joint
      Venturer shall pay to the Manager at its office, as designated by the
      Manager, the amount shown

                                        3
<PAGE>

      to be due, (if any) in Kina or in such other currency as the Manager may
      require in order to meet liabilities to third parties.

(c)   (i)   Any Joint Venturer shall have the right to dispute any such invoice
            by notice as hereunder provided not later than 180 days after the
            close of the financial year of the Manager in which the invoice was
            received. If a Joint Venturer does not dispute any invoices within
            the aforesaid time, then such invoice shall be deemed to be
            undisputed and final.

      (ii)  If a Joint Venturer disputes any invoices as aforesaid:

            (1)   the Joint Venturer shall give notice in writing to the Manager
                  detailing the dispute and shall pay any unpaid and undisputed
                  portion of the invoice forthwith; and

            (2)   the dispute shall be submitted to the auditors of the Joint
                  Venture acting as experts and not as arbitrators, to determine
                  the amount, if any, payable by the Joint Venturer. In order to
                  resolve the dispute the auditors shall, as may be necessary,
                  have access to the books and records of the Manager and may at
                  their discretion seek independent assistance or advice. The
                  Joint Venturer shall pay any balance that the auditors
                  determine as due to the Manager within 7 days of the auditors
                  notifying the Joint Venturer of such determination. If the
                  invoice is determined as correct the Joint Venturer shall
                  further pay interest on the said amount at the rate set out in
                  Clause 5(b) of the Joint Venture Agreement. The auditors costs
                  of such determination shall be borne by the Manager if the
                  balance (if any) certified by the auditors as due is less than
                  the disputed portion of the invoice and by the Joint Venturer
                  if the invoice is certified as correct.

                                        4
<PAGE>

5.    OPERATING FEE

An Operating Fee shall be payable to the Manager for each Operating Year on a
quarterly basis in arrears for Services rendered with respect thereto. The
Operating Fee shall be payable as follows:

(a)   (i)   For the first Operating Year Nine Hundred Thousand United States
            Dollars ($U.S. 900,000.00);

      (ii)  For each of the second, third and fourth Operating Years Nine
            Hundred thousand United States Dollars ($U.S. 900,000.00) PROVIDED
            THAT the fee payable shall be adjusted at the commencement of each
            said year by reference to the following formula:-

            $U.S. 900.000.00   A
            ---------------- X -
                    1          B

            where A =   the C.P.I. most recently published at the conclusion of
                        the Operating Year immediately preceding each Operating
                        Year referred to in this sub-paragraph (ii).

                  B =   C.P.I. most recently published at the commencement of
                        the first Operating Year;

(b)   For each of the fifth, sixth, seventh, eighth, ninth and tenth Operating
      Years Six Hundred and Seventy-Five Thousand United States Dollars ($U.S.
      675,000.00) PROVIDED THAT the fee payable shall be adjusted at the
      commencement of each said year by reference to the following formula:

            $U.S. 675,000.00   A
            ---------------- X -
                     1         B

            where the factors "A" and "B" have the same meanings as in the
            preceding sub-paragraph (a) of this paragraph 5.

(c)   The Joint Venturers shall not less than 6 calendar months before the
      conclusion of the tenth Operating Year, negotiate in good faith and
      endeavor to reach agreement

                                        5
<PAGE>

      with the Manager with respect to the Operating Fee for each year of the
      period following the conclusion of the tenth Operating Year.

                                        6
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.64
<SEQUENCE>3
<FILENAME>u07700exv4w64.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.64

                              STRICTLY CONFIDENTIAL

                              [insert graphic here]

                                    AGREEMENT

                                     BETWEEN

                         DURBAN ROODEPOORT DEEP LIMITED

                                       AND

                          DOUGLAS JOHN MELDRUM BLACKMUR

<PAGE>

AGREEMENT:-DJM BLACKMUR

                                    CONTENTS

<TABLE>
<S>                                                                                          <C>
1.  DEFINITIONS ..........................................................................    1

2.  APPOINTMENT/EMPLOYMENT ...............................................................    4

3.  DUTIES ...............................................................................    4

4.  DIRECTORS' FEES ......................................................................    5

5.  INSURANCE COVER ......................................................................    6

6.  DISPUTES .............................................................................    7

7.  APPLICATION OF PROVISIONS OF COMPANY PROCEDURES ......................................    8

8.  TERMINATION ..........................................................................    8

9.  ELIGIBLE TRANSACTION .................................................................    9

10. THE RIGHT OF THE NON-EXECUTIVE TO TERMINATE THIS AGREEMENT FOR AN
    ELIGIBLE TRANSACTION .................................................................    9

11. ELIGIBLE TERMINATION .................................................................   10

12. BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION .........................................   10

13. SHARE OPTION SCHEME PROVISIONS .......................................................   11

14. THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT ....................................   11

15. GENERAL ..............................................................................   11

16. DOMICILIUM CITANDI ET EXECUTANDI .....................................................   12
</TABLE>

<PAGE>

AGREEMENT:-DJM BLACKMUR
                                    AGREEMENT

                                     BETWEEN

                         DURBAN ROODEPOORT DEEP LIMITED

           (A COMPANY DULY INCORPORATED UNDER THE COMPANIES ACT, 1973,
                       REGISTRATION NUMBER 1901/00926/06)
                       (HEREINAFTER CALLED "THE COMPANY")

                                       AND

                          DOUGLAS JOHN MELDRUM BLACKMUR
                  (IDENTITY NUMBER 9564938 AUSTRALIAN PASSPORT)

                    (HEREINAFTER CALLED 'THE NON EXECUTIVE")

PREAMBLE

THE NON-EXECUTIVE and THE COMPANY wish to enter into an agreement to regulate
the relationship between THE NON-EXECUTIVE and THE COMPANY.

NOW THEREFORE THE PARTIES AGREE THAT:-

1.    DEFINITIONS

      For the purposes of this Agreement and the preamble above, unless the
      context requires otherwise:

1.1   "Auditors"                     Means the auditors of THE COMPANY for the
                                     time being;

1.2   "Board"                        Means the board of directors of THE COMPANY
                                     for the time being;

<PAGE>

AGREEMENT:-DJM BLACKMUR

1.3   "Business"                     Means the business of the Group of mining
                                     and exploration of gold and other minerals
                                     and metals;

1.4   "Closing Date"                 In relation to an Eligible Transaction,
                                     means the date on which the Eligible
                                     Transaction, having become wholly
                                     unconditional, is actually carried into
                                     effect and implemented in accordance with
                                     its terms so that the Eligible Transaction
                                     ceases to be executory;

1.5   "Code"                         Means the Securities Regulation Code
                                     promulgated in terms of section 440(C)(5)
                                     of the Companies Act;

1.6   "Commencement Date"            Means the 21ST OF OCTOBER 2003;

1.7   "Companies Act"                Means the Companies Act, 1973 (as amended);

1.8   "Articles"                     Means the articles of association of THE
                                     COMPANY for the time being;

1.9   "the Company"                  Means Durban Roodepoort Deep, Limited, a
                                     company duly incorporated under the
                                     Companies Act, 1973, registration number
                                     1901/00926/06;

1.10  "Confidential Information"     Means all information which may be imparted
                                     in confidence or is of a confidential
                                     nature relating to the Group, including
                                     without being limited to business plans,
                                     trade secrets, financial information,
                                     technical information and/or commercial
                                     information;

1.11  "Documents"                    Means documents of any nature, including
                                     disks, notebooks, tapes or any other
                                     medium, whether or not eye-readable, on
                                     which information may be recorded from time
                                     to time;

1.12  "Eligible Termination"         Means a termination of this Agreement as
                                     contemplated in clause 11;

1.13  "Eligible Transaction""        Means an "Eligible Transaction" as defined
                                     in clause 9;

                                       2
<PAGE>

AGREEMENT:-DJM BLACKMUR

1.14  "the NON-EXECUTIVE"            Means DOUGLAS JOHN MELDRUM BLACKMUR with
                                     Identity Number AUSTRALIAN PASSPORT
                                     9564938;

1.15  "Financial Year"               Means the financial year of THE COMPANY as
                                     determined by it from time to time;

1.16  "Group Life Assurance Scheme"  Means the "Group Life Assurance Scheme" as
                                     defined in clause 5;

1.17  "Labour Laws"                  Means the Labour Relations Act, 1995 and
                                     the Basic Conditions of Employment Act,
                                     1997, as amended from time to time, and the
                                     South African common law;

1.18  "Group"                        Means THE COMPANY and all its Subsidiaries;

1.19  "Parties"                      Means the Parties to this Agreement;

1.20  "Directors' Fees"              In relation to each year, the aggregate of
                                     all amounts payable by THE COMPANY to and
                                     on behalf of THE NON-EXECUTIVE for the
                                     calendar year in question as a fee for all
                                     the services rendered by THE NON-EXECUTIVE
                                     to THE COMPANY and the Group during the
                                     calendar year in question as is more fully
                                     set out in Clause 4;

1.21  "Review Date"                  Means 1 July of each year;

1.22  "Share Option Scheme"          Means the Durban Roodepoort Deep (1996)
                                     Share Option Scheme or any other scheme of
                                     the same or similar kind in which THE
                                     NON-EXECUTIVE is an eligible participant;

1.23  "Subsidiary"                   Shall have the meaning assigned to it in
                                     the Companies Act, 1973;

1.24  "Termination Effective Date"   Means the date on which this Agreement
                                     terminates pursuant to an Eligible
                                     Termination; and

                                       3
<PAGE>

AGREEMENT:-DJM BLACKMUR

1.25  "this Agreement"               Includes all its Appendices, which shall
                                     form part of it.

2.    APPOINTMENT/EMPLOYMENT

2.1   THE NON-EXECUTIVE is appointed as a NON-EXECUTIVE DIRECTOR.

2.2   Notwithstanding the date of signature of the Agreement, this Agreement
      shall be deemed to have commenced on the Commencement Date.

2.3   Subject to the other provisions of this Agreement, the Companies Act
      and the Articles, shall continue for an indefinite period until
      terminated by either party on not less than 3 (three) months' prior
      written notice.

3.    DUTIES

3.1   THE NON-EXECUTIVE shall:-

3.1.1 carry out such duties and exercise such powers in relation to THE COMPANY
      and the Group as the Board shall from time to time assign to or vest in
      him/her;

3.1.2 in the discharge of such duties and in the exercise of such powers
      referred to in clause 3.1.1, observe and comply with all rules,
      regulations and policies of THE COMPANY;

3.1.3 use his/her reasonable endeavours properly to conduct, improve, extend,
      develop, promote, protect and preserve the business interests, reputation
      and goodwill of THE COMPANY and the Group and not do anything which is
      harmful to it; and

3.1.4 carry out his/her obligations as a director in terms of the Companies Act
      and the Articles.

3.2   It is specifically recorded and agreed that due to the changing nature of
      the Group and the evolving nature of its business interests, it may be
      necessary to assign additional duties to THE NON-EXECUTIVE as envisaged in
      clause 3.1 above or to re-assign those duties from THE NON-EXECUTIVE to
      other persons from time to time and to add to and delete responsibilities
      of THE NON-EXECUTIVE from time to time. The Parties agree that this
      flexible work requirement is part of the Agreement and amendments as
      envisaged can be made within the terms of the Agreement without
      constituting a breach.

                                       4
<PAGE>

AGREEMENT:-DJM BLACKMUR

3.3   THE NON-EXECUTIVE shall not, use or disclose or attempt to use or disclose
      to any third parties any Confidential Information.

3.4   THE NON-EXECUTIVE shall promptly whenever so requested by THE COMPANY and,
      in any event, upon the termination of his/her appointment with THE
      COMPANY, deliver to THE COMPANY all lists of clients or customers,
      correspondence and all other documents, papers and records which may have
      been prepared by him/her or have come into his possession in the course of
      his/her affiliation with THE COMPANY, and THE NON-EXECUTIVE shall not be
      entitled to and shall not retain any copies thereof. THE NON-EXECUTIVE
      acknowledges that all title and copyright in the Confidential Information
      and Documents shall vest in THE COMPANY.

3.5   Notwithstanding the provisions of this Clause 3, the parties agree with
      each other than THE NON-EXECUTIVE is not an employee of THE COMPANY and
      THE NON-EXECUTIVE shall, accordingly, not be bound to render exclusive
      services to THE COMPANY.

4.    DIRECTORS' FEES

4.1   THE NON-EXECUTIVE shall, with effect from the Commencement Date, be
      entitled to a gross all-inclusive directors' fee of $US 24,000 (TWENTY
      FOUR THOUSAND UNITED STATES DOLLARS) per annum, for all the services to be
      rendered by him/her in terms of this Agreement.

4.2   The directors' fees will be reviewed annually on the Review Date, the
      first review being on 1 JULY 2004.

4.3   The directors' fees Package referred to in clause 4.1 above, includes any
      allowance that THE NON-EXECUTIVE may choose to structure as part of
      his/her all-inclusive remuneration package in accordance with the policies
      of THE COMPANY from time to time and as agreed with THE COMPANY from time
      to time, including any business travel in a private vehicle.

4.4   The directors' fees referred to in Clause 4.1 above, excludes all
      allowances for entertainment, travel, subsistence and accommodation to
      which THE NON-EXECUTIVE is entitled in accordance with the policies of THE
      COMPANY from time to time and as agreed with THE COMPANY from time to
      time.

4.5   Notwithstanding anything to the contrary, the payment by THE COMPANY of
      the premiums on behalf of THE NON-EXECUTIVE for the Group Life Assurance
      Scheme and the payment by

                                       5
<PAGE>

AGREEMENT:-DJM BLACKMUR

      THE COMPANY of the Share Option Scheme for any of the share options to
      which THE NON-EXECUTIVE is entitled in terms of clause 9 and 13 shall not
      constitute part of the directors' fees.

4.6   THE NON-EXECUTIVE shall be entitled to use any travel miles allocated on
      any business credit cards and flying membership cards issued to him/her by
      THE COMPANY for his/her family and personal use.

4.7   THE COMPANY will require THE NON-EXECUTIVE to undergo a medical
      examination at the cost of THE COMPANY on an annual basis and THE
      NON-EXECUTIVE agrees to give effect to this requirement.

4.8   The date of payment of the salary portion of the directors' fees of THE
      NON-EXECUTIVE shall be the 25th day of each calendar month.

5.    INSURANCE COVER

5.1   THE COMPANY undertakes to pay on the behalf of THE NON-EXECUTIVE the
      premiums payable by THE NON-EXECUTIVE under the Group Life Assurance
      Scheme of THE COMPANY which, as at the Commencement Date, is provided by
      Sanlam. The Life Assurance cover for THE NON-EXECUTIVE will be an amount
      equivalent to 2 (two) years directors' fees of THE NON-EXECUTIVE.

5.2   THE COMPANY will apply and maintain a reasonable level of Directors and
      Officers Liability Insurance, with THE NON-EXECUTIVE covered as an insured
      and THE COMPANY will maintain, at its expense, the same cover for THE
      NON-EXECUTIVE for a period of 7 (seven) years after termination of this
      Agreement.

5.3   THE COMPANY undertakes:-

5.3.1 in the event of THE NON-EXECUTIVE not being a workman as defined in the
      Compensation for Occupational Injuries and Diseases Act 130 of 1993 (as
      amended), to insure THE NON-EXECUTIVE with the Rand Mutual Assurance
      Limited or any other insurance company against risk, death, permanent
      disablement or temporary disablement caused by an accident arising out of
      and in the course of his/her employment; and

5.3.2 to keep the policy of insurance referred to in clause 5.3.1 in force and
      pay the premiums thereon on time, and THE NON-EXECUTIVE agrees that the
      amount payable under the said policy of

                                       6
<PAGE>

AGREEMENT:-DJM BLACKMUR

      insurance shall be taken and deemed to be and represent the total and
      entire claim, demand and right of action of THE NON-EXECUTIVE, his/her
      executors or administrators or legal representatives or assigns against
      THE COMPANY or its NON-EXECUTIVE's for damages or compensation for injury
      suffered by THE NON-EXECUTIVE as a result of the negligence of THE COMPANY
      or its NON-EXECUTIVE's or otherwise and the payment of the said
      compensation in terms of the said policy of insurance shall free and
      discharge any claim or liability in respect of THE COMPANY and its
      NON-EXECUTIVE's of and from all and any claim of liability in respect of
      such injury, and to waive any right of claiming on THE COMPANY or its
      NON-EXECUTIVE's for any compensation other than that which he/she is
      entitled to recover under the said policy of insurance effected by THE
      COMPANY.

6.    DISPUTES

6.1   In the event that any dispute arises out of the interpretation,
      application or termination of this Agreement or in the event that any
      dispute arises out of any alleged unfair dismissal or unfair labour
      practice as defined in the Labour Laws, the Parties shall refer such
      dispute to private arbitration in accordance with the provisions of clause
      6.2.

6.2   The arbitration shall be conducted by an arbitrator selected by agreement
      from the panel of arbitrators of AMSSA (The Arbitration and Mediation
      Services of South Africa) or the labour panel of AFSA (Arbitration
      Foundation of Southern Africa). The date of the arbitration will be
      mutually agreed upon by the Parties. In the event that the Parties are
      unable to mutually agree upon the arbitrator and a date for the
      arbitration within 10 (ten) days of the dispute arising, then the director
      of AMSSA will be asked to appoint a suitable arbitrator and nominate a
      date for the hearing of the arbitration.

6.3   The arbitrator will be entitled to determine the appropriate procedure for
      determining the dispute.

6.4   The costs of the arbitrator will be borne equally by THE NON-EXECUTIVE and
      THE COMPANY.

6.5   The finding of the arbitrator will be final and binding on the Parties.

6.6   The Parties record that:-

6.6.1 it is the desire of both parties that any dispute which may arise as
      envisaged in clause 6.1 is to be determined by private arbitration;

                                       7
<PAGE>

AGREEMENT:-DJM BLACKMUR

6.6.2 neither party will refer any such dispute to arbitration or adjudication
      before the CCMA; and

6.6.3 the jurisdiction of the CCMA to adjudicate any such dispute is by mutual
      agreement between the parties expressly concluded.

7.    APPLICATION OF PROVISIONS OF COMPANY PROCEDURES

7.1   THE NON-EXECUTIVE's entitlement to any benefit other than those recorded
      in this Agreement shall be governed by the appropriate Company procedure
      manuals of THE COMPANY for the time being.

7.2   THE COMPANY is entitled from time to time to amend the terms and
      conditions of its company procedure manuals.

7.3   In the event of a conflict between the provisions of company procedure
      manuals and the provisions of this Agreement, the provisions of this
      Agreement shall prevail.

8.    TERMINATION

8.1   Notwithstanding any provision to the contrary, this Agreement may be
      terminated by THE COMPANY with or without notice if THE NON-EXECUTIVE:-

8.1.1 commits any serious and/or persistent breach of any of the provisions
      contained in this Agreement;

8.1.2 is found guilty of theft, fraud or any gross irregularities; or

8.1.3 is found guilty of gross misconduct or wilful neglect in the discharge of
      his/her duties.

8.2   If THE NON-EXECUTIVE:-

8.2.1 resigns as an NON-EXECUTIVE of THE COMPANY, this Agreement may be
      terminated by THE COMPANY and the normal rules of resignation applicable
      to NON-EXECUTIVE's of THE COMPANY will apply;

8.2.2 is sequestrated, this Agreement shall be terminated by THE COMPANY and the
      normal rules of THE COMPANY applicable to retrenchments will apply; or

                                       8
<PAGE>

AGREEMENT:-DJM BLACKMUR

8.2.3 dies, this Agreement may be terminated subject to the provisions of clause
      9 and any other applicable provision of this Agreement.

8.3   THE COMPANY's right to terminate this Agreement shall be subject to the
      applicable provisions in the Labour Laws as may apply from time to time.

9.    ELIGIBLE TRANSACTION

      For the purposes of this Agreement an "Eligible Transaction" means any
      agreement, including any agreement forming part of a series of other
      agreements, which either by itself or together with any of the other
      agreements, constitutes or results in a transaction involving a change of
      control of THE COMPANY, of a kind which falls within the ambit of clause
      1(a) of the definition of "affected transaction" in Section B of the Code,
      read with clause 5 of the same Section of the Code.

10.   THE RIGHT OF THE NON-EXECUTIVE TO TERMINATE THIS AGREEMENT FOR AN ELIGIBLE
      TRANSACTION

      If an Eligible Transaction is duly entered into, THE NON-EXECUTIVE shall
      be entitled to terminate this Agreement, subject to the following
      provisions:-

10.1  THE NON-EXECUTIVE may exercise that right by written notice given to THE
      COMPANY at any time from the date on which the announcement of a firm
      intention to make an offer in respect of the Eligible Transaction, as
      contemplated in Rule 2.3 of Section D of the Code, is made in accordance
      with the requirements of the Code, until the Closing Date of that Eligible
      Transaction;

10.2  if THE NON-EXECUTIVE gives written notice of termination in terms of
      clause 10.1, he/she may at the same time, or at any time before the
      Closing Date of the Eligible Transaction, but subject to the provisions of
      clause 10.3, exercise any right he/she may have under the Share Option
      Scheme;

10.3  any notice of termination given by THE NON-EXECUTIVE in terms of clause
      10.2, and any exercise of his/her rights under the Share Option Scheme in
      terms of clause 10.2, shall be conditional upon, and shall therefore take
      effect only if, the Eligible Transaction itself becomes wholly
      unconditional and is actually carried into effect and implemented in
      accordance with its terms and accordingly ceases to be executory;

                                       9
<PAGE>

AGREEMENT:-DJM BLACKMUR

10.4  any notice of termination given in terms of clause 10.1 and any rights
      exercised in terms of clause 10.2 may not be withdrawn or revoked by THE
      NON-EXECUTIVE, even before the notice or the exercise of those rights
      takes effect in terms of clause 10.3, without the written consent of THE
      COMPANY;

10.5  if any notice of termination given by THE NON-EXECUTIVE in terms of clause
      10.1 takes effect in terms of clause 10.3, this Agreement shall terminate
      on the Closing Date of the Eligible Transaction.

11.   ELIGIBLE TERMINATION

      This Agreement shall be regarded as having been terminated pursuant to an
      Eligible Termination if THE NON-EXECUTIVE exercises his/her right in terms
      of clause 10.1 to terminate this Agreement, for an Eligible Transaction,
      and the termination duly takes effect as contemplated in clause 10.3.

12.   BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION

12.1  If this Agreement is terminated pursuant to an Eligible Termination, THE
      NON-EXECUTIVE shall, subject to compliance with the relevant company laws,
      be entitled to receive payment from THE COMPANY as a termination benefit
      an amount equal to:

                                    TS X TE
                                    -------
                                       12

      Where:

      TS = means the period (in completed calendar months) served by THE
      NON-EXECUTIVE as an employee of THE COMPANY from the Commencement Date to
      the date of termination of this Agreement in terms of clause 11 provided
      that such period shall not be less than 12 (twelve) calendar months nor
      more than 48 (forty-eight) calendar months; and

      TE = means the directors' fees as set out in clause 4.1.

                                       10
<PAGE>

AGREEMENT:-DJM BLACKMUR

12.2  The total amount which becomes payable to THE NON-EXECUTIVE in terms of
      clause 12.1 shall accrue to him/her on the Termination Effective Date or
      the date on which the termination in terms of clause 12.1 takes effect,
      and be payable to him/her within 30 (thirty) days after the amount has
      been determined by the Auditors in accordance with clause 12.2.

12.3  The total amount and all the separate amounts making up that total amount,
      payable to THE NON-EXECUTIVE in terms of clause 12.1 including any pro
      rata adjustments made shall be determined by the Auditors as soon as
      possible after the Termination Effective Date, and their certificate as to
      each of those amounts shall, in the absence of manifest or clerical error,
      be final and binding on all the Parties.

13.   SHARE OPTION SCHEME PROVISIONS

      It is recorded that THE NON-EXECUTIVE is eligible for share options under
      the Share Option Scheme of the Company, which shall be governed by the
      provisions of "The Rules of the Share Options Scheme" of THE COMPANY as
      amended from time to time.

14.   THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT

14.1  THE COMPANY shall be entitled, without the consent of THE NON-EXECUTIVE,
      to assign all its rights and all its obligations under this Agreement to
      any company which, at the time of the assignment, is a member of the
      Group.

14.2  For the avoidance of any doubt it is expressly recorded that the
      provisions of clause 14.1 shall apply mutatis mutandis to any succeeding
      assignee of this Agreement.

15.   GENERAL

15.1  This document contains the entire agreement between the Parties in regard
      to its subject matter.

15.2  No party shall have any claim or right of action arising from any
      undertaking, representation or warranty not included in this Agreement.

15.3  No failure by a party to enforce any provision of this Agreement shall
      constitute a waiver of such provision or affect in any way a party's right
      to require performance of any such provision at any time in the future,
      nor shall the waiver of any subsequent breach nullify the effectiveness of
      the provision itself.

                                       11
<PAGE>

AGREEMENT:-DJM BLACKMUR

15.4  No agreement to vary, add to or cancel this Agreement shall be of any
      force or effect unless reduced to writing and signed by or on behalf of
      the Parties to this agreement.

15.5  Save as permitted in terms of clause 14, no party may cede any of its
      rights or delegate any of its obligations under this Agreement.

15.6  If any of the clauses of this Agreement are found to be unenforceable,
      contra bona mores or void, that clause shall be deemed to be severable
      from this Agreement. The enforceability of the remainder of the Agreement
      shall be unaffected by the exclusion of such clause.

16.   DOMICILIUM CITANDI ET EXECUTANDI

16.1  The parties choose as their domicilium citandi et executandi for all
      purposes under this agreement the following addresses:-

      THE COMPANY:-                                         THE NON-EXECUTIVE:-
      Durban Roodepoort Deep Limited                               DJM Blackmur
      DRD Building                                    IB Bay Beach Avenue South
      45 Empire Road                                               Sunset Links
      Parktown                                                        Cape Town
      Johannesburg                                                         7441

16.2  THE NON-EXECUTIVE is obliged to advise THE COMPANY of his/her address upon
      commencement of employment and again within 7 (seven) days of any change
      of address.

16.3  Each of the parties shall be entitled from time to time, by written notice
      to the other, to vary its domicilium to any other address which is not a
      post office box or poste restante.

16.4  Any notice or communication required or permitted to be given by either
      party to the other in terms of this Agreement shall be valid and effective
      only if in writing.

16.5  A written notice or communication actually received by either party from
      the other shall be valid and effective notwithstanding that it was not
      sent to or delivered at the chosen domicilium address.

16.6  Any communication or notice required to be given or made under this
      Agreement between the parties shall be deemed to have been received by the
      intended addressee:

                                       12
<PAGE>

AGREEMENT:-DJM BLACKMUR

16.6.1 On the day of delivery if delivered by hand, facsimile, telex or
       telegram; or

16.6.2 On the tenth day after posting, if mailed by prepaid registered post.

                                       13
<PAGE>

AGREEMENT:-DJM BLACKMUR

THUS DONE AND SIGNED AT JOHANNESBURG

ON THE 21ST DAY OF OCTOBER, 2003.

For:- DURBAN ROODEPOORT DEEP LIMITED

  /s/ Mark Wellesley Wood
- ------------------------------------------
SIGNATORY:- Mark Wellseley Wood

CAPACITY:- Chairman

AUTHORITY:- By Resolution

THUS DONE AND SIGNED AT CAPE TOWN

ON THE 28TH DAY OF OCTOBER 2003.

/s/ D.J. Blackmur
- ------------------------------------------
DOUGLAS JOHN MELDRUM BLACKMUR

                                       14
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.65
<SEQUENCE>4
<FILENAME>u07700exv4w65.txt
<DESCRIPTION>BANKING FACILITIES AGREEMENT
<TEXT>
<PAGE>
                                                                    EXHIBIT 4.65

                                [SCMB Letterhead]

                                CORPORATE BANKING DIVISION

PRIVATE AND CONFIDENTIAL        Standard Bank Centre  PO Box 61344
                                3 Simmonds Street     Marshalltown 2107
The Directors                   Johannesburg 2001
Durban Roodepoort Deep Limited                        S.W.I.F.T. SBZA ZA JJ
PO Box 390                                            Telegrams"STANMERBANK"
Maraisburg                                            Telex 4-87620, 4-87629
1700                                                  Fax   (011) 636-2371
                                                      Telephone
                                                      Switchboard (011) 636-9115

ATTENTION:  Mr I Murray

Date                 Direct          In reply please  Your reference
                     telephone       quote our
                     number          reference
14 November 2003     (011) 636-3936  UK/ss

Dear Sirs

BANKING FACILITIES

The Standard Bank of South Africa Limited (including all of its divisions
hereinafter referred to as "the Bank") represented by its Standard Corporate and
Merchant Bank Division, confirms having granted certain banking facilities ("the
Facilities") to Durban Roodepoort Deep Limited ("the Customer"). The Facilities
shall upon signature hereof by the Customer and any other signatories hereto, be
subject to the revised terms and conditions contained in this letter and in all
appendices hereto.

1.    THE FACILITIES

<TABLE>
<CAPTION>
NATURE OF FACILITY                         MAXIMUM AGGREGATE LIMIT
- ------------------                         -----------------------
<S>                                        <C>
CREDIT CARDS                                      R 70 000

STANNIC
- -   Liquidating Credit Line                       R 300 000
- -   Fleet Management Service                      R 32 000
</TABLE>

Standard Corporate and Merchant Bank

A division of The Standard Bank of South Africa Limited Reg. No. 1962/000738/06
Registered Bank

Directors: D E Cooper (Chairman), J H Maree* (Chief Executive), D D B Band, E
Bradley. T Evans. T S Gcabashe, D A Hawton, Sir Paul Judge*, S J Macozoma, R P
Menell, Adv K D Moroka, A C Nissen. R A Plumbridge, M J D Ruck*, Sir Robert
Smith*, Dr C L Stals, Dr C B Strauss

*Executive director *British

Secretary: Wuffsohn Executive Director

<PAGE>

GUARANTEES BY BANK

- -      Performance Guarantees                           R    9 508 000
DERIVATIVE PRODUCTS

- -      Gold Hedging Facility
       (70 200 oz 1 year)

- -      Forward Exchange Contracts                       R   37 000 000
       (Maturities within 370 days)

- -      Cross Currency Swap                              R   80 000 000
       (4 years)

ELECTRONIC BANKING TRANSACTIONAL
LIMITS

- -      CORPORATE ACCESS TERMINAL
       SYSTEM (CATS)

       -   Own Accounts                                 R   31 000 000
       -   Same Day Soonest Value                       R  152 700 000
           Services (SSVS)

- -      ELECTRONIC FUNDS TRANSFER
       SERVICE (EFTS)

       -   Monthly                                      R   25 800 000
       -   December                                     R   25 800 000

2.    CONDITIONS PRECEDENT

      2.1   Any new terms contained in this letter and which are, in the opinion
            of the Bank, for the benefit of the Customer (including but not
            limited to any increased or new limits), shall only become of force
            and effect upon fulfillment, to the satisfaction of the Bank of the
            following conditions precedent:

            2.1.1 that all formalities referred to in the paragraph headed
                  "Acceptance" have been duly completed.

      2.2   The above conditions are inserted for the benefit of the Bank, who
            may waive any of the said conditions in its sole discretion.

      2.3   With respect to any increased limit/s, the limit/s previously in
            place shall be applicable until such time as the said conditions
            precedent have been fulfilled or waived.

3.    SECURITY

      3.1   Any security currently held by the Bank shall also constitute
            security for the Facilities.

4.    ADDITIONAL TERMS

      4.1   ADDITIONAL PARTIES

            4.1.1 The parties listed in the facilities schedule attached to this
                  letter and any other parties requested by the Customer from
                  time to time and agreed to by the Bank in its sole discretion
                  ("the Additional Parties"), are hereby expressly authorised by
                  the Customer, and shall consequently be entitled, to utilise
                  the Facilities together with the Customer, in accordance with
                  the details set out in the said

                                       2
<PAGE>

                  facilities schedule, or otherwise as the Bank may with respect
                  to both the Customer and the Additional Parties, from time to
                  time in its sole discretion allow. Any amounts outstanding at
                  any time in respect of the Facilities so utilised by any
                  Additional Party and not discharged on due date by such
                  Additional Party, shall be discharged in full by the Customer,
                  forthwith upon receipt by the Customer of the Bank's written
                  demand. Any such utilisation by an Additional Party shall be
                  subject to the terms and conditions contained in this letter
                  and any appendices hereto, and shall further be subject to:

                  4.1.1.1 all the conditions precedent contained in this letter
                          having been fulfilled or waived;

                  4.1.1.2 the aggregate amount of the utilisation of the
                          Facilities by the Customer and the Additional Parties
                          not at any time exceeding the maximum aggregate limit
                          for each facility except to the extent the Bank, may
                          in its sole discretion allow;

                  4.1.1.3 the Additional Parties not being entitled to utilise
                          such facilities in the event the Facilities are
                          terminated by the Bank, by notice to the Customer, or
                          otherwise in terms of this letter;

                  4.1.1.4 the Additional Parties having signed this letter and
                          any separate documentation pertaining to any facility,
                          should the Bank so require.

            4.1.2 Should the Bank offer (or have offered) its cash management
                  service to the Customer, any parties ("the Participating
                  Parties") which from time to time participate in the
                  Customer's cash management arrangement shall also be entitled
                  to utilise the Customer's overdraft facility subject to the
                  provisions of this letter. The Participating Parties shall
                  consequently be deemed to be included in the definition of
                  "the Additional Parties" for purposes of this paragraph 4.1.

            4.1.3 Without derogating from the provisions of 4.1.1. above, the
                  following further parties listed below shall, subject to the
                  provisions of this letter, also be entitled to use the
                  Customer's Electronic Banking Transactional Limits in such
                  amounts as the Bank may from time to time in its sole
                  discretion allow, and such parties shall accordingly be deemed
                  to be included in the definition of "Additional Parties" for
                  the purposes of this paragraph 4.1:

                  4.1.3.1 Hartebeesfontein Gold Mine Company Limited;

                  4.1.3.2 East Rand Proprietary Mines Limited.

            4.1.4 Without prejudice to the Bank's rights in terms of any other
                  provisions of this paragraph 4.1., the Customer hereby
                  indemnifies and holds the Bank harmless, against any loss or
                  damage of whatsoever nature, which the Bank may suffer or
                  sustain, arising from, or relating to the utilisation of the
                  Facilities by any Additional Party in terms of this letter.

      4.2   PROVISION OF INFORMATION

            The Customer by its signature hereto, undertakes to furnish the Bank
            with:

            4.2.1 signed copies of the annual audited financial statements in
                  respect of such parties as the Bank may require, as soon as
                  those financial statements are ready

                                       3
<PAGE>

                  and available, but in any event within a period of 90 days
                  from the end of the financial year to which they relate;

            4.2.2 such further information as the Bank may require, from time to
                  time.

      4.3   FURTHER UNDERTAKINGS

            The Customer by its signature hereto, undertakes to the Bank:

            4.3.1 that the amount in the call deposit account ceded and pledged
                  by the Customer to the Bank in terms of the cession and pledge
                  document dated 10 November 2003 in favour of the Bank, will at
                  all times exceed one times the amount of the utilisation at
                  any point in time under the Guarantees by Bank facility.

5.    ACCEPTANCE

      To indicate your acceptance of the aforegoing, kindly initial each page of
      the attached duplicate of this letter (including any appendices hereto),
      sign the acknowledgement on the final page of the letter and return same
      to the Bank, in which event the Bank shall require and the Customer by its
      signature hereto undertakes to procure that:

5.1   together with this letter, the Bank is furnished with a certified copy/ies
      of a supporting resolution/s in relation to this facility letter along the
      lines of the enclosed specimen/s or in a format otherwise acceptable to
      the Bank;

5.2   prior to returning this letter to the Bank, the Customer's Company
      Secretary signs the confirmation at the foot of this letter and to the
      extent that the memorandum and articles of the Customer have been amended
      since they were furnished to the Bank, provides the Bank with copies of
      the amending resolutions together with this letter.

6.    CONFLICT

      6.1   The terms and conditions of this letter, any appendices to this
            letter and any separate terms and conditions (embodied in writing)
            or written agreements relating to a facility, shall be read
            together, provided that should a conflict exist or arise:

            6.1.1 the separate terms and conditions relating to a particular
                  facility shall prevail; and

            6.1.2 subject to 6.1.1. the contents of this letter shall prevail
                  over any appendices hereto.

      6.2   To the extent there are any undertakings, warranties or the like by
            the Customer or any other party, contained in this letter or any of
            its appendices, such undertakings, warranties or the like do not in
            any way prejudice or detract from the Bank's rights with respect to
            facilities that are repayable or terminable in terms of paragraph 2
            of appendix "A".

                                       4
<PAGE>

Yours faithfully

U Khan
ACCOUNT EXECUTIVE

TERMS AND CONDITIONS ACCEPTED

SIGNED AT_______________________________________ ON __________________________
December __, 2003

For:  DURBAN ROODEPOORT DEEP LIMITED (REGISTRATION NUMBER: 1895/0009226/06)

Signature: /s/ W.G. Koonin                       /s/ J.H. Dissel
          --------------------------             ---------------------------

Physical Address:        DRD Building
                         45 Empire Rd. Parktown

Telephone No.:           + 2711 381 7800

Facsimile No.:           + 2711 482 1022

CONFIRMATION BY COMPANY SECRETARY

I, __________________________________, THE COMPANY SECRETARY OF THE CUSTOMER, DO
HEREBY CONFIRM THAT THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF THE CUSTOMER
[*HAVE NOT BEEN AMENDED SINCE HAVING BEEN FURNISHED TO THE BANK ON OR ABOUT 22
AUGUST 2000 /HAVE BEEN AMENDED BY THE SPECIAL RESOLUTIONS ENCLOSED HEREWITH]

SIGNED AT ________________________________ON __________________________ 2003.

_____________________
COMPANY SECRETARY

*delete and initial whichever not applicable.

<PAGE>

                                                                      APPENDIX A

                          GENERAL TERMS AND CONDITIONS

1.    DEFINITIONS

      1.1   In this appendix, words and phrases shall, unless the context
            indicates otherwise, or the relevant word or phrase is defined
            separately in this appendix, bear the meanings assigned to them in
            the letter of offer ("THE OFFER LETTER") to which this document
            forms an appendix.

      1.2   The Offer Letter together with all appendices thereto is referred to
            as "THE FACILITY LETTER".

      1.3   "BUSINESS DAY" shall mean any day which is not a Saturday, Sunday or
            public holiday in South Africa and, in the case of an offshore loan,
            not a public holiday in the country of the currency in which the
            loan has been or is requested to be granted, or in the Isle of Man
            (in the case where the loan has been or is requested to be granted
            out of the Isle of Man).

      1.4   "SUBSIDIARY COMPANY" or "SUBSIDIARY" shall bear the meaning
            prescribed in the Companies Act 61 of 1973, as amended.

2.    DURATION AND REPAYMENT OF FACILITIES

      Subject to any contrary provisions with respect to a particular facility
      (or a particular instrument) contained in the Offer Letter, or in any
      other appendices to the Offer Letter or in any other written agreement:

      2.1   each facility may be terminated by the Bank by notice to the
            Customer to that effect in which event the relevant facility/ies
            shall either be cancelled forthwith or from any subsequent date
            stated in that notice; and/or

      2.2   the Bank may, by notice to the Customer, require all amounts
            outstanding under all or a particular facility/ies (or instrument/s)
            to be repaid immediately or by any later date stated in such notice;
            and/or

      2.3   the aggregate maximum limit for each facility may be reduced by the
            Bank by notice to that effect to the Customer, in which event all
            amounts in excess of the limit/s so reduced shall become immediately
            repayable;

      2.4   if a payment in terms of a facility falls due on a day which is not
            a Business Day, then such payment shall be made on the following
            Business Day, or if such day falls in the next calendar month and
            the Bank so requires, the immediately preceding Business Day, and
            the relevant interest period shall be adjusted accordingly.

3.    INTEREST

      3.1   Interest shall be:

            3.1.1   payable at a rate which shall initially be determined and
                    may subsequently be altered from time to time by the Bank;

            3.1.2   calculated on the daily balance owing under a facility,
                    notwithstanding that such balance may have been increased by
                    the debiting of interest to such balance;

<PAGE>

            3.1.3   calculated on the basis of a 365 day year factor,
                    irrespective of whether or not the year in question is a
                    leap year.

      3.2   Any excess availment above the agreed limit for a facility, shall
            without prejudice to any other rights the Bank may have, attract
            additional interest at a rate of 2,5% p.a.

4.    EXCHANGE CONTROL

      Should the Customer (or any Additional Party) become subject to the
      provisions of Exchange Control Regulation 3(1)(f) the Customer warrants
      that the Facilities will be duly reported in the Exchange Control
      questionnaire (Form MP79(a)) submitted annually by the Customer (or
      Additional Party, as the case may be).

5.    CERTIFICATE

      A certificate signed by any manager of the Bank (whose appointment or
      authority need not be proved) as to any amount owing to the Bank under the
      Facility Letter, the rates of interest and any other fact stated therein,
      shall, on its mere production, be prima facie proof of the content of such
      certificate.

6.    PENALTY INTEREST

      At any time after the occurrence of an event of default in terms of the
      Facility Letter the Bank shall be entitled to levy interest on any amounts
      owing under the Facility Letter at the rate of 2,5% (two comma five per
      cent) per annum above "Prime" which is defined below, compounded monthly
      in arrears, without prejudice to any right which the Bank may otherwise
      have as a result of that event of default.

      "Prime" is the publicly quoted basic rate of interest per annum ruling
      from time to time (as certified by any manager or director of the Bank,
      whose appointment it shall not be necessary to prove) at which the Bank
      lends on overdraft.

7.    FREE OF DEDUCTION

      All amounts paid to the Bank under the Facility Letter shall be made free
      of deduction or set-off. Should the Customer (or any Additional Party) be
      compelled by law to withhold or deduct any taxes or other charges from any
      amounts payable to the Bank, the amounts payable to the Bank shall be
      increased to the extent necessary to ensure that the Bank receives the
      amounts payable, free of such withhold or deduction.

8.    ALLOCATION OF PAYMENTS

      The Bank will be entitled to allocate any payments received under the
      Facility Letter to any indebtedness of the Customer (or any Additional
      Party) to the Bank and the Customer waives any rights it may have to name
      the debt in respect of which payment is made.

9.    WARRANTIES

      The Customer by its signature hereto, represents and warrants to the Bank
      on the date of signature hereof and, in the case of paragraphs 9.1. to
      9.4. on each date upon which a facility is utilised, that:

      9.1   it is a corporation duly registered and existing under the laws of
            the Republic of South Africa (if the Customer is cited as a
            corporation in this letter);

                                       2
<PAGE>

      9.2   it has full power to enter into and perform in terms of the Facility
            Letter and has taken all necessary corporate and other actions to
            authorise the borrowings hereunder, including such steps as may be
            necessary to comply with the provisions of Article 60 of Table A or
            Article 61 of Table B of the Companies Act 1973 (as amended) if
            applicable;

      9.3   the Facilities constitute legal, valid, binding and enforceable
            obligations of the Customer;

      9.4   no litigation, arbitration or administrative proceeding is presently
            in progress or, to the knowledge of the Customer, pending or
            threatened against it, or any of its assets or assets to be acquired
            which relate to the Facilities or which would have a materially
            adverse effect on the financial condition of the Customer;

      9.5   it has disclosed to the Bank any and all material information which
            may have affected the Bank's decision to grant the Facilities.

10.   CHANGE IN CIRCUMSTANCES AND COMMITMENT FEE

      10.1  Notwithstanding anything contained in the Facility Letter to the
            contrary, if any change in or introduction of any law, regulation,
            ruling, directive, policy and/or guidelines or any other similar
            event with which the Bank or any of its divisions is obliged to
            comply and/or which is in accordance with the practice of a
            responsible banker, or any interpretation or administration thereof,
            results in any increase to the Bank in the cost of maintaining
            and/or providing any of the facility options or any unutilised
            portions thereof, the Bank reserves the right to recover such
            additional costs from the Customer on demand.

      10.2  As the Bank is obliged in terms of current legislation to observe
            reserving requirements for maintaining unutilised facilities where
            its commitment to provide funds is for periods in excess of 365
            days, the Bank reserves the right to levy a commitment fee at its
            usual rates prevailing from time to time and in accordance with
            normal banking practice, for keeping any unused portion of the
            Facilities at the Customer's disposal.

11.   LEGAL CHARGES

      All legal costs and fees (on the attorney and own client scale) and other
      charges and expenses in connection with the Facilities including but not
      limited to all costs incurred by the Bank in the enforcement of any of its
      rights under the Facility Letter, the preparation of the Facility Letter
      or any other documentation in relation hereto, the registration and
      eventual cancellation of any bonds referred to in the Facility Letter, and
      the premiums on any insurance policy(ies) which may be ceded to the Bank
      together with the stamp duty due on the required security documents, will
      be for the account of the Customer and payable on demand.

12.   WHOLE AGREEMENT, VARIATION OF TERMS, NO INDULGENCE

      12.1  The agreement created upon acceptance of the Facility Letter by the
            Customer shall constitute the whole agreement between the Bank and
            the Customer relating to the subject matter of the Facility Letter.

      12.2  Save for an amendment referred to in the paragraph headed "Switching
            between Facilities" no addition to, variation, or amendment, or
            consensual cancellation of any of the terms contained in the
            Facility Letter shall be of any force or effect unless it is
            recorded in writing and is signed on behalf of the Bank by one of
            its authorised officials and accepted by the Customer.

                                       3
<PAGE>

      12.3  No indulgence shown or extension of time given by the Bank shall
            operate as an estoppel against the Bank or waiver of any of the
            Bank's rights unless recorded in writing and signed by the Bank.

      12.4  The Bank shall not be bound by any express or implied term,
            representation, warranty, promise or the like not recorded herein,
            whether it induced the conclusion of any agreement and/or whether it
            was negligent or not.

13.   SEVERABILITY

      Each provision of the Facility Letter is severable, the one from the other
      and, if at any time any provision is or becomes or is found to be illegal,
      invalid, defective or unenforceable for any reason by any competent court,
      the remaining provisions shall be of full force and effect and shall
      continue to be of full force and effect.

14.   GOVERNING LAW

      The terms of the Facility Letter shall be governed by and interpreted in
      accordance with the laws of the Republic of South Africa.

15.   DOMICILIUM AND NOTICES

      15.1  The Customer chooses as its domicilium citandi et executandi for all
            purposes in connection with the Facility Letter at the address set
            out under its acceptance of the Facility Letter.

            Such domicilium may be changed to another physical address within
            the Republic of South Africa upon 14 days written notice to the
            Bank.

      15.2  Any notices sent or delivered to the Customer shall be deemed to
            have been received, if sent or delivered to the address nominated by
            the Customer in terms of this paragraph:

            15.2.1  by hand, on the date of delivery;

            15.2.2  by prepaid post, 7 days after the date of posting;

            15.2.3  by telex or telefacsimile, on the first Business Day
                    following transmission.

      15.3  Notwithstanding anything to the contrary in this paragraph a written
            notice or other communication actually received by any party shall
            be adequate written notice or communication to it notwithstanding
            that the notice was not sent to or delivered at its chosen address.

16.   CESSION

      Neither the Customer nor any Additional Parties shall be entitled to cede
      or delegate their rights and/or obligations in terms of the Facility
      Letter to any party without the prior written consent of the Bank.

17.   ARBITRATION

      If any claim by the Bank in connection with the Facilities or indebtedness
      to the Bank should be disputed, the matter in dispute may at the Bank's
      option be referred to arbitration in accordance with the arbitration laws
      of the Republic of South Africa.

                                       4
<PAGE>

18.   DISCLOSURE OF INFORMATION

      The Customer authorises the Bank to furnish Standard Bank Group Limited,
      any other subsidiary or associate company of Standard Bank Group Limited,
      and any cessionary of the Bank's rights in terms hereof, with any
      information and documentation they may request regarding the Facilities,
      the Additional Parties or the Customer.

19.   SWITCHING BETWEEN FACILITIES

      The Customer shall be entitled to request that all or part of any
      unutilised portions of the maximum aggregate limit for a particular
      facility be allocated to another facility. Should the Bank agree to such
      request and whether such agreement is notified to the Customer or not, the
      maximum aggregate limits for the facilities in question shall be deemed to
      be amended accordingly. If a re-allocation is made in terms of this
      paragraph to a type of facility not previously granted, such new facility
      will be deemed to have been incorporated in the Offer Letter and
      accordingly in the definition of "the Facilities", and the maximum
      aggregate limit for such facility shall be the amount allocated thereto.

      In the event of the maximum aggregate limit ("the limit") of any of the
      Facilities being exceeded at any time, the Bank may without notice and
      without prejudice to any of its other rights as a result of such breach,
      in its sole discretion elect to eliminate such excess by appropriating the
      whole or any portion of the limit's allocated to the remaining Facilities
      which are not utilised to increase the limit of the facility which is in
      excess. The Bank shall also be entitled, but not obliged, to reallocate
      limits in terms of this paragraph to the extent a request from the
      Customer or an Additional Party to utilise a particular facility would
      cause the limit in respect of such facility to be exceeded.

20.   EVENTS OF DEFAULT

      20.1  For the purposes of the Facility Letter each of the following events
            shall be regarded as an event of default:

            20.1.1  if the Customer fails to pay any sum due by it to the Bank
                    or to Standard Bank Group Limited or any other subsidiary or
                    associate company of Standard Bank Group Limited, on the due
                    date therefor;

            20.1.2  if the Customer defaults in the due and punctual performance
                    of any other obligation under the Facility Letter or under
                    any other written agreement between the Customer and the
                    Bank or between the Customer and Standard Bank Group Limited
                    or any other subsidiary or associate company of Standard
                    Bank Group Limited;

            20.1.3  if any representation or warranty or undertaking made or
                    represented either in respect of the Customer in or pursuant
                    to the Facility Letter or in any documents delivered under
                    the Facility Letter, is not complied with or is incorrect in
                    any respect;

            20.1.4  if the Customer is deemed to be unable to pay its debts in
                    accordance with the provisions of section 345 of the
                    Companies Act, 1973 (as amended) or otherwise defaults
                    generally in the payment of its liabilities;

            20.1.5  if a resolution is taken by the members or shareholders of
                    the Customer or the members or shareholders of any surety or
                    guarantor for the Customer's indebtedness to the Bank, to
                    voluntarily wind-up any of the said parties or if any of the
                    said parties or any of their assets become subject to any
                    sequestration,

                                         5
<PAGE>

                    liquidation or judicial management order, whether
                    provisional or final, or if any trustee, liquidator,
                    curator, judicial manager or any similar officer is
                    appointed in respect ofany of the said parties or any of
                    their assets;

            20.1.6  if the Customer or any surety or guarantor for the
                    Customer's indebtedness to the Bank, is unable to pay its
                    debts, suspends or threatens to suspend payment of all or a
                    material part of (or of a particular type of) its
                    indebtedness to any other creditors, commences negotiations
                    or takes any other step with the view to the deferral,
                    rescheduling or other re-adjustment of all of (or all of a
                    particular type of) its indebtedness to creditors (or of any
                    part of such indebtedness which it will or might otherwise
                    be unable to pay when due), proposes or makes a general
                    assignment or an arrangement or composition with or for the
                    benefit of its creditors or a moratorium is agreed or
                    declared in respect of or affecting all or a part of the
                    indebtedness of the Customer or of any surety or guarantor
                    for the Customer's indebtedness to the Bank (as the case may
                    be);

            20.1.7  if an attachment, execution or other legal process is
                    levied, enforced, issued or sued out on or against any
                    assets of the Customer or of any surety or guarantor for the
                    Customer's indebtedness to the Bank, and is not discharged
                    or stayed within 30 (thirty) days;

            20.1.8  if at any time, the amount outstanding under a facility
                    granted to the Customer exceeds the maximum aggregate limit
                    for that facility, or the total amounts outstanding under
                    all of the Facilities exceed the total of the maximum
                    aggregate limits for each facility;

            20.1.9  if any sureties in respect of the Customer's indebtedness to
                    the Bank deliver a valid and effective notice of termination
                    of liability under such suretyship;

            20.1.10 if any other party which owes any obligations to the Bank in
                    connection with the Facilities (including but not limited to
                    obligations in terms of negative pledges, undertakings or
                    subordinations), breaches any of such obligations;

            20.1.11 if the auditors of the Customer in any financial statements
                    of the Customer published after the date of the last set of
                    audited financial statements furnished to the Bank or if
                    none have been so furnished, after the date of signature of
                    the Facility Letter by the Customer, materially qualifies
                    that annual statement in any respects or inserts a note in
                    the supporting documents to that financial statement
                    relating to any material irregularity;

            20.1.12 if there is a material deterioration in the Customer's
                    financial position.

                    "MATERIAL DETERIORATION" SHALL MEAN MATERIAL DETERIORATION
                    IN THE BANK'S REASONABLE OPINION;

            20.1.13 if the Customer embarks on any process or concludes any
                    transaction in terms of which the Customer acquires or will
                    acquire its own shares, or in terms of which the Customer
                    assists or proposes to assist one or more of its
                    subsidiaries to purchase shares in the Customer or in terms
                    of which a payment will be made to shareholders in terms of
                    s90 of the Companies Act 61 of 1973, as amended, without the
                    prior written consent of the Bank;

            20.1.14 if the Customer embarks on any process or concludes any
                    transaction in terms of which the Customer assists, or
                    proposes to assist its holding company to acquire

                                       6
<PAGE>

                    its own (i.e. the holding company's) shares or where the
                    Customer acquires shares in its holding company;

            20.1.15 should the Bank become aware, at any time, of a fact or
                    circumstance (whether same was present at or before the time
                    of acceptance of this Facility Letter by the Customer or
                    arose thereafter), which in the reasonably exercised opinion
                    of the Bank has, or could in the future have, an adverse
                    effect on the Customer's ability to perform any of its
                    obligations to the Bank in terms of the Facility Letter, or
                    prejudice the Bank's position with respect to the Facilities
                    in any other way;

            20.1.16 if any of the above paragraphs apply to any Additional
                    Party.


      20.2  The Bank may without prejudice to any other rights hereunder or at
            law, at any time after the happening of an event of default, by
            written notice to the Customer.

            20.2.1  decline any request by the Customer (or any Additional
                    Party) to draw down any further monies under the Facilities
                    (or any one or more of them) or to further utilise or avail
                    of any of the Facilities (or any one or more of them);
                    and/or

            20.2.2  require on demand payment of all indebtedness under the
                    Facilities (or any one or more of them) which is then
                    outstanding and whether or not it is then due for payment,
                    and upon any such demand all that indebtedness shall
                    immediately become due and payable; and/or

            20.2.3  require on demand payment of all breakage costs the Bank may
                    have incurred or sustained, being all costs, losses and/or
                    reduced receipts which the Bank may have sustained or
                    incurred in relation to the termination or modification of
                    any arrangements the Bank may have made on account of or in
                    respect of funds borrowed, contracted for or utilised to
                    fund any amount payable or advanced under the Facilities;
                    and/or

            20.2.4  require on demand cash security for any contingent
                    liabilities under the Facility Letter to the Bank.

      20.3  The Bank's rights under this paragraph shall not be exhaustive but
            shall be in addition to and without prejudice to any other rights
            which it may have under the Facility Letter or the law.

      20.4  The contents of this paragraph shall not derogate from the Bank's
            rights in relation to any Facilities which are repayable and/or
            terminable on demand.

                                        7
<PAGE>

                                                                      APPENDIX B

                   TERMS AND CONDITIONS OF SPECIFIC FACILITIES

1.    DEFINITIONS

      1.1   In this appendix, words and phrases shall unless the context
            indicates otherwise, or the relevant word or phrase is defined
            separately in this appendix, bear the meanings assigned to them in
            the offer letter ("THE OFFER LETTER") to which this document forms
            an appendix.

      1.2   The Offer Letter together with all appendices thereto is referred to
            as "THE FACILITY LETTER".

      1.3   "BUSINESS DAY" shall mean any day which is not a Saturday, Sunday or
            public holiday in South Africa and, in the case of an offshore loan,
            not a public holiday in the country of the currency in which the
            loan has been or is requested to be granted, or in the Isle of Man
            (in the case where the loan has been or is requested to be granted
            out of the Isle of Man).

2.    AVAILMENT OF SPECIFIC FACILITIES

      The Customer shall only be entitled to avail of those Facilities referred
      to in the Offer Letter, which Facilities shall in addition to the terms
      and conditions contained in the Offer Letter and any other appendices
      thereto and any separate agreement pertaining to such Facilities, be
      subject to the relevant terms and conditions for each facility as set out
      in this appendix.

3.    GSTBF

      3.1   Availability

            3.1.1   Subject to the availability of a particular instrument at a
                    particular time and any contrary indication in the Offer
                    Letter or thereafter, any of the instruments referred to
                    below may be utilised provided that the aggregate amount
                    outstanding at any point in time, under such instruments
                    together with any limit afforded to the Customer for a
                    Revolving Credit Facility, shall not exceed the aggregate
                    maximum limit granted to the Customer for GSTBF and, neither
                    the Customer nor any of the Additional Parties shall be
                    entitled to utilise an instrument to the extent that such
                    utilisation would result in the said aggregate maximum limit
                    being exceeded.

            3.1.2   Should:

                    3.1.2.1 there be any change in legislation or in the
                            departmental practice of any authority, and in
                            particular without limiting the generality of the
                            aforegoing, any change in the Income Tax Act 1962
                            (as amended) or the Banks Act 1990 (as amended) or
                            any regulations made in terms thereof, or in the
                            interpretation or application of any such
                            legislation or departmental practice, by any court
                            or competent official; or

                    3.1.2.2 there be any change in banking practice as it
                            affects or is applied by the Bank and any other
                            financial institution registered in terms of the
                            Banks Act 1990 (as amended); or

                    3.1.2.3 any other event occurs which is beyond the control
                            of the Bank;

<PAGE>

                            with the result that an instrument offered in terms
                            hereof is no longer made available, the Bank may
                            notify the Customer in writing that the affected
                            instrument will no longer be made available and the
                            Customer shall, within 5 (five) days of the despatch
                            of such notice elect (or procure that any Additional
                            Party utilising an affected instrument under the
                            provisions of the Facility Letter elects):

                            3.1.2.3.1 to utilize one or more of the other
                                      instruments offered under the GSTBF; or

                            3.1.2.3.2 to settle the amount owing under the
                                      affected instrument.

      3.2   Instruments comprising GSTBF

            3.2.1   Overdraft

                    INTEREST

                    The initial rate of interest on the overdraft shall be the
                    Bank's Prime overdraft interest rate, which is the publicly
                    quoted basic rate of interest per annum (as certified by any
                    manager of the Bank, whose appointment it shall not be
                    necessary to prove) at which the Bank lends on overdraft.

                    Such interest will be payable monthly in arrears and be
                    debited to the relevant current account on a day convenient
                    to the Bank, once in each calendar month in arrears.

            3.2.2   Call Loans

                    INTEREST

                    The rate applicable to each call loan, shall be the rate
                    quoted to the Customer (or an Additional Party) by the Bank
                    prior to the availment of each such call loan and the Bank
                    shall be entitled to adjust the rate at its discretion on a
                    daily basis. Interest shall be payable monthly in arrears on
                    dates convenient to the Bank in each calendar month and
                    on the date of repayment of a call loan.

            3.2.3   Short Term Loans

                    INTEREST

                    The rate applicable to each short term loan shall be the
                    rate quoted by the Bank to the Customer (or an Additional
                    Party) prior to the availment of each such short term loan.
                    Interest shall be payable on the due date for repayment of a
                    short term loan unless otherwise agreed between the Bank and
                    the Customer (or an Additional Party).

                    REPAYMENT

                    Subject to the Bank's rights in terms of the paragraph
                    headed "Duration and Repayment of Facilities" in appendix
                    "A" to the Facility Letter, all amounts outstanding under
                    each short term loan shall be repayable at the end of a
                    period as stated by the Bank to the Customer (or any
                    Additional Party) for each short term loan prior to the
                    advance of each short term loan.

                                        2
<PAGE>

            3.2.4   Revolving Acceptance Credit Facility and Foreign Currency
                    Finance Facility

                    The availment of the Revolving Acceptance Credit Facility
                    and the Foreign Currency Finance Facility shall be subject
                    to the Customer (or any Additional Party) having agreed to
                    the Bank's separate terms and conditions pertaining to each
                    of these particular facilities.

            3.2.5   Offshore Trade and Working Capital Loans

                    3.2.5.1 OFFSHORE LOANS PROVIDED BY STANDARD FINANCE (ISLE OF
                            MAN) LIMITED ("SFL") OR STANDARD BANK LONDON LIMITED
                            ("SBL"):

                            The availment of this facility shall be subject to
                            SFL or SBL having agreed to grant the Customer (or
                            Additional Party) such facility and the Customer (or
                            the Additional Party, as the case may be) having
                            accepted SFL's or SBL's separate terms and
                            conditions pertaining to such facility (as the case
                            may be).

                            For the purposes of calculating the amount
                            outstanding under the GSTBF, amounts owed to SFL or
                            SBL under this facility shall also be taken into
                            account and the equivalent rand amount utilised
                            under this facility shall be calculated by
                            notionally converting the balance outstanding under
                            this facility on a daily basis, to the rand
                            equivalent using the Bank's daily spot rate of
                            exchange or the rate specified in an applicable
                            forward exchange contract, as the Bank may in its
                            sole discretion decide.

                    3.2.5.2 OFFSHORE LOANS PROVIDED BY THE BANK:

                            INTEREST

                            The rate applicable to each loan advanced by the
                            Bank under this facility, shall be the rate quoted
                            by the Bank to the Customer (or any Additional
                            Party) prior to the advance of each such loan.
                            Interest will be calculated on each loan on the
                            basis of actual days elapsed on a 360 day period (or
                            365 days for certain currencies determined by the
                            Bank, such as ZAR or GBP) and will be payable in
                            arrears at the end of each consecutive interest
                            period (the duration of which will be the period
                            agreed upon by the Bank and the Customer (or any
                            Additional Party) prior to the advance of each loan)
                            and on the date of repayment of the loan, unless
                            otherwise agreed by the Bank.

                            AVAILMENT

                            A request for a draw down under this facility must
                            be made no later than 2 Business Days prior to the
                            date of the proposed draw down and will be
                            irrevocable once made.

                            REPAYMENT

                            Subject to the Bank's rights in terms of the
                            paragraph headed "Duration and Repayment of
                            Facilities" in appendix "A" to the Facility Letter,
                            all amounts outstanding under each loan shall be
                            repayable at the end of a period as stated by the
                            Bank to the Customer for each loan prior to the
                            advance of each loan.

                                        3
<PAGE>

                            All amounts outstanding under each loan granted
                            under this facility shall be repayable in the
                            currency in which such loan was made.

                            Should the Bank terminate this facility and require
                            repayment of all amounts outstanding thereunder, or
                            should amounts otherwise fall due under a loan, the
                            Bank shall be entitled, but not obliged, in its sole
                            discretion, to advance funds under one of the other
                            instruments made available under the GSTBF and to
                            utilise the funds so advanced to settle or reduce
                            the amounts owed to the Bank under this facility.
                            Any funds advanced by the Bank in terms of this
                            paragraph will be converted to the currency in which
                            the offshore loans were made available, at the
                            Bank's spot rate of exchange on the day on which the
                            funds are used to settle or reduce the amounts
                            outstanding under this facility or in the Bank's
                            sole discretion the forward exchange rate provided
                            for in any forward exchange contract which may be in
                            force at the relevant point in time.

                            CALCULATION OF RAND AMOUNT UTILISED

                            For the purposes of calculating the total rand
                            amount utilised under the GSTBF, the balance
                            outstanding under this facility shall be notionally
                            converted on a daily basis to the rand equivalent
                            using the Bank's daily spot rate of exchange.

                            EXCHANGE CONTROL APPROVAL

                            This facility may only be utilised to the extent
                            that such exchange control approval as may be
                            required, has been obtained (proof of which has been
                            furnished to the Bank).

            3.2.6   Other Instruments

                    Any other instruments offered by the Bank as a GSTBF may be
                    utilised, provided that the Bank has agreed thereto and that
                    the Customer (or the relevant Additional Party, as the case
                    may be) has executed any additional documentation which the
                    Bank may require (failing any such requirements, the
                    Facility Letter and the Bank's usual terms and conditions
                    relating to such instrument, shall be applicable).

4.    DERIVATIVE PRODUCTS

      4.1   The Customer and/or any Additional Parties shall only be entitled to
            avail of any derivative products mentioned in the Offer Letter if
            all conditions precedent referred to in the Offer Letter have been
            met or waived in accordance with the provisions of the Offer Letter,
            and if the Bank and the Customer (or the Additional Party in
            question, as the case may be) have concluded a separate agreement on
            terms and conditions acceptable to the Bank in relation to the
            derivative products, and the Customer or the Additional Party in
            question, as the case may be has executed a credit support annex
            (acceptable to the Bank) in connection with such agreement.

5.    GUARANTEE AND LETTER OF CREDIT FACILITIES

      5.1   The aggregate amount of any and all guarantees and letters of credit
            issued by the Bank under guarantee and letter of credit facilities
            respectively shall at no time exceed the maximum aggregate limits
            for the respective facilities.

                                        4
<PAGE>

      5.2   The rate of commission applicable to each guarantee and letter of
            credit issued shall be agreed upon at the time the request to issue
            a guarantee is made, or alternatively, in the absence of such
            agreement, the Bank's usual rates of commission shall apply and
            shall be paid on demand by the Customer.

      5.3   Guarantees and letters of credit will only be issued by the Bank
            under the guarantee facility or letter of credit facility (as the
            case may be) in formats which are approved of by the Bank and upon
            the signature on behalf of the Customer (or the relevant Additional
            Party, as the case may be) of the Bank's usual form of application
            for the issue of a guarantee or letter of credit (as the case may
            be).

6.    CREDIT CARD, CHEQUES MARKED, ELECTRONIC BANKINQ FACILITIES, STANNIC, TERM
      LOAN, PREFERENCE SHARE FACILITY, STRUCTURED FINANCE FACILITY, ANY FACILITY
      NOT SPECIFICALLY REFERRED TO IN THIS APPENDIX AND WHICH IS OFFERED BY THE
      BANK TO THE CUSTOMER NOW OR IN THE FUTURE

      Utilisation of the above facilities is subject to the Bank's usual terms
      and conditions pertaining thereto or, if so required by the Bank, to the
      Customer (or such Additional Parties, as the Bank may require) having
      accepted the Bank's or other entity's separate terms and conditions
      pertaining to the facility in question.

                                       5
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.66
<SEQUENCE>5
<FILENAME>u07700exv4w66.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.66

                         STRICTLY PRIVATE & CONFIDENTIAL

AGREEMENT OF EMPLOYMENT

between

DURBAN ROODEPOORT DEEP, LIMITED

and

MARK MICHAEL WELLESLEY-WOOD

<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                          Page 2

CONTENTS

<TABLE>
<CAPTION>
NO.                               CLAUSE                                              PAGE NO.
- ---     ------------------------------------------------------------------------      --------
<S>     <C>                                                                           <C>
1       RECORDAL................................................................         3
2       DEFINITIONS.............................................................         4
3       EMPLOYMENT..............................................................         6
4       DUTIES..................................................................         7
5       REMUNERATION PACKAGE....................................................         9
6       HOME WORKING AREA, TELEPHONES AND SECURITY..............................        12
7       BONUS AND INCENTIVES....................................................        13
8       LEAVE...................................................................        18
9       SICK LEAVE AND INCAPACITY...............................................        18
10      INSURANCE COVER.........................................................        19
11      BREACH..................................................................        22
12      RESTRAINT AGREEMENT.....................................................        22
13      DISPUTES................................................................        22
14      APPLICATION OF PROVISIONS OF COMPANY PROCEDURES.........................        23
15      ELIGIBLE TRANSACTION....................................................        24
16      THE RIGHT OF THE EXECUTIVE TO TERMINATE THIS
        AGREEMENT FOR AN ELIGIBLE TRANSACTION ..................................        24
17      ELIGIBLE TERMINATION....................................................        26
18      BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION............................        27
19      SHARE OPTION SCHEME PROVISIONS..........................................        28
20      THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT.......................        29
21      DIRECTORSHIPS...........................................................        29
22      GENERAL.................................................................        29
23      STATUS OF THIS AGREEMENT................................................        31
</TABLE>

APPENDICES:

A. A copy of the Previous Agreement

B. The Executive's Duties and Responsibilities

C. A copy of the Restraint Agreement

<PAGE>

                                                                          Page 3

AGREEMENT OF EMPLOYMENT

Between

DURBAN ROODEPOORT DEEP, LIMITED
(a company duly incorporated under the Companies Act, 1973, registration number
1901/00926/06)

("the Company")

AND

MARK MICHAEL WELLESLEY WOOD
(Passport No 1500217662)
("the Executive")

1     RECORDAL

1.1         The Parties record that :

1.1.1             the Executive has been employed by the Company since the
                  Commencement Date and that the relationship between the
                  Company and the Executive is at present regulated in terms of
                  an agreement dated 24 August 2000 (hereafter referred to as
                  "the Previous Agreement"), a copy of which is attached to the
                  Agreement as Appendix "A";

1.1.2             as from 1 December 2003 the Executive has been employed by the
                  Company as Executive Chairman of the Company;

1.1.3             the Parties now wish to enter into a new agreement to replace
                  the Previous Agreement; and

<PAGE>

                                                                          Page 4

1.1.4             the Parties are accordingly replacing the Previous Agreement
                  with this Agreement to give effect to CLAUSE 1.1.3 above.

1.2         The Parties further record that the Executive has been appointed as
            a Director of the Company which appointment shall continue in
            effect.

2     DEFINITIONS

           For the purposes of this Agreement, unless the context indicates
           otherwise, the Parties defined in the heading of this Agreement shall
           retain such definitions and the words and expressions set out below
           shall have the meaning assigned to them, namely:

2.1        "Auditors"                   means the auditors of the Company for
                                        the time being;

2.2        "Board"                      means the board of directors of the
                                        Company for the time being;

2.3        "Business"                   means the business of the Group of the
                                        mining and exploration of gold and other
                                        minerals and metals;

2.4        "Closing Date"               in relation to an Eligible Transaction,
                                        means the date on which the Eligible
                                        Transaction, having become wholly
                                        unconditional, is actually carried into
                                        effect and implemented in accordance
                                        with its terms so that the Eligible
                                        Transaction ceases to be executory;

2.5        "Code"                       means the Securities Regulation
                                        Code promulgated in terms of section
                                        440(C)(5) of the Companies Act, 1973, as
                                        amended from time to time;

2.6        "Commencement Date"          means 1 July 2000

2.7        "Confidential Information"   means all information which is of a
                                        confidential nature relating to the
                                        Group, including without being limited
                                        to business plans, trade secrets,
                                        financial information, technical
                                        information and/or commercial
                                        information;

<PAGE>

                                                                          Page 5

2.8        "Documents"                  means documents of any nature, disks,
                                        notebooks, tapes or any other medium,
                                        whether or not eye-readable, on which
                                        information may be recorded from time to
                                        time;

2.9        "Eligible Termination"       means a termination of this Agreement as
                                        contemplated in CLAUSE 17;

2.10       "Eligible Transaction"       means an "Eligible Transaction" as
                                        defined in CLAUSE 15;

2.11       "Financial Year"             means the financial year of the Company
                                        as determined by it from time to time;

2.12       "Group"                      means the Company and all its
                                        Subsidiaries;

2.13       "Group Remuneration          means the committee of directors of
                                        Committee" the Company or of directors
                                        of companies within the Group who
                                        constitute a committee for the purposes
                                        of determining the remuneration of
                                        executives employed by companies within
                                        the Group;

2.14       "Parties"                    means the Parties to this Agreement;

2.15       "Remuneration Package"       in relation to each year, the aggregate
                                        of all amounts payable by the Company to
                                        and on behalf of the Executive as is
                                        more fully set out in clause 5, and as
                                        amended from time to time;

2.16       "Restraint Agreement"        means the Restraint of Trade Agreement
                                        entered into between the Parties, a copy
                                        of which is attached to this Agreement
                                        as Appendix C;

2.17       "Share Option Scheme"        means the Durban Roodepoort Deep (1996)
                                        Share Option Scheme or any other scheme
                                        of the same or similar kind in which the
                                        Executive is or may be an eligible
                                        participant;

2.18       "Subsidiary"                 shall have the meaning assigned to it in
                                        the Companies Act, 1973, as amended from
                                        time to time; and

2.19       "this Agreement"             means this agreement and includes all
                                        its Appendices, which shall form part of
                                        it.

<PAGE>

                                                                          Page 6

3     EMPLOYMENT

3.1        Notwithstanding the provisions of this Agreement or any other
           agreement entered into between the parties, the employment of the
           Executive as an employee of the Company shall be deemed to have
           commenced on the Commencement Date.

3.2        Subject to CLAUSES 9,11 and 16, this Agreement shall remain in force
           for a period of 2 (two) years, which period shall be deemed to have
           commenced on 1 December 2003. On the expiry of this period this
           Agreement shall expire automatically.

3.3        On the expiry of this Agreement in terms of CLAUSE 3.2, the Executive
           shall be paid an amount equal to half his Remuneration Package
           calculated on the basis of the Remuneration Package payable to the
           Executive on the date of termination of employment.

3.4        Notwithstanding CLAUSE 3.2, the parties envisage the possibility that
           this Agreement may be extended for a further period of time, or that
           a further agreement may be entered into between them in terms of
           which the Executive shall continue to be employed by the Company.
           Negotiations for the extension of this Agreement or the entering into
           of a new agreement shall commence at least 6 (six) months prior to
           the termination of this agreement as envisaged in CLAUSE 3.2. Should
           this Agreement be extended or should a further agreement be entered
           into, the payment referred to in CLAUSE 3.3 shall not be made but
           shall be

<PAGE>

                                                                          Page 7

            made at the termination of the new agreement or on the termination
            of the extended agreement.

4     DUTIES

4.1        The Executive shall:

4.1.1      carry out such duties and exercise such powers in relation to
           the Company and the Group as the Board shall from time to time
           assign to or vest in him, including those set out in Appendix
           B to this Agreement;

4.1.2      in the discharge of such duties and in the exercise of such
           powers referred to in CLAUSE 4.1.1, observe and comply with
           all resolutions, regulations and directives from time to time
           made or given by the Board;

4.1.3      use his best endeavors properly to conduct, improve, extend,
           develop, promote, protect and preserve the business interests,
           reputation and goodwill of the Company and the Group and not
           do anything which is harmful to it; and

4.1.4      not be in the employment of any other employer other than
           within the Group.

4.2        It shall be part of the normal duties of the Executive at all
           times to consider in what manner and by what new methods or
           devices the products, services, processes, equipment or
           systems of the Company or Group might be improved, and
           promptly to give to the company

<PAGE>

                                                                          Page 8

            secretary of the Company full details of any invention or
            improvement which he may from time to time make or discover in
            the course of his duties, and to further the interests of the
            Company and the Group in this regard. The Executive
            acknowledges that any invention or improvement referred to in
            this CLAUSE 4.2 shall be the property of the Company or the
            relevant entity within the Group and the Executive shall take
            all steps as may be necessary and reasonably required by the
            Company or relevant entity within the Group, at the sole
            expense of the Company or relevant entity within the Group, to
            procure that the Company or relevant entity obtains complete
            and exclusive legal title to any such invention or
            improvement.

4.3         It is specifically recorded and agreed that due to the
            changing nature of the Group and the evolving nature of its
            business interests, it may be necessary to assign duties to
            the Executive or to re-assign those duties from the Executive
            to other persons from time to time as well as to add to and
            delete from the responsibilities of the Executive from time to
            time. The Parties agree that this flexible work requirement is
            part of the agreement of employment and amendments as
            envisaged can be made within the terms of this agreement
            without constituting a breach.

4.4         The Executive shall not, either during his employment with the
            Company and within the Group or thereafter, use or disclose to
            any third parties, or to attempt to use or to disclose to any
            third parties any Confidential Information. The Executive
            shall promptly whenever so

<PAGE>

                                                                          Page 9

           requested by the Company and, in any event, upon the
           termination of his employment with the Company, deliver to the
           Company, all lists of clients or customers, correspondence and
           all other Documents, papers and records which may have been
           prepared by him or have come into his possession in the course
           of his employment with the Company, and the Executive shall
           not be entitled to retain any copies thereof. The Executive
           acknowledges that all title and copyright in the Confidential
           Information and Documents shall vest in the Company.

5     REMUNERATION PACKAGE

5.1        The Executive shall receive an annual all-inclusive Remuneration
           Package of R1 900 000.00 (one million nine hundred thousand rand) per
           annum. The Remuneration Package will be paid in 12 equal monthly
           installments.

5.2        The Remuneration Package referred to in CLAUSE 5.1 above, includes:

5.2.1             all contributions to the Pension or Provident Fund of which
                  the Executive is a member, made in accordance with the
                  relevant rules of the fund in question;

5.2.2             all contributions to the Medical Aid Scheme of which the
                  Executive and his dependants are members; and

5.2.3             all allowances for vehicles, water, electricity,
                  entertainment, subsistence and accommodation to which the
                  Executive is entitled

<PAGE>

                                                                         Page 10

                  in accordance with the policies of the Company from time to
                  time and as agreed with the Company from time to time.

5.3        Notwithstanding anything to the contrary in this Agreement, the
           payment by the Company of the premiums on behalf of the Executive to
           the Group Life Scheme as referred to in CLAUSE 10, and the payment by
           the Company of any monies payable in terms of the rules of the Share
           Option Scheme for any of the share options to which the Executive may
           be entitled in terms of CLAUSE 19, shall not constitute part of the
           Remuneration Package.

5.4        It is recorded that it has been agreed that, by virtue of his
           relinquishing the post of Chief Executive Officer and Deputy Chairman
           of the Company, and by virtue of him becoming Executive Chairman of
           the Company, the Executive has become entitled to an amount equal to
           92 (ninety-two) per cent of his Remuneration Package calculated on
           the basis of the Remuneration Package received by the Executive on
           the 1 December 2003. This shall be paid to the Executive within 10
           days of the signing of this Agreement by both parties.

5.5        The Company will refund, or will procure the refunding, to the
           Executive of all reasonable expenses properly incurred by him in
           performing his duties under this Agreement in accordance with Company
           policy. This will include expenses relating to entertainment and
           traveling. The Company requires the Executive to submit official

<PAGE>

                                                                         Page 11

           receipts or other documents as proof that he has incurred any
           expenses he claims.

5.6        The Company undertakes to reimburse the following costs to be
           incurred by the Executive for the benefit of the Company:

5.6.1             in light of the Company requiring the Executive to be a member
                  of one or more clubs, the annual membership fees payable by
                  the Executive for membership of any 2 (two) of such clubs;

5.6.2             membership subscriptions payable by the Executive for
                  membership of relevant work related associations and/or
                  societies approved in writing in advance by the Company and of
                  which the Executive is a member by virtue of his employment
                  with the Company;

5.6.3             any cost of insurance cover for any 2 (two) of the motor
                  vehicles owned by the Executive during the term of this
                  Agreement.

5.7        The Executive shall be entitled to use any travel miles allocated on
           any business credit cards and flying membership cards issued to him
           by the Company for his family and personal use.

5.8        The Company will require the Executive to undergo a medical
           examination at the cost of the Company on an annual basis and the
           Executive agrees to give effect to this requirement.

5.9       The date of payment of the salary portion of the Remuneration Package
           of the Executive shall be the 24th day of each calendar month.

<PAGE>

                                                                         Page 12

6     HOME WORKING AREA, TELEPHONES AND SECURITY

6.1        It is recorded that the Company requires that the Executive maintain
           an adequately furnished study or work area at his residences for the
           purposes of business meetings, out of hours work and work
           preparation, reading and study. It is further recorded that the
           Executive is, at all times, required to maintain contact with his
           office, other offices of the Company world wide, colleagues, stock
           exchanges on which the Company is listed and shareholders.
           Accordingly, the Company undertakes that:

6.1.1             it shall provide and bear all costs of telephones at the
                  residences of the Executive;

6.1.2             the Executive will be issued with a cellular telephone which
                  can be used for personal and business purposes and the monthly
                  costs of this cellular phone and the installation of car kits
                  and other costs incurred on this cellular telephone, shall be
                  for the account of the Company; and

6.1.3             the Company shall at its own cost, provide appropriate
                  security and security services at at least 2 (two) residential
                  premises within or outside South Africa nominated by the
                  Executive from time to time. The Company shall continue to
                  provide such security and security services at its own cost
                  for a period of 5 (five) years after the date of termination
                  of the Executive's employment, by either party for any reason
                  whatsoever.

<PAGE>

                                                                         Page 13

6.2        For the purposes of this clause "appropriate security" shall include
           at least an appropriate alarm, motion detectors, lighting, electric
           fencing, gates, provision of 24 hour a day (seven days a week) armed
           security at the premises, alarm monitoring with armed response and a
           close protection officer available at all hours.

7     BONUS AND INCENTIVES

7.1        In addition to the Remuneration Package and other benefits stipulated
           in this Agreement, the Executive shall be eligible for the bonuses
           and incentives set out in this clause subject to the conditions set
           out herein.

7.1.1             The Executive shall be entitled to bonuses to be determined
                  with reference to targets set in terms of key performance
                  indicators as agreed between the Executive and the Group
                  Remuneration Committee.

7.1.2             Bonuses shall be calculated and be payable in respect of 4
                  (four) bonus cycles. The first cycle shall be deemed to have
                  commenced on 1 January 2004 and shall terminate on 30 June
                  2004. The second bonus cycle shall commence on 1 July 2004 and
                  shall terminate on 31 December 2004. The third bonus cycle
                  shall commence on 1 January 2005 and terminate on 30 June
                  2005. The fourth bonus cycle shall commence on 1 July 2005 and
                  terminate on 30 November 2005. Should the Executive meet all
                  the targets set in terms of the key performance indicators
                  agreed to in respect of a specific bonus cycle he shall be
                  entitled to a bonus of 40 (forty) per

<PAGE>

                                                                         Page 14

                  cent of his Remuneration Package. Should the Executive not
                  fully meet all the targets set in terms of the key performance
                  indicators as agreed, he shall be entitled to such lesser
                  bonus as determined by the Group Remuneration Committee. This
                  bonus will be determined with reference to the extent that the
                  targets have been met.

7.1.3             The Company will pay any bonus payable in terms of this CLAUSE
                  7 to the Executive within 30 (thirty) business days of the end
                  of each bonus cycle.

7.1.4             The bonus referred to in CLAUSES 7.1.1 and 7.1.2 shall be paid
                  in the following manner:

7.1.4.1                 the Company shall pay to the Executive the amount due to
                        the Executive in respect of each bonus cycle less 25%
                        (twenty five per cent) of that amount;

7.1.4.2                 an amount equivalent to the amount deducted in terms of
                        CLAUSE 7.1.4.1 shall be retained by the Company for the
                        benefit of the Executive (excluding interest);

7.1.4.3                 the Executive shall, provided that the Executive meets
                        the targets agreed with the Group Remuneration Committee
                        and accordingly qualifies for a bonus during the next
                        bonus cycle, be entitled to receive payment of the
                        amount retained by the Company during the previous bonus
                        cycle.

<PAGE>

                                                                         Page 15

7.1.5             Notwithstanding the above, if this Agreement is not extended
                  or renewed as envisaged in CLAUSE 3.4, any bonus payable in
                  respect of the final bonus cycle shall be payable in full
                  within 30 (thirty) business days of the end of the final bonus
                  cycle.

7.1.6             The provisions of this CLAUSE 7 shall be applicable to each
                  bonus cycle.

7.2        Any bonus to which the Executive has become entitled in terms of the
           Previous Agreement shall continue to accrue and be payable in terms
           of that Agreement.

7.3        Subject to the provisions set out below, the Executive, as
           consideration for agreeing to remain in the employment of the Company
           for the respective periods set out below, will be entitled to be
           issued up to 250,000 (two hundred and fifty thousand) ordinary shares
           in the Company in the tranches set out below. The 250,000 (two
           hundred and fifty thousand) ordinary shares referred to in this
           CLAUSE 7.3 represent an amount equal to 240 (two hundred and forty)
           per cent of the Executive's Remuneration Package based on the closing
           price of the Company's shares on the JSE Securities Exchange of South
           Africa on 1 December 2003. The Company shall upon the issue of such
           shares transfer to its stated capital account a sum equal to the
           value of such consideration as determined by the directors of the
           Company, which value shall not be higher than the above amount. This
           entitlement is subject to the following principles and conditions -

<PAGE>

                                                                         Page 16

7.3.1             The shares shall be issued to the Executive in four equal
                  tranches. The Executive shall become entitled to, and shall be
                  issued, the first tranche on 30 November 2004, provided that
                  he is still in the employment of the Company on this date.

7.3.2             The Executive shall become entitled to, and shall be issued,
                  the second tranche on 30 November 2005, provided that he is
                  still in the employment of the Company on this date.

7.3.3             The Executive shall become entitled to, and shall be issued,
                  the third tranche on 30 November 2006, provided that he is
                  still in the employment of the Company on this date.

7.3.4             The Executive shall become entitled to, and shall be issued,
                  the final tranche on 30 November 2007, provided that he is
                  still in the employment of the Company on this date.

7.4        Should this Agreement automatically terminate in accordance with the
           provisions of CLAUSE 3.2 and should there be no extension of this
           Agreement or the conclusion of another agreement as envisaged in
           CLAUSE 3.4, the Board shall, at its discretion, be entitled to issue
           to the Executive all or some of the shares to which the Executive has
           not become entitled in terms of CLAUSE 7.3.3 and CLAUSE 7.3.4.

7.5        The parties record that upon the Executive becoming entitled to any
           of the shares referred to in CLAUSES 7.3 or 7.4, the Company will be
           obliged to deduct employees' tax from the amount accruing to the
           Executive in

<PAGE>

                                                                         Page 17

            terms of the Fourth Schedule of the Income Tax Act, 1962.
            Accordingly, within 7 (seven) days of becoming entitled to the
            shares, the Executive will notify the Company in writing:

7.5.1             whether he wishes to receive the full allocation of shares, in
                  which event he will pay to the Company an amount equal to the
                  employee's tax payable in respect of those shares; or

7.5.2             whether he wishes to receive shares to the value of an amount
                  equal to the total value of shares to which he is entitled
                  less the employee's tax payable.

7.6        If, on the date that shares should be issued in terms of CLAUSES 7.3
           or 7.4, the Executive is prohibited, in terms any legal provision
           and/or of any rule or directive of any applicable Stock Exchange or
           Securities Regulation Authority, from being issued with such shares,
           these shares shall be issued on the first date on which such
           prohibition is no longer in effect.

7.7        The parties record that the coming into effect of CLAUSE 7.3 is
           subject to the Company's shareholders granting the necessary approval
           in terms of the Companies Act, 1973. The parties further record that
           if such approval is not granted, the Executive shall be eligible for
           shares in terms of the rules of the Share Option Scheme.

<PAGE>

                                                                         Page 18

8     LEAVE

8.1        The Executive shall be entitled to 30 (thirty) working days' paid
           leave in each successive period of 12 (twelve) months of work
           commencing on the Commencement Date and thereafter commencing on 1
           July of each following year.

8.2        The Executive shall be entitled to an additional 21 (twenty one)
           working days' paid leave during the period of the 60 (sixty) months
           commencing on the Commencement Date and an additional 21 (twenty one)
           working days' paid leave every successive cycle of 60 (sixty) months
           thereafter.

8.3        The Executive shall not be entitled to accumulate any working days'
           leave as provided for in CLAUSE 8.1 which has not been taken, unless
           the Board has specifically requested the Executive in writing not to
           take leave in such year. Any leave not taken will be converted into
           cash annually on 1 July each year and be payable to the Executive.

8.4        Leave provided for in CLAUSE 8.2, which is not taken in a particular
           cycle of 60 (sixty) months will not be forfeited but must be taken in
           the next cycle of 60 (sixty) months.

9     SICK LEAVE AND INCAPACITY

      If the Executive is at any time prevented by illness, injury, accident or
      any other circumstances beyond his control from discharging his full
      duties under this Agreement (hereafter referred to as "incapacity") for a
      total of 180 (one hundred and eighty) or more days in any 12 (twelve)
      consecutive calendar months' cycle commencing at the Commencement Date,
      the Company may,

<PAGE>

                                                                         Page 19

      by giving one month's written notice of termination to the Executive,
      terminate this Agreement, in which event he shall be paid an amount equal
      to half his Remuneration Package calculated on the basis of the
      Remuneration Package payable to the Executive on the date of termination
      of employment. Notwithstanding the incapacity and absence from work, the
      Company shall be required to pay the Executive his full remuneration
      during any period of absence from work prior to termination in terms of
      this clause.

10    INSURANCE COVER

10.1       The Company will apply for and maintain a reasonable level of
           Directors' and Officers' Liability Insurance, with the Executive
           covered as an insured and the Company will maintain at its expense
           the same cover for the Executive for a period of 7 (seven) years
           after termination of this Agreement by either party for any reason
           whatsoever.

10.2       The Company undertakes to pay on the behalf of the Executive the
           premiums payable by the Executive under the Group Life Scheme of the
           Company. The cover under the Group Life Scheme shall include
           temporary and permanent disability and trauma insurance. The life
           assurance cover for the Executive will be an amount equivalent to 4
           (four) years' gross annual Remuneration Package of the Executive
           calculated on the basis of the Remuneration Package payable to the
           Executive at the date of his death.

10.3       On termination of this Agreement, for whatsoever reason by either the
           Company or the Executive, the Executive shall, subject to the rules
           of

<PAGE>

                                                                         Page 20

           the Group Life Scheme, be entitled to remain a member of the Group
           Life Scheme and to enjoy the same benefits and coverage as those he
           enjoyed immediately prior to the termination of employment. The
           benefits and coverage shall be based on the Remuneration Package that
           the Executive received immediately prior to the date of termination
           of employment. The Company shall pay all premiums and contributions
           payable to maintain such membership and coverage for a period of 5
           (five) years calculated from the date of termination of this
           Agreement. Should the Executive, as a result of the termination of
           his employment, not be entitled to retain the benefits and coverage
           contained in the Group Life Scheme, and he decides to exercise the
           right to effect whole life or endowment insurance as envisaged in
           Clause 4 of the Group Life Scheme, all premiums and contributions for
           such benefits and coverage shall be borne by the Company for a period
           of 5 (five) years calculated from the date of the termination of this
           Agreement. The Company shall take all such steps, and provide all
           such assistance, as may be necessary to ensure that the Executive is
           entitled to exercise his rights in terms of this clause. For the
           purposes of this CLAUSE 10.3 the Group Life Scheme is the Sanlam
           Scheme No 18740 (Policy No. 18681100X6) or any other similar scheme
           that is in effect at the date of termination of employment.

10.4       The Company undertakes -

10.4.1            In the event of the Executive not being an employee as defined
                  in the Compensation for Occupational Injuries and Diseases
                  Act, 1993,

<PAGE>

                                                                         Page 21

                  to insure the Executive with the Rand Mutual Assurance Limited
                  or any other assurance company against risk of death, or
                  permanent disablement or temporary disablement caused by an
                  accident arising out of or in the course of his employment
                  with the Company or any member of the Group;

10.4.2            To keep the policy of insurance referred to in CLAUSE 10.4.1
                  in force and to pay the premiums thereon on time, and the
                  Executive agrees that the amount payable under the said policy
                  of insurance shall be taken and deemed to be and represent the
                  total and entire claim, demand and right of action of the
                  Executive, his executors or administrators or legal
                  representatives or assigns against the Company or its
                  employees for damages or compensation for injury suffered by
                  the Executive as a result of the negligence of the Company or
                  its employees or otherwise and the payment of the said
                  compensation in terms of the said policy of insurance shall
                  free and discharge any claim or liability in respect of the
                  Company and its employees of and from all and any claim or
                  liability in respect of such injury and to waive any right of
                  claiming on the Company or its employees for any compensation
                  other than that which he is entitled to recover under the said
                  policy of insurance effected by the Company.

<PAGE>

                                                                         Page 22

11    BREACH

11.1       Notwithstanding any provision to the contrary, this Agreement may be
           terminated by the Company with or without notice if the Executive:

11.1.1            Commits any serious or persistent breach of any of the
                  provisions contained in this Agreement, provided that the
                  inability of the Executive to perform his duties due to
                  incapacity as envisaged in CLAUSE 9 shall not constitute a
                  breach of contract for the purposes of this clause;

11.1.2            Is found guilty of theft, fraud or any gross irregularity; or

11.1.3            Is found guilty of gross misconduct, serious malperformance or
                  willful neglect in the discharge of his duties whether in
                  terms of this Agreement or in terms of any other agreement
                  between the Executive and a member of the Group.

12    RESTRAINT AGREEMENT

      It is recorded that the Parties have entered into a Restraint Agreement, a
      copy of which is attached hereto as Appendix C.

13    DISPUTES

13.1       In the event that any dispute arises out of the interpretation,
           application or termination of this Agreement, or in the event that
           any dispute arises out of any alleged unfair dismissal or unfair
           labour practice as defined in the Labour Relations Act, 1995, the
           Parties will refer such dispute to private arbitration in accordance
           with the provisions of this clause.

<PAGE>

                                                                         Page 23

13.2       A senior counsel selected by agreement from the labour panel of the
           Arbitration Foundation of Southern Africa (AFSA) will conduct the
           arbitration.

13.3       The Parties will agree upon the date of the arbitration. In the event
           that the Parties are unable to agree upon the arbitrator and/or a
           date for the arbitration within 10 (ten) days of the dispute arising,
           then the director of AFSA may be requested by either party to appoint
           a suitable arbitrator and to nominate a date for the hearing of the
           arbitration.

13.4       The arbitrator will be entitled to determine the appropriate
           procedure for determining the dispute.

13.5       The costs of the arbitrator will be borne equally by the Executive
           and the Company.

13.6       The finding of the arbitrator will be final and binding on the
           Parties.

14    APPLICATION OF PROVISIONS OF COMPANY PROCEDURES

14.1       The Executive's entitlement to any benefit other than those recorded
           in this Agreement shall be governed by the appropriate procedure
           manuals of the Company in force at any given time.

14.2       The Company is entitled from time to time to amend the terms and
           conditions of its Company procedure manuals.

14.3       In the event of a conflict between the provisions of Company
           procedure manuals and the provisions of this Agreement, the
           provisions of this Agreement shall prevail.

<PAGE>

                                                                         Page 24

15    ELIGIBLE TRANSACTION

      For the purposes of this Agreement an "Eligible Transaction" means any
      agreement, including any agreement forming part of a series of other
      agreements, which either by itself or together with any of the other
      agreements, constitutes or results in a transaction involving a change of
      control of the Company, of a kind which falls within the ambit of clause
      (a) of the definition of "affected transaction" in Section B of the Code,
      read with clause 5 of the same Section of the Code.

16    THE RIGHT OF THE EXECUTIVE TO TERMINATE THIS AGREEMENT FOR AN ELIGIBLE
      TRANSACTION

16.1       If an Eligible Transaction is entered into, the Executive shall be
           entitled to terminate this Agreement, subject to the following
           provisions:

16.1.1            the Executive may exercise this right of termination by giving
                  written notice to this effect to the Company at any time from
                  the date on which the announcement of a firm intention to make
                  an offer in respect of the Eligible Transaction, as
                  contemplated in Rule 2.3 of Section D of the Code ("the
                  Announcement Date"), is made in accordance with the
                  requirements of the Code, until the Closing Date of that
                  Eligible Transaction;

16.1.2            if the Executive gives written notice of termination in terms
                  of CLAUSE 16.1.1 he may at the same time, or at any time
                  before the Closing Date, or in the circumstances envisaged in
                  CLAUSE 16.1.6, any time before the extended date as defined in
                  CLAUSE 16.1.6, and

<PAGE>

                                                                         Page 25

                  notwithstanding the rules of the Share Option Scheme or any
                  directive of the Board exercise all of the share options
                  granted to him in terms of the rules of the Share Option
                  Scheme, read with CLAUSE 19.2;

16.1.3            if the Executive gives written notice of termination in terms
                  of CLAUSE 16.1.1 he shall become entitled to, and shall be
                  issued, all the shares referred to in CLAUSE 7.3 which have
                  not yet been issued to the Executive in terms of that clause
                  notwithstanding that the dates referred to in CLAUSES 7.3.1,
                  7.3.2, 7.3.3 and 7.3.4 have not yet arrived;

16.1.4            any notice of termination given by the Executive in terms of
                  CLAUSE 16.1.1, any exercise of his rights under the Share
                  Option Scheme in terms of CLAUSE 16.1.2, and any right to be
                  issued with shares in terms of CLAUSE 16.1.3, shall be
                  conditional upon, and shall therefore take effect only if, the
                  Eligible Transaction itself becomes wholly unconditional and
                  is actually carried into effect and implemented in accordance
                  with its terms and accordingly ceases to be executory;

16.1.5            any notice of termination given in terms of CLAUSE 16.1.1, any
                  rights exercised in terms of CLAUSE 16.1.2, and any
                  entitlement to shares in terms of CLAUSE 16.1.3 may not be
                  withdrawn or revoked by the Executive, without the written
                  consent of the Company; and

<PAGE>

                                                                         Page 26

16.1.6            if any notice of termination given by the Executive in terms
                  of CLAUSE 16.1.1 takes effect in terms of CLAUSE 16.1.4, this
                  Agreement shall terminate on the Closing Date of the Eligible
                  Transaction; provided that if the Executive is prohibited, in
                  terms any legal provision, and/or any rule or directive of any
                  applicable Stock Exchange or Security Regulation Authority,
                  from exercising any right under the Share Option Scheme or
                  from being issued with shares in terms of CLAUSE 16.1.3, for
                  any period of time during the period between Announcement Date
                  and the Closing Date, this Agreement will not terminate on the
                  Closing Date but will continue in existence until a period of
                  30 days has elapsed, calculated from the date on which the
                  prohibition ceased to be of effect (the "extended date"),
                  provided further that if the Closing Date is a date later than
                  the Extended Date this Agreement shall terminate on the
                  Closing Date.

17    ELIGIBLE TERMINATION

      This Agreement shall be regarded as having been terminated pursuant to an
      Eligible Termination if the Executive exercises his right in terms of
      CLAUSE 16 to terminate this Agreement as an employee of the Company, as a
      result of the occurrence of an Eligible Transaction, and the termination
      duly takes effect as contemplated in CLAUSE 16.1.4. start here

<PAGE>

                                                                         Page 27

18    BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION

18.1       If this Agreement is terminated pursuant to an Eligible Termination,
           the Executive shall, subject to compliance with the relevant company
           laws, be entitled to receive payment from the Company as a
           termination of employment benefit an amount equal to:

           TS x TE
           -------
             12

           Where:

           TS     =      means the period (in completed calendar months)
                         from the Commencement Date to the date of
                         termination of this Agreement as envisaged in
                         CLAUSE 17 provided that such period shall not be
                         less than 12 (twelve) calendar months nor more
                         than 48 (forty-eight) calendar months; and

           TE     =      means the Remuneration Package as set out in
                         CLAUSE 5.

18.2       The total amount which becomes payable to the Executive in terms of
           CLAUSE 18.1 shall accrue to him on the date that employment
           terminates, and shall be payable to him within thirty days after the
           amount has been determined by the Auditors in accordance with CLAUSE
           18.3.

18.3       The total amount, and all the separate amounts making up the total
           amount payable to the Executive in terms of CLAUSE 18.1 including any
           pro rata adjustments made, shall be determined by the Auditors as
           soon as possible after the date of termination, and their certificate
           as to each of those amounts shall, in the absence of manifest or
           clerical error, be final and binding on all the Parties.

<PAGE>

                                                                         Page 28

19    SHARE OPTION SCHEME PROVISIONS

19.1       All existing share options issued to the Executive since the
           Commencement Date in terms of the rules of the Share Option Scheme
           will be honored.

19.2       If notice of termination of this Agreement is given pursuant to an
           Eligible Termination then, notwithstanding anything to the contrary
           under this Agreement the following provisions shall apply:

19.2.1            all Share Options granted to the Executive in terms of the
                  Share Option Scheme will not lapse but will vest in the
                  Executive with immediate effect and the Board will pass a
                  resolution to this effect simultaneously with or soon after
                  the signature of this Agreement;

19.2.2            the Company shall in any event procure, notwithstanding
                  anything to the contrary in the Share Option Scheme, that any
                  options granted by the Executive to acquire shares under the
                  Share Option Scheme shall become exercisable by him;

19.2.3            the Executive shall be entitled to exercise these options
                  during the period referred to in CLAUSE 16.1.1 or 16.1.6,
                  whichever is applicable, and;

19.2.4            notwithstanding anything to the contrary in this Agreement,
                  the Company shall be entitled to suspend the Executive during
                  the periods referred to in CLAUSE 19.2.3; provided that all
                  amounts and

<PAGE>

                                                                         Page 29

                  benefits which otherwise accrue to the Executive during those
                  periods shall continue to accrue as if he were not suspended.


20    THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT

20.1       The Company shall be entitled, without the consent of the Executive,
           to assign all its rights and all its obligations under this Agreement
           to any company, which, at the time of the assignment, is a member of
           the Group.

20.2       For the avoidance of any doubt it is expressly recorded that the
           provisions of CLAUSE 20.1 shall apply mutatis mutandis to any
           succeeding assignee of this Agreement.

21    DIRECTORSHIPS

21.1       Should this Agreement terminate in terms of any of the provisions
           thereof, the Executive shall resign his directorship within 2 days of
           the termination of this Agreement unless the Board agrees in writing
           to the Executive continuing to act as a director.

21.2       Nothing contained in this Agreement shall be construed as according
           the Executive any entitlement to compensation for loss of office as a
           director of the Company or any company within the Group.

22         GENERAL

22.1       This document contains the entire agreement between the Parties in
           regard to its subject matter.

<PAGE>

                                                                         Page 30

22.2       No Party shall have any claim or right of action arising from any
           undertaking, representation or warranty not included in this
           Agreement.

22.3       No failure by either Party to enforce any provision of this Agreement
           shall constitute a waiver of such provision or affect in any way that
           Party's right to require performance of any such provision at any
           time in the future, nor shall the waiver of any subsequent breach
           nullify the effectiveness of the provision itself.

22.4       No agreement to vary, add to or cancel this Agreement shall be of any
           force or effect unless reduced to writing and signed on behalf of all
           the Parties to this Agreement.

22.5       Save as permitted in terms of CLAUSE 20, no party may cede any of its
           rights or delegate any of its obligations under this Agreement.

<PAGE>

                                                                         Page 31

23    STATUS OF THIS AGREEMENT

      If there is any conflict between the provisions of this Agreement and
      those of the Restraint Agreement then the provisions of this Agreement
      shall prevail.

SIGNED at                       on                                        2004

                           For:  DURBAN ROODEPOORT
                                 DEEP LIMITED


                           /s/ G. Campbell
                           ----------------------------------------
                           Signatory:  Geoffrey Campbell
                           Capacity:    Chairman of REMCO/Director
                           Authority:   Chairman of REMCO

SIGNED at                       on                                        2004

                           /s/ M.M. Wellesley-Wood
                           ----------------------------------------
                           MARK MICHAEL WELLESLEY-WOOD

<PAGE>

                         DURBAN ROODEPOORT DEEP, LIMITED

                             (Reg No 1895/000926/06)

                               INSERT GRAPHIC HERE



ROLE AND FUNCTION OF THE CHAIRPERSON (EXECUTIVE CHAIRMAN)

In accordance with King II, the Chairperson's primary function is to preside
over meetings of the directors and to ensure the smooth functioning of the Board
in the interest of good corporate governance.

The role of the Chairperson is influenced by such matters as the size of the
company, the complexity of its operations, the qualities of the Chief Executive
Officer, the management team and the skills and experience of each board member.

The core functions performed by the Chairman include:-

- -     Providing overall leadership to the board without limiting the principles
      of collective responsibility for board decisions;

- -     Actively participating in the selection of board members as well as
      overseeing a formal succession plan for the board, Chief Executive Officer
      and senior management;

- -     Arranging for new directors to the board to be properly inducted and
      oriented;

- -     Addressing the development needs of the board as a whole and individual
      directors;

- -     Monitoring and evaluating board and director performance appraisals;

- -     Determining the formulation of an annual work plan for the board against
      agreed objectives and goals, as well as playing an active part in setting
      the agenda for board meetings;

- -     Acting as the main information link between the board and management, and
      particularly between the board and the Chief Executive Officer;

<PAGE>

- -     Assist in maintaining relations with the company's shareowners and more
      important stakeholders;

- -     Ensuring that all directors play a full and constructive role in the
      affairs of the company and taking a leading role in removing
      non-performing or unsuitable directors from the board;

- -     Ensuring that all relevant information and facts, objectively speaking,
      are placed before the board to enable directors to reach informed
      decisions;

- -     Upholds the highest standards of integrity and probity;

- -     Sets the agenda style and tone of board discussions to promote effective
      decision-making and constructive debate;

- -     Ensuring that the board has sufficient time to discuss issues;

- -     Promotes effective relationships and open communication, both inside and
      outside the boardroom, between non-executive directors and the executive
      team;

- -     Promotes the highest standards of corporate governance and seeks
      compliance with the provisions of the Code wherever possible;

- -     Ensures a clear structure for and the effective running of board
      committees;

- -     Ensures effective implementation of board decisions;

- -     Establishes a close relationship of trust with the chief executive,
      providing support and advice while respecting executive responsibility;
      and

- -     Provides coherent leadership of the company, including representing the
      company and understanding the view of the shareholders.

                ROLE AND FUNCTION OF THE CHIEF EXECUTIVE OFFICER

In accordance with King II, the Chief Executive Officer's primary function is to
run the business and to implement the policies and strategies adopted by the
board. The Chief Executive Officer also provides leadership, strategic
provision, high-level business judgment and wisdom, and the ability to meet
immediate performance targets without neglecting longer-term growth
opportunities. The Chief Executive Officer therefore plays a critical and
strategic role in the operational success of the company's business.

<PAGE>

The core functions performed by the Chief Executive Officer:-

- -     Develop and recommend to the board the long-term strategy and vision for
      the company that will generate satisfactory levels of shareowner value and
      positive, reciprocal relations with relevant stakeholders;

- -     Develop and recommend to the board annual business plans and budgets that
      support the company's long-term strategy;

- -     Strive consistently to achieve the company's financial and operating goals
      and objectives, and ensure that the day-to-day business affairs of the
      company are appropriately monitored and managed;

- -     Ensure continuous improvement in the quality and value of the products and
      services provided by the company, and that the company achieves and
      maintains a satisfactory competitive position within its industry;

- -     Ensure that the company has an effective management team that actively
      participate in the development of management and succession planning;

- -     Formulate and oversee the implementation of major corporate policies;

- -     Serve as the chief spokesperson for the company;

- -     Maintain a positive and ethical work climate that is conducive to
      attracting, retaining and motivating a diverse group of employees at all
      levels of the company; and

- -     Foster a corporate culture that promotes ethical practices, encourages
      individual integrity and fulfils social responsibility objectives and
      imperatives.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.67
<SEQUENCE>6
<FILENAME>u07700exv4w67.txt
<DESCRIPTION>SERVICE AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.67

                              STRICTLY CONFIDENTIAL

                                SERVICE AGREEMENT

                                     between

                           DRD (ISLE OF MAN), LIMITED

                                       and

                               MARK WELLESLEY-WOOD

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
NO                                        CLAUSE                                     PAGE NO
- --     -------------------------------------------------------------------------     -------
<S>    <C>                                                                           <C>
1      RECORDAL.................................................................        1
2      DEFINITIONS..............................................................        1
3      TERM OF EMPLOYMENT.......................................................        3
4      DUTIES...................................................................        3
5      REMUNERATION PACKAGE.....................................................        5
6      EXPENSES AND REIMBURSEMENTS..............................................        5
7      BONUS AND INCENTIVES.....................................................        6
8      INSURANCE COVER..........................................................       10
9      LEAVE....................................................................       11
10     TERMINATION..............................................................       11
11     ELIGIBLE TRANSACTIONS....................................................       13
12     SHARE OPTIONS............................................................       15
13     BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION.............................       16
14     NOTICES..................................................................       17
15     THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT........................       17
16     DISCIPLINARY RULES AND GRIEVANCE PROCEDURE...............................       18
17     DISPUTES.................................................................       18
18     GENERAL..................................................................       18
</TABLE>

ANNEXURES :

ANNEXURE A: EXECUTIVE'S DUTIES AND RESPONSIBILITIES

ANNEXURE B: EXECUTIVE'S ACCOUNT PARTICULARS

ANNEXURE C: DISCIPLINARY RULES

ANNEXURE D: GRIEVANCE PROCEDURE

                                        i
<PAGE>

SERVICE AGREEMENT

between

DRD (ISLE OF MAN) LIMITED
(a company duly incorporated under the company laws of the Isle of Man under
Registration Number 94445C)

("the Company")

and

MARK WELLESLEY-WOOD
(Passport Number 025253496)
("the Executive")

1     RECORDAL

1.1         The parties record that:

1.1.1       the Company wishes to engage the services of the Executive and
            the Executive wishes to render such services to the Company;
            and

1.1.2       the terms on which this engagement takes place are set out in
            this Agreement.

1.2         The parties further record that the Executive has been
            appointed as a Director of the Company, which appointment
            shall continue in effect.

2     DEFINITIONS

      For the purposes of this Agreement unless the context indicates otherwise,
      the Parties defined in the heading of this Agreement shall retain such
      definitions and the words and expressions set out below shall have the
      meanings assigned to them and cognate expressions shall have a
      corresponding meaning, namely :

<PAGE>

2.1         "this Agreement"         means this agreement and all its Annexures;

2.2         "Auditors"               means the auditors of the Company for the
                                     time being;

2.3         "Board"                  means the board of directors of the Company
                                     for the time being;

2.4         "Code"                   means the Securities Regulation Code
                                     promulgated in terms of section 440(C)(5)
                                     of the South African Companies Act, 1973,
                                     as amended from time to time;

2.5         "Commencement Date"      means 1 December 2003;

2.6         "Documents"              means documents of any nature, disks,
                                     notebooks, tapes or any medium whether or
                                     not eye-readable on which information may
                                     be recorded from time to time;

2.7         "Engagement Date"        means the date on which the Executive
                                     commenced his employment with the Group,
                                     namely 1 July 2000. Employment from the
                                     Engagement Date does not count as
                                     continuous employment for the purposes of
                                     Section 1 of the Employment Act
                                     1991.xxContinuous employment runs from the
                                     Commencement Date;

2.8         "Group"                  means Durban Roodepoort Deep, Limited, a
                                     company incorporated in the Republic of
                                     South Africa and all its subsidiaries and
                                     affiliated companies;

2.9         "Group Remuneration
            Committee"               means the committee of directors of the
                                     Company or of Companies within the Group
                                     which considers and determines the
                                     remuneration payable to executives employed
                                     by companies within the group;

2.10        "Parties"                means the Parties to this Agreement;

2.11        "Remuneration Package"   means the remuneration package as set out
                                     in CLAUSE 5.1; and

                                        2
<PAGE>

2.12        "Share Option Scheme"    means the Durban Roodepoort Deep (1996)
                                     Share Option Scheme or any other scheme of
                                     the same or similar kind in which the
                                     Executive is an eligible participant.

3     TERM OF EMPLOYMENT

3.1         This Agreement shall be deemed to have commenced on 1 December 2003
            and, subject to CLAUSE 10, shall continue in force for a period of
            two years until 30 November 2005.

3.2         On the expiry of this Agreement on 30 November 2005 the Executive
            shall be paid an amount equal to half his Remuneration Package
            calculated on the basis of the Remuneration Package payable to the
            Executive on the date of termination of employment.

3.3         The parties envisage the possibility that this Agreement may be
            extended for a further period of time, or that a new agreement may
            be entered into between them in terms of which the Executive
            continues to be employed by the Company. Should this Agreement be
            extended or should a new agreement be entered into, the payment
            referred to in CLAUSE 3.2 shall not be made but shall be made on the
            termination of the new agreement or on the termination of the
            extended period.

4     DUTIES

4.1

            The Executive shall:

4.1.1             perform such duties and exercise such responsibilities as set
                  out in Annexure A hereto as amended from time to time, and
                  such other duties as are determined from time to time by the
                  Board;

4.1.2             comply with all reasonable instructions given to him from time
                  to time by the Board;

                                        3
<PAGE>

4.1.3             carry out his duties in a proper, loyal and efficient manner
                  and use his best endeavours to properly conduct, improve,
                  extend, develop, promote, protect and preserve the business
                  interests, reputation and goodwill of the Company and the
                  Group;

4.1.4             comply with all the Company's reasonable rules, regulations,
                  policies, practices and procedures laid down and amended from
                  time to time for the efficient and harmonious operation of the
                  Company's business; and

4.1.5             not be in the employment of any other employer other than
                  within the Group, throughout the duration of this Agreement.

4.2         Unless otherwise agreed, the Executive's normal hours of work will
            be from 09h00 until 17h00, Mondays to Fridays. However, as senior
            member of management the Executive shall be required to work such
            additional hours as are necessary to perform his duties effectively.

4.3         The Executive shall not, either during his employment by the Company
            or thereafter, use or disclose to any third parties, or attempt to
            use or disclose to any third parties, any Confidential Information.
            For the purposes of this Agreement confidential information includes
            information which is of a confidential nature relating to the
            Company and the Group, including without being limited to, business
            plans, trade secrets, financial information, technical information
            and/or commercial information.

4.4         Upon the termination of his employment with the Company, and if so
            requested by the Company during employment, the Executive shall
            deliver to the Company all lists of clients or customers,
            correspondence and all other Documents, papers and records which may
            have been prepared by him or have come into his possession in the
            course of his employment

                                        4
<PAGE>

            with the Company, and the Executive shall not be entitled to retain
            any copies thereof. The Executive acknowledges that all title and
            copyright in the Confidential Information and Documents shall vest
            in the Company.

5     REMUNERATION PACKAGE

5.1         The Executive shall be paid an annual all-inclusive Remuneration
            Package amounting to US$250 000.00 (two hundred and fifty thousand
            United States dollars) paid in 12 equal amounts.

5.2         Payment shall be made monthly in arrears by bank credit transfer
            into the Executive's Account, which Account Particulars are more
            fully set out in Annexure B hereto, on or about the 24th day of each
            month.

5.3         The Executive has elected, and the Company has agreed that, this
            amount be paid in Great British Pounds (pounds sterling), in
            accordance with the exchange rate in effect on 1 December 2003.
            Accordingly, the Executive shall receive an amount of 145,000 (One
            Hundred and Forty Five Thousand) Great British Pounds (pounds
            sterling).

5.4         The Executive will be responsible for all personal tax obligations.

5.5         The Remuneration Package referred to in clause 5.1 above shall
            include contributions made to a retirement fund of the Executive's
            choice,

6     EXPENSES AND REIMBURSEMENTS

            The Company will refund, or will procure the refunding, to the
            Executive of all reasonable expenses properly incurred by him in
            performing his duties under this Agreement in accordance with
            Company policy. This will include expenses relating to entertainment
            and traveling. The Company requires the Executive to submit official
            receipts or other documents as proof that he has incurred any
            expenses he claims.

                                        5
<PAGE>

7     BONUS AND INCENTIVES

7.1         In addition to the Executive's Remuneration Package and other
            benefits stipulated in this Agreement, the Executive shall be
            entitled to the bonuses and incentives set out in this clause,
            subject to the conditions set out herein.

7.2         The Executive shall be entitled to bonuses to be determined with
            reference to targets set in terms of key performance indicators as
            agreed between the Executive and the Group Remuneration Committee.

7.2.1             Bonuses shall be calculated and be payable in respect of 4
                  (four) bonus cycles. The first cycle shall be deemed to have
                  commenced on 1 January 2004 and shall terminate on 30 June
                  2004. The second bonus cycle shall commence on 1 July 2004 and
                  shall terminate on 31 December 2004.xxThe third bonus cycle
                  shall commence on 1 January 2005 and terminate on 30 June
                  2005.xxThe fourth bonus cycle shall commence on 1 July 2005
                  and terminate on 30 November 2005. Should the Executive meet
                  all the targets set in terms of the key performance indicators
                  agreed to in respect of a specific bonus cycle he shall be
                  entitled to a bonus of 40 (forty) per cent of his Remuneration
                  Package. Should the Executive not fully meet all the targets
                  set in terms of the key performance indicators as agreed, he
                  shall be entitled to such lesser bonus as determined by the
                  Group Remuneration Committee. This bonus will be determined
                  with reference to the extent that the targets have been met.

7.2.2             The bonuses referred in CLAUSE 7.2.1 will be paid to the
                  Executive by the Company within 30 (thirty) business days of
                  the end of each bonus cycle.

                                        6
<PAGE>

7.2.3             The bonuses referred to in CLAUSE 7.2.1 will be paid in the
                  following manner:

7.2.3.1                 the Company shall pay to the Executive the amount due to
                        the Executive in terms of CLAUSE 7.2.1 less 25% (twenty
                        five per cent) of that amount;

7.2.3.2                 an amount equivalent to the amount deducted in terms of
                        CLAUSE 7.2.3.1 shall be retained by the Company for the
                        benefit of the Executive (excluding interest);

7.2.3.3                 the Executive shall, provided that the Executive meets
                        the performance criteria determined by the Group
                        Remuneration Committee and accordingly qualifies for a
                        bonus during the next bonus cycle, be entitled to
                        receive payment of the amount retained by the Company
                        during the previous bonus cycle.

7.2.4             Notwithstanding the above, if this Agreement is not extended
                  or a further agreement is not entered into as envisaged in
                  CLAUSE 3.3, any bonus payable in respect of the final bonus
                  cycle shall be payable in full within 30 (thirty) business
                  days of the end of the final bonus cycle.

7.2.5             The provisions of this CLAUSE 7.2 shall be applicable to each
                  bonus cycle.

7.3         Subject to the provisions set out below, and as consideration for
            agreeing to remain in the employment of the Company for the periods
            set out below, the Executive shall be issued or provided with up to
            210,000 (two hundred and ten thousand) ordinary shares in Durban
            Roodepoort Deep, Limited in the tranches set out below. The 210,000
            (two hundred and ten thousand)

                                        7
<PAGE>

            shares represent an amount equal to 240 (two hundred and forty) per
            cent of the Executive's Remuneration Package based on the closing
            price of the Company's shares as quoted on NASDAQ on 1 December
            2003. If the Executive becomes entitled to shares in terms of this
            clause 7.3, the Company shall procure that these shares are issued
            to the Executive by Durban Roodepoort Deep, Limited or shall take
            all such other steps at its own cost as are necessary to provide the
            Executive with these shares. If these shares are not issued or
            provided the Company shall pay the Executive the monetary value
            thereof.

7.3.1             The shares shall be issued or provided to the Executive in
                  four equal tranches. The Executive shall become entitled to,
                  and shall be issued or provided with, the first tranche on 30
                  November 2004, provided that he is still in the employment of
                  the Company on this date.

7.3.2             The Executive shall become entitled to, and shall be issued or
                  provided with, the second tranche on 30 November 2005,
                  provided that he is still in the employment of the Company on
                  this date.

7.3.3             The Executive shall become entitled to, and shall be issued or
                  provided with, the third tranche on 30 November 2006, provided
                  that he is still in the employment of the Company on this
                  date.

7.3.4             The Executive shall become entitled to, and shall be issued or
                  provided with, the final tranche on 30 November 2007, provided
                  that he is still in the employment of the Company on this
                  date.

7.3.5             Should this agreement automatically terminate in accordance
                  with the provisions of CLAUSE 3.1 read with CLAUSE 10.1.1, and
                  should there be no extension of this Agreement or the
                  conclusion of

                                        8
<PAGE>

                  an other agreement as envisaged in CLAUSE 3.3, the Board may,
                  at its discretion, award the Executive all or some of the
                  shares to which the Executive would have become entitled in
                  terms of CLAUSE 7.3.3 and CLAUSE 7.3.4 if he had remained in
                  the employment of the Company. In this event the Company shall
                  procure that these shares are issued to the Executive by
                  Durban Roodepoort Deep, Limited or shall take all such other
                  steps as are necessary to provide the Executive with these
                  shares.

7.3.6             The Executive shall be entitled to elect not to be issued a
                  portion of any of the shares to which he becomes entitled in
                  terms of CLAUSES, 7.3.1, 7.3.2, 7,3.3, 7.3.4 OR 7.3.5 but
                  rather to receive a monetary amount in lieu of such shares
                  from the Company, calculated at the share price as set out in
                  CLAUSE 7.3 above.

7.3.7             If, on a date that shares should be issued or provided in
                  terms of this clause, the Executive is prohibited, in terms
                  any legal provision and/or any rule or directive of any
                  applicable Stock Exchange or Securities Regulation Authority,
                  from being issued or provided with these shares, these shares
                  shall be issued or provided on the first date on which such
                  prohibition is no longer in effect.

7.3.8             The parties record that the coming into effect of CLAUSE 7.3
                  is subject to the shareholders of Durban Roodepoort Deep,
                  Limited granting the necessary approval in terms of the South
                  African Companies Act, 1973 (if applicable) and the Isle of
                  Man Companies Legislation (if applicable). The parties further
                  record that if such approval is not granted, the Executive
                  shall be eligible for shares in terms of the rules of the
                  Share Option Scheme.

                                        9
<PAGE>

8     INSURANCE COVER

8.1         The Company shall apply for and maintain a reasonable level of
            Directors' and Officers' Liability Insurance, with the Executive
            covered as an insured and the Company will maintain at its expense
            the same cover for the Executive for a period of 7 (seven) years
            after termination of this Agreement by either party for any reason
            whatsoever.

8.2         The Company undertakes to pay on the behalf of the Executive the
            premiums payable by the Executive under the Group Life Scheme of the
            Company. The cover under the Group Life Scheme shall include
            temporary and permanent disability and trauma insurance. The life
            assurance cover for the Executive will be an amount equivalent to 4
            (four) years' of the gross annual remuneration package paid to the
            Executive calculated on the basis of the remuneration package
            payable to the Executive at the date of his death.

8.3         On termination of this Agreement by either party for any reason
            whatsoever the Executive shall, subject to the rules of the Group
            Life Scheme, be entitled to remain a member of the Group Life Scheme
            and to enjoy the same benefits and coverage as those he enjoyed
            immediately prior to the termination of employment. The benefits and
            coverage shall be based on the remuneration package the Executive
            was entitled to immediately prior to the date of termination of
            employment. The Company shall pay all premiums and contributions
            payable to maintain such membership and coverage for a period of 5
            (five) years calculated from the date of termination of employment.
            Should the Executive, as a result of the termination of his
            employment, not be entitled to retain the benefits and coverage
            contained in the Group Life Scheme, and he decides to exercise the
            right to effect whole life or endowment insurance as envisaged in
            Clause 4 of the Group Life Scheme, all premiums and contributions
            for such benefits and

                                       10
<PAGE>

                  coverage shall be borne by the Company for a period of 5
                  (five) years calculated from the date of the termination of
                  his employment. The Company shall take all such steps, and
                  provide all such assistance, as may be necessary to ensure
                  that the Executive is entitled to exercise his rights in terms
                  of this clause. For the purposes of this CLAUSE 8.3 the Group
                  Life Scheme is the Sanlam Scheme No 18740 (Policy No.
                  18681100X6) or any other similar scheme that is in effect at
                  the date of termination of employment.

9     LEAVE

9.1         The Executive shall be entitled to 30 (thirty) working days' paid
            leave in each successive period of 12 (twelve) months of work
            commencing on the Commencement Date.

9.2         The Executive shall be entitled to an additional 21 (twenty-one)
            working days' paid leave during the period of the 60 (sixty) months
            commencing on the Commencement Date and an additional 21
            (twenty-one) working days' paid leave every successive cycle of 60
            (sixty) months thereafter.

9.3         The Executive shall not be entitled to accumulate any leave set out
            in CLAUSE 9.1 which has not been taken, unless the Board has
            specifically requested the Executive in writing not to take leave in
            such year. Any leave not taken will be converted into cash annually
            on 30 November each year and be payable to the Executive.

9.4         Leave provided for in CLAUSE 9.2, which is not taken in a particular
            cycle of 60 (sixty) months will not be forfeited but must be taken
            in the next cycle of 60 (sixty) months.

10    TERMINATION

10.1        This agreement will terminate in the circumstances set out below.

                                       11
<PAGE>

10.1.1            This Agreement will terminate automatically on 30 November
                  2005 when the 2-year period referred to in CLAUSE 3.1 expires.

10.1.2            The Company may terminate this Agreement with or without
                  notice if the Executive -

10.1.2.1                commits any serious or persistent breach of any of the
                        provisions contained in this Agreement, provided that
                        the inability of the Executive to perform his duties due
                        to incapacity shall not constitute a breach of contract
                        for the purposes of this Agreement;

10.1.2.2                is found guilty of theft, fraud or any gross
                        irregularity; or

10.1.2.3                is found guilty of gross misconduct, serious
                        malperformance or willful neglect in the discharge of
                        his duties, whether in terms of this Agreement or in
                        terms of any other agreement between the Executive and a
                        member of the Group.

10.1.3            If the Executive is at any time prevented by illness, injury,
                  accident or any other circumstances beyond his control from
                  discharging his full duties under this Agreement (hereafter
                  referred to as "incapacity") for a total of 180 (one hundred
                  and eighty) or more days in any 12 (twelve) consecutive
                  calendar months' cycle commencing at the Commencement Date,
                  the Company may, by giving one month's written notice of
                  termination to the Executive, terminate this Agreement, in
                  which event he shall be paid an amount equal to half his
                  Remuneration Package calculated on the basis of the
                  Remuneration Package payable to the Executive on the date of
                  termination of employment. Notwithstanding the incapacity and

                                       12
<PAGE>

                  absence from work, the Company shall be required to pay the
                  Executive his full remuneration during any period of absence
                  from work prior to termination of employment in terms of this
                  clause.

10.1.4            The Executive may terminate this Agreement by reason of an
                  Eligible Transaction in accordance with the provisions of
                  CLAUSE 11 below.

10.2        Should this Agreement terminate in terms of any of the provisions
            thereof, the Executive shall resign his directorship within 2 days
            of the termination of this Agreement unless the Board agrees in
            writing to the Executive continuing to act as a director.

10.3        Nothing contained in this Agreement shall be construed as according
            the Executive any entitlement to compensation for loss of office as
            a director of the Company or any company within the Group.

11    ELIGIBLE TRANSACTIONS

11.1        For the purposes of this Agreement an "Eligible Transaction" means
            any agreement, including any agreement forming part of a series of
            other agreements, which either by itself or together with any of the
            other agreements, constitutes or results in a transaction involving
            a change of control of Durban Roodepoort Deep, Limited of a kind
            which falls within the ambit of clause (a) of the definition of
            "affected transaction" in Section B of the Code, read with clause 5
            of the same Section of the Code.

11.2        If an Eligible Transaction is entered into, the Executive shall be
            entitled to terminate this Agreement, subject to the following
            provisions:

11.2.1            the Executive may exercise this right of termination by giving
                  written notice to this effect to the Company at any time from
                  the date on which the announcement of a firm intention to make
                  an offer in

                                       13
<PAGE>

                  respect of the Eligible Transaction, as contemplated in Rule
                  2.3 of Section D of the Code ("the Announcement Date"), is
                  made in accordance with the requirements of the Code, until
                  the Closing Date of that Eligible Transaction;

11.2.2            if the Executive gives written notice of termination in terms
                  of CLAUSE 11.2.1 he may at the same time, or at any time
                  before the Closing Date, or in the circumstances envisaged in
                  CLAUSE 11.2.6, any time before the Extended Date as defined in
                  CLAUSE 11.2.6, and notwithstanding the rules of the Share
                  Option Scheme or any other directive of the Board, exercise
                  all options granted to him in terms of the Share Option
                  Scheme, read with CLAUSE 12.2;

11.2.3            if the Executive gives written notice of termination in terms
                  of CLAUSE 11.2.1 he shall become entitled to, and shall be
                  issued, all the shares referred to in CLAUSE 7.3 which have
                  not yet been issued to the Executive in terms of that clause
                  notwithstanding that the dates referred to in CLAUSES 7.3.1,
                  7.3.2, 7.3.3 and 7.3.4 have not yet arrived. The Company shall
                  procure that these shares are issued by Durban Roodepoort
                  Deep, Limited, or shall take all such other steps as are
                  necessary to provide the Executive with these shares. If the
                  shares are not issued or are not provided the Executive shall
                  be paid the full value of the shares by the Company;

11.2.4            any notice of termination given by the Executive in terms of
                  CLAUSE 11.2.1, any exercise of his rights under the Share
                  Option Scheme in terms of CLAUSE 11.2.2, and any right to be
                  issued shares in terms of CLAUSE 11.2.3 shall be conditional
                  upon, and shall therefore take effect only if, the Eligible
                  Transaction itself becomes wholly unconditional and is
                  actually carried into effect and implemented in accordance
                  with its terms and accordingly ceases to be executory;

                                       14
<PAGE>

11.2.5            any notice of termination given in terms of CLAUSE 11.2.1, any
                  rights exercised in terms of CLAUSE 11.2.2 and any entitlement
                  to shares in terms of CLAUSE 11.2.3 may not be withdrawn or
                  revoked by the Executive, without the written consent of the
                  Company; and

11.2.6            if any notice of termination given by the Executive in terms
                  of CLAUSE 11.2.1 takes effect in terms of CLAUSE 11.2.4, this
                  Agreement shall terminate on the Closing Date of the Eligible
                  Transaction; provided that if the Executive is prohibited, in
                  terms any legal provision, and/or rule or directive of any
                  applicable Stock Exchange or Security Regulation Authority,
                  from exercising any right under the Share Option Scheme, or
                  from being issued with shares in terms of CLAUSE 11.2.3, for
                  any period of time during the period between the Announcement
                  Date and the Closing Date, this Agreement will not terminate
                  on the Closing Date but will continue in existence until a
                  period of 30 days has elapsed, calculated from the date on
                  which the prohibition ceased to be of effect (the "extended
                  date"), provided further that if the Closing Date is a date
                  later than the Extended Date this Agreement shall terminate on
                  the Closing Date.

12    SHARE OPTIONS

12.1        All existing share options granted to the Executive in terms of the
            Share Option Scheme will be honoured and the Company shall procure,
            as far as is necessary, that they are so honoured.

12.2        In the event of the Executive giving notice of termination of
            employment in terms of CLAUSE 11.2.1 the Company shall procure that
            all shares allocated to the Executive in terms of the Share Option
            Scheme will not lapse

                                       15
<PAGE>

            but shall become exercisable by him within the time periods set out
            in CLAUSES 11.2.1 or 11.2.6 whichever is applicable.

12.3        In the event that the Company is unable to procure that the shares
            become exercisable, the Company shall indemnify the Executive for
            any losses suffered as a result thereof.

12.4        Notwithstanding anything to the contrary in this Agreement, the
            Company shall be entitled to suspend the Executive during the
            periods referred to in CLAUSES 11.2.1 or 11.2.6, provided that all
            amounts and benefits which otherwise accrue to the Executive during
            those periods shall continue to accrue as if he were not suspended.

13    BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION

13.1        In the event of the Executive giving notice of termination in terms
            of clause 11.2.1 the Executive shall, subject to compliance with the
            relevant company laws, be entitled to receive payment from the
            Company as a termination benefit an amount equal to:

                                        TS x TE
                                        --------
                                           12

            Where:

            TS     =    means the period (in completed calendar months) served
                        by the Executive as an employee of the Group from the
                        engagement date to the date of termination of this
                        Agreement, provided that such period shall not be less
                        than 12 (twelve) calendar months nor more than 48
                        (forty-eight) calendar months; and

            TE     =    means the remuneration package as set out in CLAUSE 5.1.

                                       16
<PAGE>

13.2        The total amount which becomes payable to the Executive in terms of
            this clause shall accrue to him on the date on which the termination
            takes effect, and be payable to him within 30 (thirty) days after
            the amount has been determined by the Auditors in accordance with
            CLAUSE 13.3.

13.3        The total amount, and all the separate amounts making up the total
            amount payable to the Executive in terms of CLAUSE 13.1 including
            any pro-rata adjustments made, shall be determined by the Auditors
            as soon as possible after the date of termination, and their
            certificate as to each of those amounts shall, in the absence of
            manifest or clerical error, be final and binding on all the Parties.

14    NOTICES

14.1        Any notices given under this Agreement must be given by letter or
            fax. Notices to the Company must be addressed to its registered
            office at the time the notice is given. Notices to the Executive
            must be given to him personally or sent to his last known address.

14.2        Except for notices given by hand, notices will be deemed to have
            been given at the time at which the letter or fax would be delivered
            in the ordinary course of post or transmission.

15    THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT

15.1        The Company shall be entitled, without the consent of the Executive,
            to assign all its rights and all its obligations under this
            Agreement to any company, which, at the time of the assignment, is a
            member of the Group.

15.2  For the avoidance of any doubt it is expressly recorded that the
      provisions of CLAUSE 15.1 shall apply mutatis mutandis to any succeeding
      assignee of this Agreement.

                                       17
<PAGE>

16    DISCIPLINARY RULES AND GRIEVANCE PROCEDURE

16.1        The Disciplinary Rules attached hereto as Annexure C shall apply to
            the Executive's Employment. These rules constitute guidelines as to
            the Executive's Conduct rather than binding contractual obligations.
            In the event of disciplinary action being taken against the
            Executive he shall be entitled to take the matter up with Geoffrey
            Campbell ("the Senior Independent Non Executive Director").

16.2        The Grievance Procedure attached hereto as Annexure D shall apply to
            the Executive. This procedure sets out guidelines rather than
            binding contractual obligations. In the event of a grievance
            arising, the Executive shall be entitled to approach the Senior
            Independent Non Executive Director to deal with the issue.

16.3        In the event of a conflict between the provisions of this Agreement
            on the one hand and the disciplinary rules and grievance procedure
            on the other, this agreement shall take precedence.

17    DISPUTES

17.1        In the event of any dispute arising out of this Agreement the matter
            shall be referred to a single arbitrator agreed by the parties and
            in the absence of any such agreement such arbitrator shall be
            appointed by the President for the time being, or in his absence the
            Vice President for the time being, of the Isle of Man Law Society.

17.2        This Agreement shall be governed by and construed in accordance with
            the law of the isle of Man.

18    GENERAL

18.1        This document contains the entire agreement between the Parties in
            regard to its subject matter.

                                       18
<PAGE>

18.2        No Party shall have any claim or right of action arising from any
            undertaking, representation or warranty not included in this
            Agreement.

18.3        No failure by a Party to enforce any provision of this Agreement
            shall constitute a waiver of such provision or affect in any way a
            Party's right to require performance of any such provision at any
            time in the future, nor shall the waiver of any subsequent breach
            nullify the effectiveness of the provision itself.

18.4        No agreement to vary, add to or cancel this Agreement shall be of
            any force or effect unless reduced to writing and signed by or on
            behalf of the Parties to this Agreement.

18.5        This Agreement is governed by, and will be interpreted in accordance
            with, the laws of the Isle of Man.

SIGNED at               on                                             2004

                                  For:  DRD (ISLE OF MAN) LIMITED

                                  /s/ P.F. Matthews
                                  -----------------------------------------
                                  Signatory:
                                  Capacity:
                                  Authority:

SIGNED at               on                                             2004

                                  /s/ M.M. Wellesley-Wood
                                  -----------------------------------------
                                  MARK MICHAEL WELLESLEY-WOOD

                                       19
<PAGE>

                                   ANNEXURE A

                         DURBAN ROODEPOORT DEEP, LIMITED

                             (REG NO 1895/000926/06)

            ROLE AND FUNCTION OF THE CHAIRPERSON (EXECUTIVE CHAIRMAN)

In accordance with King II, the Chairperson's primary function is to preside
over meetings of the directors and to ensure the smooth functioning of the Board
in the interest of good corporate governance.

The role of the Chairperson is influenced by such matters as the size of the
company, the complexity of its operations, the qualities of the Chief Executive
Officer, the management team and the skills and experience of each board member.

The core functions performed by the Chairman include:

- -     Providing overall leadership to the board without limiting the principles
      of collective responsibility for board decisions;

- -     Actively participating in the selection of board members as well as
      overseeing a formal succession plan for the board, Chief Executive Officer
      and senior management;

- -     Arranging for new directors to the board to be properly inducted and
      oriented;

- -     Addressing the development needs of the board as a whole and individual
      directors;

- -     Monitoring and evaluating board and director performance appraisals;

- -     Determining the formulation of an annual work plan for the board against
      agreed objectives and goals, as well as playing an active part in setting
      the agenda for board meetings;

- -     Acting as the main information link between the board and management, and
      particularly between the board and the Chief Executive Officer;

                                       A-1
<PAGE>

- -     Assist In maintaining relations with the company's shareowners and more
      important stakeholders;

- -     Ensuring that all directors play a full and constructive role in the
      affairs of the company and taking a leading role in removing
      non-performing or unsuitable directors from the board;

- -     Ensuring that all relevant information and facts, objectively speaking,
      are placed before the board to enable directors to reach informed
      decisions;

- -     Upholds the highest standards of integrity and probity;

- -     Sets the agenda style and tone of board discussions to promote effective
      decision-making and constructive debate;

- -     Ensuring that the board has sufficient time to discuss issues;

- -     Promotes effective relationships and open communication, both inside and
      outside the boardroom, between non-executive directors and the executive
      team;

- -     Promotes the highest standards of corporate governance and seeks
      compliance with the provisions of the Code wherever possible;

- -     Ensures a clear structure for and the effective running of board
      committees;

- -     Ensures effective implementation of board decisions;

- -     Establishes a close relationship of trust with the chief executive,
      providing support and advice while respecting executive responsibility;
      and

- -     Provides coherent leadership of the company, including representing the
      company and understanding the view of the shareholders.

                                       A-2
<PAGE>

                ROLE AND FUNCTION OF THE CHIEF EXECUTIVE OFFICER

In accordance with King II, the Chief Executive Officer's primary function is to
run the business and to implement the policies and strategies adopted by the
board. The Chief Executive Officer also provides leadership, strategic
provision, high-level business judgement and wisdom, and the ability to meet
immediate performance targets without neglecting longer-term growth
opportunities. The Chief Executive Officer therefore plays a critical and
strategic role In the operational success of the company's business.

The core functions performed by the Chief Executive Officer:

- -     Develop and recommend to the board the long-term strategy and vision for
      the company that will generate satisfactory levels of shareowner value and
      positive, reciprocal relations with relevant stakeholders;

- -     Develop and recommend to the board annual business plans and budgets that
      support the company's long-term strategy;

- -     Strive consistently to achieve the company's financial and operating goals
      and objectives, and ensure that the day-to-day business affairs of the
      company are appropriately monitored and managed;

- -     Ensure continuous improvement in the quality and value of the products and
      services provided by the company, and that the company achieves and
      maintains a satisfactory competitive position within its industry;

- -     Ensure that the company has an effective management team that actively
      participate in the development of management and succession planning;

- -     Formulate and oversee the implementation of major corporate policies;

- -     Serve as the chief spokesperson for the company;

- -     Maintain a positive and ethical work climate that is conducive to
      attracting, retaining and motivating a diverse group of employees at all
      levels of the company; and

                                       A-3
<PAGE>

- -     Foster a corporate culture that promotes ethical practices, encourages
      individual integrity and fulfils social responsibility objectives and
      imperatives.

                                       A-4
<PAGE>

                                                                      ANNEXURE B

BANKING DETAILS - M M WELLESLEY-WOOD



                                       B-1
<PAGE>

                                                                      ANNEXURE B

EXECUTIVE'S ACCOUNT PARTICULARS

BANK: DUNCAN LAWRIE (ISLE OF MAN) LTD

ADDRESS:   14/15 MOUNT HAVELOCK

           DOUGLAS

           ISLE OF MAN

           1M1 2QG

FOR THE ATTENTION OF KAREN KARRAN

                                       B-2
<PAGE>

                                   ANNEXURE C
                             DISCIPLINARY PROCEDURE

      This disciplinary procedure provides for warnings to be given for failure
to meet the Company's standards of job performance, conduct (whether during
working hours or not) and attendance, or for breach of any of the terms and
conditions of employment. The procedure is not contractual but applies to the
Executive as an employee of the Company and the Executive should familiarise
himself with its provisions.

      1. In the first instance the Senior Independent Non Executive Director
(Geoffrey Campbell) ("Senior independent Non Executive Director") will establish
the facts surrounding the complaint if necessary taking into account the
statements of any available witnesses.

      2. If the Senior Independent Non Executive Director considers that it is
not necessary to resort to the formal warning procedure, he will discuss the
matter with the Executive suggesting areas for improvement. The discussion will,
insofar as is possible, be in private and the Executive will be informed that no
formal disciplinary action is being taken.

      3. If the Senior Independent Non Executive Director considers that it is
necessary to invoke the formal warning procedure they will inform the Executive.
The following procedure will then apply, but, depending upon the seriousness of
the offence, may be invoked at any level including summary dismissal.

            3.1   IN THE CASE OF MINOR OFFENCES THE EXECUTIVE WILL BE GIVEN A
                  FORMAL ORAL WARNING. THE EXECUTIVE WILL BE ADVISED THAT THE
                  WARNING CONSTITUTES THE FIRST FORMAL STAGE OF THE DISCIPLINARY
                  PROCEDURE AND THAT A NOTE WILL BE PLACED ON HIS PERSONAL FIFE.
                  THE NATURE OF THE OFFENCE AND THE LIKELY CONSEQUENCES OF
                  FURTHER OFFENCES OR A FAILURE TO IMPROVE WILL BE EXPLAINED TO
                  THE EXECUTIVE.

            3.2   IN THE CASE OF SERIOUS OFFENCES OR A REPETITION OF EARLIER
                  MINOR OFFENCES THE EXECUTIVE WILL BE GIVEN A WRITTEN WARNING,
                  SETTING OUT THE PRECISE NATURE OF THE OFFENCE, THE LIKELY
                  CONSEQUENCES OF FURTHER OFFENCES AND SPECIFY ING, IF
                  APPROPRIATE, THE IMPROVEMENT REQUIRED AND OVER WHAT PERIOD.

            3.3   IN THE CASE OF A FURTHER REPETITION OF EARLIER OFFENCES, IF
                  THE EXECUTIVE STILL FALLS TO IMPROVE OR IF THE OFFENCE, WHILST
                  FALLING SHORT OF GROSS MISCONDUCT, IS SERIOUS ENOUGH TO
                  WARRANT ONLY ONE WRITTEN WARNING, THE EXECUTIVE WILL BE GIVEN
                  A FINAL WRITTEN WARNING SETTING OUT THE PRECISE NATURE OF THE
                  OFFENCE, CONTAINING A STATEMENT THAT ANY RECURRENCE WILL LEAD
                  TO DISMISSAL OR WHATEVER OTHER PENALTY IS CONSIDERED
                  APPROPRIATE AND SPECIFYING,

                                       C-1
<PAGE>

                  IF APPROPRIATE, THE IMPROVEMENT REQUIRED AND OVER WHAT PERIOD.

            3.4   DEPENDING UPON THE SERIOUSNESS OF THE MATTER AND ALL THE
                  CIRCUMSTANCES, ANY OF THE ABOVE STAGES MAY BE OMITTED.

            3.5   IN THE CASE OF GROSS MISCONDUCT OR IF ALL OR THE APPROPRIATE
                  STAGES OF THE WARNING PROCEDURE HAVE BEEN EXHAUSTED THE
                  EXECUTIVE WILL NORMALLY BE DISMISSED, BUT ONLY AFTER
                  CONSIDERATION OF OTHER POSSIBLE DISCIPLINARY ACTION INCLUDING
                  (BUT WITHOUT LIMITATION): DEMOTION OR TRANSFER; LOSS OF
                  SENIORITY OR SALARY INCREMENT; SUSPENSION WITH OR WITHOUT PAY.

      4. Where the Executive is accused of an act of gross misconduct he may be
suspended from work for on full pay pending the outcome of investigation into
the alleged offence.

      5. In all cases before any disciplinary action (including warnings) is
taken the Executive will be interviewed by the Senior Independent Non Executive
Director and will be informed of the allegations made against him. The Executive
will be given the opportunity to state his case and at the interview may be
accompanied by a colleague of his choice. If the complaint is upheld he will be
informed of the disciplinary action to be taken; the stage in the disciplinary
procedure to be adopted depending upon the seriousness of the offence, and of
the right to appeal.

      6. If the Executive is dissatisfied with the outcome of any stage of the
above procedure he may appeal either orally or in writing within 7 days to any
other independent Non Executive Director as agreed by the Board from time to
time.

      7. The following are non-exhaustive examples of the sort of offences
which, if committed, will normally lead to formal disciplinary action being
taken:

            7.1   MINOR OFFENCES (ORAL WARNING): POOR JOB PERFORMANCE INVOLVING
                  SUB-STANDARD WORK, UNPUNCTUALITY, ABSENTEEISM OR ANY MINOR
                  BREACH OF THE COMPANY'S REGULATIONS.

            7.2   SERIOUS OFFENCES (WRITTEN WARNING): NEGLIGENCE RESULTING IN
                  MINOR LOSS, DAMAGE OR INJURY; FAILURE TO COMPLY WITH A
                  SPECIFIC INSTRUCTION; IRRESPONSIBILITY IN RELATION TO THE
                  COMPANY'S EMPLOYEES, ACTIVITIES OR IMPROPRIETY IN RELATION TO
                  THE EXECUTIVE'S TASKS FOR THE COMPANY, WHETHER OR NOT WITHIN
                  WORKING HOURS, WHICH THE COMPANY REASONABLY CONSIDERS TO BE
                  DETRIMENTAL TO OR CONFLICTING WITH THE INTERESTS OF THE
                  COMPANY OR ITS CLIENTS OR CUSTOMERS, OR LIKELY TO AFFECT THE
                  STANDARD OF WORK; FAILURE TO DISCLOSE ANY PERSONAL INTEREST
                  THE EXECUTIVE HAS WHICH CONFLICTS WITH ANY MATTER OF A CLIENT
                  OR CUSTOMER WITH WHICH HE IS

                                       C-2
<PAGE>

                  ENGAGED, OR ANY BREACH OF CONFIDENCE RELATING TO THE COMPANY
                  OR ITS CLIENT'S OR CUSTOMER'S AFFAIRS.

            7.3   GROSS MISCONDUCT (DISMISSAL): NEGLIGENCE RESULTING IN SERIOUS
                  LOSS, DAMAGE OR INJURY; ASSAULT OR ATTEMPTED ASSAULT; THEFT;
                  MALICIOUS DAMAGE TO PROPERTY; WILLFUL DISREGARD OF DUTIES OR
                  OF INSTRUCTIONS RELATING TO THE EMPLOYMENT; DELIBERATE AND
                  SERIOUS BREACH OF CONFIDENCE RELATING TO THE COMPANY'S OR ITS
                  CLIENT'S OR CUSTOMER'S AFFAIRS; THE USE FOR PERSONAL ENDS OF
                  CONFIDENTIAL INFORMATION OBTAINED BY THE EXECUTIVE IN THE
                  COURSE OF HIS EMPLOYMENT; FALSIFICATION OF RECORDS; CONDUCT
                  VIOLATING COMMON DECENCY, OR CONVICTION ON A CRIMINAL CHARGE
                  RELEVANT TO THE EXECUTIVE'S EMPLOYMENT. (IN SERIOUS CASES,
                  DISMISSAL WILL NORMALLY BE WITHOUT NOTICE.)

                                       C-3
<PAGE>

                                   ANNEXURE D
                             DISCIPLINARY PROCEDURE

      This disciplinary procedure provides for warnings to be given for failure
to meet the Company's standards of job performance, conduct (whether during
working hours or not) and attendance, or for breach of any of the terms and
conditions of employment. The procedure is not contractual but applies to the
Executive as an employee of the Company and the Executive should familiarise
himself with its provisions.

      1. In the first instance the Chairman of the Board (Mark Wellesley-Wood)
("the Chairman") will establish the facts surrounding the complaint if necessary
taking into account the statements of any available witnesses.

      2. If the Chairman considers that it is not necessary to resort to the
formal warning procedure, he will discuss the matter with the Executive
suggesting areas for improvement. The discussion will, insofar as is possible,
be in private and the Executive will be informed that no forma! disciplinary
action is being taken.

      3. If the Chairman considers that it is necessary to invoke the formal
warning procedure they will inform the Executive. The following procedure will
then apply, but, depending upon the seriousness of the offence, may be invoked
at any level including summary dismissal.

            3.1   IN THE CASE OF MINOR OFFENCES THE EXECUTIVE WILL BE GIVEN A
                  FORMAL ORAL WARNING. THE EXECUTIVE WILL BE ADVISED THAT THE
                  WARNING CONSTITUTES THE FIRST FORMAL STAGE OF THE DISCIPLINARY
                  PROCEDURE AND THAT A NOTE WILL BE PLACED ON HIS PERSONAL FILE.
                  THE NATURE OF THE OFFENCE AND THE LIKELY CONSEQUENCES OF
                  FURTHER OFFENCES OR A FAILURE TO IMPROVE WILL BE EXPLAINED TO
                  THE EXECUTIVE.

            3.2   IN THE CASE OF SERIOUS OFFENCES OR A REPETITION OF EARLIER
                  MINOR OFFENCES THE EXECUTIVE WILL BE GIVEN A WRITTEN WARNING,
                  SETTING OUT THE PRECISE NATURE OF THE OFFENCE, THE LIKELY
                  CONSEQUENCES OF FURTHER OFFENCES AND SPECIFYING, IF
                  APPROPRIATE, THE IMPROVEMENT REQUIRED AND OVER WHAT PERIOD.

            3.3   IN THE CASE OF A FURTHER REPETITION OF EARLIER OFFENCES, IF
                  THE EXECUTIVE STILL FAILS TO IMPROVE OR IF THE OFFENCE, WHILST
                  FALLING SHORT OF GROSS MISCONDUCT, IS SERIOUS ENOUGH TO
                  WARRANT ONLY ONE WRITTEN WARNING, THE EXECUTIVE WILL BE GIVEN
                  A FINAL WRITTEN WARNING SETTING OUT THE PRECISE NATURE OF THE
                  OFFENCE, CONTAINING A STATEMENT THAT ANY RECURRENCE WILL LEAD
                  TO DISMISSAL OR WHATEVER OTHER PENALTY IS CONSIDERED
                  APPROPRIATE AND SPECIFYING, IF APPROPRIATE, THE IMPROVEMENT
                  REQUIRED AND OVER WHAT PERIOD.

                                       D-1
<PAGE>

            3.4   DEPENDING UPON THE SERIOUSNESS OF THE MATTER AND ALL THE
                  CIRCUMSTANCES, ANY OF THE ABOVE STAGES MAY BE OMITTED.

            3.5   IN THE CASE OF GROSS MISCONDUCT OR IF ALL OR THE APPROPRIATE
                  STAGES OF THE WARNING PROCEDURE HAVE BEEN EXHAUSTED THE
                  EXECUTIVE WILL NORMALLY BE DISMISSED, BUT ONLY AFTER
                  CONSIDERATION OF OTHER POSSIBLE DISCIPLINARY ACTION INCLUDING
                  (BUT WITHOUT LIMITATION): DEMOTION OR TRANSFER; LOSS OF
                  SENIORITY OR SALARY INCREMENT; SUSPENSION WITH OR WITHOUT PAY.

      4. Where the Executive is accused of an act of gross misconduct he may be
suspended from work for on full pay pending the outcome of investigation into
the alleged offence.

      5. In all cases before any disciplinary action (including warnings) is
taken the Executive will be interviewed by the Chairman and will be informed of
the allegations made against him. The Executive will be given the opportunity to
state his case and at the interview may be accompanied by a colleague of his
choice. If the complaint is upheld he will be informed of the disciplinary
action to be taken; the stage in the disciplinary procedure to be adopted
depending upon the seriousness of the offence, and of the right to appeal.

      6. If the Executive is dissatisfied with the outcome of any stage of the
above procedure he may appeal either orally or in writing within 7 days to
Geoffrey Campbell ("the Senior Independent Non-Executive Director).

      7. The following are non-exhaustive examples of the sort of offences
which, if committed, will normally lead to formal disciplinary action being
taken:

            7.1   MINOR OFFENCES (ORAL WARNING): POOR JOB PERFORMANCE INVOLVING
                  SUB-STANDARD WORK, UNPUNCTUALITY, ABSENTEEISM OR ANY MINOR
                  BREACH OF THE COMPANY'S REGULATIONS.

            7.2   SERIOUS OFFENCES (WRITTEN WARNING): NEGLIGENCE RESULTING IN
                  MINOR LOSS, DAMAGE OR INJURY; FAILURE TO COMPLY WITH A
                  SPECIFIC INSTRUCTION; IRRESPONSIBILITY IN RELATION TO THE
                  COMPANY'S EMPLOYEES, ACTIVITIES OR IMPROPRIETY IN RELATION TO
                  THE EXECUTIVE'S TASKS FOR THE COMPANY, WHETHER OR NOT WITHIN
                  WORKING HOURS, WHICH THE COMPANY REASONABLY CONSIDERS TO BE
                  DETRIMENTAL TO OR CONFLICTING WITH THE INTERESTS OF THE
                  COMPANY OR ITS CLIENTS OR CUSTOMERS, OR LIKELY TO AFFECT THE
                  STANDARD OF WORK; FAILURE TO DISCLOSE ANY PERSONAL INTEREST
                  THE EXECUTIVE HAS WHICH CONFLICTS WITH ANY MATTER OF A CLIENT
                  OR CUSTOMER WITH WHICH HE IS ENGAGED, OR ANY BREACH OF
                  CONFIDENCE RELATING TO THE COMPANY OR ITS CLIENT'S OR
                  CUSTOMER'S AFFAIRS.

                                       D-2
<PAGE>

            7.3   GROSS MISCONDUCT (DISMISSAL): NEGLIGENCE RESULTING IN SERIOUS
                  LOSS, DAMAGE OR INJURY; ASSAULT OR ATTEMPTED ASSAULT; THEFT;
                  MALICIOUS DAMAGE TO PROPERTY; WILLFUL DISREGARD OF DUTIES OR
                  OF INSTRUCTIONS RELATING TO THE EMPLOYMENT; DELIBERATE AND
                  SERIOUS BREACH OF CONFIDENCE RELATING TO THE COMPANY'S OR ITS
                  CLIENT'S OR CUSTOMER'S AFFAIRS; THE USE FOR PERSONAL ENDS OF
                  CONFIDENTIAL INFORMATION OBTAINED BY THE EXECUTIVE IN THE
                  COURSE OF HIS EMPLOYMENT; FALSIFICATION OF RECORDS; CONDUCT
                  VIOLATING COMMON DECENCY, OR CONVICTION ON A CRIMINAL CHARGE
                  RELEVANT TO THE EXECUTIVE'S EMPLOYMENT. (IN SERIOUS CASES,
                  DISMISSAL WILL NORMALLY BE WITHOUT NOTICE.)

                                       D-3
<PAGE>

                                   ANNEXURE E
                            MODEL GRIEVANCE PROCEDURE

1.    PROCEDURE

      If the Executive has any questions or grievances relating to his
employment, he may seek redress orally or in writing in the following manner:

      1.1 In the first instance should refer the grievance to Mark
Wellesley-Wood ("Chairman of the Board") and the matter will be discussed
informally with him.

      1.2 If the grievance is not thereby resolved or the Executive considers
that he has not been fairly treated, he may apply formally in writing to the
Chairman of the Board within 7 days.

      1.3 If the grievance is still not resolved or if the Executive still
considers that he has not been fairly treated, he may appeal to Geoffrey
Campbell, Senior Non Executive Director within 7 days.

                                       E-1
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.68
<SEQUENCE>7
<FILENAME>u07700exv4w68.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<PAGE>
                                                                    EXHIBIT 4.68


AGREEMENT OF EMPLOYMENT

BETWEEN

DURBAN ROODEPOORT DEEP, LIMITED

AND

IAN LOUIS MURRAY
<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                          Page 2

CONTENTS

<TABLE>
<CAPTION>
NO  CLAUSE                                                                                  PAGE NO
<S>                                                                                         <C>
1   RECORDAL..............................................................................      3
2   DEFINITIONS...........................................................................      4
3   EMPLOYMENT............................................................................      6
4   DUTIES................................................................................      6
5   REMUNERATION PACKAGE..................................................................      9
6   HOME WORKING AREA, TELEPHONES AND SECURITY............................................     10
7   BONUS AND INCENTIVES..................................................................     11
8   LEAVE.................................................................................     15
9   SICK LEAVE AND INCAPACITY.............................................................     15
10  INSURANCE COVER.......................................................................     16
11  BREACH................................................................................     18
12  RESTRAINT AGREEMENT...................................................................     18
13  DISPUTES..............................................................................     18
14  APPLICATION OF PROVISIONS OF COMPANY PROCEDURES.......................................     19
15  ELIGIBLE TRANSACTION..................................................................     19
16  THE RIGHT OF THE EXECUTIVE TO TERMINATE THIS AGREEMENT FOR AN ELIGIBLE TRANSACTION....     20
17  ELIGIBLE TERMINATION..................................................................     21
18  BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION..........................................     21
19  SHARE OPTION SCHEME PROVISIONS........................................................     22
20  THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT.....................................     23
21  DIRECTORSHIPS.........................................................................     23
22  GENERAL...............................................................................     24
23  STATUS OF THIS AGREEMENT..............................................................     25
</TABLE>

APPENDICES:

A. A COPY OF THE CURRENT EMPLOYMENT AGREEMENT.

B. THE EXECUTIVE'S DUTIES AND RESPONSIBILITIES

C. A COPY OF THE RESTRAINT AGREEMENT.

<PAGE>
                                                                          Page 3

AGREEMENT OF EMPLOYMENT

BETWEEN

DURBAN ROODEPOORT DEEP, LIMITED
(a company duly incorporated under the Companies Act, 1973, registration number
1901/00926/06)
("the Company")

AND

IAN LOUIS MURRAY
(Identity No. 6608185124009)
("the Executive")

1     RECORDAL

1.1         The Parties record that -

1.1.1             The Executive is employed by the Company as Chief Financial
                  Officer in terms of the Current Employment Agreement, a copy
                  of which is attached to this Agreement as Appendix "A". The
                  parties record that, as from 1 December 2003, the Executive
                  has also been employed as Chief Executive Officer.

1.1.2             The Parties now wish to enter into a new employment agreement
                  to replace the Current Employment Agreement.

1.1.3             The Parties are accordingly replacing the Current Employment
                  Agreement with this Agreement to give effect to CLAUSE 1.1.2
                  above.

1.2         The Parties further record that the Executive has been appointed as
            a Director of the Company which appointment shall continue in
            effect.

<PAGE>
                                                                          Page 4

2     DEFINITIONS

      For the purposes of this Agreement, unless the context indicates
      otherwise, the Parties defined in the heading of this Agreement shall
      retain such definitions and the words and expressions set out below shall
      have the meaning assigned to them, namely:

2.1      "Auditors"                   means the auditors of the Company for the
                                      time being;

2.2      "Board"                      means the board of directors of the
                                      Company for the time being;

2.3      "Business"                   means the business of the Group of the
                                      mining and exploration of gold and other
                                      minerals and metals;

2.4      "Closing Date"               in relation to an Eligible Transaction,
                                      means the date on which the Eligible
                                      Transaction; having become wholly
                                      unconditional, is actually carried into
                                      effect and implemented in accordance with
                                      its terms so that the Eligible Transaction
                                      ceases to be executory;

2.5      "Code"                       means the Securities Regulation Code
                                      promulgated in terms of section 440(C)(5)
                                      of the Companies Act, 1973, as amended
                                      from time to time;

2.6      "Commencement Date"          means 1 November 2000;

2.7      "Confidential Information"   means all information which is of a
                                      confidential nature relating to the Group,
                                      including without being limited to
                                      business plans, trade secrets, financial
                                      information, technical information and/or
                                      commercial information;

2.8      "Current Employment          means the current employment agreement
         Agreement                    referred to in CLAUSE 1.1.1 of this
                                      Agreement.

2.9      "Documents"                  means documents of any nature, disks,
                                      notebooks, tapes or any other medium,
                                      whether or not eye-readable, on which
                                      information may be recorded from time to
                                      time;

<PAGE>
                                                                          Page 5

2.10     "Eligible Termination"       means a termination of this Agreement as
                                      contemplated in CLAUSE 17;

2.11     "Eligible Transaction"       means an "Eligible Transaction" as defined
                                      in CLAUSE 15;

2.12     "Engagement Date"            means the date on which the Executive
                                      commenced his employment with the Company,
                                      namely 1 June 1997;

2.13     "Financial Year"             means the financial year of the Company as
                                      determined by it from time to time;

2.14     "Group"                      means the Company and all its
                                      Subsidiaries;

2.15     "Group Renumeration          means the committee of directors of the
         Committee"                   Company or of directors of companies
                                      within the Group who constitute a
                                      committee for the purposes of determining
                                      the renumeration of executives employed by
                                      companies within the Group;

2.16     "Parties"                    means the Parties to this Agreement;

2.17     "Remuneration Package"       in relation to each year, the aggregate of
                                      all amounts payable by the Company to and
                                      on behalf of the Executive as is more
                                      fully set out in clause 5 and as amended
                                      from time to time;

2.18     "Restraint Agreement"        means the Restraint of Trade Agreement
                                      entered into between the Parties, a copy
                                      of which is attached to this Agreement as
                                      Appendix C;

2.19     "Share Option Scheme"        means the Durban Roodepoort Deep (1996)
                                      Share Option Scheme or any other scheme of
                                      the same or similar kind in which the
                                      Executive is, or may be, an eligible
                                      participant;

2.20     "Subsidiary"                 shall have the meaning assigned to it in
                                      the Companies Act, 1973, as amended from
                                      time to time; and

2.21     "this Agreement"             means this agreement and includes all its
                                      Appendices, which shall form part of it.

<PAGE>
                                                                          Page 6

3     EMPLOYMENT

3.1         Notwithstanding the provisions of this Agreement or any other
            agreement entered into between the parties, the employment of the
            Executive as an employee of the Company shall be deemed to have
            commenced on the Engagement Date.

3.2         Subject to CLAUSES 9, 11 AND 16, this Agreement shall remain in
            force for a period of 2 (two) years, which period shall be deemed to
            have commenced on 1 December 2003. On the expiry of this period this
            Agreement shall expire automatically.

3.3         On the expiry of this Agreement in terms of CLAUSE 3.2, the
            Executive shall be paid an amount equal to half his Remuneration
            Package calculated on the basis of the Remuneration Package payable
            to the Executive on the date of termination of employment.

3.4         Notwithstanding CLAUSE 3.2, the parties envisage the possibility
            that this Agreement may be extended for a further period of time, or
            that a further agreement may be entered into between them in terms
            of which the Executive shall continue to be employed by the Company.
            Negotiations for the extension of this Agreement or the entering
            into of a new agreement shall commence at least 6 (six) months prior
            to the termination of this agreement as envisaged in CLAUSE 3.2.
            Should this Agreement be extended or should a further agreement be
            entered into, the payment referred to in CLAUSE 3.3 shall not be
            made but shall be made at the termination of the new agreement or on
            the termination of the extended agreement.

4     DUTIES

4.1         The Executive shall:

4.1.1             carry out such duties and exercise such powers in relation to
                  the Company and the Group as the Board shall from time to time
                  assign to or vest in him, including those set out in Appendix
                  B to this Agreement;

<PAGE>
                                                                          Page 7

4.1.2             in the discharge of such duties and in the exercise of such
                  powers referred to in CLAUSE 4.1.1, observe and comply with
                  all resolutions, regulations and directives from time to time
                  made or given by the Board;

4.1.3             use his best endeavours property to conduct, improve, extend,
                  develop, promote, protect and preserve the business interests,
                  reputation and goodwill of the Company and the Group and not
                  do anything which is harmful to it; and

4.1.4             not be in the employment of any other employer other than
                  within the Group.

4.2         It shall be part of the normal duties of the Executive at all times
            to consider in what manner and by what new methods or devices the
            products, services, processes, equipment or systems of the Company
            or Group might be improved, and promptly to give to the company
            secretary of the Company full details of any invention or
            improvement which he may from time to time make or discover in the
            course of his duties, and to further the interests of the Company
            and the Group in this regard. The Executive acknowledges that any
            invention or improvement referred to in this CLAUSE 4.2 shall be the
            property of the Company or the relevant entity within the Group and
            the Executive shall take all steps as may be necessary and
            reasonably required by the Company or relevant entity within the
            Group, at the sole expense of the Company or relevant entity within
            the Group, to procure that the Company or relevant entity obtains
            complete and exclusive legal title to any such invention or
            improvement.

4.3         It is specifically recorded and agreed that due to the changing
            nature of the Group and the evolving nature of its business
            interests, it may be necessary to assign duties to the Executive or
            to re-assign those duties from the Executive to other persons from
            time to time as well as to add to and delete from the
            responsibilities of the Executive from time to time. The Parties
            agree that this flexible work requirement is part of the agreement
            of employment and amendments as

<PAGE>
                                                                          Page 8

            envisaged can be made within the terms of this agreement without
            constituting a breach.

4.4         The Executive shall not, either during his employment with the
            Company and within the Group or thereafter, use or disclose to any
            third parties, or attempt to use or to disclose to any third parties
            any Confidential Information. The Executive shall promptly whenever
            so requested by the Company and, in any event, upon the termination
            of his employment with the Company, deliver to the Company, all
            lists of clients or customers, correspondence and all other
            Documents, papers and records which may have been prepared by him or
            have come into his possession in the course of his employment with
            the Company, and the Executive shall not be entitled to retain any
            copies thereof. The Executive acknowledges that all title and
            copyright in the Confidential Information and Documents shall vest
            in the Company.

4.5         The Executive shall, with immediate effect, take all reasonable
            steps to recruit and employ a person who is suitable to succeed to
            the Executive's position as Chief Financial Officer. It is envisaged
            that this shall be done within a period of 12 (twelve) months from
            the date of signature of this Agreement.

4.6         At such time as the Executive, after consultation with Mr. Rob Hume
            or such other person who may have been nominated by the Company, is
            satisfied that the person so employed is in a position to accept the
            responsibilities of Chief Financial Officer, and in any event not
            later than 12 (twelve) months after the appointment of such
            successor in terms of CLAUSE 4.5, the Executive shall relinquish his
            duties as Chief Financial Officer. However, he shall continue to
            perform his duties as Chief Executive Officer.

4.7         On him relinquishing his duties as Chief Financial Officer the
            Company shall pay the Executive an amount equal to 93 (ninety-three)
            per cent of his Remuneration Package calculated on the basis of the
            Remuneration Package received by the Executive on the date that he
            relinquishes his duties as Chief Financial Officer.

<PAGE>
                                                                          Page 9

5     REMUNERATION PACKAGE

5.1         The Executive shall receive an annual all-inclusive Remuneration
            Package of R1 500 000.00 (one million five hundred thousand rand).
            The Remuneration Package will be paid in 12 equal monthly
            instalments.

5.2         The Remuneration Package referred to in CLAUSE 5.1, includes:

5.2.1             all contributions to the Pension or Provident Fund of which
                  the Executive is a member, made in accordance with the
                  relevant rules of the fund in question;

5.2.2             all contributions to the Medical Aid Scheme of which the
                  Executive and his dependants are members; and

5.2.3             all allowances for vehicles, water, electricity,
                  entertainment, subsistence and accommodation to which the
                  Executive is entitled in accordance with the policies of the
                  Company from time to time and as agreed with the Company from
                  time to time.

5.3         Notwithstanding anything to the contrary in this Agreement, the
            payment by the Company of the premiums on behalf of the Executive to
            the Group Life Scheme as referred to in CLAUSE 10, and the payment
            by the Company of any monies payable in terms of the rules of the
            Share Option Scheme for any of the share options to which the
            Executive may be entitled in terms of CLAUSE 19, shall not
            constitute part of the Remuneration Package.

5.4         The Company will refund, or will procure the refunding, to the
            Executive of all reasonable expenses properly incurred by him in
            performing his duties under this Agreement in accordance with
            Company policy. This will include expenses relating to entertainment
            and traveling. The Company requires the Executive to submit official
            receipts or other documents as proof that he has incurred any
            expenses he claims.

<PAGE>
                                                                         Page 10

5.5         The Company undertakes to reimburse the following costs to be
            incurred by the Executive for the benefit of the Company:

5.5.1             in light of the Company requiring the Executive to be a member
                  of one or more clubs, the annual membership fees payable by
                  the Executive for membership of any 2 (two) of such clubs;

5.5.2             membership subscriptions, payable by the Executive for
                  membership of relevant work related associations and/or
                  societies approved in writing in advance by the Company and of
                  which the Executive is a member by virtue of his employment
                  with the Company;

5.5.3             any cost of insurance cover for any 2 (two) of the motor
                  vehicles owned by the Executive during the term of this
                  Agreement.

5.6         The Executive shall be entitled to use any travel miles allocated on
            any business credit cards and flying membership cards issued to him
            by the Company for his family and personal use.

5.7         The Company will require the Executive to undergo a medical
            examination at the cost of the Company on an annual basis and the
            Executive agrees to give effect to this requirement.

5.8         The date of payment of the salary portion of the Remuneration
            Package of the Executive shall be the 24th day of each calendar
            month.

6     HOME WORKING AREA, TELEPHONES AND SECURITY

6.1         It is recorded that the Company requires that the Executive maintain
            an adequately furnished study or work area at his residences for the
            purposes of business meetings, out of hours work and work
            preparation, reading and study. It is further recorded that the
            Executive is, at all times, required to maintain contact with his
            office, other offices of the Company world wide, colleagues, stock
            exchanges on which the Company is listed and shareholders.
            Accordingly, the Company undertakes that:

<PAGE>
                                                                         Page 11

6.1.1             it shall provide and bear all costs of telephones at the
                  residences of the Executive;

6.1.2             the Executive will be issued with a cellular telephone which
                  can be used for personal and business purposes and the monthly
                  costs of this cellular phone and the installation of car kits
                  and other costs incurred on this cellular telephone, shall be
                  for the account of the Company; and

6.1.3             the Company shall at its own cost provide appropriate security
                  and security services at at least 2 (two) residential premises
                  within or outside South Africa nominated by the Executive from
                  time to time. The Company shall continue to provide such
                  security and security services at its own cost for a period of
                  5 (five) years after the date of termination of the
                  Executive's employment, by either party for any reason
                  whatsoever.

6.2         For the purposes of this clause "appropriate security" shall include
            at least an appropriate alarm, motion detectors, lighting, electric
            fencing, gates, provision of 24 hour a day (seven days a week) armed
            security at the premises, alarm monitoring with armed response and a
            close protection officer available at all hours.

7     BONUS AND INCENTIVES

7.1         In addition to the Remuneration Package and other benefits
            stipulated in this Agreement, the Executive shall be eligible for
            the bonuses and incentives set out in this clause subject to the
            conditions set out herein.

7.1.1             The Executive shall be entitled to bonuses to be determined
                  with reference to targets set in terms of key performance
                  indicators as agreed between the Executive and the Group
                  Remuneration Committee.

7.1.2             Bonuses shall be calculated and be payable in respect of 4
                  (four) bonus cycles. The first cycle shall be deemed to have
                  commenced on 1 January 2004 and shall terminate on 30 June
                  2004. The second bonus cycle shall

<PAGE>
                                                                         Page 12

                  commence on 1 July 2004 and shall terminate on 31 December
                  2004. The third bonus cycle shall commence on 1 January 2005
                  and terminate on 30 June 2005. The fourth bonus cycle shall
                  commence on 1 July 2005 and terminate on 30 November 2005.
                  Should the Executive meet all the targets set in terms of the
                  key performance indicators agreed to in respect of a specific
                  bonus cycle he shall be entitled to a bonus of 50 (fifty) per
                  cent of his Remuneration Package. Should the Executive not
                  fully meet all the targets set in terms of the key performance
                  indicators as agreed, he shall be entitled to such lesser
                  bonus as determined by the Group Remuneration Committee. This
                  bonus will be determined with reference to the extent that the
                  targets have been met.

7.1.3             The Company will pay any bonus payable in terms of this CLAUSE
                  7 to the Executive within 30 (thirty) business days of the end
                  of each bonus cycle.

7.1.4             The bonus referred to in CLAUSES 7.1.1 and 7.1.2 shall be paid
                  in the following manner:

7.1.4.1                 the Company shall pay to the Executive the amount due to
                        the Executive in respect of each bonus cycle less 25%
                        (twenty five per cent) of that amount;

7.1.4.2                 an amount equivalent to the amount deducted in terms of
                        CLAUSE 7.1.4.1 shall be retained by the Company for the
                        benefit of the Executive (excluding interest);

7.1.4.3                 the Executive shall, provided that the Executive meets
                        the targets agreed with the Group Remuneration Committee
                        and accordingly qualifies for a bonus during the next
                        bonus cycle, be entitled to receive payment of the
                        amount retained by the Company during the previous bonus
                        cycle.

7.1.5             Notwithstanding the above, if this Agreement is not extended
                  or renewed as envisaged in CLAUSE 3.4, any bonus payable in
                  respect of the final bonus

<PAGE>
                                                                         Page 13

                  cycle shall be payable in full within 30 (thirty) business
                  days of the end of the final bonus cycle.

7.1.6             The provisions of this CLAUSE 7 shall be applicable to each
                  bonus cycle.

7.2         Any bonus to which the Executive has become entitled in terms of the
            Current Employment Agreement shall continue to accrue and be payable
            in terms of that Agreement.

7.3         Subject to the provisions set out below, the Executive, as
            consideration for agreeing to remain in the employment of the
            Company for the respective periods set out below, will be entitled
            to be issued up to 198,000 (one hundred and ninety eight thousand)
            ordinary shares in the Company in the tranches set out below. The
            198,000 (one hundred and ninety eight thousand) ordinary shares
            referred to in this CLAUSE 7.3 represent an amount equal to 240 (two
            hundred and forty) per cent of the Executive's Remuneration Package
            based on the closing price of the Company's shares on the JSE
            Securities Exchange of South Africa on 1 December 2003. The Company
            shall upon issue of such shares transfer to its stated capital
            account a sum equal to the value of such consideration as determined
            by the directors of the Company, which value shall not be higher
            than the above amount. This entitlement is subject to the following
            principles and conditions -

7.3.1             The shares shall be issued to the Executive in four equal
                  tranches. The Executive shall become entitled to, and shall be
                  issued, the first tranche on 30 November 2004, provided that
                  he is still in the employment of the Company on this date.

7.3.2             The Executive shall become entitled to, and shall be issued,
                  the second tranche on 30 November 2005, provided that he is
                  still in the employment of the Company on this date.

7.3.3             The Executive shall become entitled to, and shall be issued,
                  the third tranche on 30 November 2006, provided that he is
                  still in the employment of the Company on this date.

<PAGE>
                                                                         Page 14

7.3.4             The Executive shall become entitled to, and shall be issued,
                  the final tranche on 30 November 2007, provided that he is
                  still in the employment of the Company on this date.

7.4         Should this Agreement automatically terminate in accordance with the
            provisions of CLAUSE 3.2 and should there be no extension of this
            Agreement or the conclusion of another agreement as envisaged in
            CLAUSE 3.4, the Board shall, at its discretion, be entitled to issue
            to the Executive all or some of the shares to which the Executive
            has not become entitled in terms of CLAUSE 7.3.3 and CLAUSE 7.3.4.

7.5         The parties record that upon the Executive becoming entitled to any
            of the shares referred to in CLAUSES 7.3 or 7.4, the Company will be
            obliged to deduct employees' tax from the amount accruing to the
            Executive in terms of the Fourth Schedule of the Income Tax Act,
            1962. Accordingly, within 7 (seven) days of becoming entitled to the
            shares, the Executive will notify the Company in writing:

7.5.1             whether he wishes to receive the full allocation of shares, in
                  which event he will pay to the Company an amount equal to the
                  employee's tax payable in respect of those shares; or

7.5.2             whether he wishes to receive shares to the value of an amount
                  equal to the total value of shares to which he is entitled,
                  less the employee's tax payable.

7.6         If, on the date that shares should be issued in terms of CLAUSE 7.3
            or 7.4 the Executive is prohibited, in terms any legal provision
            and/or any rule or directive of any applicable Stock Exchange or
            Securities Regulation Authority, from being issued with such shares,
            these shares shall be issued on the first date on which such
            prohibition is no longer in effect.

7.7         The parties record that the coming into effect of CLAUSE 7.3 is
            subject to the Company's shareholders granting the necessary
            approval in terms of the Companies Act, 1973. The parties further
            record that if such approval is not

<PAGE>
                                                                         Page 15

            granted, the Executive shall be eligible for shares in terms of the
            rules of the Share Option Scheme.

8     LEAVE

8.1         The Executive shall be entitled to 30 (thirty) working days' paid
            leave in each successive period of 12 (twelve) months of work
            commencing on the Commencement Date and thereafter commencing on 1
            July of each following year.

8.2         The Executive shall be entitled to an additional 21 (twenty one)
            working days' paid leave during the period of the 60 (sixty) months
            commencing on the Engagement Date and an additional 21 (twenty one)
            working days' paid leave every successive cycle of 60 (sixty) months
            thereafter.

8.3         With effect from the Commencement Date, the Executive shall not be
            entitled to accumulate any further working days' leave as provided
            for in CLAUSE 8.1 which has not been taken, unless the Board has
            specifically requested the Executive in writing not to take leave in
            such year. Any leave not taken will be converted into cash annually
            on 1 July each year and be payable to the Executive.

8.4         Leave provided for in CLAUSE 8.2, which is not taken in a particular
            cycle of 60 (sixty) months will not be forfeited but must be taken
            in the next cycle of 60 (sixty) months.

9     SICK LEAVE AND INCAPACITY

      If the Executive is at any time prevented by illness, injury, accident or
      any other circumstances beyond his control from discharging his full
      duties under this agreement (hereafter referred to as "incapacity") for a
      total of 180 (one hundred and eighty) or more, days in any 12 (twelve)
      consecutive calendar months' cycle commencing at the Commencement Date,
      the Company may, by giving one month's written notice of termination to
      the Executive, terminate this Agreement, in which event he shall be paid
      an amount equal to half his Remuneration Package calculated on the basis
      of the Remuneration Package payable to the Executive on the date of
      termination of

<PAGE>
                                                                         Page 16

      employment. Notwithstanding the incapacity and absence from work, the
      Company shall be required to pay the Executive his full remuneration
      during any period of absence from work prior to termination of employment
      in terms of this clause.

10    INSURANCE COVER

10.1        The Company will apply for and maintain a reasonable level of
            Directors' and Officers' Liability Insurance, with the Executive
            covered as an insured and the Company will maintain at its expense
            the same cover for the Executive for a period of 7 (seven) years
            after termination of this Agreement by either party for any reason
            whatsoever.

10.2        The Company undertakes to pay on the behalf of the Executive the
            premiums payable by the Executive under the Group Life Scheme of the
            Company. The cover under the Group Life Scheme shall include
            temporary and permanent disability and trauma insurance. The life
            assurance cover for the Executive will be an amount equivalent to 4
            (four) years' gross annual Remuneration Package of the Executive
            calculated on the basis of the Remuneration Package payable to the
            Executive at the date of his death.

10.3        On termination of this Agreement, for whatsoever reason by either
            the Company or the Executive, the Executive shall, subject to the
            rules of the Group Life Scheme, be entitled to remain a member of
            the Group Life Scheme and to enjoy the same benefits and coverage as
            those he enjoyed immediately prior to the termination of employment.
            The benefits and coverage shall be based on the Remuneration Package
            that the Executive received immediately prior to the date of
            termination of employment. The Company shall pay all premiums and
            contributions payable to maintain' such membership and coverage for
            a period of 5 (five) years calculated from the date of termination
            of this Agreement. Should the Executive, as a result of the
            termination of his employment, not be entitled to retain the
            benefits and coverage contained in the Group Life Scheme, and he
            decides to exercise the right to effect whole life or endowment
            insurance as envisaged in Clause 4 of the Group Life Scheme, all
            premiums and contributions

<PAGE>
                                                                         Page 17

            for such benefits and coverage shall be borne by the Company for a
            period of 5 (five) years calculated from the date of the termination
            of this Agreement. The Company shall take all such steps, and
            provide all such assistance, as may be necessary to ensure that the
            Executive is entitled to exercise his rights in terms of this
            clause. For the purposes of this CLAUSE 10.3 the Group Life Scheme
            is the Sanlam Scheme No 18740 (Policy No. 18681100X6) or any other
            similar scheme that is in effect at the date of termination of
            employment.

10.4        The Company undertakes -

10.4.1            in the event of the Executive not being an employee as defined
                  in the Compensation for Occupational Injuries and Diseases
                  Act, 1993, to insure the Executive with the Rand Mutual
                  Assurance Limited or any other assurance company against risk
                  of death, or permanent disablement or temporary disablement
                  caused by an accident arising out of or in the course of his
                  employment with the Company or any member of the Group;

10.4.2            to keep the policy of insurance referred to in CLAUSE 10.4.1
                  in force and to pay the premiums thereon on time, and the
                  Executive agrees that the amount payable under the said policy
                  of insurance shall be taken and deemed to be and represent the
                  total and entire claim, demand and right of action of the
                  Executive, his executors or administrators or legal
                  representatives or assigns against the Company or its
                  employees for damages or compensation for injury suffered by
                  the Executive as a result of the negligence of the Company or
                  its employees or otherwise and the payment of the said
                  compensation in terms of the said policy of insurance shall
                  free and discharge any claim or liability in respect of the
                  Company and its employees of and from all and any claim or
                  liability in respect of such injury and to waive any right of
                  claiming on the Company or its employees for any compensation
                  other than that which he is entitled to recover under the said
                  policy of insurance effected by the Company.

<PAGE>
                                                                         Page 18

11    BREACH

11.1        Notwithstanding any provision to the contrary, this Agreement may be
            terminated by the Company with or without notice if the Executive:

11.1.1            commits any serious or persistent breach of any of the
                  provisions contained in this Agreement, provided that the
                  inability of the Executive to perform his duties due to
                  incapacity as envisaged in CLAUSE 9 shall not constitute a
                  breach of contract for the purposes of this Agreement;

11.1.2            is found guilty of theft, fraud or any gross irregularity; or

11.1.3            is found guilty of gross misconduct, serious malperformance or
                  wilful neglect in the discharge of his duties whether in terms
                  of this Agreement or in terms of any other agreement between
                  the Executive and a member of the Group.

12    RESTRAINT AGREEMENT

      It is recorded that the Parties have entered into a Restraint Agreement a
      copy of which is attached hereto as Appendix C.

13    DISPUTES

13.1        In the event that any dispute arises out of the interpretation,
            application or termination of this Agreement, or in the event that
            any dispute arises out of any alleged unfair dismissal or unfair
            labour practice as defined in the Labour Relations Act, 1995, the
            Parties will refer such dispute to private arbitration in accordance
            with the provisions of this clause.

13.2        A senior counsel selected by agreement from the labour panel of the
            Arbitration Foundation of Southern Africa (AFSA) will conduct the
            arbitration.

13.3        The Parties will agree upon the date of the arbitration. In the
            event that the Parties are unable to agree upon the arbitrator
            and/or a date for the arbitration within 10 (ten) days of the
            dispute arising, then the director of AFSA may be

<PAGE>
                                                                         Page 19

            requested by either party to appoint a suitable arbitrator and to
            nominate a date for the hearing of the arbitration.

13.4        The arbitrator will be entitled to determine the appropriate
            procedure for determining the dispute.

13.5        The costs of the arbitrator will be borne equally by the Executive
            and the Company.

13.6        The finding of the arbitrator will be final and binding on the
            Parties.

14    APPLICATION OF PROVISIONS OF COMPANY PROCEDURES

14.1        The Executive's entitlement to any benefit other than those recorded
            in this Agreement shall be governed by the appropriate procedure
            manuals of the Company in force at any given time.

14.2        The Company is entitled from time to time to amend the terms and
            conditions of its Company procedure manuals.

14.3        In the event of a conflict between the provisions of Company
            procedure manuals and the provisions of this Agreement, the
            provisions of this Agreement shall prevail.

15    ELIGIBLE TRANSACTION

      For the purposes of this Agreement an "Eligible Transaction" means any
      agreement, including any agreement forming part of a series of other
      agreements, which either by itself or together with any of the other
      agreements, constitutes or results in a transaction involving a change of
      control of the Company, of a kind which fails within the ambit of clause
      (a) of the definition of "affected transaction" in Section B of the Code,
      read with clause 5 of the same Section of the Code.

<PAGE>
                                                                         Page 20

16    THE RIGHT OF THE EXECUTIVE TO TERMINATE THIS AGREEMENT FOR AN ELIGIBLE
      TRANSACTION

16.1        If an Eligible Transaction is entered into, the Executive shall be
            entitled to terminate this Agreement, subject to the following
            provisions:

16.1.1            the Executive may exercise this right of termination by giving
                  written notice to this effect to the Company at any time from
                  the date on which the announcement of a firm intention to make
                  an offer in respect of the Eligible Transaction, as
                  contemplated in Rule 2.3 of Section D of the Code ("the
                  Announcement Date"), is made in accordance with the
                  requirements of the Code, until the Closing Date of that
                  Eligible Transaction;

16.1.2            if the Executive gives written notice of termination in terms
                  of CLAUSE 16.1.1 he may at the same time, or at any time
                  before the Closing Date, or in the circumstances envisaged in
                  CLAUSE 16.1.6, any time before the extended date as defined in
                  CLAUSE 16.1.6, and notwithstanding the rules of the Share
                  Option Scheme or any directive of the Board, exercise all the
                  share options granted to him in terms of the Share Option
                  Scheme read with CLAUSE 19.2;

16.1.3            if the Executive gives written notice of termination in terms
                  of CLAUSE 16.1.1 he shall become entitled to, and shall be
                  issued, all the shares referred to in CLAUSE 7.3 which have
                  not yet been issued to the Executive in terms of that clause
                  notwithstanding that the dates referred to in CLAUSES 7.3.1,
                  7.3.2, 7.3.3 and 7.3.4 have not yet arrived;

16.1.4            any notice of termination given by the Executive in terms of
                  CLAUSE 16.1.1, any exercise of his rights under the Share
                  Option Scheme in terms of CLAUSE 16.1.2, and any right to be
                  issued shares in terms of CLAUSE 16.1.3 shall be conditional
                  upon, and shall therefore take effect only if, the Eligible
                  Transaction itself becomes wholly unconditional and is
                  actually carried into effect and implemented in accordance
                  with its terms and accordingly ceases to be executory;

<PAGE>
                                                                         Page 21

16.1.5            any notice of termination given in terms of CLAUSE 16.1.1, any
                  rights exercised in terms of CLAUSE 16.1.2 and any entitlement
                  to shares in terms of CLAUSE 16.1.3 may not be withdrawn or
                  revoked by the Executive, without the written consent of the
                  Company; and

16.1.6            if any notice of termination given by the Executive in terms
                  of CLAUSE 16.1.1 takes effect in terms of CLAUSE 16.1.4, this
                  Agreement shall terminate on the Closing Date of the Eligible
                  Transaction; provided that if the Executive is prohibited, in
                  terms any legal provision, and/or rule or directive of any
                  applicable Stock Exchange or Security Regulation Authority
                  from exercising any right under the Share Option Scheme, or
                  from being issued with shares in terms of CLAUSE 16.1.3, for
                  any period of time during the period between Announcement Date
                  and the Closing Date, this Agreement will not terminate on the
                  Closing Date but will continue in existence until a period of
                  30 days has elapsed, calculated from the date on which the
                  prohibition ceased to be of effect (the(0)extended date"),
                  provided further that if the Closing Date is a date later than
                  the Extended Date this Agreement shall terminate on the
                  Closing Date.

17    ELIGIBLE TERMINATION

      This Agreement shall be regarded as having been terminated pursuant to an
      Eligible Termination if the Executive exercises his right in terms of
      CLAUSE 16 to terminate this Agreement as an employee of the Company, as a
      result of the occurrence of an Eligible Transaction, and the termination
      duly takes effect as contemplated in CLAUSE 16.

18    BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION

18.1        If this Agreement is terminated pursuant to an Eligible Termination,
            the Executive shall, subject to compliance with the relevant company
            laws, be entitled to receive payment from the Company as a
            termination of employment benefit an amount equal to:

<PAGE>
                                                                         Page 22

                                     TS x TE
                                       12

            Where:

            TS    =     means the period (in completed calendar months) served
                        by the Executive as an employee of the Company from the
                        Engagement Date to the date of termination of this
                        Agreement as envisaged in CLAUSE 17, provided that such
                        period shall not be less than 12 (twelve) calendar
                        months nor more than 48 (forty-eight) calendar months;
                        and

            TE    =     means the Remuneration Package as set out in CLAUSE 5.

18.2        The total amount which becomes payable to the Executive in terms of
            CLAUSE 18.1 shall accrue to him on the date that employment
            terminates, and shall be payable to him within thirty days after the
            amount has been determined by the Auditors in accordance with CLAUSE
            18.3.

18.3        The total amount, and all the separate amounts making up the total
            amount payable to the Executive in terms of CLAUSE 18.1 including
            any pro rata adjustments made, shall be determined by the Auditors
            as soon as possible after the date of termination, and their
            certificate as to each of those amounts shall, in the absence of
            manifest or clerical error, be final and binding on all the Parties.

19    SHARE OPTION SCHEME PROVISIONS

19.1        All existing share options issued to the Executive since the
            Engagement Date in terms of the rules of the Share Option Scheme
            will be honoured.

19.2        If notice of termination of this Agreement is given pursuant to an
            Eligible Termination then, notwithstanding anything to the contrary
            under this Agreement the following provisions shall apply:

19.2.1            all share options granted to the Executive in terms of the
                  Share Option Scheme will not lapse but will vest in the
                  Executive with immediate effect

<PAGE>
                                                                         Page 23

                  and the Board will pass a resolution to this effect
                  simultaneously with or soon after the signature of this
                  Agreement;

19.2.2            the Company shall in any event procure, notwithstanding
                  anything to the contrary in the Share Option Scheme, that any
                  options granted to the Executive to acquire shares under the
                  Share Option Scheme shall immediately become exercisable by
                  him;

19.2.3            the Executive shall be entitled to exercise these options
                  during the period referred to in CLAUSE 16.1.1 or 16.1.6,
                  whichever is applicable, and;

19.2.4            notwithstanding anything to the contrary in this Agreement,
                  the Company shall be entitled to suspend the Executive during
                  the periods referred to in CLAUSE 19.2.3; provided that all
                  amounts and benefits which otherwise accrue to the Executive
                  during those periods shall continue to accrue as if he were
                  not suspended.

20    THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT

20.1        The Company shall be entitled, without the consent of the Executive,
            to assign all its rights and all its obligations under this
            Agreement to any company, which, at the time of the assignment, is a
            member of the Group.

20.2        For the avoidance of any doubt it is expressly recorded that the
            provisions of CLAUSE 20.1 shall apply mutatis mutandis to any
            succeeding assignee of this Agreement.

21    DIRECTORSHIPS

21.1        Should this Agreement terminate in terms of any of the provisions
            thereof, the Executive shall resign his directorship within 2 days
            of the termination of this Agreement unless the Board agrees in
            writing to the Executive continuing to act as a director.

<PAGE>
                                                                         Page 24

21.2        Nothing contained in this Agreement shall be construed as according
            the Executive any entitlement to compensation for loss of office as
            a director of the Company or any company within the Group.

22    GENERAL

22.1        This document contains the entire agreement between the Parties in
            regard to its subject matter.

22.2        No Party shall have any claim or right of action arising from any
            undertaking, representation or warranty not included in this
            Agreement.

22.3        No failure by either Party to enforce any provision of this
            Agreement shall constitute a waiver of such provision or affect in
            any way that Party's right to require performance of any such
            provision at any time in the future, nor shall the waiver of any
            subsequent breach nullify the effectiveness of the provision itself.

22.4        No agreement to vary, add to or cancel this Agreement shall be of
            any force or effect unless reduced to writing and signed on behalf
            of all the Parties to this Agreement.

22.5        Save as permitted in terms of CLAUSE 20, no party may cede any of
            its rights or delegate any of its obligations under this Agreement.

<PAGE>
                                                                         Page 25

23    STATUS OF THIS AGREEMENT

      If there is any conflict between the provisions of this Agreement and
      those of the Restraint Agreement, then the provisions of this Agreement
      shall prevail.

SIGNED at London                      on 7th May 2004

                                      For:     DURBAN ROODEPOORT DEEP LIMITED

                                      /s/ G Campbell
                                      ---------------------------------
                                      Signatory: Geoffrey Campbell
                                      Capacity:  Chairman of REMCO/Director
                                      Authority: Chairman of REMCO

SIGNED at                             on 2004

                                      /s/ I.L.Murray
                                      ---------------------------------
                                      IAN LOUIS MURRAY
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.69
<SEQUENCE>8
<FILENAME>u07700exv4w69.txt
<DESCRIPTION>SERVICE AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.69


SERVICE AGREEMENT

between

DRD (ISLE OF MAN) LIMITED

and

IAN LOUIS MURRAY

<PAGE>
                                                                               .
                                                                               .
                                                                               .

CONTENTS

<TABLE>
<CAPTION>
NO   CLAUSE                                                                                         PAGE NO
<S>  <C>                                                                                            <C>
1    RECORDAL...............................................................................           3
2    DEFINITIONS............................................................................           3
3    TERM OF EMPLOYMENT.....................................................................           5
4    DUTIES.................................................................................           5
5    REMUNERATION PACKAGE...................................................................           6
6    EXPENSES AND REIMBURSEMENTS............................................................           6
7    BONUS AND INCENTIVES...................................................................           6
8    INSURANCE COVER........................................................................           9
9    LEAVE..................................................................................          10
10   TERMINATION............................................................................          11
11   ELIGIBLE TRANSACTIONS..................................................................          12
12   SHARE OPTIONS..........................................................................          13
13   BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION...........................................          14
14   NOTICES................................................................................          14
15   THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT......................................          15
16   DISCIPLINARY RULES AND GRIEVANCE PROCEDURE.............................................          15
17   DISPUTES...............................................................................          15
18   GENERAL................................................................................          15
</TABLE>

ANNEXURES:

Annexure A:     Executive's Duties and Responsibilities

Annexure B:     Executive's Account Particulars

Annexure C:     Disciplinary Rules

Annexure D:     Grievance Procedure

                                        2

<PAGE>

SERVICE AGREEMENT

between

DRD (ISLE OF MAN) LIMITED
(a company duly incorporated under the company laws of the Isle of Man under
Registration Number 94445C)
("the Company")

and

IAN LOUIS MURRAY
(Identity Number 6608185124009)
("the Executive")

1        RECORDAL

         1.1      The parties record that -

                  1.1.1    the Executive commenced employment with the Company
                           on the Engagement date and has been continuously
                           employed by the Company since that date;

                  1.1.2    the Executive is currently employed by the Company in
                           terms of a contract of employment dated 26 March 2002
                           ("the Previous Agreement");

                  1.1.3    the parties hereby enter into this Agreement to
                           replace the Previous Agreement; and

                  1.1.4    the Executive has been appointed as an alternative
                           Director of the Company which appointment shall
                           continue in effect.

2        DEFINITIONS

         For the purposes of this Agreement unless the context indicates
         otherwise, the Parties defined in the heading of this Agreement shall
         retain such definitions and the words and expressions set out below
         shall have the meanings assigned to them and cognate expressions shall
         have a corresponding meaning, namely:

         2.1   "this Agreement"     means this agreement and all its Annexures;

                                       3

<PAGE>

         2.2   "Auditors"           means the auditors of the Company for the
                                    time being;

         2.3   "Board"              means the board of directors of the Company
                                    for the time being;

         2.4   "Code"               means the Securities Regulation Code
                                    promulgated in terms of section 440(C)(5) of
                                    the South African Companies Act, 1973, as
                                    amended from time to time;

         2.5   "Commencement        means 26 March 2002;
               Date"

         2.6   "Documents"          means documents of any nature, disks,
                                    notebooks, tapes or any medium whether or
                                    not eye-readable on which information may be
                                    recorded from time to time;

         2.7   "Engagement Date"    means the date on which the Executive
                                    commenced his employment and from which he
                                    has had continuous service with the Group,
                                    namely 1 October 1997;

         2.8   "Group"              means Durban Roodepoort Deep, Limited, a
                                    company incorporated in the Republic of
                                    South Africa and all its subsidiaries and
                                    affiliated companies;

         2.9   "Group Remuneration  means the committee of directors of the
               Committee"           Company or of Companies within the Group
                                    which considers and determines the
                                    remuneration payable to executives employed
                                    by companies within the group;

         2.10  "Parties"            means the Parties to this Agreement;

         2.11  "Remuneration        means the remuneration package as set out
               Package"             in CLAUSE 5.1; and

         2.12  "Share Option        means the Durban Roodepoort Deep (1996)
               Scheme"              Share Option Scheme or any other scheme of
                                    the same or similar kind in which the
                                    Executive is, or may be, an eligible
                                    participant.

                                       4

<PAGE>

3        TERM OF EMPLOYMENT

         3.1      This Agreement shall be deemed to have commenced on the
                  Commencement Date and, subject to CLAUSE 10, shall continue in
                  force for a further period of two years, which period shall be
                  deemed to have commenced on 1 December 2003 and will terminate
                  on 30 November 2005.

         3.2      On the expiry of this Agreement on 30 November 2005, the
                  Executive shall be paid an amount equal to half his
                  Remuneration Package calculated on the basis of the
                  Remuneration Package payable to the Executive on the date of
                  termination of employment.

         3.3      The parties envisage the possibility that this Agreement may
                  be extended for a further period of time, or that a new
                  agreement may be entered into between them in terms of which
                  the Executive continues to be employed by the Company. Should
                  this Agreement be extended or should a new agreement be
                  entered into, the payment referred to in CLAUSE 3.2 shall not
                  be made but shall be made on the termination of the new
                  agreement or on the termination of the extended period.

4        DUTIES

         4.1      The Executive is appointed as Chief Executive Officer and
                  shall:

                  4.1.1    perform such duties and exercise such
                           responsibilities as set out in Annexure A hereto as
                           amended from time to time and such other duties as
                           are determined from time to time by the Board;

                  4.1.2    comply with all reasonable instructions given to him
                           from time to time by the Board;

                  4.1.3    carry out his duties in a proper, loyal and efficient
                           manner and use his best endeavors to properly
                           conduct, improve, extend, develop, promote, protect
                           and preserve the business interests, reputation and
                           goodwill of the Company and the Group;

                  4.1.4    comply with all the Company's reasonable rules,
                           regulations, policies, practices and procedures laid
                           down and amended from time to time for the efficient
                           and harmonious operation of the Company's business;
                           and

                  4.1.5    not be in the employment of any other employer other
                           than within the Group throughout the duration of this
                           Agreement.

         4.2      Unless otherwise agreed, the Executive's normal hours of work
                  will be from 9h00 until 17h00, Mondays to Fridays. However, as
                  senior member

                                       5

<PAGE>

                  of management the Executive shall be required to work such
                  additional hours as are necessary to perform his duties
                  effectively.

         4.3      The Executive shall not, either during his employment by the
                  Company or thereafter, use or disclose to any third parties,
                  or attempt to use or disclose to any third parties, any
                  Confidential Information. For the purposes of this Agreement
                  confidential information includes information, which is of a
                  confidential nature relating to the Company and the Group,
                  including without being limited to, business plans, trade
                  secrets, financial information, technical information and/or
                  commercial information.

         4.4      Upon the termination of his employment with the Company, and
                  if so requested by the Company during employment, the
                  Executive shall deliver to the Company all lists of clients or
                  customers, correspondence and all other Documents, papers and
                  records which may have been prepared by him or have come into
                  his possession in the course of his employment with the
                  Company, and the Executive shall not be entitled to retain any
                  copies thereof. The Executive acknowledges that all title and
                  copyright in the Confidential Information and Documents shall
                  vest in the Company.

5        REMUNERATION PACKAGE

         5.1      The Executive shall be paid an annual all-inclusive
                  Remuneration Package amounting to US$200 000.00 (two hundred
                  thousand United States dollars) paid in 12 equal amounts.

         5.2      Payment shall be made monthly in arrears by bank credit
                  transfer into the Executive's Account, which Account
                  Particulars are more fully set out in Annexure B hereto, on or
                  about the 24 day of each month.

         5.3      The Executive will be responsible for all personal tax
                  obligations.

         5.4      The Remuneration Package referred to in CLAUSE 5.1 shall
                  include contributions made to a retirement fund of the
                  Executor's choice.

6        EXPENSES AND REIMBURSEMENTS

         The Company will refund, or will procure the refunding, to the
         Executive of all reasonable expenses properly incurred by him in
         performing his duties under this Agreement in accordance with Company
         policy. This will include expenses relating to entertainment and
         traveling. The Company requires the Executive to submit official
         receipts or other documents as proof that he has incurred any expenses
         he claims.

7        BONUS AND INCENTIVES

         7.1      In addition to the Executive's Remuneration Package and other
                  benefits stipulated in this Agreement, the Executive shall be
                  entitled to the bonuses

                                       6

<PAGE>

                  and incentives set out in this clause, subject to the
                  conditions set out herein.

         7.2      The Executive shall be entitled to bonuses to be determined
                  with reference to targets set in terms of key performance
                  indicators as agreed between the Executive and the Group
                  Remuneration Committee.

                  7.2.1    Bonuses shall be calculated and be payable in respect
                           of 4 (four) bonus cycles. The first cycle shall be
                           deemed to have commenced on 1 January 2004 and shall
                           terminate on 30 June 2004. The second bonus cycle
                           shall commence on 1 July 2004 and shall terminate on
                           31 December 2004. The third bonus cycle shall
                           commence on 1 January 2005 and terminate on 30 June
                           2005. The fourth bonus cycle shall commence on 1 July
                           2005 and terminate on 30 November 2005. Should the
                           Executive _____________ indicators agreed to in
                           respect of a specific bonus cycle he shall be
                           entitled to a bonus of 50 (fifty) per cent of his
                           Remuneration Package. Should the Executive not fully
                           meet all the targets set in terms of the key
                           performance indicators as agreed, he shall be
                           entitled to such lesser bonus as determined by the
                           Group Remuneration Committee. This bonus will be
                           determined with reference to the extent that the
                           targets have been met.

                  7.2.2    The bonuses referred in CLAUSE 7.2.1 will be paid to
                           the Executive by the Company within 30 (thirty)
                           business days of the end of each bonus cycle.

                  7.2.3    The bonuses referred to in CLAUSE 7.2.1 will be paid
                           in the following manner:

                           7.2.3.1  the Company shall pay to the Executive the
                                    amount due to the Executive in terms of
                                    clause 7.2.1 less 25% (twenty five per cent)
                                    of that amount;

                           7.2.3.2  an amount equivalent to the amount deducted
                                    in terms of CLAUSE 7.2.3.1 shall be retained
                                    by the Company for the benefit of the
                                    Executive (excluding interest);

                           7.2.3.3  the Executive shall, provided that the
                                    Executive meets the performance criteria
                                    determined by the Group Remuneration
                                    Committee and accordingly qualifies for a
                                    bonus during the next bonus cycle, be
                                    entitled to receive payment of the amount
                                    retained by the Company during the previous
                                    bonus cycle.

                  7.2.4    Notwithstanding the above, if this Agreement is not
                           extended, or a further agreement is not entered into
                           as envisaged in CLAUSE 3.3,

                                       7

<PAGE>

                           any bonus payable in respect of the final bonus cycle
                           shall be payable in full within 30 (thirty) business
                           days of the end of the final bonus cycle.

                  7.2.5    The provisions of this CLAUSE 7.2 shall be applicable
                           to each bonus cycle.

                  7.2.6    Any bonus payable in terms of the Previous Agreement
                           shall continue to accrue and be payable in terms of
                           the Previous Agreement.

         7.3      Subject to the provisions set out below, and as consideration
                  for agreeing to remain in the employment of the Company for
                  the periods set out below, the Executive shall be issued or
                  provided with up to 168 000 (one hundred and sixty-eight
                  thousand) ordinary shares in Durban Roodepoort Deep, Limited
                  in the tranches set out below. The 168 000 (one hundred and
                  sixty-eight) thousand shares represent an amount equal to 240
                  (two hundred and forty) per cent of the Executive's
                  Remuneration Package based on the closing price of the
                  Company's shares as quoted on NASDAQ on 1 December 2003. If
                  the Executive becomes entitled to shares in terms of this
                  CLAUSE 7.3, the Company shall procure that these shares are
                  issued to the Executive by Durban Roodepoort Deep, Limited or
                  shall take all such other steps as are necessary, at its own
                  cost, to provide the Executive with these shares. If these
                  shares are not issued or provided, the Company shall pay the
                  Executive the monetary value thereof.

                  7.3.1    The shares shall be issued or provided to the
                           Executive in four equal tranches. The Executive shall
                           become entitled to, and shall be issued or provided
                           with, the first tranche on 30 November 2004, provided
                           that he is still in the employment of the Company on
                           this date.

                  7.3.2    The Executive shall become entitled to, and shall be
                           issued or provided with, the second tranche on 30
                           November 2005, provided that he is still in the
                           employment of the Company on this date.

                  7.3.3    The Executive shall become entitled to, and shall be
                           issued or provided with, the third tranche on 30
                           November 2006, provided that he is still in the
                           employment of the Company on this date.

                  7.3.4    The Executive shall become entitled to, and shall be
                           issued or provided with the final tranche on 30
                           November 2007 provided that he is still in the
                           employment of the Company on this date.

                  7.3.5    Should this Agreement automatically terminate in
                           accordance with the provisions of CLAUSE 3.1 read
                           with CLAUSE 10.1.1, and should there be no extension
                           of this Agreement or the conclusion of

                                       8

<PAGE>

                           another agreement as envisaged in CLAUSE 3.3, the
                           Board may, at its discretion, award the Executive all
                           or some of the shares to which the Executive would
                           have become entitled in terms of CLAUSE 7.3.3 and
                           CLAUSE 7.3.4 if he had remained in the employment of
                           the Company. In this event the Company shall procure
                           that these shares are issued to the Executive by
                           Durban Roodepoort Deep, Ltd or shall take all such
                           other steps as are necessary to provide the Executive
                           with these shares.

                  7.3.6    The Executive shall be entitled to elect not to be
                           issued a portion of any of the shares to which he
                           becomes entitled in terms of CLAUSES 7.3.1, 7.3.2,
                           7.3.3, 7.3.4 OR 7.3.5, but rather to receive a
                           monetary amount in lieu of such shares from the
                           Company, calculated at the share price as set out in
                           CLAUSE 7.3 above.

                  7.3.7    If, on a date that shares should be issued or
                           provided in terms of this clause, the Executive is
                           prohibited, in terms any legal provision and/or any
                           rule or directive of any applicable Stock Exchange or
                           Securities Regulation Authority, from being issued or
                           provided with these shares, these shares shall be
                           issued or provided on the first date on which such
                           prohibition is no longer in effect.

                  7.3.8    The parties record that the coming into effect of
                           CLAUSE 7.3 is subject to the shareholders of Durban
                           Roodepoort Deep, Limited granting the necessary
                           approval in terms of the South African Companies Act,
                           1973, (if applicable) and the Isle of Man Companies
                           Legislation (if applicable). The parties further
                           record that if such approval is not granted, the
                           Executive shall be eligible for shares in terms of
                           the

8        INSURANCE COVER

         8.1      The Company shall apply for and maintain a reasonable level of
                  Directors' and Officers' Liability Insurance, with the
                  Executive covered as an insured and the Company will maintain
                  at its expense the same cover for the Executive for a period
                  of 7 (seven) years after termination of this Agreement by
                  either party for any reason whatsoever.

         8.2      The Company undertakes to pay the premiums payable in respect
                  of the Executive under the Group Life Scheme of the Company.
                  The cover under the Group Life Scheme shall include temporary
                  and permanent disability and trauma insurance. The life
                  assurance cover for the Executive will be an amount equivalent
                  to 4 (four) years of the gross annual Remuneration Package
                  paid to the Executive calculated on the basis of the
                  Remuneration Package payable to the Executive at the date of
                  his death.

                                       9

<PAGE>

         8.3      On termination of this Agreement by either party for any
                  reason whatsoever, the Executive shall, subject to the rules
                  of the Group Life Scheme, be entitled to remain a member of
                  the Group Life Scheme and to enjoy the same benefits and
                  coverage as those he enjoyed immediately prior to the
                  termination of employment. The benefits and coverage shall be
                  based on the Remuneration Package the Executive was entitled
                  to immediately prior to the date of termination of employment.
                  The Company shall pay all premiums and contributions payable
                  to maintain such membership and coverage for a period of 5
                  (five) years calculated from the date of termination of
                  employment. Should the Executive, as a result of the
                  termination of his employment, not be entitled to retain the
                  benefits and coverage contained in the Group Life Scheme, and
                  he decides to exercise the right to effect whole life or
                  endowment insurance as envisaged in Clause 4 of the Group Life
                  Scheme, all premiums and contributions for such benefits and
                  coverage shall be borne by the Company for a period of 5
                  (five) years calculated from the date of the termination of
                  his employment. The Company shall take all such steps, and
                  provide all such assistance, as may be necessary to ensure
                  that the Executive is entitled to exercise his rights in terms
                  of this clause. ____________________ Sanlam Scheme No 18740
                  (Policy No. 18681100X6) or any other similar scheme that is in
                  effect at the date of termination of employment.

9        LEAVE

         9.1      The Executive shall be entitled to 30 (thirty) working days'
                  paid leave in each successive period of 12 (twelve) months of
                  work commencing on the Commencement Date and thereafter
                  commencing on 1 July of each following year.

         9.2      The Executive shall be entitled to an additional 21
                  (twenty-one) working days' paid leave during the period of the
                  60 (sixty) months commencing on the Engagement Date and an
                  additional 21 (twenty-one) working days' paid leave every
                  successive cycle of 60 (sixty) months thereafter.

         9.3      The Executive shall not be entitled to accumulate any leave
                  set out in CLAUSE 9.1 which has not been taken, unless the
                  Board has specifically requested the Executive in writing not
                  to take leave in such year. Any leave not taken will be
                  converted into cash annually on 1 July each year and be
                  payable to the Executive.

         9.4      Leave provided for in CLAUSE 9.2, which is not taken in a
                  particular cycle of 60 (sixty) months will not be forfeited
                  but must be taken in the next cycle of 60 (sixty) months.

                                       10

<PAGE>

10       TERMINATION

         10.1     This agreement will terminate in the circumstances set out
                  below.

                  10.1.1   This Agreement will terminate automatically on 30
                           November 2005 when the 2-year period referred to in
                           CLAUSE 3.1 expires.

                  10.1.2   The Company may terminate this Agreement with or
                           without notice if the Executive -

                           10.1.2.1 commits any serious or persistent breach of
                                    any of the provisions contained in this
                                    Agreement, provided that the inability of
                                    the Executive to perform his duties due to
                                    incapacity shall not constitute a breach of
                                    contract for the purposes of this Agreement;

                           10.1.2.2 is found guilty of theft, fraud or any gross
                                    irregularity; or

                           10.1.2.3 is found guilty of gross misconduct, serious
                                    malperformance, or willful neglect in the
                                    discharge of his duties.

                  10.1.3   If the Executive is at any time prevented by illness,
                           injury, accident or any other circumstances beyond
                           his control from discharging his full duties under
                           this Agreement (hereafter referred to as
                           "incapacity") for a total of 180 (one hundred and
                           eighty) or more days in any 12 (twelve) consecutive
                           calendar months' cycle commencing at the Commencement
                           Date, the Company may, by giving one month's written
                           notice of termination to the Executive, terminate
                           this Agreement, in which event he shall be paid an
                           amount equal to half his Remuneration Package
                           calculated on the basis of the Remuneration Package
                           payable to the Executive on the date of termination
                           of employment. Notwithstanding the incapacity and
                           absence from work, the Company shall be required to
                           pay the Executive his full remuneration during any
                           period of absence from work prior to termination of
                           employment in terms of this clause.

                  10.1.4   The Executive may terminate this Agreement by reason
                           of an Eligible Transaction in accordance with the
                           provisions of CLAUSE 11 below.

         10.2     Should this Agreement terminate in terms of any of the
                  provisions thereof, the Executive shall resign his
                  directorship within 2 days of the termination of this
                  Agreement unless the Board agrees in writing to the Executive
                  continuing to act as a director.

                                       11

<PAGE>

         10.3     Nothing contained in this Agreement shall be construed as
                  according the Executive any entitlement to compensation for
                  loss of office as a director of the Company or any company
                  within the Group.

11       ELIGIBLE TRANSACTIONS

         11.1     For the purposes of this Agreement an "Eligible Transaction"
                  means any agreement, including any agreement forming part of a
                  series of other agreements, which either by itself or together
                  with any of the other agreements, constitutes or results in a
                  transaction involving a change of control of Durban Roodepoort
                  Deep, Limited of a kind which falls within the ambit of clause
                  (a) of the definition of "affected transaction" in Section B
                  of the Code, read with clause 5 of the same Section of the
                  Code.

         11.2     If an Eligible Transaction is entered into, the Executive
                  shall be entitled to terminate this Agreement, subject to the
                  following provisions:

                  11.2.1   the Executive may exercise this right of termination
                           by giving written notice to this effect to the
                           Company at any time from the date on which the
                           announcement of a firm intention to make an offer in
                           respect of the Eligible Transaction, as contemplated
                           in Rule 2.3 of Section D of the Code ("the
                           Announcement Date"), is made in accordance with the
                           requirements of the Code, until the Closing Date of
                           that Eligible Transaction;

                  11.2.2   if the Executive gives written notice of termination
                           in terms of CLAUSE 11.2.1 he may at the same time, or
                           at anytime before the Closing Date, or in the
                           circumstances envisaged in CLAUSE 11.2.6, any time
                           before the extended date as defined in CLAUSE 11.2.6,
                           and notwithstanding the rules of the Share Option
                           Scheme or any other directive of the Board, exercise
                           all options granted to him in terms of the Share
                           Option Scheme, read with CLAUSE 12.2.

                  11.2.3   if the Executive gives written notice of termination
                           in terms of CLAUSE 11.2.1 he shall become entitled
                           to, and shall be issued, all the shares referred to
                           in CLAUSE 7.3 which have not yet been issued to the
                           Executive in terms _______ in CLAUSES 7.3.1, 7.3.2,
                           7.3.3 and 7.3.4 have not yet arrived. The Company
                           shall procure that these shares are issued by Durban
                           Roodepoort Deep, Limited, or shall take all such
                           other steps as are necessary to provide the Executive
                           with these shares. If the shares are not issued or
                           are not provided the Executive shall be paid the full
                           value of the shares by the Company;

                  11.2.4   any notice of termination given by the Executive in
                           terms of CLAUSE 11.2.1, any exercise of his rights
                           under the Share Option Scheme in terms of CLAUSE
                           11.2.2, and any right to be issued shares in terms of

                                       12

<PAGE>

                           CLAUSE 11.2.3 shall be conditional upon, and shall
                           therefore take effect only if, the Eligible
                           Transaction itself becomes wholly unconditional and
                           is actually carried into effect and implemented in
                           accordance with its terms and accordingly ceases to
                           be executory;

                  11.2.5   any notice of termination given in terms of CLAUSE
                           11.2.1, any rights exercised in terms of CLAUSE
                           11.2.2 and any entitlement to shares in terms of
                           CLAUSE 11.2.3 may not be withdrawn or revoked by the
                           Executive, without the written consent of the
                           Company; and

                  11.2.6   if any notice of termination given by the Executive
                           in terms of CLAUSE 11.2.1 takes effect in terms of
                           CLAUSE 11.2.4, this Agreement shall terminate on the
                           Closing Date of the Eligible Transaction; provided
                           that if the Executive is prohibited, in terms any
                           legal provision, and/or rule or directive of any
                           applicable Stock Exchange or Security Regulation
                           Authority, from exercising any right under the Share
                           Option Scheme, or from being issued with shares in
                           terms of CLAUSE 11.2.3, for any period of time during
                           the period between the Announcement Date and the
                           Closing Date, this Agreement will not terminate on
                           the Closing Date but will continue in existence until
                           a period of 30 days has elapsed, calculated from the
                           date on which the prohibition ceased to be of effect
                           (the "extended date"), provided further that if the
                           Closing Date is a date later than the Extended Date
                           this Agreement shall terminate on the Closing Date.

12       SHARE OPTIONS

         12.1     All existing share options granted to the Executive in terms
                  of the Share Option Scheme will be honored and the Company
                  shall procure, as far as is necessary, that they are so
                  honored.

         12.2     In the event of the Executive giving notice of termination of
                  employment in terms of CLAUSE 11.2.1 the Company shall procure
                  that all shares allocated to the Executive in terms of the
                  Share Option eme will not lapse but shall become exercisable
                  by him within the time periods set out in CLAUSE 11.2.1 or
                  11.2.6 whichever is applicable.

         12.3     In the event that the Company is unable to procure that the
                  shares become exercisable, the Company shall indemnify the
                  Executive for any losses suffered as a result thereof.

         12.4     Notwithstanding anything to the contrary in this Agreement,
                  the Company shall be entitled to suspend the Executive during
                  the periods referred to in CLAUSES 11.2.1 or 11.2.6, provided
                  that all amounts and benefits which

                                       13

<PAGE>

                  otherwise accrue to the Executive during those periods shall
                  continue to accrue as if he were not suspended.

13       BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION

         13.1     In the event of the Executive giving notice of termination of
                  employment in terms of CLAUSE 11.2.1 the Executive shall,
                  subject to compliance with the relevant company laws, be
                  entitled to receive payment from the Company as a termination
                  benefit an amount equal to:

                                     TS x TE
                                     -------
                                       12

         Where:

         TS   =         means the period (in completed calendar months) served
                        by the Executive as an employee of the Group from the
                        Engagement Date to the date of termination of this
                        Agreement, provided that such period shall not be less
                        than 12 (twelve) calendar months nor more than 48
                        (forty-eight) calendar months; and

         TE   =         means the remuneration package as set out in CLAUSE 5.1.

         13.2     The total amount which becomes payable to the Executive in
                  terms of this clause shall accrue to him on the date on which
                  the termination takes effect, and be payable to him within 30
                  (thirty) days after the amount has been determined by the
                  Auditors in accordance with CLAUSE 13.3.

         13.3     The total amount and all the separate amounts making up the
                  total amount payable to the Executive in terms of CLAUSE 13.1
                  including any pro-rata adjustments made, shall be determined
                  by the Auditors as soon as possible after the date of
                  termination, and their certificate as to each of those amounts
                  shall, in the absence of manifest or clerical error, be final
                  and binding on all the Parties.

14       NOTICES

         14.1     Any notices given under this Agreement must be given by letter
                  or fax. Notices to the Company must be addressed to its
                  registered office at the time the notice is given. Notices to
                  the Executive must be given to him personally or sent to his
                  last known address.

         14.2     Except for notices given by hand, notices will be deemed to
                  have been given at the time at which the letter or fax would
                  be delivered in the ordinary course of post or transmission.

                                       14

<PAGE>

15       THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT

         15.1     The Company shall be entitled, without the consent of the
                  Executive, to assign all its rights and all its obligations
                  under this Agreement to any company, which, at the time of the
                  assignment, is a member of the Group.

         15.2     For the avoidance of any doubt it is expressly recorded that
                  the provisions of CLAUSE 15.1 shall apply mutatis mutandis to
                  any succeeding assignee of this Agreement.

16       DISCIPLINARY RULES AND GRIEVANCE PROCEDURE

         16.1     The Disciplinary Rules attached hereto as Annexure C shall
                  apply to the Executive's Employment. These rules constitute
                  guidelines as to the Executive's Conduct rather than binding
                  contractual obligations. In the event of disciplinary action
                  being taken against the Executive he shall be entitled to take
                  the matter up with the Board.

         16.2     The Grievance Procedure attached hereto as Annexure D shall
                  apply to the Executive. This procedure sets out guidelines
                  rather than binding contractual obligations. In the event of a
                  grievance arising, the Executive shall be entitled to approach
                  the Board to deal with the issue.

         16.3     In the event of a conflict between the provisions of this
                  Agreement on the one hand and the disciplinary rules and
                  grievance procedure on the other, this agreement shall take
                  precedence.

17       DISPUTES

         17.1     In the event of any dispute arising out of this agreement the
                  matter shall be referred to a single arbitrator agreed to by
                  the parties and in the absence of any such agreement such
                  arbitrator shall be appointed by the President for the time
                  being, or in his absence the Vice President for the time
                  being, of the Isle of Man Law Society.

         17.2     This agreement shall be governed by and construed in
                  accordance with the law of the Isle of Man.

18       GENERAL

         18.1     This document contains the entire agreement between the
                  Parties in regard to its subject matter.

         18.2     No Party shall have any claim or right of action arising from
                  any undertaking, representation or warranty not included in
                  this Agreement.

         18.3     No failure by a Party to enforce any provision of this
                  Agreement shall constitute a waiver of such provision or
                  affect in any way a Party's right to

                                       15

<PAGE>

                  require performance of any such provision at any time in the
                  future, nor shall the waiver of any subsequent breach nullify
                  the effectiveness of the provision itself.

         18.4     No agreement to vary, add to or cancel this Agreement shall be
                  of any force or effect unless reduced to writing and signed by
                  or on behalf of the Parties to this Agreement.

   SIGNED at                   on                                      2004

                                For: DRD (ISLE OF MAN) LIMITED

                                /s/ P.F. Mathews
                                ------------------------------------
                                Signatory:
                                Capacity:
                                Authority:

SIGNED at                      on                                     2004

                                /s/ I.L.Murray
                                -------------------------------------
                                IAN LOUIS MURRAY

                                       16

<PAGE>

                         DURBAN ROODEPOORT DEEP, LIMITED

                             (Reg No 1895/000926/06)

                                     [LOGO]

            ROLE AND FUNCTION OF THE CHAIRPERSON (EXECUTIVE CHAIRMAN)

In accordance with King II, the Chairperson's primary function is to preside
over meetings of the directors and to ensure the smooth functioning of the Board
in the interest of good corporate governance.

The role of the Chairperson is influenced by such matters as the size of the
company, the complexity of its operations, the qualities of the Chief Executive
Officer, the management team and the skills and experience of each board member.

The core functions performed by the Chairman include:

- -        Providing overall leadership to the board without limiting the
         principles of collective responsibility for board decisions;

- -        Actively participating in the selection of board members as well as
         overseeing a formal succession plan for the board, Chief Executive
         Officer and senior management;

- -        Arranging for new directors to the board to be property inducted and
         oriented;

- -        Addressing the development needs of the board as a whole and individual
         directors;

- -        Monitoring and evaluating board and director performance appraisals;

- -        Determining the formulation of an annual work plan for the board
         against agreed objectives and goals, as well as playing an active part
         in setting the agenda for board meetings;

- -        Acting as the main information link between the board and management,
         and particularly between the board and the Chief Executive Officer;

- -        Assist in maintaining relations with the company's shareowners and more
         important stakeholders;

- -        Ensuring that all directors play a fun and constructive role in the
         affairs of the company and taking a leading role in removing
         non-performing or unsuitable directors from the board;

<PAGE>

- -        Ensuring that all relevant information and facts, objectively speaking,
         are placed before the board to enable directors to reach informed
         decisions;

- -        Upholds the highest standards of integrity and probity;

- -        Sets the agenda style and tone of board discussions to promote
         effective decision-making and constructive debate;

- -        Ensuring that the board has sufficient time to discuss issues;

- -        Promotes effective relationships and open communication, both inside
         and outside the boardroom, between non-executive directors and the
         executive team;

- -        Promotes the highest standards of corporate governance and seeks
         compliance with the provisions of the Code wherever possible;

- -        Ensures a clear structure for and the effective running of board
         committees;

- -        Ensures effective implementation of board decisions;

- -        Establishes a close relationship of trust with the chief executive,
         providing support and advice while respecting executive responsibility;
         and

- -        Provides coherent leadership of the company, including representing the
         company and understanding the view of the shareholders.

                ROLE AND FUNCTION OF THE CHIEF EXECUTIVE OFFICER

In accordance with King II, the Chief Executive Officers primary function is to
run the business and to implement the policies and strategies adopted by the
board. The Chief Executive Officer also provides leadership, strategic
provision, high-level business judgment and wisdom, and the ability to meet
immediate performance targets without neglecting longer-term growth
opportunities. The Chief Executive Officer therefore plays a critical and
strategic role in the operational success of the company's business.

The core functions performed by the Chief Executive Officer:

- -        Develop and recommend to the board the long-term strategy and vision
         for the company that will generate satisfactory levels of shareowner
         value and positive, reciprocal relations with relevant stakeholders;

- -        Develop and recommend to the board annual business plans and budgets
         that support the company's long-term strategy;

- -        Strive consistently to achieve the company's financial and operating
         goals and objectives, and ensure that the day-to-day business affairs
         of the company are appropriately monitored and managed;

                                       2

<PAGE>

- -        Ensure continuous improvement in the quality and value of the products
         and services provided by the company, and that the company achieves and
         maintains a satisfactory competitive position within its industry;

- -        Ensure that the company has an effective management team that actively
         participate in the development of management and succession planning;

- -        Formulate and oversee the implementation of major corporate policies;

- -        Serve as the chief spokesperson for the company;

- -        Maintain a positive and ethical work climate that is conducive to
         attracting, retaining and motivating a diverse group of employees at
         all levels of the company; and

- -        Foster a corporate culture that promotes ethical practices, encourages
         individual integrity and fulfils social responsibility objectives and
         imperatives.

                                       3

<PAGE>

                                                                      ANNEXURE B

BANKING DETAILS - I L MURRAY
<PAGE>

                                   ANNEXURE C
                             DISCIPLINARY PROCEDURE

         This disciplinary procedure provides for warnings to be given for
failure to meet the Company's standards of job performance, conduct (whether
during working hours or not) and attendance, or for breach of any of the terms
and conditions of employment. The procedure is not contractual but applies to
the Executive as an employee of the Company and the Executive should
familiarizes himself with its provisions.

1. In the first instance the Senior Independent Non Executive Director (Geoffrey
Campbell) ("Senior Independent Non Executive Director") will establish the facts
surrounding the complaint if necessary taking into account the statements of any
available witnesses.

2. If the Senior Independent Non Executive Director considers that it is not
necessary to resort to the formal warning procedure, he will discuss the matter
with the Executive suggesting areas for improvement. The discussion will,
insofar as is possible, be in private and the Executive will be informed that no
formal disciplinary action is being taken.

3. If the Senior Independent Non Executive Director considers that it is
necessary to invoke the formal warning procedure they will inform the Executive.
The following procedure will then apply, but, depending upon the seriousness of
the offence, may be invoked at any level including summary dismissal.

                  3.1      IN THE CASE OF MINOR OFFENCES THE EXECUTIVE WILL BE
                           GIVEN A FORMAL ORAL WARNING. THE EXECUTIVE WILL BE
                           ADVISED THAT THE WARNING CONSTITUTES THE FIRST FORMAL
                           STAGE OF THE DISCIPLINARY PROCEDURE AND THAT A NOTE
                           WILL BE PLACED ON HIS PERSONAL FILE. THE NATURE OF
                           THE OFFENCE AND THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES OR A FAILURE TO IMPROVE WILL BE EXPLAINED TO
                           THE EXECUTIVE.

                  3.2      IN THE CASE OF SERIOUS OFFENCES OR A REPETITION OF
                           EARLIER MINOR OFFENCES THE EXECUTIVE WILL BE GIVEN A
                           WRITTEN WARNING, SETTING OUT THE PRECISE NATURE OF
                           THE OFFENCE, THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES AND SPECIFYING, IF APPROPRIATE, THE
                           IMPROVEMENT REQUIRED AND OVER WHAT PERIOD.

                  3.3      IN THE CASE OF A FURTHER REPETITION OF EARLIER
                           OFFENCES, IF THE EXECUTIVE STILL FAILS TO IMPROVE OR
                           IF THE OFFENCE, WHILST FALLING SHORT OF GROSS
                           MISCONDUCT, IS SERIOUS ENOUGH TO WARRANT ONLY ONE
                           WRITTEN WARNING, THE EXECUTIVE WILL BE GIVEN A FINAL
                           WRITTEN WARNING SETTING OUT THE PRECISE NATURE OF THE
                           OFFENCE, CONTAINING A STATEMENT THAT ANY RECURRENCE
                           WILL LEAD TO DISMISSAL OR WHATEVER OTHER PENALTY IS
                           CONSIDERED APPROPRIATE

<PAGE>

                           AND SPECIFYING, IF APPROPRIATE, THE IMPROVEMENT
                           REQUIRED AND OVER WHAT PERIOD.

                  3.4      DEPENDING UPON THE SERIOUSNESS OF THE MATTER AND ALL
                           THE CIRCUMSTANCES, ANY OF THE ABOVE STAGES MAY BE
                           OMITTED.

                  3.5      IN THE CASE OF GROSS MISCONDUCT OR IF ALL OR THE
                           APPROPRIATE STAGES OF THE WARNING PROCEDURE HAVE BEEN
                           EXHAUSTED THE EXECUTIVE WILL NORMALLY BE DISMISSED,
                           BUT ONLY AFTER CONSIDERATION OF OTHER POSSIBLE
                           DISCIPLINARY ACTION INCLUDING (BUT WITHOUT
                           LIMITATION): DEMOTION OR TRANSFER, LOSS OF SENIORITY
                           OR SALARY INCREMENT; SUSPENSION WITH OR WITHOUT PAY.

4. Where the Executive is accused of an act of gross misconduct he may be
suspended from work for on full pay pending the outcome of investigation into
the alleged offence.

5. In all cases before any disciplinary action (including warnings) is taken the
Executive will be interviewed by the Senior Independent Non Executive Director
and will be informed of the allegations made against him. The Executive will be
given the opportunity to state his case and at the interview may be accompanied
by a colleague of his choice. If the complaint is upheld he will be informed of
the disciplinary action to be taken; the stage in the disciplinary procedure to
be adopted depending upon the seriousness of the offence, and of the right to
appeal.

6. If the Executive is dissatisfied with the outcome of any stage of the above
procedure he may appeal either orally or in writing within 7 days to any other
independent Non Executive Director as agreed by the Board from time to time.

7. The following are non-exhaustive examples of the sort of offences which, if
committed, will normally lead to formal disciplinary action being taken:

                  7.1      MINOR OFFENCES (ORAL WARNING): POOR JOB PERFORMANCE
                           INVOLVING SUB-STANDARD WORK, UNPUNCTUALITY,
                           ABSENTEEISM OR ANY MINOR BREACH OF THE COMPANY'S
                           REGULATIONS.

                  7.2      SERIOUS OFFENCES (WRITTEN WARNING): NEGLIGENCE
                           RESULTING IN MINOR LOSS, DAMAGE OR INJURY; FAILURE TO
                           COMPLY WITH A SPECIFIC INSTRUCTION; IRRESPONSIBILITY
                           IN RELATION TO THE COMPANY'S EMPLOYEES, ACTIVITIES OR
                           IMPROPRIETY IN RELATION TO THE EXECUTIVE'S TASKS FOR
                           THE COMPANY, WHETHER OR NOT WITHIN WORKING HOURS,
                           WHICH THE COMPANY REASONABLY CONSIDERS TO BE
                           DETRIMENTAL TO OR CONFLICTING WITH THE INTERESTS OF
                           THE COMPANY OR ITS CLIENTS OR CUSTOMERS, OR LIKELY TO
                           AFFECT THE STANDARD OF WORK; FAILURE TO DISCLOSE ANY
                           PERSONAL INTEREST THE EXECUTIVE HAS WHICH CONFLICTS
                           WITH ANY MATTER OF A CLIENT OR CUSTOMER WITH WHICH HE
                           IS ENGAGED, OR ANY BREACH OF CONFIDENCE RELATING TO
                           THE COMPANY OR ITS CLIENT'S OR CUSTOMER'S AFFAIRS.

                                        2

<PAGE>

                  7.3      GROSS MISCONDUCT (DISMISSAL): NEGLIGENCE RESULTING IN
                           SERIOUS LOSS, DAMAGE OR INJURY; ASSAULT OR ATTEMPTED
                           ASSAULT; THEFT; MALICIOUS DAMAGE TO PROPERTY; WILLFUL
                           DISREGARD OF DUTIES OR OF INSTRUCTIONS RELATING TO
                           THE EMPLOYMENT; DELIBERATE AND SERIOUS BREACH OF
                           CONFIDENCE RELATING TO THE COMPANY'S OR ITS CLIENT'S
                           OR CUSTOMER'S AFFAIRS; THE USE FOR PERSONAL ENDS OF
                           CONFIDENTIAL INFORMATION OBTAINED BY THE EXECUTIVE IN
                           THE COURSE OF HIS EMPLOYMENT; FALSIFICATION OF
                           RECORDS; CONDUCT VIOLATING COMMON DECENCY, OR
                           CONVICTION ON A CRIMINAL CHARGE RELEVANT TO THE
                           EXECUTIVE'S EMPLOYMENT. (IN SERIOUS CASES, DISMISSAL
                           WILL NORMALLY BE WITHOUT NOTICE.)

                                       3

<PAGE>

                                   ANNEXURE D

                             DISCIPLINARY PROCEDURE

         This disciplinary procedure provides for warnings to be given for
failure to meet the Company's standards of job performance. conduct (whether
during working hours or not) and attendance, or for breach of any of the terms
and conditions of employment. The procedure is not contractual but applies to
the Executive as an employee of the Company and the Executive should
familiarizes himself with its provisions.

1. In the first instance the Chairman of the Board (Mark Wellesley Wood) ("the
Chairman") will establish the facts surrounding the complaint if necessary
taking into account the statements of any available witnesses.

2. If the Chairman considers that it is not necessary to resort to the formal
warning procedure, he will discuss the matter with the Executive suggesting
areas for improvement. The discussion will, insofar as is possible, be in
private and the Executive will be informed that no formal disciplinary action is
being taken.

3. If the Chairman considers that it is necessary to invoke the formal warning
procedure they will inform the Executive. The following procedure will then
apply, but. depending upon the seriousness of the offence, may be invoked at any
level including summary dismissal.

                  3.1      IN THE CASE OF MINOR OFFENCES THE EXECUTIVE WILL BE
                           GIVEN A FORMAL ORAL WARNING. THE EXECUTIVE WILL BE
                           ADVISED THAT THE WARNING CONSTITUTES THE FIRST FORMAL
                           STAGE OF THE DISCIPLINARY PROCEDURE AND THAT A NOTE
                           WILL BE PLACED ON HIS PERSONAL FILE. THE NATURE OF
                           THE OFFENCE AND THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES OR A FAILURE TO IMPROVE WILL BE EXPLAINED TO
                           THE EXECUTIVE.

                  3.2      IN THE CASE OF SERIOUS OFFENCES OR A REPETITION OF
                           EARLIER MINOR OFFENCES THE EXECUTIVE WILL BE GIVEN A
                           WRITTEN WARNING, SETTING OUT THE PRECISE NATURE OF
                           THE OFFENCE, THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES AND SPECIFYING, IF APPROPRIATE, THE
                           IMPROVEMENT REQUIRED AND OVER WHAT PERIOD.

                  3.3      IN THE CASE OF A FURTHER REPETITION OF EARLIER
                           OFFENCES, IF THE EXECUTIVE STILL FAILS TO IMPROVE OR
                           IF THE OFFENCE, WHILST FALLING SHORT OF GROSS
                           MISCONDUCT, IS SERIOUS ENOUGH TO WARRANT ONLY ONE
                           WRITTEN WARNING, THE EXECUTIVE WILL BE GIVEN A FINAL
                           WRITTEN WARNING SETTING OUT THE PRECISE NATURE OF THE
                           OFFENCE, CONTAINING A STATEMENT THAT ANY RECURRENCE
                           WILL LEAD TO DISMISSAL OR WHATEVER OTHER PENALTY IS
                           CONSIDERED APPROPRIATE AND SPECIFYING, IF
                           APPROPRIATE, THE IMPROVEMENT REQUIRED AND OVER WHAT
                           PERIOD.

<PAGE>

                  3.4      DEPENDING UPON THE SERIOUSNESS OF THE MATTER AND ALL
                           THE CIRCUMSTANCES, ANY OF THE ABOVE STAGES MAY BE
                           OMITTED.

                  3.5      IN THE CASE OF GROSS MISCONDUCT OR IF ALL OR THE
                           APPROPRIATE STAGES OF THE WARNING PROCEDURE HAVE BEEN
                           EXHAUSTED THE EXECUTIVE WILL NORMALLY BE DISMISSED,
                           BUT ONLY AFTER CONSIDERATION OF OTHER POSSIBLE
                           DISCIPLINARY ACTION INCLUDING (BUT WITHOUT
                           LIMITATION): DEMOTION OR TRANSFER, LOSS OF SENIORITY
                           OR SALARY INCREMENT; SUSPENSION WITH OR WITHOUT PAY.

4. Where the Executive is accused of an act of gross misconduct he may be
suspended from work for on full pay pending the outcome of investigation into
the alleged offence.

5. In all cases before any disciplinary action (including warnings) is taken the
Executive will be interviewed by the Chairman and will be informed of the
allegations made against him. The Executive will be given the opportunity to
state his case and at the interview may be accompanied by a colleague of his
choice. If the complaint is upheld he will be informed of the disciplinary
action to be taken; the stage in the disciplinary procedure to be adopted
depending upon the seriousness of the offence, and of the right to appeal.

6. If the Executive is dissatisfied with the outcome of any stage of the above
procedure he may appeal either orally or in writing within 7 days to Geoffrey
Campbell ("the Senior Independent Non-Executive Director").

7. The following are non-exhaustive examples of the sort of offences which, if
committed, will normally lead to formal disciplinary action being taken:

                  7.1      MINOR OFFENCES (ORAL WARNING): POOR JOB PERFORMANCE
                           INVOLVING SUB-STANDARD WORK, UNPUNCTUALITY,
                           ABSENTEEISM OR ANY MINOR BREACH OF THE COMPANY'S
                           REGULATIONS.

                  7.2      SERIOUS OFFENCES (WRITTEN WARNING): NEGLIGENCE
                           RESULTING IN MINOR LOSS, DAMAGE OR INJURY; FAILURE TO
                           COMPLY WITH A SPECIFIC INSTRUCTION; IRRESPONSIBILITY
                           IN RELATION TO THE COMPANY'S EMPLOYEES, ACTIVITIES OR
                           IMPROPRIETY IN RELATION TO THE EXECUTIVE'S TASKS FOR
                           THE COMPANY, WHETHER OR NOT WITHIN WORKING HOURS,
                           WHICH THE COMPANY REASONABLY CONSIDERS TO BE
                           DETRIMENTAL TO OR CONFLICTING WITH THE INTERESTS OF
                           THE COMPANY OR ITS CLIENTS OR CUSTOMERS, OR LIKELY TO
                           AFFECT THE STANDARD OF WORK; FAILURE TO DISCLOSE ANY
                           PERSONAL INTEREST THE EXECUTIVE HAS WHICH CONFLICTS
                           WITH ANY MATTER OF A CLIENT OR CUSTOMER WITH WHICH HE
                           IS ENGAGED, OR ANY BREACH OF CONFIDENCE RELATING TO
                           THE COMPANY OR ITS CLIENT'S OR CUSTOMER'S AFFAIRS.

                  7.3      GROSS MISCONDUCT (DISMISSAL): NEGLIGENCE RESULTING IN
                           SERIOUS LOSS, DAMAGE OR INJURY; ASSAULT OR ATTEMPTED
                           ASSAULT; THEFT;

                                       2

<PAGE>

                           MALICIOUS DAMAGE TO PROPERTY; WILLFUL DISREGARD OF
                           DUTIES OR OF INSTRUCTIONS RELATING TO THE EMPLOYMENT;
                           DELIBERATE AND SERIOUS BREACH OF CONFIDENCE RELATING
                           TO THE COMPANY'S OR ITS CLIENT'S OR CUSTOMER'S
                           AFFAIRS; THE USE FOR PERSONAL ENDS OF CONFIDENTIAL
                           INFORMATION OBTAINED BY THE EXECUTIVE IN THE COURSE
                           OF HIS EMPLOYMENT; FALSIFICATION OF RECORDS; CONDUCT
                           VIOLATING COMMON DECENCY, OR CONVICTION ON A CRIMINAL
                           CHARGE RELEVANT TO THE EXECUTIVE'S EMPLOYMENT. (IN
                           SERIOUS CASES, DISMISSAL WILL NORMALLY BE WITHOUT
                           NOTICE.)

                                       3

<PAGE>

                                   ANNEXURE E

                            MODEL GRIEVANCE PROCEDURE

1.       PROCEDURE

         If the Executive has any questions or grievances relating to his
employment, he may seek redress orally or in writing in the following manner:

                  1.1 In the first instance should refer the grievance to Mark
Wellesley Wood ("Chairman of the Board") and the matter will be discussed
informally with him.

                  1.2 If the grievance is not thereby resolved or the Executive
considers that he has not been fairly treated, he may apply formally in writing
to the Chairman of the Board within 7 days.

                  1.3 If the grievance is still not resolved or if the Executive
still considers that he has not been fairly treated, he may appeal to Geoffrey
Campbell, Senior Non Executive Director within 7 days.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.70
<SEQUENCE>9
<FILENAME>u07700exv4w70.txt
<DESCRIPTION>SUBSCRIPTION AND OPTION AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.70

                                      DATED

(1)      DRD (ISLE OF MAN) LIMITED

(2)      NET-GOLD SERVICES LIMITED

(3)      G.M. NETWORK LIMITED

                -------------------------------------------------

                        SUBSCRIPTION AND OPTION AGREEMENT

                -------------------------------------------------

                                  Maitland & Co
                          5th Floor, 44-48 Dover Street
                                London W l S 4NX
                             Tel: (+44 20) 7344 7500
                              www.maitlandgroup.com

<PAGE>

                                                                 26 January 2004

                        SUBSCRIPTION AND OPTION AGREEMENT

THIS AGREEMENT is made on 26 January 2004

Between

(1) DRD (ISLE OF MAN) LIMITED, a company incorporated as a limited company in
accordance with the laws of the Isle of Man having registration number 94445 C
and its registered address at Grosvenor House, 66/67 Athol Street, Douglas, Isle
of Man (the "INVESTOR");

(2) NET-GOLD SERVICES LIMITED, a company incorporated as a limited company in
accordance with the laws of the Bahamas having registration number 96407 B and
its registered address at c/o Provident Trust Limited, PO Box 9204, Charlotte
House, Charlotte Street, Nassau, Bahamas (the "COMPANY"); and

(3) G.M. NETWORK LIMITED, a company incorporated as a limited company in
accordance with the laws of the Isle of Man having registration number 092598 C
and its registered office at Falcon Cliff, Palace Road, Douglas, Isle of Man
("GMN").

RECITALS

A.       The Company is a wholly owned subsidiary of GMN.

B.       The Investor wishes to subscribe for approximately 50.25% of the
         Company's shares in accordance with the terms of this agreement. On
         completion, the Investor will pay 10% of the aggregate subscription
         price in return for a proportionate number of fully paid shares in the
         Company, and the remainder of the Investor's proposed shareholding will
         be issued unpaid. The unpaid shares will either be paid up or cancelled
         in accordance with the terms of this agreement.

C.       The Investor and GMN will have respective put and call options to
         exchange the Investor's shares in the Company for an agreed number of
         shares in GMN.

D.       If the Investor does not pay the subscription price in relation to its
         unpaid shares in the Company, those shares will be cancelled; the
         options referred to in Recital C will lapse with respect to the unpaid
         shares; and the Investor and GMN will have respective put and call
         options to sell and acquire respectively the Investor's fully paid
         shares in the Company in exchange for an agreed number of shares in
         GMN.

<PAGE>

It is agreed as follows:

1.       Interpretation

         1.1      In this agreement and the Schedules, unless the contrary
                  intention appears:

                  1.1.1    "COMPLETION" means the completion of the transactions
                           and matters specified in clause 4;

                  1.1.2    "DEED OF ADHERENCE" means the deed of adherence
                           annexed hereto as Schedule 4 pursuant to which the
                           Investor covenants to adhere to the GMN Shareholders
                           Agreement conditionally upon acquiring a shareholding
                           in GMN;

                  1.1.3    "ENCUMBRANCE" means a mortgage, charge, pledge, lien,
                           option, restriction, right of first refusal, right of
                           pre-emption, third party right or interest, or other
                           encumbrance or security of any kind;

                  1.1.4    "INVESTOR DIRECTOR" means a director to be nominated
                           by the Investor for appointment to the board of GMN
                           pursuant to the provisions of clause 6;

                  1.1.5    "GMN SHAREHOLDERS AGREEMENT" means a shareholders
                           agreement dated June 2003 between GMN and its
                           shareholders;

                  1.1.6    "PAID SHARES" means 10.1 (ten point one) of the
                           Subscription Shares which will be issued and allotted
                           to the Investor on Completion as fully paid up
                           Shares;

                  1.1.7    "SHARES" means ordinary shares of US$0.01 each in the
                           Company;

                  1.1.8    "SHAREHOLDER" means a holder of shares in the
                           Company;

                  1.1.9    "SUBSCRIPTION SHARES" means 101 ordinary shares of
                           US$0.01 each in the Company for which the Investor is
                           subscribing under clause 2 and which consist of the
                           Paid Shares and the Unpaid Shares;

                  1.1.10   "UNPAID SHARES" means 90.9 (ninety point nine) of the
                           Subscription Shares which will be issued and allotted
                           to the Investor on Completion as unpaid Shares;

                  1.1.11   "WARRANTIES" means the warranties referred to in
                           Schedule 2.

                                       2

<PAGE>

         1.2      In this agreement and the Schedules unless the context
                  otherwise requires:

                  1.2.1    Words denoting any one gender include all other
                           genders and words denoting the singular shall include
                           the plural and vice versa.

                  1.2.2    A reference to:

                           (a)      a "subsidiary" or "holding company" shall be
                                    construed in accordance with section 736 of
                                    the English Companies Act 1985, as amended
                                    and in force at the date of this agreement;

                           (b)      a "clause" or a "Schedule" is a reference to
                                    a clause of, or a Schedule to, this
                                    agreement;

                           (c)      a person includes a reference to a body
                                    corporate, an unincorporated association or
                                    a partnership and that person's legal and
                                    personal representatives and successors; and

                           (d)      any statutory provision includes a reference
                                    to the statutory provision as modified or
                                    re-enacted or both from time to time
                                    (whether before or after the date of this
                                    agreement).

         1.3      When any payment falls due or any other obligation falls to be
                  performed on a Saturday, Sunday or a day on which banks are
                  not open for the transaction of normal business in the Isle of
                  Man, then such payment shall be made, or such obligation
                  performed, on the next succeeding day on which banks are open
                  for the transaction of normal business in the Isle of Man.
                  This clause will not apply in respect of the parties'
                  obligations in clause 4.

         1.4      Headings are for ease of reference only and shall not affect
                  the interpretation of this agreement.

2.       SUBSCRIPTION

         The Investor will subscribe for the Subscription Shares for an
         aggregate subscription price of US$ 2,000,000 (two million United
         States dollars) in accordance with the terms of this agreement,
         equating to a subscription price of US$19,801.98 per Subscription
         Share. For the avoidance of doubt the Subscription Shares will be
         subscribed for by, and issued and allotted to, the Investor, and not by
         or to, any nominee of the Investor.

3.       AMENDMENT OF THE COMPANY'S ARTICLES OF ASSOCIATION

                                       3

<PAGE>

         GMN will procure that the Company's articles of association are amended
         prior to Completion in the manner set out in Schedule 3.

4.       COMPLETION

         4.1      Completion will take place at 16h00, Isle of Man time, on the
                  day following execution of this agreement at the offices of
                  Maitland & Co, Falcon Cliff, Palace Road, Douglas, Isle of Man
                  or at such other place as the parties agree, when:

                  4.1.1    the Investor will

                           (a)      pay to the Company the sum of US$ 200,000
                                    (two hundred thousand United States dollars)
                                    being the proportion of the subscription
                                    price due for the Paid Shares; and

                           (b)      deliver to GMN a counterpart of the Deed of
                                    Adherence duly executed by the Investor as a
                                    deed; and

                  4.1.2    GMN will procure that the Company and the Company
                           undertakes to:

                           (a)      duly issue and allot the Subscription Shares
                                    to the Investor on the basis that the Paid
                                    Shares will be issued and allotted to the
                                    Investor as fully paid up Shares and the
                                    Unpaid Shares will be issued and allotted to
                                    the Investor as unpaid Shares; and

                           (b)      deliver to the Investor (or as it directs) a
                                    share certificate or certificates relating
                                    to the same;

                           (c)      appoint the "B" Directors to the Company's
                                    board of directors as referred to in clause
                                    6.1

                           (d)      ensure that one of the three directors
                                    presently appointed to the Company's board
                                    of directors resigns or is removed from the
                                    Company's board of directors.

         4.2      GMN will procure the appointment of the Investor Director to
                  the GMN board of directors as referred to in clause 7.1.

         4.3      The Investor will pay to the Company on 29 April 2004 or such
                  earlier day as the Investor and the Company shall agree, the
                  sum of US$ 1,800,000, being the proportion of the subscription
                  price due for the Unpaid Shares ("SUBSCRIPTION BALANCE").
                  Following payment of the Subscription Balance in accordance
                  with this clause the Unpaid Shares will become fully paid. If
                  the Investor does not pay the Subscription

                                       4

<PAGE>

                  Balance in accordance with this clause it acknowledges that
                  the Investor will forfeit the Unpaid Shares and the Company
                  will have the right to cancel the Unpaid Shares forthwith.

         4.4      All payments made by the Investor to the Company will be made
                  either by telegraphic or electronic transfer of funds for same
                  day value to such bank account as the Company has previously
                  advised the Investor. The Investor acknowledges that time is
                  of the essence in respect of any payment due by it under this
                  clause 4.

5.       INTER COMPANY LOANS

         Following Completion GMN and the Investor will procure that the Company
         advances the inter company loans in the manner referred to in Schedule
         5.

6.       APPOINTMENT OF DIRECTORS OF THE COMPANY

         6.1      The parties agree that GMN and the Investor shall each have
                  the right to nominate and appoint, and from time to time
                  replace, no more than two directors to the board of directors
                  of the Company. Directors appointed by GMN shall be known as
                  "A" Directors", and directors appointed by the Investor as "B"
                  Directors. The first "B" Director(s) will be Ian Murray and
                  Ilja Graulich. Each party undertakes to take such steps as may
                  be necessary to ensure that the nominees of the other party
                  are promptly appointed to the board of the Company, provided
                  that the persons nominated by one party are approved by the
                  other party, which approval shall not be unreasonably withheld
                  or delayed.

         6.2      The quorum for meetings of the board of directors of the
                  Company shall be two directors, one of whom shall be an "A"
                  Director and one a "B" Director: provided that if a duly
                  convened board meeting is inquorate, then a second board
                  meeting shall be duly convened at which any two directors
                  shall constitute a quorum.

         6.3      Directors may attend meetings of the board either in person,
                  or by video or by conference telephone.

         6.4      The chairman (if one is appointed) will not have a second or
                  casting vote. The "A" and the "B" Directors will be entitled
                  to appoint alternate directors subject to their prior approval
                  by the other Shareholder (which approval shall not be
                  unreasonably withheld or delayed).

         6.5      GMN and the Investor agree that any rights which the Company
                  may have against the Investor pursuant to or in respect of the
                  matters referred to in clauses 4.3, 10 or 11 including without
                  limitation in respect of the Company's right to call for
                  payment of the Subscription

                                       5

<PAGE>

                  Balance, and the Company's right to require forfeiture of the
                  Unpaid Shares, will be dealt with by the "A" Directors, and
                  that the "B" Directors (and/or any alternates appointed by the
                  same) will be precluded from voting in relation thereto.

         6.6      The Investor's right to nominate "B" Directors will cease on
                  the earlier of:

                  6.6.1    its failure to pay the Subscription Balance in
                           accordance with clause 4; or

                  6.6.2    completion of the exercise of the relevant Option
                           pursuant to clause 8;

                  and the Investor will forthwith remove any "B" Directors,
                  including their alternates, who have been appointed and if it
                  fails to do so GMN will be empowered to remove the same.

         6.7      Each of GMN and the Investor will fully indemnify and keep
                  fully indemnified the Company from and against any claim for
                  unfair or wrongful dismissal or redundancy or other
                  compensation, fee or payment arising out of the service of any
                  director appointed pursuant to clause 6.1 as a director of the
                  Company or the removal or loss of office of the same

7.       APPOINTMENT OF DIRECTOR TO GMN

         7.1      GMN will procure that the Investor will be entitled to
                  nominate one director to the board of directors of GMN ("GMN
                  BOARD") who shall be regarded as the "INVESTOR DIRECTOR", and
                  the Investor shall be entitled at any time to effect the
                  removal or replacement of such director, provided the proposed
                  Investor Director or his/her replacement is approved by GMN,
                  which approval shall not be unreasonably withheld or delayed.
                  The Investor Director will not be entitled to a fee or other
                  payment in respect of his appointment. The first Investor
                  Director will be Ian Murray, and llja Graulich will act as his
                  alternate. Any appointment or removal of an Investor Director
                  will be effected by giving written notice thereof to GMN.

         7.2      If the Investor fails to pay the Subscription Balance in
                  accordance with clause 4 its right to nominate an Investor
                  Director will cease and it will forthwith remove any Investor
                  Director, including any alternate, who has been appointed and
                  if it fails to do so GMN will be empowered to remove the same.

         7.3      Following the exercise and completion of the Put Option or the
                  Call Option pursuant to clause 8 below, the Investor's right
                  to nominate an Investor Director pursuant to clause 7.1 will
                  cease, however GMN will

                                       6

<PAGE>

                  procure (with effect from the date of such exercise) that the
                  GMN Board grants the Investor the right to appoint a director
                  to the GMN Board, pursuant to the provisions of clause 3.1.6
                  of the GMN Shareholders Agreement. Any Investor Director
                  serving as a director of GMN at the date of such exercise
                  shall (if the Investor so desires) remain in place, however
                  such director shall from that time be regarded as an appointee
                  pursuant to the GMN Shareholders Agreement rather than
                  pursuant to clause 7.1 of this agreement.

         7.4      The Investor will fully indemnify and keep fully indemnified
                  GMN from and against any claim for unfair or wrongful
                  dismissal or redundancy or other compensation, fee or payment
                  arising out of the service of any director appointed pursuant
                  to clauses 7.1 or 7.3 as a director of GMN or the removal or
                  loss of office of the same.

8.       PUT AND CALL OPTIONS

         8.1      The Put and Call Options referred to in this clause will be
                  conditional upon the Investor paying the Subscription Balance
                  in accordance with clause 4. If the Subscription Balance is
                  not paid in accordance with such clause the Put and Call
                  Options referred to in this clause will lapse and be of no
                  further force or effect.

         8.2      GMN hereby grants the Investor the right to sell to GMN and to
                  require GMN to purchase the Subscription Shares in accordance
                  with the provisions of this clause ("PUT OPTION").

         8.3      The Investor grants GMN the right to purchase from the
                  Investor and to require the Investor to sell the Subscription
                  Shares in accordance with the provisions of this clause ("CALL
                  OPTION").

         8.4      Provided that the Call Option Notice has not been previously
                  served pursuant to clause 8.5, the Investor may exercise the
                  Put Option on one occasion only in relation to all the
                  Subscription Shares at any time before 31 December 2007 by not
                  less than 7 days' notice in writing to GMN ("PUT OPTION
                  NOTICE"). If a Put Option Notice is served in accordance with
                  this clause and the Subscription Shares have been sold and
                  transferred to GMN pursuant to such notice, the Call Option
                  will lapse and be of no further force or effect.

         8.5      Provided that a Put Option Notice has not been previously
                  served pursuant to clause 8.4, the Call Option may be
                  exercised by GMN at any time after the date on which South
                  African exchange control regulations are abolished (as defined
                  below), on not less than 7 days notice in writing to the
                  Investor ("CALL OPTION NOTICE"), or on 31 December 2007
                  whichever is the earlier. Unless previously exercised, GMN
                  will be deemed to have exercised the Call Option on 31

                                       7

<PAGE>

                  December 2007 unless GMN shall have given 10 days prior
                  written notice that the Call Option should not be exercised on
                  that date. For the purpose of this clause 8.5 South African
                  exchange controls shall be deemed to have been abolished on
                  the earlier of the effective date on which:

                  8.5.1    South African exchange controls are abolished in
                           their entirety; or

                  8.5.2    South African exchange controls are modified to the
                           extent that there is no material restriction,
                           prohibition, hindrance or similar encumbrance, on the
                           Investor holding a minority shareholding in GMN.

         8.6      The Investor will use its best endeavours to obtain as soon as
                  practicable any approvals from the South African Reserve Bank
                  or from any other relevant body ("APPROVALS") which may be
                  necessary to enable the transactions contemplated by the
                  exercise of the Call Option to take place. The Investor will:

                  8.6.1    keep GMN fully and promptly informed on the progress
                           of its application for the Approvals
                           ("Applications"), and promptly notify GMN on
                           obtaining the Approvals; and

                  8.6.2    promptly supply GMN with copies of such documents in
                           relation to the Applications as GMN shall from time
                           to time request; and

                  8.6.3    promptly take all action as GMN shall from time to
                           time reasonably require in relation to the
                           Applications and to obtain the Approvals.

                  If the Approvals have not been obtained by the date for
                  completion of the exercise of the Call Option referred to in
                  clause 8.8 (or such later date as GMN may have notified the
                  Investor that such completion should take place) the Investor
                  shall transfer its Shares pursuant to the provisions of clause
                  10.3 to 10.7.

         8.7      The consideration for the Subscription Shares under this
                  clause shall be the issue and allotment to the Investor of
                  523.2611341 ordinary shares of US$1.00 each in GMN, currently
                  representing approximately 14.3% of the issued share capital
                  of GMN on a fully diluted basis ("CONSIDERATION SHARES").

         8.8      Completion of the exercise of the relevant Option shall take
                  place 7 days after the date of the relevant Option Notice, or
                  31 December 2007 as applicable, at the offices of Maitland &
                  Co, Palace Road, Douglas, Isle of Man or at such other place
                  as the parties agree, when:

                                       8

<PAGE>

                  8.8.1    the Investor will deliver:

                           (a)      to GMN an appropriate transfer in respect of
                                    the Subscription Shares duly executed in
                                    favour of GMN together with the relevant
                                    share certificate; and

                           (b)      to the Company (on the basis that such
                                    directors have not already resigned) the
                                    resignations of the "B" Directors, including
                                    their alternates, duly signed as deeds and
                                    confirming that they have no claims against
                                    the Company, in such form as the Company
                                    shall reasonably require; and

                  8.8.2    GMN will procure that the Consideration Shares are
                           duly issued and allotted to the Investor and will
                           deliver to the Investor the relevant share
                           certificate relating thereto.

         8.9      The Subscription Shares shall be sold by the Investor in
                  accordance with this clause with full title guarantee, free
                  from any Encumbrance and together with all rights and benefits
                  attached thereto on or after the date of exercise of the
                  relevant Option, and the Consideration Shares shall be issued
                  and allotted free from any Encumbrance.

9.       GMVN'S CALL OPTION AND THE INVESTORS PUT OPTION

         9.1      The Call Option and Put Option referred to in this clause will
                  be conditional upon the Investor failing to pay the
                  Subscription Balance in accordance with clause 4. If the
                  Subscription Balance is paid in accordance with such clause
                  the Call Option and the Put Option referred to in this clause
                  will lapse and be of no further force nor effect.

         9.2      GMN hereby grants the Investor the right to sell to GMN and to
                  require GMN to purchase the Paid Shares in accordance with the
                  provisions of this clause ("INVESTOR PUT OPTION").

         9.3      The Investor hereby grants GMN the right to purchase and to
                  require the Investor to sell the Paid Shares in accordance
                  with the provisions of this clause ("GMN CALL OPTION").

         9.4      Provided that the GMN Call Option Notice has not previously
                  been served pursuant to clause 9.5, the Investor may exercise
                  the Investor Put Option on one occasion only in relation to
                  all the Paid Shares at any time after 29 March 2004 by not
                  less than 7 days' notice in writing to GMN ("INVESTOR PUT
                  OPTION NOTICE").

         9.5      GMN may exercise the GMN Call Option on one occasion only in
                  relation to all the Paid Shares at any time after 29 2004 by
                  not less

                                       9

<PAGE>

                  than 7 days' notice in writing to the Investor ("GMN CALL
                  OPTION NOTICE"). The Investor will use its best endeavours to
                  obtain as soon as practicable any approvals from the South
                  African Reserve Bank or from any other relevant body
                  ("Approvals") which may be necessary to enable the
                  transactions contemplated by the exercise of the GMN Call
                  Option to take place. The Investor will:

                  9.5.1    keep GMN fully and promptly informed on the progress
                           of its application for the Approvals
                           ("Applications"), and promptly notify GMN on
                           obtaining the Approvals; and

                  9.5.2    promptly supply GMN with copies of such documents in
                           relation to the Applications as GMN shall from time
                           to time request; and

                  9.5.3    promptly take all action as GMN shall from time to
                           time reasonably require in relation to the
                           Applications and to obtain the Approvals.

                  If the Approvals have not been obtained by the date for
                  completion of the exercise of the GMN Call Option referred to
                  in clause 9.7 (or such later date as GMN shall have notified
                  the Investor that such completion should take place) the
                  Investor shall transfer its Paid Shares pursuant to the
                  provisions of clause 10.3 to 10.7.

         9.6      The consideration for the Paid Shares under this clause shall
                  be the issue and allotment to the Investor of 52.3261134
                  ordinary shares of US$1.00 each in GMN, currently representing
                  approximately 1.43% of the issued share capital of GMN on a
                  fully diluted basis.

         9.7      Completion of the exercise of the Investor Put Option or the
                  GMN Call Option shall take place 14 days after the date of the
                  relevant Option Notice (or in the case of a GMN Call Option
                  Notice such later date as GMN may have notified, or in the
                  event that the Investor has to apply for Approvals, 30 days
                  after the exercise of the relevant option notice) at the
                  offices of Maitland & Co, Falcon Cliff, Palace Road, Douglas,
                  Isle of Man or at such other place as the parties agree, when:

                  9.7.1    the Investor will deliver:

                           (a)      to GMN an appropriate transfer in respect of
                                    the Paid Shares duly executed in favour of
                                    GMN together with the relevant share
                                    certificate; and

                           (b)      to the Company (on the basis that such
                                    directors have not already resigned) the
                                    resignations of the "B" Directors, including
                                    their alternates, duly signed as

                                       10

<PAGE>

                                    deeds and confirming that they have no
                                    claims against the Company, in such form as
                                    the Company shall reasonably require; and

                  9.7.2    GMN will procure that the shares referred to in
                           clause 9.6 are duly issued and allotted to the
                           Investor and will deliver to the Investor the
                           relevant share certificate relating thereto.

         9.8      The Paid Shares shall be sold by the Investor in accordance
                  with this clause with full title guarantee, free from any
                  Encumbrance and together with all rights and benefits attached
                  thereto on or after the date of exercise of the Investor Put
                  Option or GMN Call Option, and the shares referred to in
                  clause 9.6 shall be issued and allotted free from any
                  Encumbrance.

10.      RESTRICTIONS ON TRANSFER

         10.1     Other than pursuant to the Options referred to in clauses 8 or
                  9, or as provided in this clause, or as provided in clause 11,
                  or with GMN's prior written consent, the Investor may not
                  transfer, sell, assign, dispose of, renounce any right to,
                  subscribe for, grant any option over, create any Encumbrance
                  over, or otherwise deal in any manner with the legal or
                  equitable interest (collectively "TRANSFER") in any of its
                  shares in the Company.

         10.2     Other than with the Investor's prior written consent, GMN may
                  not Transfer the legal or equitable interest in any of its
                  shares in the Company,

         10.3     If the Approvals have not been obtained by the date referred
                  to in clause 8.8 or 95, as appropriate, the Investor may sell
                  all (but not part) of its shares in the Company, provided that
                  it first offers all (but not part) of such shares ("the
                  Offered Shares") to GMN ("Offer") at the Prescribed Price (as
                  defined in clause 11.1.2).

         10.4     Unless the Company is notified within 7 days after the date of
                  the Offer that the Shareholders have reached agreement on the
                  Prescribed Price, the Company will procure forthwith that the
                  Prescribed Price is determined by the Company's auditors
                  ("Auditors") in accordance with clause 11.6.

         10.5     If GMN does not accept the Offer in full within 7 days of the
                  date on which the Prescribed Price is determined, the Investor
                  will notify the Company's board of directors which will
                  forthwith offer all (but not part) of the Offered Shares to
                  the then shareholders of GMN at the same price ("GMN
                  Offerees"), inviting each of them to state in writing within
                  30 days from the date of such offer whether it is willing to
                  purchase any, and if so, what maximum number of the Offered
                  Shares.

                                       11

<PAGE>

                  At the expiration of such period the directors will within a
                  period of 14 days allocate the Offered Shares to or amongst
                  the GMN Offerees who shall have expressed its or their
                  willingness to purchase as aforesaid and (if more than one) so
                  far as may be possible pro rata to the number of shares held
                  by them respectively in GMN. No GMN Offeree will be obliged to
                  take more than the maximum number of Offered Shares notified
                  to it.

         10.6     Upon acceptance by GMN of the Offer in full, or upon any
                  allocation being made to the GMN Offerees of all of the
                  Offered Shares, as the case may be, pursuant to clause 10.5,
                  the Investor will be bound on payment of the purchase price to
                  transfer the Offered Shares to the purchaser or purchasers
                  concerned, and if it makes default in doing so, the directors
                  may receive and give good discharge for the purchase money on
                  behalf of the Investor and may authorise some person to
                  execute a transfer of the Offered Shares in favour of the
                  relevant purchaser or purchasers and issue the relevant share
                  certificates in respect of the Offered Shares.

         10.7     If all of the Offered Shares are not accepted by GMN, or
                  allocated to the GMN Offerees, as referred to above, the
                  Investor may for a period of 6 months following the expiry of
                  the period referred to above for acceptance of the Offered
                  Shares by the GMN Offerees, sell its shares in the Company to
                  a third party subject to such third party first becoming bound
                  by the provisions of this agreement or by provisions
                  substantially similar to the terms of this agreement as the
                  Investor and GMN may agree, including, without limitation, the
                  Investor Put Option.

11.      COMPULSORY SALE OF SHARES

         11.1     For the purpose of this clause 11 the following expressions
                  shall have the following meanings:

                  11.1.1   "EVENT" means the occurrence of any of the following
                           events:

                           (a)      the making by the Investor of an
                                    arrangement, compromise or moratorium for
                                    the benefit of its creditors generally or
                                    the failure to pay its debts generally as
                                    they become due; or

                           (b)      any distress, execution, sequestration or
                                    other such process being levied or enforced
                                    upon or sued out against any material
                                    property of the Investor which is not
                                    discharged within fourteen days or, if
                                    later, the date of service of the written
                                    notice by GMN pursuant to clause 11.2;

                                       12

<PAGE>

                           (c)      an encumbrancer taking possession of, or an
                                    administrator, an administrative receiver, a
                                    receiver, a trustee, or a liquidator being
                                    appointed over the whole or any part of the
                                    undertaking, property or assets of the
                                    Investor; or an order is made or a
                                    resolution is passed for the winding-up of
                                    the Investor other than a solvent
                                    liquidation for the purposes of a
                                    reorganisation;

                           (d)      the Investor at any time purporting to
                                    contravene the provisions of clause 10;

                           (e)      the Investor undergoing a change in control
                                    (as defined below). For the purpose of this
                                    sub clause, "CONTROL" has the meaning
                                    ascribed thereto in section 416 of the
                                    English Income and Corporation Taxes Act
                                    1988 (as amended).

                  11.1.2   "PRESCRIBED PRICE" means:

                           (a)      at any time before the Subscription Balance
                                    has been paid by the Investor, the lower of:

                                    (i)  US$ 200,000; and

                                    (ii) the market value of the Paid Shares, or
         the shares which are the subject of a notice pursuant to clause 11.2
         (as the case may be); or

                           (b)      at any time after the Subscription Balance
                                    has been paid by the Investor, the market
                                    value of the Subscription Shares, or the
                                    shares which are the subject of a notice
                                    pursuant to 11.2 (as the case may be).

         11.2     Notwithstanding any other provision of this agreement upon the
                  occurrence of an Event, GMN shall be entitled to require the
                  Investor to sell to it at the Prescribed Price all (but not
                  part) of the shares in the Company held or beneficially owned
                  by the Investor. Such right shall be exercised by GMN
                  delivering written notice to the Investor and to the Company
                  to that effect at any time within 120 days of the date of the
                  occurrence of such Event or the day on which GMN becomes aware
                  of the occurrence giving rise to the Event, whichever is the
                  later. If no such notice is given timeously, then the right
                  granted to GMN pursuant hereto shall lapse in respect of that
                  Event.

         11.3     If a notice referred to in clause 11.2 is given, the Investor
                  shall deliver to GMN within ten days after the Prescribed
                  Price is determined, a duly executed transfer form in respect
                  of all its shares in the Company against full payment to the
                  Investor of the Prescribed Price.

                                       13

<PAGE>

         11.4     The Shareholders agree to notify each other immediately of any
                  occurrence which would constitute an Event.

         11.5     Unless the Company is notified within 10 days after delivery
                  of a notice under clause 11.2 that the Shareholders have
                  reached agreement on the Prescribed Price, the Company will
                  procure forthwith that the same is determined in accordance
                  with clause 11.6.

         11.6     For the purpose of clauses 10.4 and 11.5, the Prescribed Price
                  will be determined by the Auditors. In making their
                  determination the Auditors will:

                  11.6.1   determine the market value of the Paid Shares or
                           Subscription Shares or the shares which are the
                           subject of a notice pursuant to clause 11.2 (as the
                           case may be) on the basis of an arms length sale
                           between a willing buyer and a willing seller;

                  11.6.2   take into account, inter alia, the options granted in
                           clauses 8 and 9 and the value attributable to the GMN
                           shares that would be issued as consideration on
                           exercise of such options;

                  11.6.3   act as experts and not as arbitrators;

                  11.6.4   receive submissions orally or in writing which any
                           Shareholder may submit within 7 days of their
                           appointment in terms hereof; and

                  11.6.5   make their determination as soon as possible after
                           their appointment and in any case within 14 days
                           thereof.

                  In the absence of manifest error the Auditors' decision will
                  be final and binding on the parties. The Auditors' fees will
                  be paid as the Auditors direct or in the absence of any
                  direction in equal proportions by the Shareholders.

12.      TRANSFER OF GMN'S BUSINESS OR ASSETS

         12.1     GMN undertakes that in the event that it intends to transfer,
                  sell, assign or dispose of a material part of its business,
                  investments or assets (collectively "A DISPOSAL"), it will
                  give the investor not less than 30 days prior written notice
                  of such intention (the "NOTICE PERIOD").

         12.2     At any time during the Notice Period, the Investor may
                  exercise the Put Option or the Investor Put Option pursuant to
                  the provisions of clause 8 or 9 by delivering an Option Notice
                  or an Investor Option Notice to GMN of its intention to
                  exercise the relevant option upon completion of the Disposal.

                                       14

<PAGE>

         12.3     Completion of the exercise of the relevant option pursuant to
                  this clause 12 shall take place upon completion of the
                  Disposal and fulfilment of all suspensive conditions related
                  to the Disposal.

13.      DIVIDENDS

         It is recorded and agreed that the Company shall not pay or consider
         paying any dividend or make or consider making any distribution of
         profits to any shareholder before 1 February 2008.

14.      WARRANTIES

         14.1     GMN hereby warrants to the Investor that each of the
                  Warranties is true and accurate at the date of this agreement.

         14.2     The maximum aggregate liability of GMN in relation to the
                  Warranties shall under no circumstances exceed the
                  subscription price for the Subscription Shares or part thereof
                  that the Company has actually received from the Investor in
                  cleared funds.

15.      CONFIDENTIALITY

         15.1     Any communication between the Investor on the one hand, and
                  the Company and GMN on the other (each to be regarded for the
                  purpose of this clause 15 and clause 17 as one party), and
                  between any of their respective subsidiaries, or their
                  representatives which is marked confidential or which is of a
                  commercially sensitive, proprietary or confidential nature
                  will be kept strictly confidential by the party receiving such
                  communication.

         15.2     Each of such parties will take reasonable precautions to
                  ensure that its officers and employees and the officers and
                  employees of each of its subsidiaries comply with the
                  provisions of this clause and that none of such individuals
                  discloses any term of this agreement, or discloses or uses any
                  confidential information which it acquires in connection with
                  this agreement or in connection with the negotiations leading
                  up to the same, unless the other party agrees.

         15.3     Nothing in this clause will prevent the disclosure of any
                  information required by law or any regulation or rule of any
                  stock exchange or other regulatory authority, save that such
                  disclosure shall be made by the party concerned only after
                  reasonable consultation, if practicable, with the other and,
                  so far as practicable, taking into account the reasonable
                  requirements (as to timing, contents and manner of making or
                  despatch of such disclosure) of the other.

16.      DURATION AND TERMINATION

                                       15

<PAGE>

         16.1     Without prejudice to any accrued rights and obligations this
                  agreement shall continue in full force and effect until the
                  earlier of:

                  16.1.1   the date on which the Company ceases to have more
                           than one shareholder;

                  16.1.2   the date on which the parties agree in writing that
                           this agreement is to terminate;

         16.2     the date of the commencement of winding up of the Company.

         16.3     The termination of this agreement shall be without prejudice
                  to the rights of the parties in respect of any breach of this
                  agreement occurring prior to such termination.

         16.4     Notwithstanding the above provisions, the obligations of the
                  parties pursuant to clause 15 will survive termination.

17.      ANNOUNCEMENTS

         17.1     Subject to clause 17.2 no announcement, communication or
                  circular concerning the transactions referred to in this
                  agreement shall be made or despatched at any time (whether
                  before or after Completion) by either party without the prior
                  written consent of the other (such consent not to be
                  unreasonably withheld or delayed).

         17.2     Where the announcement, communication or circular is required
                  by law or any regulation or rule of any stock exchange or
                  other regulatory authority, it shall be made by the party
                  concerned only after reasonable consultation, if practicable,
                  with the other and, so far as practicable, taking into account
                  the reasonable requirements (as to timing, contents and manner
                  of making or despatch of the announcement, communication or
                  circular) of the other.

18.      FURTHER ASSURANCE

         Each of the parties agrees to perform all further acts and things as
         the other parties may reasonably require to implement and give effect
         to the provisions of this agreement and for the purposes of vesting in
         the parties the full rights and benefits to be vested in the parties
         under this agreement, including voting any of its shares in the
         Company.

19.      GENERAL

         19.1     This agreement and the documents referred to in it contain the
                  whole agreement between the parties relating to the
                  transaction contemplated by this agreement and supersede all
                  previous agreements between the parties in relation to these
                  transactions.

                                       16

<PAGE>

         19.2     No variation or agreed termination of this agreement shall be
                  of any force or effect unless in writing and signed by each
                  party.

         19.3     The failure to exercise or any delay in exercising any right
                  or remedy under this agreement shall not constitute a waiver
                  of that right or remedy or a waiver of any other right or
                  remedy and no single or partial exercise of any right or
                  remedy under this agreement shall prevent any further exercise
                  of that right or remedy or the exercise of any other right or
                  remedy.

         19.4     This agreement shall be personal to the parties and save where
                  specified otherwise no party shall be entitled to assign its
                  rights or obligations under this agreement to any person
                  without the prior written consent of the other parties.

         19.5     Save as provided below a person who is not a party to this
                  agreement has no right under the Isle of Man Contracts (Rights
                  of Third Parties) Act 2001 to enforce any term of this
                  agreement but this does not affect any right or remedy of a
                  third party which exists or is available apart from that Act).
                  It is the intention of the parties that the shareholders of
                  GMN will have the right to enforce clause 10.5 as if they were
                  parties to this agreement. The parties may by agreement
                  rescind or vary any or all of the terms of this agreement
                  without the consent of any such shareholders.

         19.6     Each party will bear its own costs in connection with the
                  preparation and execution of this agreement.

         19.7     In the event of an ambiguity or conflict between the
                  provisions of this agreement and the articles of association
                  of the Company the provisions of this agreement will prevail
                  as between the parties.

20.      NOTICES

         20.1     Any notice or other communication under or in connection with
                  this agreement shall be in writing and shall be delivered
                  personally or by commercial courier to each party due to
                  receive the notice or communication at its address set out
                  below:-

                  20.1.1   the Investor:             Grosvenor House
                                                     66/67 Athol Street
                                                     Douglas
                                                     Isle of Man
                                                     British Isles

                                                     Fax; +44 1624 672334

                                       17

<PAGE>

                 20.1.2   the Company:               Bel Royal House
                                                     Hilgrove Street
                                                     St Helier
                                                     Jersey JE2 4SL
                                                     British Isles

                                                     Fax: +44 1534 638996

                 20.1.3   GMN:                       Falcon Cliff
                                                     Palace Road
                                                     Douglas IM2 4LB
                                                     Isle of Man
                                                     British Isles

                                                     Fax: +44 1624 630001

                  or at such other address as the relevant party may specify by
                  notice in writing to the other parties.

         20.2     Any notice or other communication shall be deemed to have been
                  duly given if delivered personally when left at the address
                  referred to in the immediately preceding clause, or if
                  delivered by commercial courier on the date of signature of
                  the courier's receipt.

21.      GOVERNING LAW

         21.1     The construction, validity and performance of this agreement
                  shall be governed and construed in all respects by the laws of
                  the Isle of Man and the parties hereby submit to the
                  non-exclusive jurisdiction of the Isle of Man.

         21.2     Each of the parties irrevocably agrees and submits to the
                  non-exclusive jurisdiction of the courts of the Isle of Man to
                  hear and determine any suit, action or proceeding which may
                  arise out of or in connection with this agreement.

22.      COUNTERPARTS

         This agreement may be executed in any number of counterparts, each of
         which when executed and delivered shall be an original, but the
         counterparts together shall constitute one and the same instrument.

                                       18

<PAGE>

                                   SCHEDULE 1

                           PARTICULARS OF THE COMPANY

REGISTERED NUMBER:    96407 B

REGISTERED OFFICE:    c/o Provident Trust Limited, PO Box 9204, Charlotte House,
                      Charlotte Street, Nassau, Bahamas

COUNTRY OF INCORPORATION:  Bahamas

DATE OF INCORPORATION:     21 September 1999

SHARE CAPITAL:

Authorised:       US$ 5000 consisting of 500,000 ordinary shares of US$0.01 each

Issued:           100 issued shares of US$0.01 each

SHAREHOLDER:      G.M. Network Limited is the holder of 100 ordinary shares of
                  US$ 0.01 each

DIRECTORS:        Christiaan de Bruyn; James Turk; Geoffrey Turk

SECRETARY:        ASL Financial and Commercial Services Limited

AUDITORS:         Deloitte & Touche, Jersey

<PAGE>

                                   SCHEDULE 2

                                   WARRANTIES

1.       CORPORATE

         1.1      The details of the Company as set out in Schedule I are
                  complete and accurate in all respects,

         1.2      The Company is a duly organised limited liability company
                  validly existing under the laws of the Bahamas.

         1.3      The share register of the Company contains true, complete and
                  accurate records of the members of the Company at the date
                  hereof.

         1.4      True copies of the memoranda and articles of association of
                  the Company have been disclosed to the Investor and set out
                  all rights attaching to the share capital of the Company, as
                  amended pursuant to clause 3.

2.       SUBSCRIPTION SHARES AND TITLE TO SHARES

         2.1      On issue the Subscription Shares will constitute 50.2487% of
                  the Company's issued share capital and (save in relation to
                  the Options referred to in clauses 8 and 9) will be free from
                  any Encumbrance.

         2.2      GMN is the legal and beneficial owner of the whole issued and.
                  allotted share capital of the Company. Such share capital is
                  all fully paid up and is free from any Encumbrance.

         2.3      The unissued share capital of the Company is free from any
                  Encumbrance and there are no arrangements in force or claimed
                  entitling any person to, or to the creation of, any
                  Encumbrance or to the issue or creation of any shares, stock,
                  debentures or loan capital of the Company.

<PAGE>

                                   SCHEDULE 3

               AMENDMENT OF THE COMPANY'S ARTICLES OF ASSOCIATION

The Company's articles of association will be amended as follows:

1.       By inserting after existing article 16 the following new articles (and
         by numbering them accordingly):

                        "CALLS ON SHARES AND FORFEITURE"

         An amount payable in respect of a share at any fixed date, whether in
         respect of nominal value or premium, shall be deemed to be a call in
         respect of moneys unpaid on such share and the relevant member shall
         pay to the Company the required amount on such date without the need
         for further notice of such call to be given to the relevant member. If
         the directors however resolve that no call will he deemed made on such
         date the call will be made on such later date as the directors within
         their discretion determine having given the relevant member a minimum
         of 7 days notice of such later date.

         If payment is not duly made on the relevant fixed date in respect of a
         call referred to in article [1, or such later date as the directors
         shall determine in accordance with such article, any share in respect
         of which payment was not duly made, may be forfeited by a resolution of
         the directors and the forfeiture shall include all dividends or other
         moneys payable in respect of the forfeited shares and not paid before
         the forfeited.

         A person any of whose shares have been forfeited shall cease to be a
         member in respect of them and shall surrender to the Company for
         cancellation the certificate for the shares, forfeited.

2.       By inserting after existing article 41 the following new article (and
         by numbering it accordingly):

         "No member shall vote at any meeting of members or at any separate
         meeting of any class of shares in the Company, either in person or by
         proxy, in respect of any share held by him unless all moneys presently
         payable by him in respect of that share have been paid"; and

3.       By adding at the end of existing article 94 the following sentence:

         "Except as otherwise provided by the rights attached to shares, all
         dividends shall be declared and paid according to the amounts paid up
         on the shares on which the dividend is paid. No dividend shall be
         declared and paid in respect of unpaid shares"; and

4.       by renumbering the existing articles accordingly.

<PAGE>

                                   SCHEDULE 4

                              DEED OF ADHERENCE TO
                             SHAREHOLDERS AGREEMENT

THIS DEED is made on the   day of

BY

DRD (ISLE OF MAN) LIMITED, a company incorporated as a limited company in
accordance with the laws of the Isle of Man having registration number 94445 C
and its registered address at Grosvenor House, 66/67 Athol Street, Douglas, Isle
of Man (the "Covenantor")

WHEREAS:

(A)      G.M. Network Limited ("GMN") and the persons listed in the attached
         schedule, being the shareholders in GMN have entered into or agreed to
         adhere to the provisions of a shareholders agreement dated June 2003
         ("the Shareholders Agreement"). The Shareholders Agreement governs
         their relationship as shareholders in GMN and establishes the manner in
         which the affairs of GMN would be conducted.

(B)      The Covenantor wishes to become a party to the Shareholders Agreement
         immediately upon acquiring certain shares in GMN and wishes to amend
         the Shareholders Agreement with the effect that the Covenantor becomes
         a party thereto and as such assumes the rights and obligations of a
         Shareholder under the Shareholders Agreement.

NOW THIS DEED WITNESSES as follows:

1.       INTERPRETATION

         Words and expressions defined in the Shareholders Agreement shall,
         unless the context otherwise requires, have the same meanings when used
         in this Deed.

2.       CONDITION

         This Deed is conditional upon the Covenantor acquiring shares in GMN.

3.       ADHERENCE

         The Covenantor hereby covenants to and undertakes with each of the
         other persons in the schedule to this Deed and with each such other
         person who may from time to time expressly adhere to the Shareholders
         Agreement (by way of execution of a deed or by way of novation) to be
         bound by and comply in all respects with the Shareholders Agreement,
         and to assume the benefits of

<PAGE>

         the Shareholders Agreement, as if the Covenantor had executed the
         Shareholders Agreement and was named as an original party thereto.

4.       NOTICES

         For the purpose of the Shareholders Agreement, the Covenantor's address
         for notices shall be as follows:

         Address:   Grosvenor House
                    66/67 Athol Street
                    Douglas
                    Isle of Man
                    British Isles

                    Fax No:  +44 1624 672334

         Addressed for the attention of:

5.       GOVERNING LAW

         This Deed shall be governed by and construed in accordance with Isle of
         Man law.

                                    SCHEDULE

                                THE SHAREHOLDERS

1.       CONSOLIDATED BULLION LIMITED of Falcon Cliff, Palace Road, Douglas,
         Isle of Man;

2.       METALION INVESTMENTS LIMITED of Grossmunsterplatz 8, Postfach, CH-8034,
         Zurich, Switzerland;

3.       TRIAMA HOLDINGS LIMITED of Grossmunsterplatz 8, Postfach, CH-8034,
         Zurich, Switzerland;

4.       LASCAUX INVESTMENTS Corp having its registered address at Tropic Isle
         Building, PO BOX 438, Road Town, Tortola, British Virgin Islands, with
         administrative office at 28-30 The Parade, St Helier, Jersey, Channel
         Islands, JE4 8XY;

5.       THE EXECUTOR OF THE ESTATE OF THE LATE JAMES U. BLANCHARD III care of
         David A Kerstein, 228 St Charles Avenue, 902 Whitney Building, New
         Orleans, Louisiana, U.S.A.;

6.       KJELD THYGESEN of 7-8 Kendrick Mews, London SW7 3HG, United Kingdom;

7.       PATRICK DUQUESNE of L'ancien Presbytere, 53270 Sainte-Suzanne, France;

<PAGE>

8.       JOHN BRIMELOW of 36 Hycliff Road, Greenwich, Connecticut, 06831,
         U.S.A.;

9.       DAVID W TICE & ASSOCIATES INC of 8140 Walnut Hill Lane, Suite 300,
         Dallas, Texas 75231, U.S.A.;

10.      EDWARD BAKER of 2420 Gough Street, San Francisco, CA 94123, U.S.A.;

11.      LAURANCE DEN of 14317 Chesterfield Road, Rockville MD 20853, U.S.A.;

12.      ALAN BOLTON of 92 Oxford Road, Kensington, Johannesburg 2094, South
         Africa;

13.      MICHAEL CLARK of 16 Pheasant Lane, Chadds Ford, PA 19317, U.S.A.;

14.      URS GUBSER of Bergheimstrasse 7, 8032 Zurich, Switzerland;

15.      JORGE MARTINEZ of Arrendamientos, Diversificados, Plastico#4, Col. San
         Francisco, Cuautlalpan, Naucalpan, Mex 53560, Mexico;

16.      PHILIP O'NEILL of Garden Flat, 181 Sutherland Avenue, London W9 1ET;

17.      ANTHONY KEENE of 118 Bedford Avenue, Apartment 4-R, Brooklyn, New York
         11211-1124, U.S.A.;

18.      TOWNELEY CAPITAL INTERNATIONAL (CAYMAN) LDC of Zephyr House, Mary
         Street, Grand Cayman, B.W.1.;

19.      SIGRID S. VAN ECK of Apartment 301, 575 Park Avenue, New York, New York
         10016, U.S.A.;

20.      INDALCO S.A. of Citico Building, PO Box 662 Road Town, Tortola, British
         Virgin Islands;

21.      QUATHLAMBA LIMITED of Le Gallais Chambers, PO Box 621, 54 Bath Street,
         St Helier Jersey, Channel Islands JE4 8YD

22.      DREW MCDOUGALL, TRADING AS AERON CAPITAL, of 5 Scarth Road, Toronto, ON
         Canada, M4W 2S5

23.      IAMGOLD CORPORATION of 2820 Fourteenth Avenue, Markham, Ontario L3R
         0S9, Canada

24.      CARIBBEAN INVESTMENT BANK INC., A CORPORATION INCORPORATED UNDER THE
         LAWS of Barbados care of 2820 Fourteenth Avenue, Markham, Ontario L3R
         0S9

25.      REIDRICK & STRUGGLES INC. of 2740 Sand Hill Road, Menlo Park, CA 94025,
         United States of America

<PAGE>

26.      SPROTT ASSET MANAGEMENT INC of Royal Bank Plaza, South Tower, Suite
         3450, Toronto, ONM5J 2J2, Canada

27.      ASL INVESTMENTS LIMITED of Bel Royal House, Hilgrove Street, St Helier,
         Jersey JE2 4SL, British Isles

28.      YEADON LIMITED of

29.      JOHN LEE

30.      ANTHEM BLANCHARD

31.      ROBERT LEVITAN

32.      CHRISTIAAN DE BRUYN

33.      TIM MOHR

34.      CHRIS MAGGOS

DULY EXECUTED AND DELIVERED as a Deed on the date first written above.

Executed as a deed by DRD (ISLE OF MAN) LIMITED acting by:

____________________________________
Directory

____________________________________
Director/Secretary

In the presence of:

____________________________________
Witness: Name
Address:
Occupation:

<PAGE>

SCHEDULE 5

                               INTER COMPANY LOANS

As soon as practicable following payment by the Investor of the Subscription
Balance the Company will advance the sum of US$ 500,000 (five hundred thousand
United States dollars) to Net Transactions Limited; and US$500,000 (five hundred
thousand United States dollars) to Net-Systems Software Limited, in each case by
way of an interest free loan repayable no later than on the date of completion
of the exercise of the relevant option referred to in clause 8.

<PAGE>

DULY EXECUTED AND DELIVERED as a Deed on the date first written above.

Executed as a deed by DRD (ISLE OF MAN) LIMITED acting by:

/s/ I.L. Murray
- -----------------------------
Director

- -----------------------------
Director/Secretary
In the presence of:

- -----------------------------
Witness: Name, address and Occupation

<PAGE>

THIS AGREEMENT has been entered into on the date stated at the beginning of this
document.

Signed by:                                  )
for and on behalf of                        )
DRD (ISLE OF MAN) LIMITED                   )
in the presence of:                         )

Signed by:                                  )
for and on behalf of:                       )
NET-GOLD SERVICES LIMITED                   )
in the presence of:                         )

Signed by:                                  )
for and on behalf of:                       )
G.M. NETWORK LIMITED                        )
in the presence of:                         )

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.71
<SEQUENCE>10
<FILENAME>u07700exv4w71.txt
<DESCRIPTION>FORWARD BULLION TRANSACTION AGREEMENTS
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.71

[Investec logo]

                                  CONFIRMATION

DATE:    4th February 2004

TO:      Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:    Lucy McLean

FAX:     +27-11-3741060

FROM:    Investec Bank Limited

SUBJECT: Forward Bullion Transaction

REF No.: CD7I288

1)    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

1.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1987 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

2.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th of February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of

<PAGE>

      the first such Transaction between the parties, the parties had executed
      that agreement (without any Schedule thereto) and specified that the
      Automatic Early Termination provisions contained in Section 6(a) of such
      agreement would not apply and that in the event of an Early Termination
      Date being designated a net payment amount in respect of the Terminated
      Transactions will be determined in accordance with the early termination
      payment calculation provisions of Section 8(e)(i) based on a payment
      measure of Market Quotation and a payment method of Second Method.

3.    Investec and Counterparty represent to each other that it has entered to
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

4.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         4th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     F2192/oz
Value Date:                         30th July 2004
Settlement Date:                    16th August 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,176,209
Cash Payment Date:                  12th March 2004
Reset Dates:                        Daily each business day during July 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

5.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 71288 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to

                                        2
<PAGE>

      confirm knowledge of the terms and conditions of the ISDA Agreement by
      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ___________________________
Title: ____________________________
Date: _____________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ---------------------------
Title: ____________________________
Date: _____________________________

                                        3
<PAGE>

[Investec logo]

                                  CONFIRMATION

DATE:       6th February 2004

TO:         Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:       Lucy McLean

FAX:        +27-11-3741060

FROM:       Investec Bank Limited

SUBJECT:    Forward Bullion Transaction

REF No.:    CD71567

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th of February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(a)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         6th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Additional Payment:                 On 12th March 2004 Counterparty shall pay to
                                    Investec R10,325,695
Contract Price:                     R2192/oz
Value Date:                         31st August 2004
Settlement Date:                    15th September 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Reset Dates:                        Daily each Business Day during August 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 71587 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to confirm knowledge of the terms
      and conditions of the ISDA Agreement by

                                        5
<PAGE>

      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ___________________________
Title: ____________________________
Date: _____________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ---------------------------
Title: ____________________________
Date: _____________________________

                                        6
<PAGE>

[Investec logo]

                                  CONFIRMATION

DATE:       6th February 2004

TO:         Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:       Lucy McLean

FAX:        +27-11-3741060

FROM:       Investec Bank Limited

SUBJECT:    Forward Bullion Transaction

REF No.:    CD71679

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th of February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         6th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Additional Payment:                 On 12th March 2004 Counterparty shall pay to
                                    Investec R11,123,754.
Contract Price:                     R2192/oz
Value Date:                         30th September 2004
Settlement Date:                    15th October 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Reset Dates:                        Daily each Business Day during September
                                    2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 71679 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to confirm knowledge of the terms
      and conditions of the ISDA Agreement by

                                        8
<PAGE>

      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                        9
<PAGE>

[Investec logo]

                                  CONFIRMATION

DATE:       10th February 2004

TO:         Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:       Lucy McLean

FAX:        +27-11-3741060

FROM:       Investec Bank Limited

SUBJECT:    Forward Bullion Transaction

REF No.:    CD72430

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         10th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     R2256/oz
Value Date:                         29th October 2004
Settlement Date:                    15th November 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,898,617
Cash Payment Date:                  12th March 2004
Cash Payer:                         Counterparty
Reset Dates:                        Daily each business day during October 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 72430 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to

                                       11
<PAGE>

      confirm knowledge of the terms and conditions of the ISDA Agreement by
      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       12
<PAGE>

[Investec logo]

                                  CONFIRMATION

DATE:       11th February 2004

TO:         Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:       Lucy McLean

FAX:        +27-11-3741060

FROM:       Investec Bank Limited

SUBJECT:    Forward Bullion Transaction

REF No.:    CD72431

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

5.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

6.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         11th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     R2256/oz
Value Date:                         30th November 2004
Settlement Date:                    15th December 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,851,298
Cash Payment Date:                  12th March 2004
Cash Payer:                         Counterparty
Reset Dates:                        Daily each business day during November 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 72431 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to

                                       14
<PAGE>

      confirm knowledge of the terms and conditions of the ISDA Agreement by
      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       15
<PAGE>

[Investec logo]

                                  CONFIRMATION

DATE:       12th February 2004

TO:         Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:       Lucy McLean

FAX:        +27-11-3741060

FROM:       Investec Bank Limited

SUBJECT:    Forward Bullion Transaction

REF No.:    CD72432

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         12th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     R2256/oz
Value Date:                         31st December 2004
Settlement Date:                    17th January 2005
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,499,582
Cash Payment Date:                  12th March 2004
Cash Payer:                         Counterparty
Reset Dates:                        Daily each business day during December 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 72432 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to

                                       17
<PAGE>

      confirm knowledge of the terms and conditions of the ISDA Agreement by
      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       18
<PAGE>

ESKOM LETTERHEAD

Durban Roodepoort Deep Ltd
Attention: I L Murray / Alet Beyers
PO Box 390
Fax (011) 482 4643
MARAISBURG
1700

Date/Datum           Your Ref./ U Verw.    Our Ref./Ons Verw.    Enquiries/Navre
18 September 2000                                                Colin McIntyre
                                                                 Tel 011 8002947
                                                                 Fax 011 8004499

Dear Sir

CONFIRMATION OF TRANSACTION UNDER ISDA

ESKOM is pleased to confirm the following Transaction concluded on 14 September
2000 (the "Trade Date") with Durban Roodepoort Deep Ltd. ("Durban"). This
confirmation is intended to be a "Confirmation" as such term is used in the
Master Form defined below.

PART I FORWARD SALE OF ELECTRICITY

Buyer:                              Durban Group (Consisting of Buffelsfontein
                                    Gold Mines Limited [including its division
                                    of Hartebeestfontein Gold Mining Company
                                    Limited], Blyvooruitzicht Gold Mining
                                    Company Limited [including its division of
                                    Doornfontein Gold Mining Company Limited],
                                    Crown Gold Recoveries (Pty) Limited). The
                                    listing is for convenience to both parties
                                    and that it is DRD which is contracting as
                                    principal with ESKOM on behalf of the above
                                    listed companies.

Seller:                             ESKOM

Commodity:                          Electricity

Effective Date:                     1 October, 2000

Termination Date:                   30 September, 2006

Calculation Periods:                60 consecutive monthly period from and
                                    including the month beginning on the
                                    Effective Date to and including the month
                                    ending on the Termination Date.

<PAGE>

Minimum Offtake:                    75 GWh/mth

Price:                              For each Calculation Period an amount equal
                                    to the ESKOM Standard Tariff in effect
                                    during such calculation period.

Payment Dates:                      15th day of the calendar month next
                                    following the end of each Calculation Period
                                    during the term of the Transaction.

Settlement:                         Cash settlement in ZAR on each Payment Date,
                                    provided, however, that if such date is not
                                    a Business Day the applicable Payment Date
                                    shall be the immediately following Business
                                    Day.

PART II GOLD PRICE ADJUSTMENT TO STANDARD TARIFF LEVIED UPON ESKOM GROUP

Effective Date:                     1 October, 2000

Termination Date:                   30 September, 2005

Calculation Periods:                64 consecutive monthly periods from and
                                    including the month beginning on the
                                    Effective Date to and including the month
                                    ending on the Termination Date

Commodity:                          Gold (minimum 0.995 fine, London good
                                    delivery form)

Gold Price Adjustment:              15,000* Gold Price Adjustment Mechanism

Gold Price Adjustment               The difference between:
Mechanism:

                                    (i)   (A) ZAR 2505/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2000 to and including the
                                          September 2001 Calculation Period;

                                          (B) ZAR 2569/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2001 to and including the
                                          September 2002 Calculation Period;

                                          (C) ZAR 2128/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2002 to and including the
                                          September 2003 Calculation Period;

                                          (D) ZAR 2192/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2003 to and including the
                                          September 2004 Calculation Period;

                                          (E) ZAR 2256/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2004 to and including the
                                          September 2005 Calculation Period; and

                                       20
<PAGE>

                                    (ii)  for the applicable Calculation Period
                                          an amount equal to the arithmetic
                                          average of the London PM fix for each
                                          Business Day in such Calculation
                                          Period.

Payment Instruction:                On each Payment Date, the Gold Price
                                    Adjustment will be cash settled in ZAR.

                                    For clarity, a positive gold price
                                    adjustment (i.e. where (i) > (ii) in the
                                    aforementioned gold price adjustment
                                    mechanism) will result in a gold price
                                    adjustment in Durban Group's favour. A
                                    negative gold price adjustment (ie. where
                                    (i) < or = (ii) in the aforementioned gold
                                    price adjustment mechanism) will result in a
                                    gold price adjustment in Eskom's favour.

Payment Dates:                      15th day of the calendar month next
                                    following the end of each Calculation Period
                                    during the term of the Transaction

Settlement:                         Cash settlement in ZAR on each Payment Date,
                                    provided, however, that if such date is not
                                    a Business Day the applicable Payment Date
                                    shall be the immediately following Business
                                    Day.

OTHER PROVISIONS

Calculation Agent:                  J. Aron & Company

Fallback Prices/Rate:               If any rate or price referenced above is
                                    unavailable as of the applicable time on a
                                    Business Day or would not produce a
                                    commercial reasonable result then such rate
                                    shall be determined by ESKOM in a
                                    commercially reasonable manner.

Payment Netting:                    If the payment dates for this transaction
                                    and any other forward, swap or option
                                    transaction entered into between the
                                    parties shall fall on the same day and if
                                    the payment obligations thereof shall be
                                    denominated in the same currency, such
                                    payments shall be made on a net basis so
                                    that the party obligated to pay the larger
                                    amount shall day the other party an amount
                                    equal to the excess of the larger aggregate
                                    amount over the smaller aggregate amount or
                                    if such amounts are equal, no payment shall
                                    be made.

Representations:                    ESKOM shall have the option to terminate
                                    this Transaction upon 5 Business Days
                                    written notice if at any time the
                                    transaction between ESKOM and J. Aron &
                                    Company dated the date hereof (the "Related
                                    Hedge") shall be closed out

                                       21
<PAGE>

                                    and terminated, provided, however, that no
                                    payment of Termination Value shall be due
                                    under this Transaction until any termination
                                    value payment under the Related Hedge is
                                    due. ESKOM and Durban agree that the
                                    Termination Value of this Transaction shall
                                    equal the Termination Value of the Related
                                    Hedge, provided that the obligations
                                    incurred by Eskom under the related hedge
                                    are based on this transaction. ESKOM agrees
                                    it shall give Durban prompt written notice
                                    of the occurrence of any Termination Event
                                    with respect to the Related Hedge.

General:                            This Confirmation shall be governed by and
                                    construed in accordance with South African
                                    law without regard to conflicts of law
                                    rules.

                                    Upon execution of a master agreement, this
                                    confirmation shall constitute a supplement
                                    to, form a part of and be subject to such
                                    master agreement. This confirmation,
                                    together with any other confirmations
                                    entered into by the parties and together
                                    with such master agreement, if and when
                                    executed, shall constitute a single
                                    agreement between the parties.

Banking instructions:               1.    For Eskom:
                                          Standard Corporate & Merchant
                                          International Division Eskom
                                          Account number 7330005

                                    2.    For Durban Roodepoort Deep
                                          DRD TREASURY
                                          Absa Main Street Branch
                                          Account number 01007611923

This Confirmation evidences a complete and binding agreement between you and us
as to the terms of the Transaction to which this Confirmation relates. In
addition, this Confirmation will supplement, form a part of, and be subject to
our ISDA Master Agreement of 13 September 2000 ("the Master Agreement"). All
provisions contained in or incorporated by reference in the Master Agreement
upon its execution will govern this Confirmation.

This Confirmation is subject to the 1991 ISDA Definitions and the 1993 ISDA
Commodity Derivatives Definitions, as published by the International Swaps and
Derivatives Association, Inc. ("ISDA") as amended, supplemented, updated, and
superseded from time to time (together, the "Definitions"), and will be governed
in all respects by the Definitions (except that references to "Swap
Transactions" in the Definitions will be deemed to be references to
"Transactions").

                                       22
<PAGE>

The Definitions, as so modified, are incorporated by reference in, and made part
of, this Confirmation as if set forth in full herein. Subject to Section 1(b) of
the Master Agreement, in the event of any inconsistency between the provisions
of this Confirmation, and the Definitions, this Confirmation will prevail for
the purpose of the Transaction.

Please sign below indicating your agreement to the above and return to fax
number +27 11 800-4499.

Many thanks for this business.

Regards,

ESKOM

___________________________                    ________________________________
Signature                                      Print Name

                                       23
<PAGE>

ESKOM LETTERHEAD

Durban Roodepoort Deep Ltd
Attention: I L Murray / Alet Beyers
PO Box 390
Fax (011) 482 4643
MARAISBURG
1700

Date                                                            Enquiries
22 November 2000                                                Colin McIntyre
                                                                Tel 011 8002947
                                                                Fax 011 8004499

Dear Sir

AMENDMENT AGREEMENT TO CONFIRMATION OF TRANSACTION UNDER ISDA

Reference is made to the confirmation of 18 September 2000 between Eskom and
Durban Roodepoort Deep Ltd.

For the sake of clarity, amendment is made to Part II, "Calculation Periods"
definition thereof, to include the following breakdown as Table I:

TABLE I

<TABLE>
<CAPTION>
CALCULATION PERIOD              CALCULATION PERIOD
   START DATE                       END DATE                 PAYMENT DATE
- ------------------              ------------------           ------------
<S>                             <C>                          <C>
   02 Oct 2000                      31 Oct 2000              15 Nov 2000
   01 Nov 2000                      30 Nov 2000              15 Dec 2000
   01 Dec 2000                      29 Dec 2000              16 Jan 2001
   01 Jan 2001                      31 Jan 2001              15 Feb 2001
   01 Feb 2001                      28 Feb 2001              15 Mar 2001
   01 Mar 2001                      30 Mar 2001              17 Apr 2001
   02 Apr 2001                      30 Apr 2001              15 May 2001
   01 May 2001                      31 May 2001              15 Jun 2001
   01 Jun 2001                      29 Jun 2001              16 Jul 2001
   02 Jul 2001                      31 Jul 2001              15 Aug 2001
   01 Aug 2001                      31 Aug 2001              17 Sep 2001
   03 Sep 2001                      28 Sep 2001              15 Oct 2001
   01 Oct 2001                      31 Oct 2001              15 Nov 2001
   01 Nov 2001                      30 Nov 2001              18 Dec 2001
   03 Dec 2001                      31 Dec 2001              15 Jan 2002
   01 Jan 2002                      31 Jan 2002              15 Feb 2002
   01 Feb 2002                      28 Feb 2002              15 Mar 2002
</TABLE>

                                       24
<PAGE>

<TABLE>
<CAPTION>
CALCULATION PERIOD              CALCULATION PERIOD
   START DATE                       END DATE                 PAYMENT DATE
- ------------------              ------------------           ------------
<S>                             <C>                          <C>
   01 Mar 2002                      29 Mar 2002              15 Apr 2002
   01 Apr 2002                      30 Apr 2002              15 May 2002
   01 May 2002                      31 May 2002              18 Jun 2002
   03 Jun 2002                      28 Jun 2002              15 Jul 2002
   01 Jul 2002                      31 Jul 2002              15 Aug 2002
   01 Aug 2002                      30 Aug 2002              16 Sep 2002
   02 Sep 2002                      30 Sep 2002              15 Oct 2002
   01 Oct 2002                      31 Oct 2002              15 Nov 2002
   01 Nov 2002                      29 Nov 2002              17 Dec 2002
   02 Dec 2002                      31 Dec 2002              15 Jan 2002
   01 Jan 2003                      31 Jan 2003              18 Feb 2003
   03 Feb 2003                      28 Feb 2003              17 Mar 2003
   03 Mar 2003                      31 Mar 2003              15 Apr 2003
   01 Apr 2003                      30 Apr 2003              15 May 2003
   01 May 2003                      30 May 2003              17 Jun 2003
   02 Jun 2003                      30 Jun 2003              15 Jul 2003
   01 Jul 2003                      31 Jul 2003              15 Aug 2003
   01 Aug 2003                      29 Aug 2003              15 Sep 2003
   01 Sep 2003                      30 Sep 2003              15 Oct 2003
   01 Oct 2003                      31 Oct 2003              17 Nov 2003
   03 Nov 2003                      28 Nov 2003              15 Dec 2003
   01 Dec 2003                      31 Dec 2003              15 Jan 2004
   01 Jan 2004                      30 Jan 2004              17 Feb 2004
   02 Feb 2004                      27 Feb 2004              15 Mar 2004
   01 Mar 2004                      31 Mar 2004              15 Apr 2004
   01 Apr 2004                      30 Apr 2004              17 May 2004
   03 May 2004                      31 May 2004              15 Jun 2004
   01 Jun 2004                      30 Jun 2004              15 Jul 2004
   01 Jul 2004                      30 Jul 2004              16 Aug 2004
   02 Aug 2004                      31 Aug 2004              15 Sep 2004
   01 Sep 2004                      30 Sep 2004              15 Oct 2004
   01 Oct 2004                      29 Oct 2004              15 Nov 2004
   01 Nov 2004                      30 Nov 2004              15 Dec 2004
   01 Dec 2004                      31 Dec 2004              18 Jan 2005
   03 Jan 2005                      31 Jan 2005              15 Feb 2005
   01 Feb 2005                      28 Feb 2005              15 Mar 2005
   01 Mar 2005                      31 Mar 2005              15 Apr 2005
   01 Apr 2005                      29 Apr 2005              16 May 2005
   02 May 2005                      31 May 2005              15 Jun 2005
   01 Jun 2005                      30 Jun 2005              15 Jul 2005
   01 Jul 2005                      29 Jul 2005              15 Aug 2005
   01 Aug 2005                      31 Aug 2005              15 Sep 2005
   01 Sep 2005                      30 Sep 2005              17 Oct 2005
</TABLE>

                                       25
<PAGE>

This amendment and the above table will supplement and form part of the said
Confirmation and subject to the ISDA Master Agreement between the parties.

Please counter sign below to signify your agreement to the above and return to
fax number +27 11 800-4499.

Regards

Dr W J Kok
EXECUTIVE DIRECTOR (FINANCE)

ESKOM

________________________                             ___________________________
Signature                                            Print name

                                       26
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.72
<SEQUENCE>11
<FILENAME>u07700exv4w72.txt
<DESCRIPTION>LOAN AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.72

                            (1) INVESTEC BANK LIMITED

                       (2) DURBAN ROODEPOORT DEEP LIMITED

                            -------------------------

                                 LOAN AGREEMENT

                           (REFERENCE NUMBER: DRD001)

                            -------------------------

<PAGE>

THIS LOAN AGREEMENT is dated 24 June 2004

BETWEEN

(1)   INVESTEC BANK LIMITED (incorporated in South Africa with registered
      number: 1969/004763/06) whose registered office is at 100 Grayston Drive,
      Sandown, Sandton ("IBL")

(2)   DURBAN ROODEPOORT DEEP LIMITED (incorporated in South Africa with
      registered number: 1895/000926/06) whose registered office is at 45 Empire
      Road, Parktown, Johannesburg ("DRD")

WHEREAS

IBL has agreed to make a loan of ZAR 100,000,000.00 (One Hundred Million Rand)
to DRD subject to the terms and conditions set out in this Loan Agreement.

1.    FACILITY

1.1   IBL agrees to make available a loan facility (the "Facility") to DRD
      subject to the terms and conditions set out in this Loan Agreement.
      Reference to the 'Facility' herein shall be to that part of the Facility
      that is drawn down at any time.

1.2   The total amount of the Facility is ZAR 100,000,000.00 (One Hundred
      Million Rand) which may be drawn down subject to the terms hereof.

2.    PURPOSE

      The Facility shall be used by DRD for general funding purposes.

3.    CONDITIONS PRECEDENT

      DRD shall not be entitled to draw down any part of the Facility until IBL
      has received as conditions precedent, in each case in the form and
      substance satisfactory to it, the documents, items and evidence specified
      in the Schedule to this Loan Agreement.

4.    DRAWDOWN

4.1   Subject to the satisfaction of the conditions precedent specified in
      Clause 3, DRD may draw down up to ZAR20,000,000.00 (Twenty Million Rand)
      of the Facility

                                        2
<PAGE>

      on the day after signature hereof or any time thereafter but not later
      than the third day following signature hereof provided that DRD has given
      to IBL on the Business Day before the date of the proposed drawdown,
      notice of the proposed drawdown, such notice to be irrevocable and in a
      form acceptable to IBL.

4.2   The balance of the Facility may be drawn down at IBL's discretion. Any
      draw down notice shall be given in the form referred to in clause 4.1.

4.3   IBL may refuse to honour any draw down notice in its sole discretion.

5.    REPAYMENT

5.1   IBL shall be entitled at any time to call for repayment of such portion of
      the Facility as is drawn down at the time, by delivering a notice (the
      "Repayment Notice") to this effect in accordance with the terms hereof.
      The date of delivery of this notice shall be the 'Recall Date' for the
      purposes of this Loan Agreement.

5.2   Upon receipt of the Repayment Notice DRD may elect to repay the Facility
      in cash or by the issue of Shares (as defined below) to IBL or DRD may
      elect to repay the Facility partly in cash and partly by the issue of
      Shares. This election shall be exercised by the delivery of a notice (the
      "Election Notice") to IBL within one business day of the Recall Date. A
      failure to deliver an Election Notice shall be deemed by IBL to be an
      election by DRD to repay the Facility in cash.

5.3   In the case of a repayment of the Facility in cash or any part repayment
      in cash such repayment shall be made together with accrued interest
      thereon within 3 Business Days of the Repayment Notice.

5.4   The delivery of an Election Notice that the Facility shall be redeemed by
      the issue of Shares or partly by the issue of Shares shall be irrevocable.

5.5   In the case of a repayment by the issue of Shares, the provisions relating
      to interest shall not apply. Where repayment is partly in cash and partly
      by the issue of Shares the provisions relating to interest shall apply
      solely to that part of the Facility repaid in cash.

                                        3
<PAGE>

6.    PREPAYMENT

6.1   DRD may prepay the Facility without premium or penalty in whole or in part
      (but if in part, any prepayment shall be in integral multiples of Five
      Million Rand) and shall be paid solely on the last day of any Interest
      Period: Provided that DRD shall have given IBL not less than 3 Business
      Days' prior notice (which shall be irrevocable and binding). Such
      prepayment shall be made together with accrued interest on the amount
      prepaid.

6.2   DRD may not make any prepayment except in accordance with this Clause.

7.    INTEREST PERIODS

7.1   The period during which the Facility is outstanding will be divided into
      successive periods (each an "Interest Period"). The first Interest Period
      relating to the Facility shall commence on the drawdown date and each
      subsequent Interest Period shall commence on the expiry of the preceding
      Interest Period. Each Interest Period will be of a duration of one month
      provided that:

      7.1.1 if any Interest Period ends on a day which is not a Business Day,
            such Interest Period shall be extended to the next Business Day
            unless that would extend that Interest Period into the next
            following calendar month, in which event that Interest Period shall
            be shortened so as to end on the immediately preceding Business Day.

8.    INTEREST

8.1   Subject to Clause 9 below the rate of interest applicable to the Facility
      during each Interest Period shall be the rate per annum determined by the
      Calculation Agent to be the:

      8.1.1 Three month - JIBAR - Reference Banks plus 300 interest basis points

8.2   Interest is payable in arrears on the last day of each Interest Period and
      is calculated on the basis of the actual number of days elapsed and a 365
      day year.

                                        4
<PAGE>

8.3   Any certificate or determination by IBL as to any rate of interest payable
      in respect of the Facility shall (save for manifest error) be prima facie
      proof of the amount owing.

9.    ADDITIONAL INTEREST

      If DRD fails to pay any sum payable under this Loan Agreement on its due
      date, it will pay to IBL interest on such sum from the date of such
      failure to the date of actual payment (both before and after judgement) at
      3 per cent per annum over the cost of funds to IBL for such period as it
      remains in default. Such interest shall be payable at any time on demand.

10.   FEE

      DRD shall pay to IBL a fee determined to be 4.5% of the Facility which is
      drawn at any time and from time to time. This Fee shall be payable upon
      draw down of the respective portion of the Facility.

11.   REPAYMENT BY THE ISSUE OF SHARES

11.1  Any issue of Shares under these terms shall be subject to and in
      compliance with the shareholder approval requirements of the Nasdaq
      Marketplace Rules 4350 (i)(B), C and (D).

11.2  All Shares to be issued in repayment of the Facility or part of the
      Facility shall become issuable no later than the 60th calendar day
      following the Recall Date. For the purposes hereof, the period from the
      Recall Date to and including the 60th calendar day following the Recall
      Date shall be referred to as the 'Redemption Period' and the final day of
      this period shall be referred to as the 'Final Redemption Day'.

11.3  IBL may elect to have the Facility redeemed in tranches (each a
      "Redemption Tranche"), subject to each Redemption Tranche representing a
      repayment of at least Five Million Rand.

                                        5
<PAGE>

11.4  During the Redemption Period IBL shall telephonically notify DRD of the
      terms of a Redemption Tranche and confirm this notification by facsimile
      (the "Redemption Notification"). The date of any such telephonic
      notification shall be a 'Redemption Notification Date'.

11.5  Upon the delivery of a Redemption Notification the number of Shares
      determined in accordance with 11.6 shall be immediately issuable and be
      issued and delivered to IBL within 10 days of the Redemption Notification
      Date.

11.6  The number of Shares to be issued in respect of any Redemption Tranche
      shall be determined by dividing the Rand Facility Redemption Amount by the
      Rand Purchase Price, where;

      "Rand Facility Redemption Amount" means the amount of the Facility being
      redeemed in any Redemption Tranche as specified in the Redemption
      Notification relating thereto.

      " Rand Purchase Price" means an amount in Rand equal to the simple average
      of the Daily Volume Weighted Average Price of DRD on the Exchange for the
      10 Exchange Business Days immediately preceding the Redemption
      Notification Date.

      "Daily Volume Weighted Average Price" means an amount in Rand , calculated
      to the 4th decimal place, determined to be the total daily value of all
      main board trades on the Exchange divided by the total daily volume of all
      main board trades on the Exchange.

      "DRD" means the Durban Roodepoort Deep Limited fully paid ordinary share
      (Bloomberg Code: DUR SJ) on the Exchange.

11.7  Any part of the Facility remaining to be repaid on the Final Redemption
      Date shall be deemed to be the subject to a Redemption Notification deemed
      to be delivered on the Final Redemption Day.

                                        6
<PAGE>

12.   FEES AND EXPENSES

12.1  DRD will pay to IBL on demand all expenses (including legal and
      out-of-pocket expenses and together with Value Added Tax if any thereon)
      on a full indemnity basis incurred by IBL in connection with the
      enforcement of or preservation of any rights under this Loan Agreement or
      otherwise in respect of any monies owing hereunder.

12.2  DRD will pay all stamp, documentary registration and other similar duties
      (including any payable by IBL) in connection with this Loan Agreement
      and/or any document entered into pursuant hereto.

12.3  Each party shall bear its own expenses in connection with the preparation
      and finalisation of this Loan Agreement.

13.   PAYMENTS

13.1  DRD will make all payments and deliveries under or in respect of this Loan
      Agreement on the due date for value and immediately available funds to IBL
      at such account as IBL may from time to time instruct DRD.

13.2  If any payment becomes due on a day which is not a Business Day, the due
      date of such payment will be extended to the next Business Day unless such
      business day is in a new calendar month in which case such payment shall
      be made on the immediately preceding Business Day.

13.3  DRD will make all payments under the Facility without set-off or
      counter-claim and free and clear of any withholding or deduction (save as
      required by law) for any present or future taxes, Levies, duties or other
      charges. If DRD is obliged by law to make any such withholding or
      deduction, DRD will pay to IBL in the same manner and at the same time
      additional amounts to ensure that IBL receives a net amount equal to the
      full amount which it would have received if no such deduction or
      withholding had been required. DRD shall deliver to IBL on

                                        7
<PAGE>

      demand a certificate of deduction or other evidence satisfactory to IBL
      that any amount withheld or deducted has been paid to the appropriate
      authority.

13.4  IBL will maintain an account or accounts evidencing the amounts from time
      to time owing to it under the Facility. Such account or accounts shall
      (save for manifest error) be prima facie evidence of the amounts from time
      to time owing by DRD hereunder.

14.   REPRESENTATIONS AND WARRANTIES BY DRD

      DRD represents and warrants to IBL on the date of this Loan Agreement and
      on each date that the Facility is available or outstanding (with reference
      to the facts and circumstances then existing), as follows:

14.1  DRD is duly incorporated and validly existing under the laws of South
      Africa and has power to enter into this Loan Agreement;

14.2  all necessary corporate and other action to authorise the entry into and
      performance of this Loan Agreement has been taken by DRD, except for the
      shareholder approvals that may be required under the Nasdaq Market Place
      Rules 4350 (i)(B), (C) and (D) and the regulation of any Shares issued
      pursuant to this Loan Agreement under the US Securities Act of 1933, as
      amended, or the state securities laws of any US State;

14.3  this Loan Agreement constitutes its legal, valid and binding obligations
      in accordance with its terms, has been duly authorised and executed by it
      and does not and will not breach its Memorandum and Articles of
      Association or other relevant constitutional documents or any agreement or
      obligation by which it is bound or violate any applicable law;

14.4  its obligations under this Loan Agreement are its unconditional and
      unsubordinated obligations and rank at least pari passu with all other of
      its unsecured and unsubordinated indebtedness; and

                                        8
<PAGE>

14.5   all approvals, authorisations, consents, licenses, permissions and
       registrations which is necessary or advisable to obtain from any
       governmental public or other authority or without limitation any third
       party for the purpose of or relating to the Facility have been obtained
       and all provisions and conditions thereof have been complied with.

14.6   Neither DRD, any of DRD's affiliates nor any persons acting on behalf of
       them have engaged, or will engage in any directed selling efforts with
       respect to the Shares issued under this Loan Agreement (it being
       acknowledged that DRD is not making this representation and warranty with
       respect to actions of IBL or its affiliates).

15.    REPRESENTATIONS AND WARRANTIES BY IBL IN THE CASE OF ANY REPAYMENT BY THE
       ISSUE OF SHARES

       Terms used in this section 15 have the meaning given to them by
       Regulation S under the U.S. Securities Act of 1933, as amended (the
       "Securities Act").

15.1   IBL represents and warrants to DRD as follows:

15.1.1 IBL is not a U.S. person and if DRD issues Shares to IBL under this Loan
       Agreement, IBL will acquire those Shares in an offshore transaction
       pursuant to Regulation S. If IBL decides to offer, resell or otherwise
       transfer the Shares issued under this Loan Agreement during the
       Distribution Compliance Period it will only do so in an offshore
       transaction in accordance with the provisions of Rule 903 of Regulation
       S.

15.1.2 No sale, pledge, resale or other transfer of the Shares which may be
       delivered hereunder has been or will be made so as to transfer the Shares
       issued under this Loan Agreement into the United States or to or for the
       account or benefit of a U.S. person;

15.1.3 Neither IBL, any of IBL's affiliates nor any persons acting on behalf of
       them have engaged, or will engage in any directed selling efforts with
       respect to the Shares (it being acknowledged that IBL is not making this
       representation and warranty

                                        9
<PAGE>

       with respect to actions of DRD or its affiliates). IBL, each of IBL's
       affiliates and any person acting on their behalf have complied and will
       comply with the offering restriction requirements of Regulation S; and

15.1.4 IBL understands that the Shares issued under this Loan Agreement have not
       been and will not be registered under the Securities Act and may not be
       offered or sold within the United States or to, or for the account or
       benefit of, U.S. persons except in accordance with-Regulation S under the
       Securities Act or pursuant to an exemption from the registration
       requirements of the Securities Act. IBL represents and agrees that it
       will offer and sell Shares issued under this Loan Agreement (i) as part
       of their distribution, at any time and (ii) otherwise, until after the
       end of the Distribution Compliance Period, only in accordance with Rule
       903 of Regulation S, under the Securities Act or another applicable
       exemption from the registration requirements of the Securities Act (it
       being acknowledged that the Shares are not eligible for resale pursuant
       to Rule 144A under the Securities Act).

15.1.5 IBL shall, at or prior to confirmation of a sale of Shares issued under
       this Loan Agreement and pursuant to Regulation S, have sent to each
       distributor, dealer or person receiving a selling concession, fee or
       other remuneration that purchases Shares from it or through it, or up
       until expiration of the Distribution Compliance Period a confirmation or
       notice to substantially the following effect:

       "The Shares covered by this notice have not been registered under the
       United States Securities Act of 1933 (the "Securities Act") and may not
       be offered or sold or transferred within the United States or to or for
       the account or benefit of US. persons (i) as part of their distribution,
       at any time and (ii) otherwise, until after the period 40 days from
       whichever is the later of completion of the distribution of the Shares
       issued under this Loan Agreement as determined by IBC and the Final
       Redemption Date under the Loan Agreement pursuant to which the Shares
       have been issued, except in either case in accordance with Regulation S
       under the Securities Act and, in the case of (ii), in accordance with
       applicable United States

                                       10
<PAGE>

       federal and state and securities laws. The Shares covered by this notice
       many not be deposited in any unrestricted American Depository Receipt
       Program relating to the Shares. You must not directly or indirectly
       engage in any short selling or hedging transaction with regard to the
       Shares, except as permitted by the Securities Act. Terms used above have
       meaning given to them by Regulation S.

15.1.6 IBL agrees that it will not directly or indirectly engage in any
       shortselling or hedging transactions with regard to the Shares issued
       under this Loan Agreement except as permitted under the Securities Act.

15.2   Distribution Compliance Period. "Distribution Compliance Period" means a
       period that begins when the Ordinary Shares are first issued by DRD under
       this Loan Agreement during a Redemption Period and continues until the
       expiration of the period 40 days from whichever is the later of
       completion of the distribution of the Ordinary Shares as determined by
       IBL and certified to DRD and the Final Redemption Date. IBL will give DRD
       written notices of the beginning of the 40 day Distribution Compliance
       Period at least 3 Business Days before the beginning of the Distribution
       Compliance Period.

15.3   Delivery of Shares. IBM hereby acknowledges and agrees that:

15.3.1 It and any distributor of the Shares issued under this Loan Agreement
       will not take delivery, in whole or in part, until it provides DRD with:

       (A) (i) a written certification that it is not a U.S. person and that the
       Loan Agreement has not being executed on behalf of a U.S. person; or (ii)
       a written opinion of counsel, reasonably acceptable to DRD, to the effect
       that the Loan Agreement and the Shares deliverable thereunder have been
       registered under the Securities Act (it being acknowledged that DRD has
       no obligation to register the Shares issued under this Loan Agreement) or
       are exempt from registration thereunder (it being acknowledged that the
       Shares issued under this Loan Agreement are not eligible for resale under
       Rule 144A under the Securities Act); and

                                       11
<PAGE>

       (B) a written certification that IBL is not executing the Loan Agreement
       within the United States and that the Shares issued under this Loan
       Agreement are not to be delivered within the United States, except as
       otherwise permitted by Rule 903 of Regulation S, unless the Shares issued
       under this Loan Agreement are registered under the Securities Act or an
       exemption from such registration is available (it being acknowledged that
       the Shares issued under this Loan Agreement are not eligible for resale
       under Rule 144A under the Securities Act).

15.3.2 If the Shares issued under this Loan Agreement may be delivered in one or
       more parts, IBL will provide DRD with the items specified in
       sub-paragraph (a) above prior to each delivery.

15.4   Legend.

15.4.1 If the Shares issued under this Loan Agreement are issued in certificated
       form, any certificate representing the Shares, in whole or in part, shall
       bear the following legend:

       "The securities evidenced hereby have not been registered under the
       United States Securities Act of 1933, as amended (the "Securities Act"),
       and, accordingly, may not be offered, sold pledged or otherwise
       transferred within the United States or to, or for the account or benefit
       of, U.S. persons except as set forth in the following sentence. By its
       acquisition hereof, the holder (1) represents that it is not a U.S.
       person and is acquiring this security in an offshore transaction in
       compliance with Regulation S under the Securities Act, (2) agrees that it
       will not offer, sell, pledge or otherwise transfer this security except
       (a) to Durban Roodepoort Deep, Limited ("DRD") or any subsidiary thereof,
       (b) outside of the United States to a non-U.S. person in an offshore
       transaction in accordance with Rule 903 or Rule 904 of Regulation S, (c)
       pursuant to a registration statement which has been declared effective
       under the Securities Act (and the holder understands that DRD has no
       obligation to cause such a registration statement to become effective) or
       (d) pursuant to an exemption from registration under the Securities Act
       (and the holder understands that the security is not eligible for resale
       pursuant to Rule

                                       12
<PAGE>

       144A under the Securities Act), in each case in accordance with any
       applicable securities laws of any state of the United States, (3) agrees
       that this security may not be deposited in any unrestricted American
       Depositary Receipt Program relating to the security (a) as part of the
       distribution of this security at any time (b) otherwise, until after the
       applicable Distribution Compliance Period and, in the case of (b) in
       accordance with applicable United States federal and state securities
       laws and will deliver such certificates and legal opinions as may be
       requested by the issuer or the issuer's ADR depositary, to confirm that
       the deposit complies with the foregoing restrictions, (4) agrees that it
       will deliver to each person to whom this security or an interest therein
       is transferred a notice substantially to the effect of this legend, and
       (5) agrees that is will not directly or indirectly, engage in any hedging
       transaction with regard to this security or any American Depositary
       Receipt relating to this security except as permitted by the Securities
       Act. As used herein, the terms "offshore transaction, "United States" and
       "U.S. person" have the meanings given to them by Regulation S under the
       Securities Act.

15.4.2 If the Ordinary Shares are issued by DRD in uncertificated form, DRD will
       instruct The Bank of New York (the "Depositary") as depositary appointed
       under the Deposit Agreement, dated as of August 12, 1996, between DRD and
       the Depositary, as amended and restated on October 2, 1996 and as further
       amended and restated on August 6, 1998 (as so amended and restated, the
       "Deposit Agreement") to establish and administer DRD's unrestricted
       American Depositary Receipts facility (the "ADR Facility"), and the
       Depositary's custodians to refuse to accept any Shares for deposit in the
       ADR Facility until the expiration of the 40 day distribution compliance
       period identified in the following paragraph if the person depositing the
       Shares cannot give the Depositary or custodian a certificate to the
       effect of either paragraph (A) or (B) below.

       "Pursuant to a loan agreement dated June _24_, 2004 between Durban
       Roodepoort Deep, Limited ("DRD") and Investec Bank Limited ("IBL") and in
       reliance upon Regulation S under the U.S. Securities Act of 1933, as
       amended

                                       13
<PAGE>

       (the "Securities Act"), DRD has issued ______ ordinary shares of DRD (the
       "Ordinary Shares") to IBL (the "Reg. S Placement"). [Insert anything that
       identifies these Ordinary Shares.] The Ordinary Shares have not been
       registered under the Securities Act and may not be offered, sold or
       pledged or otherwise transferred in the United States or to or for the
       account or benefit of any U.S. persons or deposited in any unrestricted
       ADR Program relating to the Shares (i) as part of a distribution, at any
       time and (ii) otherwise, until forty days after the date whichever is the
       later of completion of the distribution of the Ordinary Shares as
       determined by IBL and certified to DRD and [insert the Final Redemption
       Date], except in either case in accordance with Regulation S under the
       Securities Act, pursuant to registration of the Shares under the
       Securities Act or pursuant to an exemption from registration in
       accordance with applicable United States federal and state securities
       laws.

15.4.3 Before DRD's Shares can be deposited into the ADR Facility, you must
       certify that either paragraph (A) or (B) is true, accurate and complete.

       (A)    That person is the beneficial owner of the Shares to be deposited
              and:

       (1)    that person did not acquire, did not agree to acquire and will not
              have acquired the Shares in the Reg. S Placement; and

       (2)    the Shares to be deposited are not among those Shares issued in
              the Reg. S Placement.

       (B)    That person is a broker/dealer acting on behalf of its
       client/customer and that person advises that its client/customer has
       confirmed to it that:

       (1)    the client/customer is the beneficial owner of the Shares to be
              deposited;

       (2)    the client/customer did not acquire, did not agree to acquire and
              will not have acquired the Shares in the Reg. S Placement; and

                                       14
<PAGE>

       (3)    the Shares to be deposited are not among those Shares issued in
              the Reg. S Placement."

15.4.4 In addition to the legend set forth in sub-paragraph (a) above, any
       certificate representing the rights and obligations under this Loan
       Agreement, in whole or in part, shall also bear the following legend:

       "The securities to be issued upon the execution of this Loan Agreement
       have not been registered under the Securities Act and the rights and
       obligations under this Loan Agreement may not be exercised in the United
       States or by or on behalf of any U.S. person unless registered under the
       Securities Act or unless an exemption from such registration is
       available."

15.4.5 IBL understands that the Shares issued under this Loan Agreement will be
       issued to it in reliance on specific exemptions from the registration
       requirements of United States federal and state securities laws, that the
       Shares issued under this Loan Agreement have not been registered with any
       state or federal securities commissions and that DRD is relying upon the
       truth and accuracy of the representations, warranties, acknowledgments
       and agreements of IBM set forth herein in order to determine the
       applicability of such exemptions,

15.4.6 IBL acknowledges for itself and each of its affiliates and any person
       acting on behalf of any of them that in connection with this Loan
       Agreement, the Shares or the American Depositary Receipts evidenced by
       the Shares it has not and will not, directly or indirectly, engage in any
       transaction or series of transactions that, although in technical
       compliance with Regulation S (a) is part of a plan or scheme to evade the
       registration provisions of the Securities Act, or (b) would require
       registration of the Ordinary Shares under the Securities Act.

15.5   In respect of Transfers and Subsequent Purchasers. DRD and IBL agree that
       neither party may transfer the rights and obligations conferred by this
       Loan Agreement, in whole or in part, without the prior written consent of
       the non-transferring party and that any transfer of the rights and
       obligations conferred by

                                       15
<PAGE>

       this Loan Agreement, in whole or in part, will be made in accordance with
       Regulation S. IBL agrees that, in addition to the restrictions on resale
       contained herein and before the expiration of the applicable Distribution
       Compliance Period, it may not transfer any portion of the Shares issued
       under this Loan Agreement to any party unless such party enters into an
       agreement with DRD containing representations, warranties and
       restrictions on resale substantially similar to those contained herein.

16.    RECORDAL

       Any Adjustment by the Calculation Agent for the purposes of this Loan
       Agreement shall be interpreted in accordance with the provisions
       contained in the Definitions. In this regard, DRD is referred, inter
       alia, to the definition of Potential Adjustment Event therein which,
       amongst others, includes any event that has a diluting or concentrative
       effect on the theoretical value of the Share. Where a Potential
       Adjustment Event has been declared the Calculation Agent shall make an
       adjustment to the terms of this Loan Agreement to reflect the extent to
       which the theoretical value of the Share is affected by the Potential
       Adjustment Event. This provision is not intended to amend the Definitions
       but is intended to record the effect that a Potential Adjustment Event
       may have to the terms of this Loan Agreement.

17.    UNDERTAKINGS

       DRD will provide to IBL such financial and other information relating to
       DRD as IBL may from time to time request.

18.    ADDITIONAL COSTS

       DRD will pay to IBL on demand any amount (not exceeding an amount
       calculated on the basis of market practice at the relevant time as
       certified by IBL) which IBL may from time to time certify to be necessary
       to compensate it for any increased costs or reduction in return resulting
       from compliance of any change in, or in the interpretation of, any law or
       regulation or any official directive or request

                                       17
<PAGE>

       (whether or not having the force of law) including without limitation any
       relating to mandatory liquid asset and special deposit requirements.

19.    ILLEGALITY

       If at any time it is unlawful, or contrary to any requests from or
       requirement of any central bank or other fiscal monetary or other
       regulatory authority, for IBL to make, fund or allow to remain
       outstanding all or any part of the Facility, then IBL will promptly after
       becoming aware of the same deliver to DRD a certificate to that effect
       and DRD shall on such date as IBL specify repay the Facility together
       with accrued interest and any other amounts then due to IBL hereunder.
       Where such illegality relates to the repayment of the Facility by the
       issue of Shares then DRD shall be obligated to repay the Facility in
       cash.

20.    EVENTS OF DEFAULT

       20.1   Each of the following events will constitute an Event of Default:

       20.1.1 DRD fails to pay any sum payable under this Loan Agreement on the
              due date; or

       20.1.2 DRD fails to observe and perform any other obligations under this
              Loan Agreement or is in breach or becomes in breach of any
              representation or warranty given by it in this Loan Agreement in
              any respect; or

       20.1.3 any financial obligations of DRD become prematurely payable or any
              creditor in respect thereof becomes entitled to declare any such
              obligation prematurely payable or any such obligation is not paid
              when due or any security therefor becomes enforceable; or

       20.1.4 a receiver or other similar officer is appointed of or in relation
              to DRD or the whole or any part of its undertaking, assets, rights
              or revenues; or

                                       17
<PAGE>

       20.1.5 any encumbrancer takes possession of or a distress, execution,
              sequestration or other similar process is levied or enforced upon
              the whole or any part of its undertaking, assets, rights or
              revenues; or

       20.1.6 DRD ceases to carry on the whole or a substantial part of its
              business or stops or suspends payment of its debts or proposes or
              enters into any composition, scheme, compromise arrangement with
              or for the benefit of its creditors generally or any class of
              them; or

       20.1.7 DRD becomes insolvent or any petition or other action is presented
              or taken and any order is made by any court or any meeting is
              convened for the purpose of considering any resolution or any
              resolution is passed for the winding-up, liquidation or
              dissolution of DRD.

20.2   At any time after the occurrence of an Event of Default IBL may by
       written notice to DRD terminate its obligations under this Loan Agreement
       and/or demand immediate repayment of the Facility together with accrued
       interest and all other sums due hereunder and DRD will comply with such
       demand forthwith.

21.    WAIVERS

21.1   No failure or delay on the part of IBL to exercise any power, right or
       remedy under this Loan Agreement shall operate as a waiver thereof nor
       shall any single or partial exercise by it of any power, right or remedy
       preclude any other or further exercise thereof or the exercise of any
       other power, right or remedy.

21.2   The remedies provided in this Loan Agreement are cumulative and not
       exclusive of any remedies provided by law.

22.    SET-OFF

22.1   IBL may, without prior notice to DRD, apply any credit balance (whether
       or not then due and in whatever currency) which is at any time held by
       any office or branch of IBL for the account of IBL in or towards
       satisfaction of any sum then

                                       18
<PAGE>

       due and payable from DRD under this Loan Agreement and in respect of
       which a default in payment has occurred.

22.2   For the purposes of exercising any rights under this Clause, or any
       rights under the general law, IBL may convert or translate all or any
       part of any such a credit balance into another currency applying a rate
       which in its opinion fairly reflects prevailing rates of exchange.

22.3   IBL is not obliged to exercise any of its rights under this Clause, which
       shall be without prejudice and in addition to any rights under the
       general law.

22.4   In this Clause "rights under the general law" means any right of set-off,
       combination or consolidation of accounts, lien or similar right which IBL
       has under any applicable law.

23.    INDEMNITIES

       DRD shall on demand indemnify IBL against any liability, loss or expense
       which IBL shall certify as incurred by it as a consequence of a default
       in payment by DRD of any sum under this Loan Agreement when due, any
       repayment or prepayment of the Facility or part thereof being received
       otherwise and on the last day of an Interest Period Facility; the early
       breaking, termination or reversing (in whole or in part) of any agreement
       or arrangement entered into by DRD with IBL or any third party for the
       purpose of or in connection with fixing, capping the rate of or otherwise
       hedging interest payable under this Loan Agreement or the Facility not
       being drawndown for any reason after a drawdown notice has been given
       including in any such case, but not limited to, any loss of profit and
       any loss or expense incurred in maintaining or funding the Facility or
       any sum or in liquidating or redeploying deposits from third parties
       acquired are contracted for in order to effect or maintain the same.

                                       19
<PAGE>

24.    CURRENCY

       If , under any applicable law or regulation or pursuant to a judgment or
       order being made or registered against or the liquidation of DRD or
       without limitation for any other reason, any payment under or in
       connection with this Loan Agreement is made or falls to be satisfied in a
       currency ("the payment currency") other than the currency which such
       payment is expressed to be due under or in connection with this Loan
       Agreement ("the contractual currency") then, to the extent that the
       amount of such payment is actually received by IBL, when converted into
       the contractual currency at the applicable rate of exchange, falls short
       of the amount due under or in connection with this Loan Agreement DRD as
       a separate and independent obligation shall indemnify and hold harmless
       IBL against the amount of such shortfall. For the purposes of this
       Clause, the "applicable rate of exchange" means the rate at which IBL is
       able on or about the date of such payment to purchase, in accordance with
       its normal practice, the contractual currency with the payment currency
       and shall take into account (and DRD shall be liable for) any premium or
       other costs of exchange including any taxes incurred by reason of any
       such exchange.

25.    COUNTERPARTS

       This Loan Agreement may be executed in any number of counterparts in
       which case this Loan Agreement will be as effective if all signatures on
       the counterparts were on a single copy of this Loan Agreement.

26.    ASSIGNMENT

26.1   DRD may not assign or transfer any of its rights or obligations under
       this Loan Agreement.

26.2   Subject to the provisions of Clause 15 hereof IBL may assign or transfer
       all or any of its rights and obligations under this Loan Agreement to any
       party. DRD will enter into all documents specified by IBL to be necessary
       to effect any such assignment or transfer.

                                       20
<PAGE>

27.    NOTICES

27.1   Every notice or other communication under this Loan Agreement shall be in
       writing and may be delivered by letter or facsimile transmission
       despatched to the other party at its address or facsimile number stated
       below or such other address or facsimile number as may from time to time
       be notified to the other party for this purpose.

       INVESTEC BANK LIMITED

       All notices to be addressed for the attention of Milton Samios, Investec
       Bank Limited, 100 Grayston Drive, Sandown Sandton.

       Facsimile Number: (011) 286 7371

       DURBAN ROODEPOORT DEEP LIMITED

       Address: 45 Empire Road, Parktown, Johannesburg/ For the attention of
       Anton Lubbe.......

       Facsimile Number: +27 (11) 482 1022.......

27.2   Every notice or other communication shall, unless otherwise provided for
       in this Loan Agreement, be deemed to have been received (if sent by post)
       72 hours after despatch and (if delivered by facsimile transmission) at
       the time of delivery or despatch if during normal business hours in the
       place of intended receipt on a working day in that place and otherwise at
       the opening of business in that place on the next such working day,
       provided that any notice or communication to be made or delivered shall
       only be effective when actually received.

28.    LAW

28.1   This Loan Agreement shall be governed by and construed in accordance with
       South African law.

                                       21
<PAGE>

28.2   The parties irrevocably agree that the courts of South Africa shall have
       jurisdiction to hear and determine a suit, action or proceeding, and to
       settle any disputes, which may arise out of or in connection with this
       Loan Agreement and for such purposes hereby irrevocably submit to the
       jurisdiction of such courts.

28.3   Nothing contained in this clause shall limit the right of IBL to take
       proceedings against DRD in any other court of competent jurisdiction, nor
       shall the taking of any such proceedings in one or more jurisdictions
       preclude the taking of proceedings in any other jurisdiction, whether
       concurrently or not (unless precluded by applicable law).

29.    INTERPRETATION

       In this Agreement:

29.1   This agreement is referred to herein as the "Loan Agreement"

29.2   This Loan Agreement incorporates and is subject to the terms of the ISDA
       Master Agreement between the parties which is executed and delivered as a
       condition precedent hereto (the "ISDA Agreement").

29.3   This Loan Agreement is subject to and incorporates the 2000 ISDA
       Definitions and the 2002 Equity Derivative Definitions (the
       "Definitions") as published by the International Swaps and Derivatives
       Association, Inc. ("ISDA").

29.4   In the event of any inconsistency between the Loan Agreement and the ISDA
       Agreement, the Loan Agreement shall prevail. In the event of any
       inconsistency between the Definitions and the Loan Agreement, the Loan
       Agreement shall prevail.

29.5   The Loan Agreement constitutes a Confirmation as defined and referred to
       in the ISDA Agreement.

29.6   "Business Day" means a day on which banks are open for business in South
       Africa and New York;

                                       22
<PAGE>

29.7   "Share" and "Shares" means ordinary fully paid shares of Durban
       Roodepoort Deep Limited which are listed on the JSE Securities Exchange
       South Africa ("JSE") and which may be identified by the JSE code "DUR";
       and

29.8   For the purposes of this Loan Agreement the following elections shall be
       made in respect of terms defined in the Definitions;

       "Exchange" means the JSE Securities Exchange of South Africa.

       "Business Day Convention" means "Following".

       "Related Exchange(s)" means "All Exchanges" as defined in the
       Definitions.

       "Calculation Agent" means Investec Bank Limited.

       "Clearance System" means STRATE.

       For the purposed of "Adjustments", "Method of Adjustment" shall be
       "Calculation Agent Adjustment".

       For the purpose of "Extraordinary Events", the following elections are
       made:

              in respect of "Consequences of Merger Events", "Modified
              calculation Agent Adjustment" in the case of "Share-for-Share",
              "Share-for-Other" and "Share for Combined",

              and in respect of "Consequences of Tender Offers" "Modified
              calculation Agent Adjustment" in the case of "Share-for-Share",
              "Share-for-Other" and "Share for Combined",

              "Composition of Combined Consideration" shall be "Not Applicable",
              and

              Calculation Agent Adjustment shall apply in respect of
              "Nationalisation, Insolvency or Delisting".

       "Non Reliance" shall be "Applicable".

                                       23
<PAGE>

       "Agreements and Acknowledgements regarding Hedging Activities" shall be

       "Applicable".

       Additional Acknowledgements shall be "Applicable".

IN WITNESS whereof this Loan Agreement has been executed on the date stated
above.

                                       24
<PAGE>

                                    SCHEDULE

                              CONDITIONS PRECEDENT

1.     The execution and delivery of the ISDA Master Agreement referred to
       herein together with the documents referred to in Part 3 of the Schedule
       thereto.

2.     Certified Copy of the resolution of the Board of Directors of DRD
       approving the execution of this Loan Agreement and the terms hereof.

3.     DRD to deliver an instruction to IBL to direct the first ZAR
       60,000,000.00 drawn down directly to IBL in settlement of certain
       obligations under a gold forward transaction between IBL and DRD.

4.     DRD shall procure that its rights under Transactions in existence between
       it and Eskom Holdings Limited which are governed by the terms of an ISDA
       Master Agreement, as at the date of signature hereof, are ceded to IBL as
       security for the performance by DRD of all of its obligations to IBL.

                                       25
<PAGE>

Signed by   /s/ M.M. Wellesley-Wood

for and on behalf of
DURBAN ROODEPOORT DEEP, LIMITED
in the presence of:

Signed by
for and on behalf of
INVESTEC BANK LIMITED
in the presence of:

                                       26
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.73
<SEQUENCE>12
<FILENAME>u07700exv4w73.txt
<DESCRIPTION>TERMINATION AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.73

THIS TERMINATION AGREEMENT is made as of this 24th day of June, 2004 among:

(A)   Durban Roodepoort Deep Limited ("DURBAN");

(B)   Eskom Holdings Limited (the "ESKOM"); and

(C)   Investec Bank Limited (the "INVESTEC").

(1)   Investec and Durban have entered into one or more transactions the terms
      of which are recorded in Investec's Confirmations dated 4th February 2004,
      6th February 2004, 6th February 2004, 10th February 2004, 11th February
      2004 and 12th February 2004 respectively bearing reference CD71288,
      CD71567, CD71679, CD72430, CD72431 and CD72432. Copies of these
      Confirmations are attached hereto marked "A", "B", "C", "D", "E" and "F"
      respectively (the "INVESTEC-DURBAN Transactions").

(2)   Eskom and Durban have entered into one or more transactions the terms of
      which are recorded in Eskom's Confirmation dated 18 September 2000 and an
      amendment thereto dated 22 November 2000. Copies of these Confirmations
      are attached hereto marked "G" and "H". The transactions which are the
      subject of this agreement may be identified in TABLE I of annexure H as
      those transactions having 'Calculation Period Start Dates' of 01 July 2004
      to and including 01 December 2004 (the "ESKOM-DURBAN TRANSACTIONS").

(3)   Investec, Eskom and J Aron & Company propose to enter into a Novation
      Agreement (the "NOVATION AGREEMENT") in respect of one or more
      transactions identified in the Annex thereto (the "NOVATED TRANSACTIONS").
      A copy of the proposed Novation Agreement is attached hereto marked "I".

(4)   With effect from and including the date of the novation, intended by the
      execution of the Novation Agreement, and in consideration for Investec and
      Eskom entering into the Novation Agreement, Durban, and Investec wish to
      terminate the Investec-Durban Transactions and Eskom and Durban wish to
      terminate the Eskom-Durban Transactions.

(5)   Each of Investec, Eskom and Durban wish to be simultaneously released and
      discharged of their respective obligations under and in respect of their
      rights and obligations under the Investec-Durban Transactions and the
      Eskom-Durban Transactions.

Accordingly, the parties agree as follows:

1.    DEFINITIONS.

<PAGE>

      Terms defined herein are used herein as so defined, unless otherwise
      provided herein.

2.    TRANSFER, RELEASE, DISCHARGE AND UNDERTAKINGS.

      With effect from and including the Novation Date and in consideration of
      the mutual representations, warranties and covenants contained in this
      Termination Agreement and other good and valuable consideration (the
      receipt and sufficiency of which are hereby acknowledged by each of the
      parties):

            (a)   Investec and Durban are each released and discharged from
                  further obligations to each other with respect to the
                  Investec-Durban Transactions and their respective rights
                  against each other thereunder are cancelled.

            (b)   Eskom and Durban are each released and discharged from further
                  obligations to each other with respect to the Eskom-Durban
                  Transactions and their respective rights against each other
                  thereunder are cancelled. Such release and discharge shall not
                  affect any rights, liabilities, or obligations of Eskom or
                  Durban recorded and confirmed in annexure "H", other than the
                  Eskom-Durban Transactions,

3.    COUNTERPARTS.

      This Termination Agreement (and each amendment, modification and waiver in
      respect of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

4.    COSTS AND EXPENSES.

      The parties will each pay their own costs and expenses (including legal
      fees) incurred in connection with this Termination Agreement and as a
      result of the negotiation, preparation and execution of this Termination
      Agreement.

5.    AMENDMENTS.

      No amendment, modification or waiver in respect of this Termination
      Agreement will be effective unless in writing (including a writing
      evidenced by a facsimile transmission) and executed by each of the parties
      or confirmed by an exchange of telexes or electronic messages on an
      electronic messaging system.

6.    GOVERNING LAW.

      This Termination Agreement will be governed by and construed in accordance
      with the laws of South Africa.

                                        2
<PAGE>

IN WITNESS WHEREOF the parties have executed this Termination Agreement on the
respective dates specified below with effect from the date specified on the
first page of this Termination Agreement.

ESKOM HOLDINGS LIMITED                              INVESTEC BANK LIMITED

By: ______________________________                  By: ________________________
    Name:                                               Name:
    Title:                                              Title:
    Date:                                               Date:

DURBAN ROODEPOORT DEEP LIMITED

By: /s/Mark Wellesley-Wood
    ------------------------------
    Name: Mark Wellesley-Wood
    Title: Chairman
    Date: 24 July 04

By: /s/Wayne Gregory Koonin
    ------------------------------
    Name: Wayne Gregory Koonin
    Title: Divisional Director: Group Finance
    Date: 24 July 2004

                                        3
<PAGE>

                                                                             "A"

[Investec logo]

                                  CONFIRMATION

DATE:       4th February 2004

TO:         Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:       Lucy McLean

FAX:        +27-11-3741060

FROM:       Investec Bank Limited

SUBJECT:    Forward Bullion Transaction

REF No.:    CD7I288

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1987 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th of February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 8(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered to
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         4th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     F2192/oz
Value Date:                         30th July 2004
Settlement Date:                    16th August 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,176,209
Cash Payment Date:                  12th March 2004
Reset Dates:                        Daily each business day during July 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 71288 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to confirm knowledge of the terms
      and conditions of the ISDA Agreement by

                                        5
<PAGE>

      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                        6
<PAGE>

                                                                             "B"

[Investec logo]

                                  CONFIRMATION

DATE:        6th February 2004

TO:          Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:        Lucy McLean

FAX:         +27-11-3741060

FROM:        Investec Bank Limited

SUBJECT:     Forward Bullion Transaction

REF No.:     CD71567

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th of February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(a)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         6th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Additional Payment:                 On 12th March 2004 Counterparty shall pay to
                                    Investec R10,325,695
Contract Price:                     R2192/oz
Value Date:                         31st August 2004
Settlement Date:                    15th September 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Reset Dates:                        Daily each Business Day during August 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 71587 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to confirm knowledge of the terms
      and conditions of the ISDA Agreement by

                                        8
<PAGE>

      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                        9
<PAGE>

                                                                             "C"

[Investec logo]

                                  CONFIRMATION

DATE:        6th February 2004

TO:          Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:        Lucy McLean

FAX:         +27-11-3741060

FROM:        Investec Bank Limited

SUBJECT:     Forward Bullion Transaction

REF No.:     CD71679

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th of February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         6th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Additional Payment:                 On 12th March 2004 Counterparty shall pay to
                                    Investec R11,123,754.
Contract Price:                     R2192/oz
Value Date:                         30th September 2004
Settlement Date:                    15th October 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Reset Dates:                        Daily each Business Day during September
                                    2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 71679 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to confirm knowledge of the terms
      and conditions of the ISDA Agreement by

`                                       11
<PAGE>

      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       12
<PAGE>

                                                                             "D"

[Investec logo]

                                  CONFIRMATION

DATE:        10th February 2004

TO:          Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:        Lucy McLean

FAX:         +27-11-3741060

FROM:        Investec Bank Limited

SUBJECT:     Forward Bullion Transaction

REF No.:     CD72430

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         10th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     R2256/oz
Value Date:                         29th October 2004
Settlement Date:                    15th November 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,898,617
Cash Payment Date:                  12th March 2004
Cash Payer:                         Counterparty
Reset Dates:                        Daily each business day during October 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 72430 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to

                                       14
<PAGE>

      confirm knowledge of the terms and conditions of the ISDA Agreement by
      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       15
<PAGE>

                                                                             "E"

[Investec logo]

                                  CONFIRMATION

DATE:        11th February 2004

TO:          Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:        Lucy McLean

FAX:         +27-11-3741060

FROM:        Investec Bank Limited

SUBJECT:     Forward Bullion Transaction

REF No.:     CD72431

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         11th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     R2256/oz
Value Date:                         30th November 2004
Settlement Date:                    15th December 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,851,298
Cash Payment Date:                  12th March 2004
Cash Payer:                         Counterparty
Reset Dates:                        Daily each business day during November 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 72431 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to

                                       17
<PAGE>

      confirm knowledge of the terms and conditions of the ISDA Agreement by
      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       18
<PAGE>

                                                                             "F"

[Investec logo]

                                  CONFIRMATION

DATE:        12th February 2004

TO:          Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:        Lucy McLean

FAX:         +27-11-3741060

FROM:        Investec Bank Limited

SUBJECT:     Forward Bullion Transaction

REF No.:     CD72432

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         12th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     R2256/oz
Value Date:                         31st December 2004
Settlement Date:                    17th January 2005
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,499,582
Cash Payment Date:                  12th March 2004
Cash Payer:                         Counterparty
Reset Dates:                        Daily each business day during December 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 72432 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to

                                       20
<PAGE>

      confirm knowledge of the terms and conditions of the ISDA Agreement by
      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       21
<PAGE>

                                                                             "G"

ESKOM LETTERHEAD

Durban Roodepoort Deep Ltd
Attention: I L Murray / Alet Beyers
PO Box 390
Fax (011) 482 4643
MARAISBURG
1700

Date/Datum      Your Ref./ U Verw.    Our Ref./Ons Verw.         Enquiries/Navre
18 September 2000                                                Colin McIntyre
                                                                 Tel 011 8002947
                                                                 Fax 011 8004499

Dear Sir

CONFIRMATION OF TRANSACTION UNDER ISDA

ESKOM is pleased to confirm the following Transaction concluded on 14 September
2000 (the "Trade Date") with Durban Roodepoort Deep Ltd. ("Durban"). This
confirmation is intended to be a "Confirmation" as such term is used in the
Master Form defined below.

PART I FORWARD SALE OF ELECTRICITY

Buyer:                              Durban Group (Consisting of Buffelsfontein
                                    Gold Mines Limited [including its division
                                    of Hartebeestfontein Gold Mining Company
                                    Limited], Blyvooruitzicht Gold Mining
                                    Company Limited [including its division of
                                    Doornfontein Gold Mining Company Limited],
                                    Crown Gold Recoveries (Pty) Limited). The
                                    listing is for convenience to both parties
                                    and that it is DRD which is contracting as
                                    principal with ESKOM on behalf of the above
                                    listed companies.

Seller:                             ESKOM

Commodity:                          Electricity

Effective Date:                     1 October, 2000

Termination Date:                   30 September, 2006

Calculation Periods:                60 consecutive monthly period from and
                                    including the month beginning on the
                                    Effective Date to and including the month
                                    ending on the Termination Date.

<PAGE>

Minimum Offtake:                    75 GWh/mth

Price:                              For each Calculation Period an amount equal
                                    to the ESKOM Standard Tariff in effect
                                    during such calculation period.

Payment Dates:                      15th day of the calendar month next
                                    following the end of each Calculation Period
                                    during the term of the Transaction.

Settlement:                         Cash settlement in ZAR on each Payment Date,
                                    provided, however, that if such date is not
                                    a Business Day the applicable Payment Date
                                    shall be the immediately following Business
                                    Day.

PART II  GOLD PRICE ADJUSTMENT TO STANDARD TARIFF LEVIED UPON ESKOM GROUP

Effective Date:                     1 October, 2000

Termination Date:                   30 September, 2005

Calculation Periods:                64 consecutive monthly periods from and
                                    including the month beginning on the
                                    Effective Date to and including the month
                                    ending on the Termination Date

Commodity:                          Gold (minimum 0.995 fine, London good
                                    delivery form)

Gold Price Adjustment:              15,000* Gold Price Adjustment Mechanism

Gold Price Adjustment               The difference between:
Mechanism:

                                    (i)   (A) ZAR 2505/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2000 to and including the
                                          September 2001 Calculation Period;

                                          (B) ZAR 2569/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2001 to and including the
                                          September 2002 Calculation Period;

                                          (C) ZAR 2128/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2002 to and including the
                                          September 2003 Calculation Period;

                                          (D) ZAR 2192/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2003 to and including the
                                          September 2004 Calculation Period;

                                          (E) ZAR 2256/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2004 to and including the
                                          September 2005 Calculation Period; and

                                       23
<PAGE>

                                    (ii)  for the applicable Calculation Period
                                          an amount equal to the arithmetic
                                          average of the London PM fix for each
                                          Business Day in such Calculation
                                          Period.

Payment Instruction:                On each Payment Date, the Gold Price
                                    Adjustment will be cash settled in ZAR.

                                    For clarity, a positive gold price
                                    adjustment (i.e. where (i) > (ii) in the
                                    aforementioned gold price adjustment
                                    mechanism) will result in a gold price
                                    adjustment in Durban Group's favour. A
                                    negative gold price adjustment (ie. where
                                    (i) < or = (ii) in the aforementioned gold
                                    price adjustment mechanism) will result in a
                                    gold price adjustment in Eskom's favour.

Payment Dates:                      15th day of the calendar month next
                                    following the end of each Calculation Period
                                    during the term of the Transaction

Settlement:                         Cash settlement in ZAR on each Payment Date,
                                    provided, however, that if such date is not
                                    a Business Day the applicable Payment Date
                                    shall be the immediately following Business
                                    Day.

OTHER PROVISIONS

Calculation Agent:                  J. Aron & Company

Fallback Prices/Rate:               If any rate or price referenced above is
                                    unavailable as of the applicable time on a
                                    Business Day or would not produce a
                                    commercial reasonable result then such rate
                                    shall be determined by ESKOM in a
                                    commercially reasonable manner.

Payment Netting:                    If the payment dates for this transaction
                                    and any other forward, swap or option
                                    transaction entered into between the
                                    parties shall fall on the same day and if
                                    the payment obligations thereof shall be
                                    denominated in the same currency, such
                                    payments shall be made on a net basis so
                                    that the party obligated to pay the larger
                                    amount shall day the other party an amount
                                    equal to the excess of the larger aggregate
                                    amount over the smaller aggregate amount or
                                    if such amounts are equal, no payment shall
                                    be made.

Representations:                    ESKOM shall have the option to terminate
                                    this Transaction upon 5 Business Days
                                    written notice if at any time the
                                    transaction between ESKOM and J. Aron &
                                    Company dated the date hereof (the "Related
                                    Hedge") shall be closed out

                                       24
<PAGE>

                                    and terminated, provided, however, that no
                                    payment of Termination Value shall be due
                                    under this Transaction until any termination
                                    value payment under the Related Hedge is
                                    due. ESKOM and Durban agree that the
                                    Termination Value of this Transaction shall
                                    equal the Termination Value of the Related
                                    Hedge, provided that the obligations
                                    incurred by Eskom under the related hedge
                                    are based on this transaction. ESKOM agrees
                                    it shall give Durban prompt written notice
                                    of the occurrence of any Termination Event
                                    with respect to the Related Hedge.

General:                            This Confirmation shall be governed by and
                                    construed in accordance with South African
                                    law without regard to conflicts of law
                                    rules.

                                    Upon execution of a master agreement, this
                                    confirmation shall constitute a supplement
                                    to, form a part of and be subject to such
                                    master agreement. This confirmation,
                                    together with any other confirmations
                                    entered into by the parties and together
                                    with such master agreement, if and when
                                    executed, shall constitute a single
                                    agreement between the parties.

Banking instructions:               1.    For Eskom: Standard Corporate &
                                          Merchant International Division Eskom
                                          Account number 7330005

                                    2.    For Durban Roodepoort Deep DRD
                                          TREASURY Absa Main Street Branch
                                          Account number 01007611923

This Confirmation evidences a complete and binding agreement between you and us
as to the terms of the Transaction to which this Confirmation relates. In
addition, this Confirmation will supplement, form a part of, and be subject to
our ISDA Master Agreement of 13 September 2000 ("the Master Agreement"). All
provisions contained in or incorporated by reference in the Master Agreement
upon its execution will govern this Confirmation.

This Confirmation is subject to the 1991 ISDA Definitions and the 1993 ISDA
Commodity Derivatives Definitions, as published by the International Swaps and
Derivatives Association, Inc. ("ISDA") as amended, supplemented, updated, and
superseded from time to time (together, the "Definitions"), and will be governed
in all respects by the Definitions (except that references to "Swap
Transactions" in the Definitions will be deemed to be references to
"Transactions").

                                       25
<PAGE>

The Definitions, as so modified, are incorporated by reference in, and made part
of, this Confirmation as if set forth in full herein. Subject to Section 1(b) of
the Master Agreement, in the event of any inconsistency between the provisions
of this Confirmation, and the Definitions, this Confirmation will prevail for
the purpose of the Transaction.

Please sign below indicating your agreement to the above and return to fax
number +27 11 800-4499.

Many thanks for this business.

Regards,

ESKOM

_____________________________                      _____________________________
Signature                                          Print Name

                                       26
<PAGE>

                                                                             "H"

ESKOM LETTERHEAD

Durban Roodepoort Deep Ltd
Attention: I L Murray / Alet Beyers
PO Box 390
Fax (011) 482 4643
MARAISBURG
1700

Date                                                            Enquiries
22 November 2000                                                Colin McIntyre
                                                                Tel 011 8002947
                                                                Fax 011 8004499

Dear Sir

AMENDMENT AGREEMENT TO CONFIRMATION OF TRANSACTION UNDER ISDA

Reference is made to the confirmation of 18 September 2000 between Eskom and
Durban Roodepoort Deep Ltd.

For the sake of clarity, amendment is made to Part II, "Calculation Periods"
definition thereof, to include the following breakdown as Table I:

TABLE I

<TABLE>
<CAPTION>
CALCULATION PERIOD               CALCULATION PERIOD
    START DATE                        END DATE              PAYMENT DATE
- ------------------               ------------------         ------------
<S>                              <C>                        <C>
   02 Oct 2000                      31 Oct 2000              15 Nov 2000
   01 Nov 2000                      30 Nov 2000              15 Dec 2000
   01 Dec 2000                      29 Dec 2000              16 Jan 2001
   01 Jan 2001                      31 Jan 2001              15 Feb 2001
   01 Feb 2001                      28 Feb 2001              15 Mar 2001
   01 Mar 2001                      30 Mar 2001              17 Apr 2001
   02 Apr 2001                      30 Apr 2001              15 May 2001
   01 May 2001                      31 May 2001              15 Jun 2001
   01 Jun 2001                      29 Jun 2001              16 Jul 2001
   02 Jul 2001                      31 Jul 2001              15 Aug 2001
   01 Aug 2001                      31 Aug 2001              17 Sep 2001
   03 Sep 2001                      28 Sep 2001              15 Oct 2001
   01 Oct 2001                      31 Oct 2001              15 Nov 2001
   01 Nov 2001                      30 Nov 2001              18 Dec 2001
   03 Dec 2001                      31 Dec 2001              15 Jan 2002
   01 Jan 2002                      31 Jan 2002              15 Feb 2002
   01 Feb 2002                      28 Feb 2002              15 Mar 2002
</TABLE>

                                       27
<PAGE>

<TABLE>
<CAPTION>
CALCULATION PERIOD               CALCULATION PERIOD
    START DATE                        END DATE              PAYMENT DATE
- ------------------               ------------------         ------------
<S>                              <C>                        <C>
   01 Mar 2002                      29 Mar 2002              15 Apr 2002
   01 Apr 2002                      30 Apr 2002              15 May 2002
   01 May 2002                      31 May 2002              18 Jun 2002
   03 Jun 2002                      28 Jun 2002              15 Jul 2002
   01 Jul 2002                      31 Jul 2002              15 Aug 2002
   01 Aug 2002                      30 Aug 2002              16 Sep 2002
   02 Sep 2002                      30 Sep 2002              15 Oct 2002
   01 Oct 2002                      31 Oct 2002              15 Nov 2002
   01 Nov 2002                      29 Nov 2002              17 Dec 2002
   02 Dec 2002                      31 Dec 2002              15 Jan 2002
   01 Jan 2003                      31 Jan 2003              18 Feb 2003
   03 Feb 2003                      28 Feb 2003              17 Mar 2003
   03 Mar 2003                      31 Mar 2003              15 Apr 2003
   01 Apr 2003                      30 Apr 2003              15 May 2003
   01 May 2003                      30 May 2003              17 Jun 2003
   02 Jun 2003                      30 Jun 2003              15 Jul 2003
   01 Jul 2003                      31 Jul 2003              15 Aug 2003
   01 Aug 2003                      29 Aug 2003              15 Sep 2003
   01 Sep 2003                      30 Sep 2003              15 Oct 2003
   01 Oct 2003                      31 Oct 2003              17 Nov 2003
   03 Nov 2003                      28 Nov 2003              15 Dec 2003
   01 Dec 2003                      31 Dec 2003              15 Jan 2004
   01 Jan 2004                      30 Jan 2004              17 Feb 2004
   02 Feb 2004                      27 Feb 2004              15 Mar 2004
   01 Mar 2004                      31 Mar 2004              15 Apr 2004
   01 Apr 2004                      30 Apr 2004              17 May 2004
   03 May 2004                      31 May 2004              15 Jun 2004
   01 Jun 2004                      30 Jun 2004              15 Jul 2004
   01 Jul 2004                      30 Jul 2004              16 Aug 2004
   02 Aug 2004                      31 Aug 2004              15 Sep 2004
   01 Sep 2004                      30 Sep 2004              15 Oct 2004
   01 Oct 2004                      29 Oct 2004              15 Nov 2004
   01 Nov 2004                      30 Nov 2004              15 Dec 2004
   01 Dec 2004                      31 Dec 2004              18 Jan 2005
   03 Jan 2005                      31 Jan 2005              15 Feb 2005
   01 Feb 2005                      28 Feb 2005              15 Mar 2005
   01 Mar 2005                      31 Mar 2005              15 Apr 2005
   01 Apr 2005                      29 Apr 2005              16 May 2005
   02 May 2005                      31 May 2005              15 Jun 2005
   01 Jun 2005                      30 Jun 2005              15 Jul 2005
   01 Jul 2005                      29 Jul 2005              15 Aug 2005
   01 Aug 2005                      31 Aug 2005              15 Sep 2005
   01 Sep 2005                      30 Sep 2005              17 Oct 2005
</TABLE>

                                       28
<PAGE>

This amendment and the above table will supplement and form part of the said
Confirmation and subject to the ISDA Master Agreement between the parties.

Please counter sign below to signify your agreement to the above and return to
fax number +27 11 800-4499.

Regards

/s/ W.J. Kok
- ----------------------------
Dr W J Kok
EXECUTIVE DIRECTOR (FINANCE)

ESKOM

________________________________                  ______________________________
Signature                                         Print name

                                       29
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.74
<SEQUENCE>13
<FILENAME>u07700exv4w74.txt
<DESCRIPTION>NOVATION AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.74

THIS NOVATION AGREEMENT is made as of this 24th day of June, 2004 AMONG;

(A)   J Aron & Company (the "REMAINING PARTY");

(B)   Eskom Holdings Limited (formerly Eskom) (the "OLD PARTY"); and

(C)   Investec Bank Limited (the "NEW PARTY").

(1)   The Old Party and the Remaining Party have entered into one or more
      transactions (each, an "OLD TRANSACTION") as identified in the attached
      Annex 1 (hereafter, "OLD TRANSACTIONS" shall refer to any one or more such
      Old Transactions as the context requires), pursuant to and governed by an
      ISDA Master Agreement dated as of 18 November 1999 (the "OLD AGREEMENT").

(2)   The Remaining Party and the New Party have entered into an ISDA Master
      Agreement (the "NEW AGREEMENT") dated as of 16 January 1997.

(3)   With effect from and including 28 June 2004 (the "NOVATION DATE") the Old
      Party wishes to transfer by novation to the New Party, and the New Party
      wishes to accept the transfer by novation of, all of the rights,
      liabilities, duties and obligations of the Old Party under and in respect
      of each Old Transaction, with the effect that the Remaining Party and the
      New Party enter into a new transaction (each, a "NEW TRANSACTION") under
      the New Agreement, as evidenced by a new confirmation as shown in the
      attached Annex 2 ( the "NEW CONFIRMATION") each New Transaction having
      terms identical to an Old Transaction ( but so as not to duplicate
      trades), as more particularly described below (hereafter, "NEW
      TRANSACTIONS" shall refer to any one or more such New Transactions
      replacing such corresponding Old Transactions as the context requires).

(4)   The Remaining Party wishes to accept the New Party as its sole
      counterparty with respect to the New Transactions.

(5)   The Old Party and the Remaining Party wish to have released and
      discharged, as a result and to the extent of the transfer described above,
      their respective obligations under and in respect of the Old Transactions.

Accordingly, the parties agree as follows:

1.    DEFINITIONS.

      Terms defined in the New Agreement are used herein as so defined, unless
      otherwise provided herein.

<PAGE>

2.    TRANSFER, RELEASE, DISCHARGE AND UNDERTAKINGS.

      With effect from and including the Novation Date and in consideration of
      the mutual representations, warranties and covenants contained in this
      Novation Agreement and other good and valuable consideration (the receipt
      and sufficiency of which are hereby acknowledged by each of the parties):

      (a)   the Remaining Party and the Old Party are each released and
            discharged from further obligations to each other with respect to
            each Old Transaction and their respective rights against each other
            thereunder are cancelled, provided that such release and discharge
            shall not affect any rights, liabilities, or obligations of the
            Remaining Party or the Old Party with respect to payments or other
            obligations due and payable or due to be performed on or prior to
            the Novation Date, and all such payments and obligations described
            in this subparagraph (a) shall be paid or performed as between the
            Remaining Party and the Old Party.

      (b)   in respect of each New Transaction, the Remaining Party and the New
            Party each undertake liabilities and obligations towards the other
            and acquire rights against each other (save for any rights,
            liabilities or obligations of the Remaining Party or the New Party
            with respect to payments or other obligations due and payable or due
            to be performed on or prior to the Novation Date identical in their
            terms to each corresponding Old Transaction (and, for the avoidance
            of doubt, as if the New Party were the Old Party and with the
            Remaining Party remaining the Remaining Party);

      (c)   any payments due and payable or obligations due to be performed on
            or prior to the Novation Date but stated in the New Confirmation to
            have accrued with respect to a calculation period (however defined)
            ending after the Novation Date shall be paid or performed between
            the Remaining Party and the New Party, subparagraphs (a) and (b)
            above notwithstanding; and

      (d)   each New Transaction shall be governed by and form part of the New
            Agreement and the New Party and the Remaining Party shall enter into
            the New Confirmation specifying the terms of the New Transactions;
            provided, however, that any failure of either the New Party or the
            Remaining Party to fulfill the terms of the preceding clause shall
            not affect the rights and obligations of the Old Party pursuant to
            this Novation Agreement, and the office of the New Party for
            purposes of each new Transaction shall be as specified in the Annex.

3.    REPRESENTATIONS AND WARRANTIES.

      (a)   Each of the parties makes those representations and warranties set
            forth in Sections 3(a)(ii) through (v) of the New Agreement with
            such changes as shall be required in order for such representations
            to apply with respect to this Novation Agreement alone.

                                        2
<PAGE>

      (b)   The Remaining Party and the Old Party shall each make to the other,
            and the Remaining Party and the New Party shall each make to the
            other, the representation set forth in Scotian 3(b) of the New
            Agreement, in each case with respect to the Old Agreement or the New
            Agreement, as the case may be, and taking into account the parties
            entering into and performing their obligations under this Novation
            Agreement.

      (c)   Each of the Old Party and the Remaining Party represents and
            warrants that:

            (i)   it has made no prior transfer (whether by way of security or
                  otherwise) of the Old Agreement or any interest or obligation
                  in or under the Old Agreement or in respect of any Old
                  Transaction; and

            (ii)  as of the Novation Date, all obligations of the Old Party and
                  the Remaining Party under each Old Transaction required to be
                  performed on or before the Novation Date have been fulfilled.

      (d)   The Old Party makes no representation or warranty or assumes any
            responsibility with respect to the legality, validity,
            effectiveness, adequacy or enforceability of the New Transactions or
            the New Agreement or any documents relating thereto and assumes no
            responsibility for the condition, financial or other, of the
            Remaining Party or any other person or for the performance and
            observance by the Remaining Party of any of its obligations under
            the New Transactions or the New Agreement or any document relating
            thereto and any and all such conditions and warranties, whether
            express or implied by law or otherwise, are hereby excluded.

4.    COUNTERPARTS.

      This Novation Agreement (and each amendment, modification and waiver in
      respect of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

5.    COSTS AND EXPENSES.

      The parties will each pay their own costs and expenses (including legal
      fees) incurred in connection with this Novation Agreement and as a result
      of the negotiation, preparation and execution of this Navation Agreement.

6.    AMENDMENTS.

      No amendment, modification or waiver in respect of this Novation Agreement
      will be effective unless in writing (including a writing evidenced by a
      facsimile transmission) and executed by each of the parties or confirmed
      by an exchange of telexes or electronic messages on an electronic
      messaging system.

                                        3
<PAGE>

7.    (a)   GOVERNING LAW.

            This Novation Agreement will be governed by and construed in
            accordance with the laws of England.

      (b)   JURISDICTION.

            The terms of Section 13(b) of the New Agreement shall apply to this
            Novation Agreement with such changes as shall be required in order
            for such terms to apply with respect to this Novation Agreement
            alone.

                                        4
<PAGE>

IN WITNESS WHEREOF the parties have executed this Novation Agreement on the
respective dates specified below with effect from the date specified on the
first page of this Novation Agreement.

     ESKOM HOLDINGS LIMITED                         INVESTEC BANK LIMITED
        (FORMERLY ESKOM)

     By: ___________________________                By: ________________________

              Name:                                          Name:
              Title:                                         Title:
              Date:                                          Date:

     J ARON & COMPANY

     By: ___________________________

              Name:
              Title:
              Date:

                                        5
<PAGE>

                                     ANNEX 1
                                OLD TRANSACTIONS

ZAR GOLD SWAPS

Fixed Price Payer:                  J Aron & Company ("Aron")

Floating Price Payer:               Eskom Holdings Limited ("Eskom")

Commodity:                          Gold (minimum 0.995 fine, London good
                                    delivery form)

Calculation Periods:                6 consecutive monthly periods from and
                                    including the Effective Date to and
                                    including the Termination Date as specified
                                    in Table 1 below.

Effective Date:                     1 July 2004

Termination Date:                   31 December 2004

Payment Dates:                      With respect to each Calculation Period, the
                                    15th day of the immediately following
                                    Calculation Period (See Table 1 below).

Quantity per Calculation Period:    15,000 fine troy ounces

Fixed Price Levels:                 (A) ZAR 2,192.00 per fine troy ounce for
                                    each Calculation Period from and including
                                    the July 2004 to and including the September
                                    2004 Calculation Period

                                    (B) ZAR 2,256.00 per fine troy ounce for
                                    each Calculation Period from and including
                                    the October 2004 to and including the
                                    December 2004 Calculation Period

Floating Price:                     With respect to each Calculation Period the
                                    Floating Price shall be equal to the
                                    arithmetic average of the Commodity
                                    Reference Prices for each Business Day in
                                    such Calculation Period.

Commodity Reference Price:          The London A.M. Fix converted to ZAR at the
                                    mid price of 'Ccy Snaps at the time of
                                    fixing' published on Reuters page 'GOFO'

Payment Calculation:                (a) If for a Calculation Period the Fixed
                                    Price is greater than the Floating Price,
                                    Aron shall pay Eskom an amount equal to the
                                    product of:

                                      (i)  the difference between the Fixed
                                           Price and the Floating Price, and

                                      (ii) the Quantity for the applicable
                                           Calculation Period.

                                    (b) If for a Calculation Period the Floating
                                    Price is greater than the Fixed Price, Eskom
                                    shall pay Aron an amount equal to the
                                    product of:

                                      (i)  the difference between the Floating
                                           Price and the Fixed Price, and

                                      (ii) the quantity for the applicable
                                           Calculation Period.

Settlement:                         Cash Settlement on the applicable Payment
                                    Date provided, however, that if any of the
                                    foregoing is not a Business Day the
                                    applicable Value Date shall be the
                                    immediately following Business Day.

                                        6
<PAGE>

TABLE 1.

<TABLE>
<CAPTION>
                             Calculation
Calculation Period              Period                 Payment
    Start Date                 End Date                 Date
- ------------------           ------------            ---------
<S>                          <C>                     <C>
01-Jul-04                      30-Jul-04             16-Aug-04
02-Aug-04                      31-Aug-04             15-Sep-04
01-Sep-04                      30-Sep-04             15-Oct-04
01-Oct-04                      29-Oct-04             15-Nov-04
01-Nov-04                      30-Nov-04             15-Dec-04
01-Dec-04                      31-Dec-04             18-Jan-05
</TABLE>

OTHER PROVISIONS:

Business Days:                      For Pricing - London and Johannesburg
                                    For Settlement  - New York and Johannesburg

Calculation Agent:                  Aron

Fallback Prices/Rate:               If any rate or price referenced above is
                                    unavailable as of the applicable time on a
                                    Business Day or would not produce a
                                    commercially reasonable result then such
                                    rate shall be determined by agreement
                                    between the parties and failing that, Aron
                                    will determine the rate acting in good faith
                                    and in a commercially reasonable manner.

                                        7
<PAGE>

                                     ANNEX 2
                                NEW CONFIRMATION

ZAR GOLD SWAPS

Fixed Price Payer:                  J Aron & Company ("Aron")

Floating Price Payer:               Invested Bank Limited ("Investec")

Commodity:                          Gold (minimum 0.995 fine, London good
                                    delivery form)

Calculation Periods:                6 consecutive monthly periods from and
                                    including the Effective Date to and
                                    including the Termination Date as specified
                                    in Table 1 below

Effective Date:                     1 July 2004

Termination Date:                   31 December 2004

Payment Dates:                      With respect to each Calculation Period, the
                                    15th day of the immediately following
                                    Calculation Period (See Table 1 below).

Quantity per Calculation Period:    15,000 fine troy ounces

Fixed Price Levels:                 (A) ZAR 2,192.00 per fine troy ounce for
                                    each Calculation Period from and including
                                    the July 2004 to and including the September
                                    2004 Calculation Period

                                    (B) ZAR 2,256.00 per fine troy ounce for
                                    each Calculation Period from and including
                                    the October 2004 to and including the
                                    December 2004 Calculation Period

Floating Price:                     With respect to each Calculation Period the
                                    Floating Price shall be equal to the
                                    arithmetic average of the Commodity
                                    Reference Prices for each Business Day in
                                    such Calculation Period.

Commodity Reference Price:          The London A.M. Fix converted to ZAR at the
                                    mid price of 'Ccy Snaps at the time of
                                    fixing' published on Reuters page 'GOFO'

Payment Calculation:                (a) If for a Calculation Period the Fixed
                                    Price is greater than the Floating Price,
                                    Aron shall pay Investec an amount equal to
                                    the product of:

                                      (i)  the difference between the Fixed
                                           Price and the Floating Price, and

                                      (ii) the Quantity for the applicable
                                           Calculation Period.

                                    (b) If for a Calculation Period the Floating
                                    Price is greater than the Fixed price,
                                    Investec shall pay Aron an amount equal to
                                    the product of:

                                      (iii)the difference between the Floating
                                           Price and the Fixed Price, and

                                      (iv) the Quantity for the applicable
                                           Calculation Period.

Settlement:                         Cash Settlement on the applicable Payment
                                    Date provided, however, that if any of the
                                    foregoing is not a Business Day the
                                    applicable Value Date shall be the
                                    immediately following Business Day.

                                        8
<PAGE>

TABLE 1.

<TABLE>
<CAPTION>
                              Calculation
Calculation Period              Period
   Start Date                  End Date            Payment Date
- ------------------            -----------          ------------
<S>                           <C>                  <C>
01-Jul-04                      30-Jul-04             16-Aug-04
02-Aug-04                      31-Aug-04             15-Sep-04
01-Sep-04                      30-Sep-04             15-Oct-04
01-Oct-04                      29-Oct-04             15-Nov-04
01-Nov-04                      30-Nov-04             15-Dec-04
01-Dec-04                      31-Dec-04             18-Jan-05
</TABLE>

OTHER PROVISIONS:

Business Days:                      For Pricing - London and Johannesburg For
                                    Settlement - New York and Johannesburg

Calculation Agent:                  Aron

Fallback Prices/Rate:               If any rate or price referenced above is
                                    unavailable as of the applicable time on a
                                    Business Day or would not produce a
                                    commercially reasonable result then such
                                    rate shall be determined by agreement
                                    between the parties and failing that, Aron
                                    will determine the rate acting in good faith
                                    and in a commercially reasonable manner.

                                        9
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.75
<SEQUENCE>14
<FILENAME>u07700exv4w75.txt
<DESCRIPTION>MEMORANDUM OF UNDERSTANDING
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.75

                           MEMORANDUM OF UNDERSTANDING

                                 REACHED BETWEEN

                        BUFFELSFONTEIN GOLD MINES LIMITED
                            BUFFELSFONTEIN DIVISION

                   (HEREINAFTER REFERRED TO AS 'THE COMPANY')

                                      AND

                        THE NATIONAL UNION OF MINEWORKERS
                     THE UNITED ASSOCIATION OF SOUTH AFRICA
                       THE MINE WORKERS UNION (SOLIDARITY)
                THE SOUTH AFRICAN ELECTRICAL WORKERS ASSOCIATION

                     (HEREINAFTER REFERRED TO AS THE UNIONS)

                                    REGARDING

                            NO'S 9, 10 AND 12 SHAFTS

                           OF BUFFELSFONTEIN DIVISION

<PAGE>

1.    APPLICATION OF AGREEMENT

      This agreement will apply to all employees employed in the recognized
      bargaining units as respectively represented by the below mentioned Unions
      :

            (i)   The National Union of Mineworkers.

            (ii)  The United Association of South Africa.

            (iii) The Mine Workers Union (Solidarity)

            (iv)  The South African Electrical Workers Association.

2.    PREAMBLE

      The Unions have concluded the following initiatives to be implemented at
      the Company so as to avoid or alternatively minimize retrenchment of
      employees in terms of the current sixty day review exercise and the
      imminent closure of No's 9, 10 and 12 Shafts at Buffelsfontein Division.

3.    TERMS OF THE MEMO OF UNDERSTANDING

      The following arrangements will apply at No's 9, 10 and 12 Shafts :

      3.1   Total closure of No 9 Shaft as from 1 September 2004.

      3.2   No's 10 and 12 Shafts will remain operating during the current
            financial year subject to clauses 3.3 and 3.4 below.

      3.3   Production and financial targets will be measured on a weekly and
            monthly basis at No's 10 and 12 Shafts.

      3.4   Major deviations from set targets will be addressed with organised
            labour to determine the sustainability of these shafts.

      3.5   Current shift cycles will remain.

4.    CONDITIONS TO APPLY

      4.1   The sixty day review and the Section 189A facilitation in respect of
            the Buffelsfontein Division (No's 10 and 12 Shafts) is hereby
            suspended subject to clauses 3.4 and 4.2 respectively.

      4.2   This Memorandum of Understanding is further dependent on the
            effective introduction of the proposals and the measures that are
            introduced proving to be effective in restoring Buffelsfontein
            Division to profitability, and on the company attaining a
            sustainable gold price : cost ratio i.e. budgeted tonnage, grade,
            kilogram and working costs.

<PAGE>

5.    INTERVENTIONS TO SUSTAIN PROFITABILITY AT NO'S 10 AND 12 SHAFTS

      The Company undertakes to investigate with organised labour the following:

      5.1   To reclaim all redundant stock and material at No's 9 and 11 Shaft
            respectively.

      5.2   To embark on a vamping process in order to reclaim 'old gold' from
            all underground operations at Buffelsfontein Division,

      5.3   To commence with immediate effect opening-up and development
            operations at No's 10 and 12 Shafts to create face length
            opportunities at these shafts.

      5.4   To close down East Hostel at No 10 Shaft by end August 2004 in order
            to save costs on water end electricity. Employees will be
            accommodated at Pioneer Hostel with the proviso that renovations
            would be affected pending discussions between the N.U.M. structures
            and Management.

6.    AVOIDANCE MEASURES

      The Company and representatives of the Unions will, with immediate effect,
      commence with consultation sessions to discuss all possible avoidance
      measures on or before 26 August 2004 viz, in accordance with the relevant
      Retrenchment Agreements.

      6.1   Redeployment of affected workers into vacancies at No's 10 and 12
            Shafts.

      6.2   Employees who are still redundant, after all avoidance measures have
            been exhausted, will be retrenched in accordance with the
            Retrenchment Agreements that exist between the Company and
            respective Unions.

7.    J I C - NO 12 SHAFT

      J I C needs to sign a new contract pertaining to mining operations of No
      12 Shaft to ensure sustainable operations as proposed by the consultative
      forum. Shaft engineering will remain the responsibility of North West
      Operations.

8.    All parties are committed to ensure the application of this agreement in
      order to secure jobs at No's 10 and 12 Shafts.

9.    DISPUTE RESOLUTION

      Any party may invoke the mechanism of dispute resolution as embodied in
      the Labour Relations Act in the event of a dispute arising in as far as
      the

                                        3
<PAGE>

      interpretation and application of this Memorandum of Understanding is
      concerned.

                                        4
<PAGE>

THUS SIGNED AT STILFONTEIN ON THIS 6TH DAY OF AUGUST 2004.

/s/ H.J. van Vuuren
- ------------------------------------
For NORTHWEST OPERATIONS              WITNESSES        1. ______________________

                                                       2. ______________________
___________________________
For NATIONAL UNION OF MINE-           WITNESSES        1. ______________________
WORKERS

                                                       2. ______________________
___________________________
For SOLIDARITY                        WITNESSES        1. ______________________

                                                       2. ______________________
___________________________
For S A E W A                         WITNESSES        1. ______________________

                                                       2. ______________________
___________________________
For U A S A                           WITNESSES        1. ______________________

                                                       2. ______________________
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.76
<SEQUENCE>15
<FILENAME>u07700exv4w76.txt
<DESCRIPTION>CCMA SETTLEMENT AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.76

                            CCMA SETTLEMENT AGREEMENT

                              ENTERED INTO BETWEEN

                   BLYVOORUITZICHT GOLD MINING COMPANY LIMITED
                   (HEREINAFTER REFERRED TO AS "THE COMPANY")

                                       AND

                     THE UNITED ASSOCIATION OF SOUTH AFRICA
                    SOUTH AFRICAN EQUITY WORKERS' ASSOCIATION
                                   SOLIDARITY
                        THE NATIONAL UNION OF MINEWORKERS
            (HEREINAFTER REFERRED TO AS "THE EMPLOYEE ORGANISATIONS")

<PAGE>

1.    PREAMBLE

As part of the Section 189 and Section 189A (of the Labour Relations Act)
processes that were initiated by the company on 28 June 2004, the Commission for
Conciliation, Mediation and Arbitration (CCMA) was approached to facilitate
meetings between the parties.

This agreement serves to conclude the CCMA's facilitation process and to record
the parties' agreement regarding the September 2004 rationalisation exercise at
the company. The parties note that this agreement is entered into in exchange
for the company's agreement on severance benefits which is contained in the
retrenchment agreement dated 2 September 2004 which has been concluded between
the parties.

2.    RATIONALE FOR RETRENCHMENT

The parties agree that the retrenchment of the affected employees has become
unavoidable due to the underachievement of the company's financial and
production targets, which has resulted in the company experiencing significant
financial losses during the past 8 (eight) months. The parties acknowledge that
it is not economically sustainable for the company to continue making losses
into the future.

3.    BUSINESS PLAN

The parties acknowledge that, as a closure avoidance measure, the company has
tabled a 6 (six) month business plan dated 1 September 2004.

Although this business plan involves the retrenchment of +/-2,000 (two thousand)
affected employees, it is designed to return the company initially to a
break-even point, then to work towards operating profitably over the next 6
(six) months.

The sustainability thresholds of the company's business plan are as follows:

- -     440 (four hundred and forty) kilograms of gold produced per month

- -     at a maximum cost of R80,000 (eighty thousand rand) per kilogram

- -     with revenue received of at least R82,000 (eighty two thousand) per
      kilogram

- -     Working costs in line with budget

The parties acknowledge that these thresholds will only be sustainable if the
company meets its monthly targets in terms of:

- -     Recovered grade;

- -     Square metres mined;

- -     Development metres blasted;

- -     Tonnes hoisted; and

- -     Kilograms of gold produced.

<PAGE>

The parties acknowledge that a consequence of the company's business plan will
be that certain working areas and infrastructure will be placed on "care and
maintenance" until such time as they can contribute profitably to the company's
performance.

4.    ENABLING ENVIRONMENT

The parties acknowledge that it is critical to the successful implementation of
the business plan to create an operating environment that is conducive to
achieving and/or surpassing the business plan's sustainability thresholds.

In order to secure such an enabling environment, the parties commit themselves
in good faith to support the flawless implementation of the plan. To this
extent, the employee organisations undertake not to disrupt the normal
operations of the company in any way during the implementation of the business
plan.

5.    PRESERVATION OF THE SECTION 189 (1) PROCESS

In support of clause 4 (above), the parties agree to preserve the current
Section 189 process for 6 (six) months, during the implementation of the
business plan.

However, in the event of the company being unable to achieve the sustainability
thresholds contained in the business plan during this period, the current
Section 189 process will continue under the auspices of the CCMA in order to
ensure the survival of the company.

Should the company contemplate the continuance of the Section 189 process, it
will request the CCMA to facilitate at least 2 (two) meetings within 2 (two)
weeks in order to consult with the employee organisations on the reasons for
such continuance. Thereafter, after the 2 (two) week period either party will be
able to exercise their rights in terms of S189A(7).

                                       2
<PAGE>

6.    MONITORING COMMITTEE

The parties agree that the Blyvoor Forum will monitor the progress of the
implementation of the Business Plan on a weekly basis (after normal working
hours) for the first 2 (two) months (or until the parties agree otherwise) and
on a monthly basis thereafter.

THUS DONE AND SIGNED AT      __________________________________________________

ON THE  __________________ DAY OF _______________________________ 2004.

1.                                                         WITNESSES:

________________________________                 ____________________________
For and On Behalf Of
BLYVOORUITZICHT GOLD MINING
 COMPANY LIMITED

2.                                                         WITNESSES:

________________________________                 ____________________________
For and On Behalf Of
THE UNITED ASSOCIATION
 OF SOUTH AFRICA

3.                                                         WITNESSES:

________________________________                 ____________________________
For and On Behalf Of
SOUTH AFRICAN EQUITY
 WORKERS' ASSOCIATION

                                       3
<PAGE>

4.                                                         WITNESSES:

________________________________                 ____________________________
For and On Behalf Of
SOLIDARITY

5.                                                         WITNESSES:

/s/ C. Goodwin
________________________________                 ____________________________
For and On Behalf Of
BLYVOORUITZICHT GOLD MINING
 COMPANY LIMITED

6.                                                         WITNESSES:

________________________________                 ____________________________
For and On Behalf Of
THE NATIONAL UNION
 OF MINEWORKERS

                                        4
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.77
<SEQUENCE>16
<FILENAME>u07700exv4w77.txt
<DESCRIPTION>LOAN AGREEMENT
<TEXT>
<PAGE>

                            (1) INVESTEC BANK LIMITED

                       (2) DURBAN ROODEPOORT DEEP LIMITED

                          ____________________________

                                 LOAN AGREEMENT

                           (Reference number: DRD 002)

                          ____________________________

                                       1
<PAGE>

THIS LOAN AGREEMENT is dated 15 September 2004

BETWEEN

(1)   INVESTEC BANK LIMITED (incorporated in South Africa with registered
      number: 1969/004763/06) whose registered office is at 100 Grayston Drive,
      Sandown, Sandton ("IBL")

(2)   DURBAN ROODEPOORT DEEP LIMITED (incorporated in South Africa with
      registered number: 1895/000926/06) whose registered office is at 45 Empire
      Road, Parktown, Johannesburg ("DRD")

WHEREAS

IBL has agreed to make a loan of ZAR 100,000,000.00 (One Hundred Million Rand)
to DRD subject to the terms and conditions set out in this Loan Agreement.

1.    FACILITY

      1.1   IBL agrees to make available a loan facility (the "Facility") to DRD
            subject to the terms and conditions set out in this Loan Agreement.
            Reference to the `Facility' herein shall be to that part of the
            Facility that is drawn down at any time.

      1.2   The total amount of the Facility is ZAR 100,000,000.00 (One Hundred
            Million Rand) which may be drawn down subject to the terms hereof.

2.    PURPOSE

      The Facility shall be used by DRD for general funding purposes.

3.    CONDITIONS PRECEDENT

      DRD shall not be entitled to draw down any part of the Facility until IBL
      has received as conditions precedent, in each case in the form and
      substance satisfactory to it, the documents, items and evidence specified
      in the Schedule to this Loan Agreement.

4.    DRAWDOWN

      4.1   Subject to the satisfaction of the conditions precedent specified in
            Clause 3, DRD may draw down up to ZAR20,000,000.00 (Twenty Million
            Rand) of the Facility on the day after signature hereof or any time
            thereafter but not later than the third day following signature
            hereof provided that DRD has given to IBL on the Business Day before
            the date of the proposed drawdown, notice of the proposed drawdown,
            such notice to be irrevocable and in a form acceptable to IBL.

      4.2   The balance of the Facility may be drawn down at IBL's discretion.
            Any draw down notice shall be given in the form referred to in
            clause 4.1.

                                       2
<PAGE>

      4.3   IBL may refuse to honour any draw down notice in its sole
            discretion.

5.    REPAYMENT

      5.1   IBL shall be entitled at any time to call for repayment of such
            portion of the Facility as is drawn down at the time, by delivering
            a notice (the "Repayment Notice") to this effect in accordance with
            the terms hereof. The date of delivery of this notice shall be the
            `Recall Date' for the purposes of this Loan Agreement.

      5.2   Upon receipt of the Repayment Notice DRD may elect to repay the
            Facility in cash or by the issue of Shares (as defined below) to IBL
            or DRD may elect to repay the Facility partly in cash and partly by
            the issue of Shares. This election shall be exercised by the
            delivery of a notice (the "Election Notice") to IBL within one
            business day of the Recall Date. A failure to deliver an Election
            Notice shall be deemed by IBL to be an election by DRD to repay the
            Facility in cash.

      5.3   In the case of a repayment of the Facility in cash or any part
            repayment in cash such repayment shall be made together with accrued
            interest thereon within 3 Business Days of the Repayment Notice.

      5.4   The delivery of an Election Notice that the Facility shall be
            redeemed by the issue of Shares or partly by the issue of Shares
            shall be irrevocable.

      5.5   In the case of a repayment by the issue of Shares, the provisions
            relating to interest shall not apply. Where repayment is partly in
            cash and partly by the issue of Shares the provisions relating to
            interest shall apply solely to that part of the Facility repaid in
            cash.

6.    PREPAYMENT

      6.1   DRD may prepay the Facility without premium or penalty in whole or
            in part (but if in part, any prepayment shall be in integral
            multiples of Five Million Rand) and shall be paid solely on the last
            day of any Interest Period, provided that DRD shall have given IBL
            not less than 3 Business Days' prior notice (which shall be
            irrevocable and binding). Such prepayment shall be made together
            with accrued interest on the amount prepaid.

      6.2   DRD may not make any prepayment except in accordance with this
            Clause.

7.    INTEREST PERIODS

      7.1   The period during which the Facility is outstanding will be divided
            into successive periods (each an "Interest Period"). The first
            Interest Period relating to the Facility shall commence on the
            drawdown date and each subsequent Interest Period shall commence on
            the expiry of the preceding Interest Period. Each Interest Period
            will be of a duration of one month provided that:

                                        3
<PAGE>

            7.1.1 if any Interest Period ends on a day which is not a Business
                  Day, such Interest Period shall be extended to the next
                  Business Day unless that would extend that Interest Period
                  into the next following calendar month, in which event that
                  Interest Period shall be shortened so as to end on the
                  immediately preceding Business Day.

8.    INTEREST

      8.1   Subject to Clause 9 below the rate of interest applicable to the
            Facility during each Interest Period shall be the rate per annum
            determined by the Calculation Agent to be the:

      8.1.1 Three month - JIBAR - Reference Banks plus 300 interest basis
            points.

      8.2   Interest is payable in arrears on the last day of each Interest
            Period and is calculated on the basis of the actual number of days
            elapsed and a 365 day year.

      8.3   Any certificate or determination by IBL as to any rate of interest
            payable in respect of the Facility shall (save for manifest error)
            be prima facie proof of the amount owing.

9.    ADDITIONAL INTEREST

      If DRD fails to pay any sum payable under this Loan Agreement on its due
      date, it will pay to IBL interest on such sum from the date of such
      failure to the date of actual payment (both before and after judgement) at
      3 per cent per annum over the cost of funds to IBL for such period as it
      remains in default. Such interest shall be payable at any time on demand.

10.   FEE

      DRD shall pay to IBL a fee determined to be 5% of the Facility which is
      drawn at any time and from time to time. This Fee shall be payable upon
      draw down of the respective portion of the Facility.

11.   REPAYMENT BY THE ISSUE OF SHARES

      11.1  Any issue of Shares under these terms shall be subject to and in
            compliance with the shareholder approval requirements of the Nasdaq
            Marketplace Rules 4350 (i)(B), C and (D).

      11.2  All Shares to be issued in repayment of the Facility or part of the
            Facility shall become issuable no later than the 60th calendar day
            following the Recall Date. For the purposes hereof, the period from
            the Recall Date to and including the 60th calendar day following the
            Recall Date shall be referred to as the `Redemption Period' and the
            final day of this period shall be referred to as the `Final
            Redemption Day'.

                                        4
<PAGE>

      11.3  IBL may elect to have the Facility redeemed in tranches (each a
            "Redemption Tranche"), subject to each Redemption Tranche
            representing a repayment of at least Five Million Rand.

      11.4  During the Redemption Period IBL shall telephonically notify DRD of
            the terms of a Redemption Tranche and confirm this notification by
            facsimile (the "Redemption Notification"). The date of any such
            telephonic notification shall be a `Redemption Notification Date'.

      11.5  Upon the delivery of a Redemption Notification the number of Shares
            determined in accordance with 11.6 shall be immediately issuable and
            be issued and delivered to IBL within 10 days of the Redemption
            Notification Date.

      11.6  The number of Shares to be issued in respect of any Redemption
            Tranche shall be determined by dividing the Rand Facility Redemption
            Amount by the Rand Purchase Price, where;

            "Rand Facility Redemption Amount" means the amount of the Facility
            being redeemed in any Redemption Tranche as specified in the
            Redemption Notification relating thereto.

            "Rand Purchase Price" means an amount in Rand equal to the simple
            average of the Daily Volume Weighted Average Price of the Shares on
            the Exchange for the 10 Exchange Business Days immediately preceding
            the Redemption Notification Date.

            "Daily Volume Weighted Average Price" means an amount in Rand,
            calculated to the 4th decimal place, determined to be the total
            daily value of all main board trades on the Exchange divided by the
            total daily volume of all main board trades on the Exchange.

      11.7  Any part of the Facility remaining to be repaid on the Final
            Redemption Date shall be deemed to be the subject to a Redemption
            Notification deemed to be delivered on the Final Redemption Day.

12.   FEES AND EXPENSES

      12.1  DRD will pay to IBL on demand all expenses (including legal and
            out-of-pocket expenses and together with Value Added Tax if any
            thereon) on a full indemnity basis incurred by IBL in connection
            with the enforcement of or preservation of any rights under this
            Loan Agreement or otherwise in respect of any monies owing
            hereunder.

      12.2  DRD will pay all stamp, documentary registration and other similar
            duties (including any payable by IBL) in connection with this Loan
            Agreement and/or any document entered into pursuant hereto.

                                        5
<PAGE>

      12.3  Each party shall bear its own expenses in connection with the
            preparation and finalisation of this Loan Agreement.

13.   PAYMENTS

      13.1  DRD will make all payments and deliveries under or in respect of
            this Loan Agreement on the due date for value and immediately
            available funds to IBL at such account as IBL may from time to time
            instruct DRD.

      13.2  If any payment becomes due on a day which is not a Business Day, the
            due date of such payment will be extended to the next Business Day
            unless such business day is in a new calendar month in which case
            such payment shall be made on the immediately preceding Business
            Day.

      13.3  DRD will make all payments under the Facility without set-off or
            counter-claim and free and clear of any withholding or deduction
            (save as required by law) for any present or future taxes, levies,
            duties or other charges. If DRD is obliged by law to make any such
            withholding or deduction, DRD will pay to IBL in the same manner and
            at the same time additional amounts to ensure that IBL receives a
            net amount equal to the full amount which it would have received if
            no such deduction or withholding had been required. DRD shall
            deliver to IBL on demand a certificate of deduction or other
            evidence satisfactory to IBL that any amount withheld or deducted
            has been paid to the appropriate authority.

      13.4  IBL will maintain an account or accounts evidencing the amounts from
            time to time owing to it under the Facility. Such account or
            accounts shall (save for manifest error) be prima facie evidence of
            the amounts from time to time owing by DRD hereunder.

14.   REPRESENTATIONS AND WARRANTIES BY DRD

      DRD represents and warrants to IBL on the date of this Loan Agreement and
      on each date that the Facility is available or outstanding (with reference
      to the facts and circumstances then existing), as follows:

      14.1  DRD is duly incorporated and validly existing under the laws of
            South Africa and has power to enter into this Loan Agreement;

      14.2  all necessary corporate and other action to authorise the entry into
            and performance of this Loan Agreement has been taken by DRD, except
            for the shareholder approvals that may be required under the Nasdaq
            Market place Rules 4350 (i)(B), (C) and (D) and the regulation of
            any Shares issued pursuant to this Loan Agreement under the US
            Securities Act of 1933, as amended (the "Securities Act"), or the
            state securities laws of any US State;

      14.3  this Loan Agreement constitutes its legal, valid and binding
            obligations in accordance with its terms, has been duly authorised
            and executed by it and does not and will not breach its Memorandum
            and Articles of Association or other

                                       6
<PAGE>

            relevant constitutional documents or any agreement or obligation by
            which it is bound or violate any applicable law;

      14.4  its obligations under this Loan Agreement are its unconditional and
            unsubordinated obligations and rank at least pari passu with all
            other of its unsecured and unsubordinated indebtedness; and

      14.5  all approvals, authorisations, consents, licences, permissions and
            registrations which are necessary or advisable to obtain from any
            governmental public or other authority or without limitation any
            third party for the purpose of or relating to the Facility have been
            obtained and all provisions and conditions thereof have been
            complied with.

      14.6  Neither DRD, any of DRD's affiliates nor any persons acting on
            behalf of them have engaged, or will engage in any directed selling
            efforts with respect to the Shares issued under this Loan Agreement
            (it being acknowledged that DRD is not making this representation
            and warranty with respect to actions of IBL or its affiliates).

15.   REPRESENTATIONS AND WARRANTIES BY IBL IN THE CASE OF ANY REPAYMENT BY THE
      ISSUE OF SHARES

      Terms used in this section 15 have the meaning given to them by Regulation
      S under the Securities Act .

      15.1  IBL represents and warrants to DRD as follows:

            15.1.1 IBL is not a U.S. person and if DRD issues Shares to IBL
                   under this Loan Agreement, IBL will acquire those Shares in
                   an offshore transaction pursuant to Regulation S. If IBL
                   decides to offer, resell, pledge or otherwise transfer the
                   Shares issued under this Loan Agreement it will only do so in
                   an offshore transaction in accordance with the provisions of
                   Rule 903 of Regulation S;

            15.1.2 No sale, pledge, resale or other transfer of the Shares which
                   may be delivered hereunder has been or will be made so as to
                   transfer the Shares issued under this Loan Agreement into the
                   United States or to or for the account or benefit of a U.S.
                   person;

            15.1.3 Neither IBL, any of IBL's affiliates nor any persons acting
                   on behalf of them have engaged, or will engage in any
                   directed selling efforts with respect to the Shares issued
                   under this Loan Agreement (it being acknowledged that IBL is
                   not making this representation and warranty with respect to
                   actions of DRD or its affiliates). IBL, each of IBL's
                   affiliates and any person acting on their behalf have
                   complied and will comply with the offering restriction
                   requirements of Regulation S; and

                                       7
<PAGE>
            15.1.4 IBL understands that the Shares issued under this Loan
                   Agreement have not been and will not be registered under the
                   Securities Act and may not be offered or sold within the
                   United States or to, or for the account or benefit of, a U.S.
                   person except in accordance with-Regulation S under the
                   Securities Act. IBL represents and agrees that it will offer
                   and sell Shares issued under this Loan Agreement (i) as part
                   of their distribution, at any time and (ii) otherwise, until
                   after the end of the Distribution Compliance Period, only in
                   accordance with Rule 903 of Regulation S, under the
                   Securities Act.

            15.1.5 IBL shall, at or prior to confirmation of a sale of Shares
                   issued under this Loan Agreement and pursuant to Regulation
                   S, have sent to each distributor, dealer or person receiving
                   a selling concession, fee or other remuneration in respect of
                   Shares issued under this Loan Agreement before the expiration
                   of the Distribution Compliance Period a confirmation or
                   notice to substantially the following effect:

                   "The Shares covered by this notice have not been registered
                   under the United States Securities Act of 1933 (the
                   "Securities Act") and may not be offered or sold or
                   transferred within the United States or to or for the account
                   or benefit of U.S. persons (i) as part of their distribution,
                   at any time and (ii) otherwise, until after the expiration of
                   40 days from the later of completion of the distribution of
                   the Shares issued or issuable under this Loan Agreement, as
                   determined by IBL and certified to DRD, except in either case
                   in accordance with Rule 903 of Regulation S under the
                   Securities Act. The Shares covered by this notice may not be
                   deposited in any unrestricted American Depository Receipt
                   Program relating to the Shares. You must not directly or
                   indirectly engage in any short selling or hedging transaction
                   with regard to the Shares, except as permitted by the
                   Securities Act. Terms used above have the meaning given to
                   them by Regulation S."

            15.1.6 IBL agrees that it will not directly or indirectly engage in
                   any short selling or hedging transactions with regard to the
                   Shares issued under this Loan Agreement except as permitted
                   under the Securities Act.

      15.2  Distribution Compliance Period. "Distribution Compliance Period"
            means a period that begins when the Shares are first issued by DRD
            under this Loan Agreement during a Redemption Period and continues
            until after the expiration of 40 days from the completion of the
            distribution of the Shares issued or issuable under this Loan
            Agreement, as determined by IBL and certified to DRD. IBL will give
            DRD written notices of the beginning of the 40 day Distribution
            Compliance Period at least 3 Business Days before the beginning of
            the Distribution Compliance Period and a copy of IBL's certification
            of the date of completion of the distribution of the Shares within
            one business day of that completion.

      15.3  Delivery of Shares. IBL hereby acknowledges and agrees that:

                                        8
<PAGE>


            15.3.1 It and any distributor of the Shares issued under this Loan
                   Agreement will not take delivery, in whole or in part, until
                   it provides DRD with:

                   (A) (i) a written certification that it is not a U.S. person
                   and that the Loan Agreement has not being executed on behalf
                   of a U.S. person; or (ii) a written opinion of counsel,
                   reasonably acceptable to DRD, to the effect that the Loan
                   Agreement and the Shares deliverable thereunder have been
                   registered under the Securities Act (it being acknowledged
                   that DRD has no obligation to register the Shares issued
                   under this Loan Agreement) or are exempt from registration
                   thereunder (it being acknowledged that the Shares issued
                   under this Loan Agreement are not eligible for resale under
                   Rule 144A under the Securities Act); and

                   (B) a written certification that IBL is not executing the
                   Loan Agreement within the United States and that the Shares
                   issued under this Loan Agreement are not to be delivered
                   within the United States, except as otherwise permitted by
                   Rule 903 of Regulation S, unless the Shares issued under this
                   Loan Agreement are registered under the Securities Act or an
                   exemption from such registration is available (it being
                   acknowledged that the Shares issued under this Loan Agreement
                   are not eligible for resale under Rule 144A under the
                   Securities Act).

            15.3.2 If the Shares issued under this Loan Agreement may be
                   delivered in one or more parts, IBL will provide DRD with the
                   items specified in Section 15.3.1 above prior to each
                   delivery.

      15.4  Legend / Certificate to ADR Depository.

            15.4.1 If the Shares issued under this Loan Agreement are issued in
                   certificated form, any certificate representing the Shares,
                   in whole or in part, shall bear the following legend:

                   "The securities evidenced hereby have not been registered
                   under the United States Securities Act of 1933, as amended
                   (the "Securities Act"), and, accordingly, may not be offered,
                   sold, pledged or otherwise transferred within the United
                   States or to, or for the account or benefit of, U.S. persons
                   except as set forth in the following sentence. By its
                   acquisition hereof, the holder (1) represents that it is not
                   a U.S. person and is acquiring these securities in an
                   offshore transaction in compliance with Regulation S under
                   the Securities Act, (2) agrees that it will not offer, sell,
                   pledge or otherwise transfer these securities except (a) to
                   Durban Roodepoort Deep, Limited ("DRD") or any subsidiary
                   thereof, (b) outside of the United States to a non-U.S.
                   person in an offshore transaction in accordance with Rule 903
                   or Rule 904 of Regulation S, (c) pursuant to a registration
                   statement which has been declared effective under the
                   Securities Act (and the holder understands that DRD has no
                   obligation to cause such a registration statement to become
                   effective) or (d) pursuant to

                                        9
<PAGE>


                   an exemption from registration under the Securities Act (and
                   the holder understands that these securities are not eligible
                   for resale pursuant to Rule 144A under the Securities Act),
                   in each case in accordance with any applicable securities
                   laws of any state of the United States, and (3) agrees that
                   these securities may not be deposited in any unrestricted
                   American Depositary Receipt Program relating to these
                   securities (a) as part of the distribution of these
                   securities, at any time (b) otherwise, until after the
                   expiration of 40 days from the completion of the distribution
                   of the Shares issued or issuable under the Loan Agreement
                   between DRD and Investec Bank Limited ("IBL"), as determined
                   by IBL and certified to DRD, and, in the case of (b), in
                   accordance with applicable United States federal and state
                   securities laws and will deliver such certificates and legal
                   opinions as may be requested by the issuer or the issuer's
                   ADR depositary, to confirm that the deposit complies with the
                   foregoing restrictions, (4) agrees that it will deliver to
                   each person to whom this security or an interest therein is
                   transferred a notice substantially to the effect of this
                   legend, and (5) agrees that it will not directly or
                   indirectly, engage in any short selling or hedging
                   transaction with regard to this security or any American
                   Depositary Receipt relating to this security except as
                   permitted by the Securities Act. As used herein, the terms
                   "offshore transaction, "United States" and "U.S. person" have
                   the meanings given to them by Regulation S under the
                   Securities Act."

            15.4.2 If the Ordinary Shares are issued by DRD in uncertificated
                   form, DRD will instruct The Bank of New York (the
                   "Depositary"), as depositary appointed under the Deposit
                   Agreement, dated as of August 12, 1996, between DRD and the
                   Depositary, as amended and restated on October 2, 1996 and as
                   further amended and restated on August 6, 1998 (as so amended
                   and restated, the "Deposit Agreement") to establish and
                   administer DRD's unrestricted American Depositary Receipts
                   facility (the "ADR Facility"), and the Depositary's
                   custodians to refuse to accept any Shares for deposit in the
                   ADR Facility from the date DRD first issues Shares under this
                   Loan Agreement until the expiration of the Distribution
                   Compliance Period if the person depositing the Shares cannot
                   give the Depositary or custodian a certificate substantially
                   to the effect of either paragraph (A) or (B) below as may be
                   amended to reflect reasonable comments of the Depository.

"Pursuant to a loan agreement dated September 15, 2004 between Durban Roodepoort
Deep, Limited ("DRD") and Investec Bank Limited ("IBL") and in reliance upon
Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), DRD has issued __ ordinary shares of DRD (the "Ordinary Shares") to IBL
(the "Reg. S Placement"). The Ordinary Shares have not been registered under the
Securities Act and may not be offered, sold or pledged or otherwise transferred
in the United States or to or for the account or benefit of any U.S. persons or
deposited in any unrestricted ADR Program relating to the Shares (i) as part of
a distribution, at any time and (ii) otherwise, until the expiration of 40 days
after the completion of the distribution of the Ordinary Shares as determined by
IBL and certified to DRD, except in each

                                       10
<PAGE>

case in accordance with Regulation S under the Securities Act, and, in the case
of any deposit of Ordinary Shares into any unrestricted ADR Program, pursuant to
a registration statement which has been declared effective under the Securities
Act (and the holder understands that DRD has no obligation to cause such a
registration statement to become effective) or pursuant to an exemption from
registration under the Securities Act (and the holder understands that these
securities are not eligible for resale pursuant to Rule 144A under the
Securities Act), in accordance with applicable United States federal and state
securities laws. Before DRD's Shares can be deposited into the ADR Facility, you
must certify that either paragraph (A) or (B) is true, accurate and complete.

                  (A)   That person is the beneficial owner of the Shares to be
                        deposited and:

                        (1)   that person did not acquire, did not agree to
                              acquire and will not have acquired the Shares in
                              the Reg. S Placement; and

                        (2)   the Shares to be deposited are not among those
                              Shares issued in the Reg. S Placement.

                  (B)   That person is a broker/dealer acting on behalf of its
                        client/customer and that person advises that its
                        client/customer has confirmed to it that:

                        (1)   the client/customer is the beneficial owner of the
                              Shares to be deposited;

                        (2)   the client/customer did not acquire, did not agree
                              to acquire and will not have acquired the Shares
                              in the Reg. S Placement; and

                        (3)   the Shares to be deposited are not among those
                              Shares issued in the Reg. S Placement."

            15.4.3 In addition to the legend set forth in Section 15.4.1 above,
                   any certificate representing the rights and obligations under
                   this Loan Agreement, in whole or in part, shall also bear the
                   following legend:

                   "The securities to be issued upon the execution of this Loan
                   Agreement have not been registered under the Securities Act
                   and the rights and obligations under this Loan Agreement may
                   not be exercised in the United States or by or on behalf of
                   any U.S. person unless registered under the Securities Act or
                   unless an exemption from such registration is available."

            15.4.4 IBL understands that the Shares issued under this Loan
                   Agreement will be issued to it in reliance on specific
                   exemptions from the registration requirements of United
                   States federal and state securities laws, that the Shares
                   issued under this Loan Agreement have not been registered
                   with

                                       11
<PAGE>

                   any state or federal securities commissions and that DRD is
                   relying upon the truth and accuracy of the representations,
                   warranties, acknowledgments and agreements of IBM set forth
                   herein in order to determine the applicability of such
                   exemptions.

            15.4.5 IBL acknowledges for itself and each of its affiliates and
                   any person acting on behalf of any of them that, in
                   connection with this Loan Agreement, the Shares issued under
                   this Loan Agreement or the American Depositary Receipts
                   evidenced by such Shares, it has not and will not, directly
                   or indirectly, engage in any transaction or series of
                   transactions that, although in technical compliance with
                   Regulation S (a) is part of a plan or scheme to evade the
                   registration provisions of the Securities Act, or (b) would
                   require registration of the Shares issued under this Loan
                   Agreement under the Securities Act.

      15.5  In respect of Transfers and Subsequent Purchasers. DRD and IBL agree
            that neither party may transfer the rights and obligations conferred
            by this Loan Agreement, in whole or in part, without the prior
            written consent of the non-transferring party and that any transfer
            of the rights and obligations conferred by this Loan Agreement, in
            whole or in part, will be made in accordance with Regulation S. IBL
            agrees that, in addition to the restrictions on resale contained
            herein and before the expiration of the Distribution Compliance
            Period, it may not transfer any portion of the Shares issued under
            this Loan Agreement to any party unless such party enters into an
            agreement with DRD containing representations, warranties and
            restrictions on resale substantially similar to those contained
            herein.

16.   RECORDAL

      Any Adjustment by the Calculation Agent for the purposes of this Loan
      Agreement shall be interpreted in accordance with the provisions contained
      in the Definitions. In this regard, DRD is referred, inter alia, to the
      definition of Potential Adjustment Event therein which, amongst others,
      includes any event that has a diluting or concentrative effect on the
      theoretical value of the Share. Where a Potential Adjustment Event has
      been declared the Calculation Agent shall make an adjustment to the terms
      of this Loan Agreement to reflect the extent to which the theoretical
      value of the Share is affected by the Potential Adjustment Event. This
      provision is not intended to amend the Definitions but is intended to
      record the effect that a Potential Adjustment Event may have to the terms
      of this Loan Agreement.

17.   UNDERTAKINGS

      DRD will provide to IBL such financial and other information relating to
      DRD as IBL may from time to time request.

                                       12
<PAGE>

18.   ADDITIONAL COSTS

      DRD will pay to IBL on demand any amount (not exceeding an amount
      calculated on the basis of market practice at the relevant time as
      certified by IBL) which IBL may from time to time certify to be necessary
      to compensate it for any increased costs or reduction in return resulting
      from compliance of any change in, or in the interpretation of, any law or
      regulation or any official directive or request (whether or not having the
      force of law) including without limitation any relating to mandatory
      liquid asset and special deposit requirements.

19.   ILLEGALITY

      If at any time it is unlawful, or contrary to any requests from or
      requirement of any central bank or other fiscal monetary or other
      regulatory authority, for IBL to make, fund or allow to remain outstanding
      all or any part of the Facility, then IBL will promptly after becoming
      aware of the same deliver to DRD a certificate to that effect and DRD
      shall on such date as IBL specify repay the Facility together with accrued
      interest and any other amounts then due to IBL hereunder. Where such
      illegality relates to the repayment of the Facility by the issue of Shares
      then DRD shall be obligated to repay the Facility in cash.

20.   EVENTS OF DEFAULT

      20.1  Each of the following events will constitute an Event of Default:

            20.1.1 DRD fails to pay any sum payable under this Loan Agreement on
                   the due date; or

            20.1.2 DRD fails to observe and perform any other obligations under
                   this Loan Agreement or is in breach or becomes in breach of
                   any representation or warranty given by it in this Loan
                   Agreement in any respect; or

            20.1.3 any financial obligations of DRD become prematurely payable
                   or any creditor in respect thereof becomes entitled to
                   declare any such obligation prematurely payable or any such
                   obligation is not paid when due or any security therefor
                   becomes enforceable; or

            20.1.4 a receiver or other similar officer is appointed of or in
                   relatioZn to DRD or the whole or any part of its undertaking,
                   assets, rights or revenues; or

            20.1.5 any encumbrancer takes possession of or a distress,
                   execution, sequestration or other similar process is levied
                   or enforced upon the whole or any part of its undertaking,
                   assets, rights or revenues; or

            20.1.6 DRD ceases to carry on the whole or a substantial part of its
                   business or stops or suspends payment of its debts or
                   proposes or enters into any composition, scheme, compromise
                   arrangement with or for the benefit of its creditors
                   generally or any class of them; or

                                       13
<PAGE>


            20.1.7 DRD becomes insolvent or any petition or other action is
                   presented or taken and any order is made by any court or any
                   meeting is convened for the purpose of considering any
                   resolution or any resolution is passed for the winding-up,
                   liquidation or dissolution of DRD.

      20.2  At any time after the occurrence of an Event of Default IBL may by
            written notice to DRD terminate its obligations under this Loan
            Agreement and/or demand immediate repayment of the Facility together
            with accrued interest and all other sums due hereunder and DRD will
            comply with such demand forthwith.

21.   WAIVERS

      21.1  No failure or delay on the part of IBL to exercise any power, right
            or remedy under this Loan Agreement shall operate as a waiver
            thereof nor shall any single or partial exercise by it of any power,
            right or remedy preclude any other or further exercise thereof or
            the exercise of any other power, right or remedy.

      21.2  The remedies provided in this Loan Agreement are cumulative and not
            exclusive of any remedies provided by law.

22.   SET-OFF

      22.1  IBL may, without prior notice to DRD, apply any credit balance
            (whether or not then due and in whatever currency) which is at any
            time held by any office or branch of IBL for the account of IBL in
            or towards satisfaction of any sum then due and payable from DRD
            under this Loan Agreement and in respect of which a default in
            payment has occurred.

      22.2  For the purposes of exercising any rights under this Clause, or any
            rights under the general law, IBL may convert or translate all or
            any part of any such a credit balance into another currency applying
            a rate which in its opinion fairly reflects prevailing rates of
            exchange.

      22.3  IBL is not obliged to exercise any of its rights under this Clause,
            which shall be without prejudice and in addition to any rights under
            the general law.

      22.4  In this Clause "rights under the general law" means any right of
            set-off, combination or consolidation of accounts, lien or similar
            right which IBL has under any applicable law.

23.   INDEMNITIES

      DRD shall on demand indemnify IBL against any liability, loss or expense
      which IBL shall certify as incurred by it as a consequence of a default in
      payment by DRD of any sum under this Loan Agreement when due, any
      repayment or prepayment of the Facility or part thereof being received
      otherwise and on the last day of an Interest Period Facility; the early
      breaking, termination or reversing (in whole or in part) of any agreement
      or arrangement entered into by DRD with IBL or any third party for the
      purpose of or in

                                       14
<PAGE>

      connection with fixing, capping the rate of or otherwise hedging interest
      payable under this Loan Agreement or the Facility not being drawndown for
      any reason after a drawdown notice has been given including in any such
      case, but not limited to, any loss of profit and any loss or expense
      incurred in maintaining or funding the Facility or any sum or in
      liquidating or redeploying deposits from third parties acquired are
      contracted for in order to effect or maintain the same.

24.   CURRENCY

      If, under any applicable law or regulation or pursuant to a judgment or
      order being made or registered against or the liquidation of DRD or
      without limitation for any other reason, any payment under or in
      connection with this Loan Agreement is made or falls to be satisfied in a
      currency ("the payment currency") other than the currency which such
      payment is expressed to be due under or in connection with this Loan
      Agreement ("the contractual currency") then, to the extent that the amount
      of such payment actually received by IBL, when converted into the
      contractual currency at the applicable rate of exchange, falls short of
      the amount due under or in connection with this Loan Agreement DRD as a
      separate and independent obligation shall indemnify and hold harmless IBL
      against the amount of such shortfall. For the purposes of this Clause, the
      "applicable rate of exchange" means the rate at which IBL is able on or
      about the date of such payment to purchase, in accordance with its normal
      practice, the contractual currency with the payment currency and shall
      take into account (and DRD shall be liable for) any premium or other costs
      of exchange including any taxes incurred by reason of any such exchange.

25.   COUNTERPARTS

      This Loan Agreement may be executed in any number of counterparts in which
      case this Loan Agreement will be as effective if all signatures on the
      counterparts were on a single copy of this Loan Agreement.

26.   ASSIGNMENT

      26.1  DRD may not assign or transfer any of its rights or obligations
            under this Loan Agreement.

      26.2  Subject to the provisions of Clause 15.5 hereof IBL may assign or
            transfer all or any of its rights and obligations under this Loan
            Agreement to any party. DRD will enter into all documents specified
            by IBL to be necessary to effect any such assignment or transfer.

27.   NOTICES

      27.1  Every notice or other communication under this Loan Agreement shall
            be in writing and may be delivered by letter or facsimile
            transmission despatched to the other party at its address or
            facsimile number stated below or such other address or facsimile
            number as may from time to time be notified to the other party for
            this purpose.

                                       15
<PAGE>

            INVESTEC BANK LIMITED

            All notices to be addressed for the attention of Milton Samios,
            Investec Bank Limited, 100 Grayston Drive, Sandown Sandton.

            Facsimile Number: (011) 286 7371

            DURBAN ROODEPOORT DEEP LIMITED

            Address: 45 Empire Road, Parktown, Johannesburg/ For the attention
            of Anton Lubbe

            Facsimile Number: +27 (11) 482 1022.

      27.2  Every notice or other communication shall, unless otherwise provided
            for in this Loan Agreement, be deemed to have been received (if sent
            by post) 72 hours after despatch and (if delivered by facsimile
            transmission) at the time of delivery or despatch if during normal
            business hours in the place of intended receipt on a working day in
            that place and otherwise at the opening of business in that place on
            the next such working day, provided that any notice or communication
            to be made or delivered shall only be effective when actually
            received.

28.   LAW

      28.1  This Loan Agreement shall be governed by and construed in accordance
            with South African law.

      28.2  The parties irrevocably agree that the courts of South Africa shall
            have jurisdiction to hear and determine a suit, action or
            proceeding, and to settle any disputes, which may arise out of or in
            connection with this Loan Agreement and for such purposes hereby
            irrevocably submit to the jurisdiction of such courts.

      28.3  Nothing contained in this clause shall limit the right of IBL to
            take proceedings against DRD in any other court of competent
            jurisdiction, nor shall the taking of any such proceedings in one or
            more jurisdictions preclude the taking of proceedings in any other
            jurisdiction, whether concurrently or not (unless precluded by
            applicable law).

29.   INTERPRETATION

      In this Agreement:

      29.1  This agreement is referred to herein as the "Loan Agreement".

      29.2  This Loan Agreement incorporates and is subject to the terms of the
            ISDA Master Agreement between the parties which is executed and
            delivered as a condition precedent hereto (the "ISDA Agreement").

                                       16
<PAGE>

      29.3  This Loan Agreement is subject to and incorporates the 2000 ISDA
            Definitions and the 2002 Equity Derivative Definitions (the
            "Definitions") as published by the International Swaps and
            Derivatives Association, Inc. ("ISDA").

      29.4  In the event of any inconsistency between the Loan Agreement and the
            ISDA Agreement, the Loan Agreement shall prevail. In the event of
            any inconsistency between the Definitions and the Loan Agreement,
            the Loan Agreement shall prevail.

      29.5  The Loan Agreement constitutes a Confirmation as defined and
            referred to in the ISDA Agreement.

      29.6  "Business Day" means a day on which banks are open for business in
            South Africa and New York;

      29.7  "Final Closing Date" means the final date that DRD delivers Shares
            to IBL under Section 11 of the Loan Agreement

      29.8  "Share" and "Shares" means ordinary fully paid shares of Durban
            Roodepoort Deep Limited which are listed on the JSE Securities
            Exchange South Africa ("JSE") and which may be identified by the JSE
            code "DUR"; and

      29.9  For the purposes of this Loan Agreement the following elections
            shall be made in respect of terms defined in the Definitions;

            "Exchange" means the JSE Securities Exchange of South Africa.

            "Business Day Convention" means "Following".

            "Related Exchange(s)" means "All Exchanges" as defined in the
            Definitions.

            "Calculation Agent" means Investec Bank Limited.

            "Clearance System" means STRATE.

            For the purposed of "Adjustments", "Method of Adjustment" shall be
            "Calculation Agent Adjustment".

            For the purpose of "Extraordinary Events", the following elections
            are made:

                  in respect of "Consequences of Merger Events", "Modified
                  calculation Agent Adjustment" in the case of
                  "Share-for-Share", "Share-for-Other" and "Share for Combined",

                  and in respect of "Consequences of Tender Offers" "Modified
                  calculation Agent Adjustment" in the case of
                  "Share-for-Share", "Share-for-Other" and "Share for Combined",

                  "Composition of Combined Consideration" shall be "Not
                  Applicable", and

                                       17
<PAGE>

                  Calculation Agent Adjustment shall apply in respect of
                  "Nationalisation, Insolvency or Delisting".

            "Non Reliance" shall be "Applicable".

            "Agreements and Acknowledgements regarding Hedging Activities" shall
            be "Applicable".

            Additional Acknowledgements shall be "Applicable".

IN WITNESS whereof this Loan Agreement has been executed on the date stated
above.

                                       18
<PAGE>

                                    SCHEDULE

                              CONDITIONS PRECEDENT

1.    The execution and delivery of the ISDA Master Agreement referred to herein
      together with the documents referred to in Part 3 of the Schedule thereto.

2.    Certified Copy of the resolution of the Board of Directors of DRD
      approving the execution of this Loan Agreement and the terms hereof.

3.    DRD shall procure that its rights under Transactions in existence between
      it and Eskom Holdings Limited which are governed by the terms of an ISDA
      Master Agreement, as at the date of signature hereof, are ceded to IBL as
      security for the performance by DRD of all of its obligations to IBL.

                                       19
<PAGE>

Signed by /s/ A. Lubbe

for and on behalf of
DURBAN ROODEPOORT DEEP LIMITED
in the presence of:

Signed by

for and on behalf of
INVESTEC BANK LIMITED
in the presence of:

                                       20
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.78
<SEQUENCE>17
<FILENAME>u07700exv4w78.txt
<DESCRIPTION>SUBSCRIPTION AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.78

                             SUBSCRIPTION AGREEMENT

THIS AGREEMENT is made on 21 September 2004

Between

(1) DRD (ISLE OF MAN) LIMITED, a company incorporated as a limited company in
accordance with the laws of the Isle of Man having registration number 94445 C
and its registered address at Grosvenor House, 66/67 Athol Street, Douglas, Isle
of Man ("THE Company");

(2) DURBAN ROODEPOORT DEEP LIMITED, a company incorporated as a limited company
in accordance with the laws of the Republic of South Africa having registration
number 1895/000926/06 and its registered address at 45 Empire Road, Parktown,
Johannesburg, South Africa, 2193 ("DRD")

RECITALS

A.    The Company is a wholly owned subsidiary of DRD

B.    DRD wishes to subscribe for 135 of the Company's shares in accordance with
      the terms of this agreement. On completion, DRD will pay the Subscription
      Price in return for 135 fully paid shares in the Company

It is agreed as follows:

1.    INTERPRETATION

      1.1   In this agreement and the Schedules, unless the contrary intention
            appears:

            1.1.1 "COMPLETION" means the completion of the transactions and
                  matters specified in clause 3;

            1.1.2 "ENCUMBRANCE" means a mortgage, charge, pledge, lien, option,
                  restriction, right of first refusal, right of pre-emption,
                  third party right or interest, or other encumbrance or
                  security of any kind;

            1.1.3 "SHARES" means ordinary shares of 1 (one) United Kingdom Pound
                  each in the Company;

            1.1.4 "SUBSCRIPTION PRICE" means U$100,000.00 (one hundred thousand
                  United States dollars) being the aggregate of the nominal
                  value and the premium payable in respect of each Subscription
                  Share

<PAGE>

            1.1.5 "SUBSCRIPTION SHARES" means 135 (one hundred and thirty five)
                  fully paid ordinary shares in the Company of Pound Sterling1
                  each for which DRD is subscribing under clause 2;

            1.1.6 "WARRANTIES" means the warranties referred to in Schedule 1.

      1.2   In this agreement and the Schedules unless the context otherwise
            requires:

            1.2.1 Words denoting any one gender include all other genders and
                  words denoting the singular shall include the plural and vice
                  versa.

            1.2.2 A reference to:

                  (a)   a "subsidiary" or "holding company" shall be construed
                        in accordance with section 736 of the English Companies
                        Act 1985, as amended and in force at the date of this
                        agreement;

                  (b)   a "clause" or a "Schedule" is a reference to a clause
                        of, or a Schedule to, this agreement;

                  (c)   a person includes a reference to a body corporate, an
                        unincorporated association or a partnership and that
                        person's legal and personal representatives and
                        successors; and

                  (d)   any statutory provision includes a reference to the
                        statutory provision as modified or re-enacted or both
                        from time to time (whether before or after the date of
                        this agreement).

      1.3   When any payment falls due or any other obligation falls to be
            performed on a Saturday, Sunday or a day on which banks are not open
            for the transaction of normal business in the Isle of Man, then such
            payment shall be made, or such obligation performed, on the next
            succeeding day on which banks are open for the transaction of normal
            business in the Isle of Man.

      1.4   Headings are for ease of reference only and shall not affect the
            interpretation of this agreement.

2.    SUBSCRIPTION

      DRD will subscribe for the Subscription Shares being 135 fully paid,
      ordinary shares at a premium of U$99,998.21 per share, in accordance with
      the terms of this agreement. For the avoidance of doubt the Subscription
      Shares will be subscribed for by, and issued and allotted to DRD, and not
      by or to, any nominee of DRD.

3.    COMPLETION

                                       2
<PAGE>

      3.1   Completion will take place immediately after the signing of this
            agreement at the offices of the Company, Grosvenor House, 66/67
            Athol Street, Douglas, Isle of Man or at such other place as the
            parties agree, when:

            3.1.1 DRD will pay to the Company the sum of US$13,500,000 (thirteen
                  million and five hundred thousand United States dollars) being
                  the Subscription Price due for the Subscription Shares;

            3.1.2 The Company will:

                  (a)   duly issue and allot the Subscription Shares to DRD on
                        the basis that the Subscription Shares will be issued
                        and allotted to DRD as fully paid up Shares; and

                  (b)   deliver to DRD (or as it directs) a share certificate or
                        certificates relating to the same;

      3.2   All payments made by DRD to the Company will be made either by
            telegraphic or electronic transfer of funds for same day value to
            such bank account as the Company has previously advised DRD.

4.    WARRANTIES

      4.1   DRDIOM hereby warrants to DRD that each of the Warranties is true
            and accurate at the date of this agreement.

      4.2   The maximum aggregate liability of the Company in relation to the
            Warranties shall under no circumstances exceed the Subscription
            Price for the Subscription Shares or part thereof that the Company
            has actually received from DRD in cleared funds.

5.    CONFIDENTIALITY

      5.1   Any communication between DRD on the one hand, and the Company on
            the other (each to be regarded for the purpose of this clause 5 and
            clause 7 as one party), and between any of their respective
            subsidiaries, or their representatives which is marked confidential
            or which is of a commercially sensitive, proprietary or confidential
            nature will be kept strictly confidential by the party receiving
            such communication.

      5.2   Each of such parties will take reasonable precautions to ensure that
            its officers and employees and the officers and employees of each of
            its subsidiaries comply with the provisions of this clause and that
            none of such individuals discloses any term of this agreement, or
            discloses or uses any confidential information which it acquires in
            connection with this agreement or in connection with the
            negotiations leading up to the same, unless the other party agrees.

                                       3
<PAGE>

      5.3   Nothing in this clause will prevent the disclosure of any
            information required by law or any regulation or rule of any stock
            exchange or other regulatory authority, save that such disclosure
            shall be made by the party concerned only after reasonable
            consultation, if practicable, with the other and, so far as
            practicable, taking into account the reasonable requirements (as to
            timing, contents and manner of making or despatch of such
            disclosure) of the other.

6.    DURATION AND TERMINATION

      6.1   Without prejudice to any accrued rights and obligations this
            agreement shall continue in full force and effect until the earlier
            of:

            6.1.1 the date on which the parties agree in writing that this
                  agreement is to terminate;

            6.1.2 the date of the commencement of winding up of the Company.

      6.2   The termination of this agreement shall be without prejudice to the
            rights of the parties in respect of any breach of this agreement
            occurring prior to such termination.

      6.3   Notwithstanding the above provisions, the obligations of the parties
            pursuant to clause 5 will survive termination.

7.    ANNOUNCEMENTS

      7.1   Subject to clause 7.2 no announcement, communication or circular
            concerning the transactions referred to in this agreement shall be
            made or despatched at any time (whether before or after Completion)
            by either party without the prior written consent of the other (such
            consent not to be unreasonably withheld or delayed).

      7.2   Where the announcement, communication or circular is required by law
            or any regulation or rule of any stock exchange or other regulatory
            authority, it shall be made by the party concerned only after
            reasonable consultation, if practicable, with the other and, so far
            as practicable, taking into account the reasonable requirements (as
            to timing, contents and manner of making or despatch of the
            announcement, communication or circular) of the other.

8.    FURTHER ASSURANCE

Each of the parties agrees to perform all further acts and things as the other
parties may reasonably require to implement and give effect to the provisions of
this agreement and for the purposes of vesting in the parties the full rights
and benefits to be vested in the parties under this agreement, including voting
any of its shares in the Company.

                                       4
<PAGE>

9.    GENERAL

      9.1   This agreement and the documents referred to in it contain the whole
            agreement between the parties relating to the transaction
            contemplated by this agreement and supersede all previous agreements
            between the parties in relation to these transactions.

      9.2   No variation or agreed termination of this agreement shall be of any
            force or effect unless in writing and signed by each party.

      9.3   The failure to exercise or any delay in exercising any right or
            remedy under this agreement shall not constitute a waiver of that
            right or remedy or a waiver of any other right or remedy and no
            single or partial exercise of any right or remedy under this
            agreement shall prevent any further exercise of that right or remedy
            or the exercise of any other right or remedy.

      9.4   This agreement shall be personal to the parties and save where
            specified otherwise no party shall be entitled to assign its rights
            or obligations under this agreement to any person without the prior
            written consent of the other parties.

      9.5   Save as provided below a person who is not a party to this agreement
            has no right under the Isle of Man Contracts (Rights of Third
            Parties) Act 2001 to enforce any term of this agreement but this
            does not affect any right or remedy of a third party which exists or
            is available apart from that Act).

      9.6   Each party will bear its own costs in connection with the
            preparation and execution of this agreement.

      9.7   In the event of an ambiguity or conflict between the provisions of
            this agreement and the articles of association of the Company the
            provisions of this agreement will prevail as between the parties.

10.   NOTICES

      10.1  Any notice or other communication under or in connection with this
            agreement shall be in writing and shall be delivered personally or
            by commercial courier to each party due to receive the notice or
            communication at its address set out below:

            10.1.1 The Company:                Grosvenor House
                                               66/67 Athol Street
                                               Douglas
                                               Isle of Man
                                               British Isles

                                       5
<PAGE>

                                               Fax: 0944 1624 672 334

10.1.2   DRD                                   45 Empire Road
                                               Parktown
                                               Johannesburg
                                               South Africa
                                               2193

                                               Fax: +2711 482-1022

            or at such other address as the relevant party may specify by notice
            in writing to the other parties.

      10.2  Any notice or other communication shall be deemed to have been duly
            given if delivered personally when left at the address referred to
            in the immediately preceding clause, or if delivered by commercial
            courier on the date of signature of the courier's receipt.

11.   GOVERNING LAW

      11.1  The construction, validity and performance of this agreement shall
            be governed and construed in all respects by the laws of the Isle of
            Man and the parties hereby submit to the non-exclusive jurisdiction
            of the Isle of Man.

      11.2  Each of the parties irrevocably agrees and submits to the
            non-exclusive jurisdiction of the courts of the Isle of Man to hear
            and determine any suit, action or proceeding which may arise out of
            or in connection with this agreement.

12.   COUNTERPARTS

      This agreement may be executed in any number of counterparts, each of
      which when executed and delivered shall be an original, but the
      counterparts together shall constitute one and the same instrument.

                                       6
<PAGE>

                                   SCHEDULE 1

                                   WARRANTIES

1.    CORPORATE

      1.1   The Company is a duly organised limited liability company validly
            existing under the laws of the Isle of Man.

      1.2   The share register of the Company contains true, complete and
            accurate records of the members of the Company at the date hereof.

      1.3   True copies of the memoranda and articles of association of the
            Company have been disclosed to DRD and set out all rights attaching
            to the share capital of the Company.

2.    SUBSCRIPTION SHARES AND TITLE TO SHARES

      2.1   On issue, the Subscription Shares will be free from any Encumbrance.

      2.2   The unissued share capital of the Company is free from any
            Encumbrance and there are no arrangements in force or claimed
            entitling any person to, or to the creation of, any Encumbrance or
            to the issue or creation of any shares, stock, debentures or loan
            capital of the Company.

                                       7
<PAGE>

THIS AGREEMENT has been entered into on the date stated at the beginning of this
document.

Signed by:                                          )

for and on behalf of                                )

DRD (ISLE OF MAN) LIMITED                           ) /s/ I.L. Murray

in the presence of:                                 )

Signed by:                                          )

for and on behalf of:                               )

DURBAN ROODEPOORT DEEP LIMITED                      ) /s/ A. Lubbe

in the presence of:                                 )

                                       8
<PAGE>

                                      DATED

(1)   DRD (ISLE OF MAN) LIMITED

(2)   DURBAN ROODEPOORT DEEP LIMITED

                             Subscription Agreement

                                       9
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.79
<SEQUENCE>18
<FILENAME>u07700exv4w79.txt
<DESCRIPTION>COMMON TERMS AGREEMENT OF LOAN
<TEXT>
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

                                                                    EXHIBIT 4.79

                      COMMON TERMS AGREEMENT EXECUTION COPY

                             COMMON TERMS AGREEMENT

                                     BETWEEN

                        INVESTEC BANK (MAURITIUS) LIMITED

                                (as the "Lender")

                                       AND

                            DRD (ISLE OF MAN) LIMITED

                               (as the "Borrower")

<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

                                    CONTENTS

<TABLE>
<S>                                                                                                         <C>
     SECTION 1 - DEFINITIONS AND INTRODUCTION...........................................................     5

1.   INTRODUCTION.......................................................................................     5
2.   DEFINITIONS........................................................................................     5

     SECTION 2 - APPLICATION OF THE CTA AND FACILITY B..................................................    14

3.   APPLICATION OF THE CTA TO THE FINANCE DOCUMENTS AND FACILITY B.....................................    14

     SECTION 3 - PAYMENTS BY THE BORROWER...............................................................    14

4.   MECHANICS..........................................................................................    14
5.   DATE OF PAYMENT....................................................................................    15
6.   INTEREST ON OVERDUE AMOUNTS........................................................................    15
7.   DEDUCTIONS, WITHHOLDINGS AND TRANSFERS.............................................................    15
8.   PAYMENT IN FOREIGN CURRENCY........................................................................    15
9.   FACILITY FEES AND PAYMENT OF LENDER'S FEES AND EXPENSES,...........................................    16
10.  STAMP DUTY.........................................................................................    16
11.  VALUE ADDED TAX....................................................................................    16
12.  ALLOCATION OF PAYMENTS.............................................................................    17

     SECTION 4 - CONDITIONS PRECEDENT...................................................................    17

13.  CONDITIONS PRECEDENT TO FINANCIAL CLOSING FOR FACILITY A...........................................    17

     SECTION 5 - ACCOUNTS AND CASH MANAGEMENT...........................................................    18

14.  OPENING OF ACCOUNTS................................................................................    18
15.  BORROWER'S GENERAL ACCOUNT.........................................................................    19
16.  OPERATING PROCEDURES...............................................................................    19
17.  DEPOSITS...........................................................................................    19
18.  PERMITTED WITHDRAWALS..............................................................................    19
19.  INTEREST ON ACCOUNTS...............................................................................    19
20.  NO WAIVER..........................................................................................    19
21.  NOTICE OF SECURITY INTERESTS.......................................................................    20
22.  ACCESS TO BOOKS AND RECORDS........................................................................    20
23.  CHANGE OF ACCOUNT BANK.............................................................................    20
24.  USE OF PROCEEDS ACCOUNT............................................................................    20
25.  USE OF DEBT SERVICE ACCOUNT........................................................................    21
26.  USE OF GENERAL ACCOUNT.............................................................................    22
</TABLE>

                                  Page 2 of 76
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

<TABLE>
<S>                                                                                                         <C>
     SECTION 6 - WARRANTIES AND REPRESENTATIONS.........................................................    22

27.  GENERAL PROVISIONS RELATING TO WARRANTIES AND UNDERTAKINGS.........................................    22
28.  WARRANTIES.........................................................................................    23
29.  INFORMATION UNDERTAKINGS...........................................................................    23
30.  POSITIVE UNDERTAKINGS..............................................................................    23
31.  NEGATIVE UNDERTAKINGS..............................................................................    23

     SECTION 7 - EVENTS OF DEFAULT AND THEIR CONSEQUENCES...............................................    23

32.  POTENTIAL EVENTS OF DEFAULT AND CONSEQUENCES OF A
     POTENTIAL EVENT OF DEFAULT.........................................................................    23
     32.1     POTENTIAL EVENTS OF DEFAULT...............................................................    23
     32.2     CONSEQUENCES OF A POTENTIAL EVENT OF DEFAULT..............................................    24
     32.3     REMEDY OF POTENTIAL EVENTS OF DEFAULT.....................................................    25
     32.4     ORDER OF PRECEDENCE OF EVENTS OF DEFAULT..................................................    25
33.  EVENTS OF DEFAULT..................................................................................    25
34.  CONSEQUENCES OF EVENTS OF DEFAULT..................................................................    30

     SECTION 8 - THE LENDER.............................................................................    32

35.  LENDER'S ADVANCES..................................................................................    32
36.  DRAWDOWNS..........................................................................................    32
     36.1     INITIAL DRAWDOWN..........................................................................    32
     36.2     SUBSEQUENT DRAWDOWNS......................................................................    32
     36.3     EXTENSION AND WAIVER......................................................................    32
     36.4     CONDITIONS FOR THE BENEFIT OF THE LENDERS.................................................    32
     36.5     DRAW STOP NOTICES.........................................................................    33
37.  BORROWER'S INDEMNITY IN FAVOUR OF THE LENDER.......................................................    33
38.  APPOINTMENT OF LENDER'S ADVISERS...................................................................    34
39.  DAMAGES CLAIMABLE BY THE LENDER....................................................................    35
40.  ILLEGALITY.........................................................................................    35
41.  INCREASED COSTS....................................................................................    36
42.  DECREASE IN COSTS..................................................................................    37
43.  DEDUCTIONS OR WITHHOLDINGS REQUIRED BY LAW.........................................................    38
44.  SET-OFF BY THE LENDER..............................................................................    39
45.  ASSIGNMENT BY THE LENDER...........................................................................    39

     SECTION 9 - GENERAL AND INTERPRETATION.............................................................    39

46.  INTERPRETATION AND OTHER GENERAL TERMS OF THIS LOAN AGREEMENT......................................    39
     46.1     GENERAL APPLICATION OF THIS CLAUSE........................................................    40
     46.2     INTERPRETATION............................................................................    40
     46.3     CALCULATION OF INTEREST...................................................................    41
</TABLE>

                                  Page 3 of 3
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

<TABLE>
<S>                                                                                                         <C>
     46.4     CERTIFICATES..............................................................................    41
     46.5     RIGHTS, CUMULATIVE, WAIVERS...............................................................    41
     46.6     TERMINATION NOT TO PREJUDICE ACCRUED RIGHTS...............................................    42
     46.7     ENGLISH LANGUAGE..........................................................................    42
     46.8     SEVERABILITY..............................................................................    42
     46.9     PERFORMANCE OF FURTHER ACTS REQUIRED BY LAW...............................................    43
     46.10    GOVERNING LAW.............................................................................    43
     46.11    JURISDICTION..............................................................................    43
     46.12    COUNTERPARTS AND PLACE OF CONCLUSION OF AGREEMENT.........................................    43
     46.13    AMENDMENTS NOT EFFECTIVE UNLESS IN WRITING................................................    44
     46.14    CONFIDENTIALITY...........................................................................    44
     46.15    REMEDIES..................................................................................    47
     46.16    NOTICES...................................................................................    48
     46.17    MISCELLANEOUS.............................................................................    49

APPENDIX 1           ...................................................................................    54
CONDITIONS PRECEDENT TO FINANCIAL CLOSING FOR FACILITY A................................................    54

APPENDIX 2    ..........................................................................................    58
REPEATING WARRANTIES....................................................................................    58

APPENDIX 3    ..........................................................................................    63
INFORMATION WARRANTIES..................................................................................    63

APPENDIX 4    ..........................................................................................    65
INFORMATION UNDERTAKINGS................................................................................    65

APPENDIX 5    ..........................................................................................    69
POSITIVE UNDERTAKINGS...................................................................................    69

APPENDIX 6    ..........................................................................................    72
NEGATIVE UNDERTAKINGS...................................................................................    72

APPENDIX 7    ..........................................................................................    75
</TABLE>

                                  Page 4 of 4
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

                             COMMON TERMS AGREEMENT

                    SECTION 1 - DEFINITIONS AND INTRODUCTION

1.    INTRODUCTION

      1.    The Borrower wishes to obtain funding to fund the purchase by the
            Borrower of a stake in targets or for any other purpose described in
            the Facility Agreements.

      1.2   The Lender is prepared to make the Facilities available to the
            Borrower upon the terms and conditions contained in the Finance
            Documents.

2.    DEFINITIONS

      Unless otherwise expressly stated, or the context otherwise requires, the
      words and expressions listed below shall, when used in this CTA, including
      this introduction, bear the meanings ascribed to them:

      2.1   "Account Bank Undertaking" means a written undertaking by the
            Account Bank in favour of the Lender, which undertaking shall be in
            a form attached to the Assignment of Accounts as Schedule 2
            ("Acknowledgement to the Bank");

      2.2   "Account Bank" means at any time, Investec Bank (UK) Limited, a
            company incorporated in England with registration number 00489604;

      2.3   "Accounts" means the accounts referred to in clause 14 below or any
            of them, as the context may require;

      2.4   "Advance" means each principal amount made available to the Borrower
            by the Lender under this CTA by way of loan;

      2.5   "Affected Financial Indebtedness" means Indebtedness arising from
            any loan or other financial assistance of whatever nature provided
            to the Borrower in an aggregate amount in excess of USD 1million
            excluding any Indebtedness under the Finance Documents;

      2.6   "Assignment of Accounts" means the agreement so entitled to be
            entered into between the Borrower and the Lender;

      2.7   "Authorisation" means acts, conditions, authorisations, orders,
            approvals, licences, consents, permits, permissions, certificates,
            registrations and declarations of any kind;

      2.8   "Availability Period" means a period of 36 months calculated from
            Financial Closing;

                                  Page 5 of 5
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

      2.9   "Borrower" means DRD (Isle of Man) Limited, company number 94445C, a
            company incorporated under the laws of the Isle of Man and having
            its registered office at Grosvenor House, 66/67 Athol Street,
            Douglas, Isle of Man;

      2.10  "Breakage Costs" means all and any costs, damages, charges and
            penalties incurred by the Lender in breaking any existing funding,
            closing out, settling and unwinding any hedging transaction,
            deposits or other funding as a result of inter alia the
            cancellation, early termination or prepayment of the Facilities and
            including the costs of winding up or terminating of any Hedging
            Arrangements;

      2.11  "business day" or "Business Day" means a day other than a Saturday
            or Sunday or a public/bank holiday in the Republic of South Africa,
            Mauritius, the United Kingdom, the Isle of Man and in New York;

      2.12  "CTA" means this CTA and the Appendices hereto, as read together
            with the relevant Facility Agreements;

      2.13  "Custody Agreement" means the agreement so entitled to be entered
            into between inter alia, Australia and New Zealand Banking Group
            Limited and the Borrower;

      2.14  "Debt Service Account Required Balance" has the meaning given to it
            in clause 25;

      2.15  "Debt Service Account" means the account opened and maintained by
            the Borrower with the Account Bank pursuant to clause 14 and
            designated as the Debt Service Account, as such account may be
            replaced, renumbered or re-designated from time to time;

      2.16  "Debt Service" means on any given date the aggregate of Loan Costs
            and Loan Principal and any amounts due under the Hedging
            Arrangements (or expected to be due) on such date;

      2.17  "Dollars", "US$" and "USD" means the lawful currency of the United
            States of America for the time being;

      2.18  "Draw Stop Notice" means the notice issued by the Lender in terms of
            clause 36.5 below;

      2.19  "Drawing Date" in respect of any Advance, has the meaning given to
            it in the relevant Facility Agreement;

      2.20  "Drawing Notice" in respect of any Advance, has the meaning given to
            it in the relevant Facility Agreement;

      2.21  "Encumbrance" means

                                   Page 6 of 6
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

            2.21.1 any mortgage, charge, pledge, lien, assignment, hypothecation
                   or cession by way of security or other encumbrance securing
                   any obligation of any Person;

            2.21.2 any arrangement under which money or claims to, or the
                   benefit of, a bank account or other account may be applied,
                   set-off or made subject to a combination of accounts so as to
                   effect payment of sums owed or payable to any Person; or

            2.21.3 any other type of preferential arrangement (including title
                   transfer and retention arrangements) having a similar effect;

      2.22  "Environmental Approval" means Authorisations required under
            Environmental Law;

      2.23  "Environmental Law" means all laws concerning the environment
            including, without limitation, laws concerning land use, water use,
            conservation, biodiversity, heritage, human health, safety and well
            being, pollution or environmental degradation;

      2.24  "Equitable Mortgage of Shares" means the agreement so entitled to be
            entered in to between the Lender, the Borrower, DRD Porgera Limited
            and Tolukuma Gold Mines Limited;

      2.25  "Event of Default" means any of the events or circumstances
            described in clause 33 of this CTA;

      2.26  "Facilities Discharge Date" means the first date on which :

            2.26.1 no amount is due by the Borrower under any of the Finance
                   Documents which has not been finally, irrevocably and
                   unconditionally paid in full, and

            2.26.2 no unremedied default continues in performance of any other
                   actual obligation of the Borrower (whether entered into
                   solely or jointly with one or more Persons whether as
                   principal or as surety) under any of the Finance Documents;
                   and

            2.26.3 no amount of any of the Facilities remains uncancelled
                   (whether or not cancelled as a result of an exercise by the
                   Lender of the remedy under clause 34 below);and

            2.26.4 the Lender is under no further commitment, obligation or
                   liability (whether actual or contingent) to make Advances or
                   provide other financial accommodation to the Borrower under
                   any Finance Document.

                                   Page 7 of 7
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

      2.27  "Facilities" means Facility A and Facility B or, as the context may
            require, any of them;

      2.28  "Facility A Loan Agreement" means the written Facility A Loan
            Agreement so entitled between the Lender and the Borrower and signed
            by the parties on or about 13 October 2004, in terms of which inter
            alia the Lender agrees to make available to the Borrower a term
            facility in an aggregate amount of US$ 15 million;

      2.29  "Facility A" has the meaning ascribed to it in the Facility A Loan
            Agreement;

      2.30  "Facility Agreements" means the Facility A Loan Agreement and the
            Facility B Loan Agreement, or, as the context may require, any one
            of them;

      2.31  "Facility B Loan Agreement" means the written Facility B Loan
            Agreement so entitled dated [ ] between the Lender and the Borrower
            in terms of which inter alia the Lender agrees to make available to
            the Borrower a facility in an aggregate amount of US$ 35 million;

      2.32  "Facility B" means has the meaning ascribed to it in the Facility B
            Loan Agreement;

      2.33  "Finance Documents" means

            2.33.1 this CTA;

            2.33.2 the Facility Agreements;

            2.33.3 the Hedging Arrangements

            2.33.4 the Security Documents;

            2.33.5 any other agreement at any time designated a Finance Document
                   by the parties hereto; and

            2.33.6 any amendment or supplemental agreement to any of the Finance
                   Documents referred to in 2.33.1 to 2.33.5 above or, as the
                   context may require, any of them;

      2.34  "Financial Closing for Facility A" means the date on which the
            Lender notifies the Borrower in accordance with clause 13.2 below
            that all of the conditions precedent in respect of the initial
            drawdown under the Facility A Loan Agreement have been satisfied;

      2.35  "Financial Closing for Facility B" means the date on which the
            Lender notifies the Borrower below that all of the conditions
            precedent in respect

                                      Page 8 of 8
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

            of the initial drawdown under the Facility B Loan Agreement have
            been satisfied;

      2.36  "GAAP" means the Generally Accepted Accounting Practice as approved
            from time to time by the South African Accounting Practices Board
            (or its successor body) or, if applicable, in the case of a company
            incorporated outside the Republic of South Africa, in accordance
            with generally accepted accounting practices and principles in its
            jurisdiction of incorporation;

      2.37  "General Account" means the bank account mentioned in clause 15 and
            designated as the General Account, as such account may be replaced,
            renumbered or re-designated from time to time;

      2.38  "Hedging Arrangements" means any interest rate or foreign currency
            swap, future, option, cap, collar, ceiling, hedge, or other
            inflation, interest rate or foreign exchange protection agreement or
            contract, or any other agreement or arrangement designed to protect
            against fluctuations in inflation or interest rates or foreign
            currency, entered into from time to time;

      2.39  "Indebtedness" means any obligation for the payment or repayment of
            money, whether present future, actual or contingent;

      2.40  "Interest Payment Date" has the meaning ascribed to it in the
            Facility Agreements;

      2.41  "Interest Period" has the meaning ascribed to it in the Facility
            Agreements;

      2.42  "Irrevocable Payment Instructions" means the undertakings to be
            given by the Secured Asset Entities to ensure that they will pay all
            their Nett Revenues into the Proceeds Account or as directed by the
            Lender, which undertakings shall be in a form acceptable for the
            time being to the Lender;

      2.43  "Law" includes the common law and any present or future
            constitution, decree, judgement, legislation, measure, requirement,
            order, ordinance, regulation, statute, treaty, directive, rule,
            guideline, practice, concession, or request:

            2.43.1 issued by any relevant authority, governmental body, agency
                   or department or any central bank or other fiscal, monetary,
                   regulatory, self regulatory or other authority or agency; and

            2.43.2 applicable in any jurisdiction to the Target or any of the
                   present or future parties to the Finance Documents or any
                   transaction in which the Stake is acquired by the Borrower in
                   a Target;

                                      Page 9 of 9
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

      2.44  "Lender" means Investec Bank (Mauritius) Limited, a company with
            limited liability registered as a bank according to the laws of
            Mauritius with bank registration number 8752/3362, with offices at
            7th Floor, Harbour Front Building, John Kennedy Street, Port Louis,
            Mauritius;

      2.45  "Lender's Advisors" means the advisors to the Lender as mentioned in
            clause 38, which shall include but not be limited to legal advisors,
            technical advisors and any other advisors which may be required by
            the Lender for the purposes stated in clause 38;

      2.46  "Loan Agreements" means this CTA, the Facility Agreements and
            Hedging Agreements;

      2.47  "Loan Costs" in respect of any period means:-

            2.47.1 interest, commitment fees, costs and expenses and other
                   amounts payable by the Borrower under the Facility Agreements
                   (but excluding Loan Principal), in each case in such period;
                   and

            2.47.2 any VAT or other taxes payable by the Borrower in respect of
                   the above;

      2.48  "Loan Principal" means:-

            2.48.1 in respect of any period, the aggregate, in that period, of
                   Advances made under the Facility Agreements, and,

            2.48.2 in respect of any date, the aggregate amount of the Advances
                   under the Facility Agreements on that date

            which has not been repaid by the Borrower to the Lender;

      2.49  "Margin" has the meaning ascribed to it in the Facility Agreements;

      2.50  "Material Adverse Effect" means an event, circumstance or matters or
            the consequences of a combination of events, circumstances or
            matters which, in the reasonable opinion of the Lender, are or could
            be expected to be:

            2.50.1 adverse on the business, assets or financial condition of the
                   Borrower with the result that the Borrower's ability to
                   comply with any of its material obligations under any Finance
                   Document, is or could be expected to be adversely affected;
                   or

            2.50.2 prejudicial to the ability of the Lender to exercise or
                   enforce any of their material rights under the Finance
                   Documents; or

                                  Page 10 of 10
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

            2.50.3 materially adverse on the value or effectiveness of the
                   Security; or

            2.50.4 prejudicial to the ability of the Shareholder to observe or
                   perform any of its material obligations under any of the
                   Finance Documents to which it is a party;

      2.51  "Memorandum of Deposit " means the agreement so entitled to be
            entered into between the Borrower and the Lender;

      2.52  "month" means, unless the context otherwise requires, a period
            starting on one day in a calendar month and ending on the
            numerically corresponding day in the next calendar month, and
            references to "months' shall be construed accordingly;

      2.53  "Nett Revenues" means in respect of any period, the aggregate
            (without double-counting) of:

            2.53.1 all net operating revenue (being gross operating revenues
                   less usual operating costs) received or projected to be
                   received by the Borrower during that period; and

            2.53.2 all other income, including, without limitation, all interest
                   and dividends received or projected to be received by the
                   Borrower during that period and all other payments of
                   whatsoever nature received or projected to be received by the
                   Borrower during that period; and

            2.53.3 all VAT or similar revenue received by the Borrower;

      2.54  "Person" means any individual, partnership, corporation, company,
            business organisation or trust;

      2.55  "Potential Event of Default" means any of the events or
            circumstances described in clause 32.1 below;

      2.56  "Proceeds Account" means the account opened and maintained by the
            Account Bank pursuant to clause 14 and designated as the Proceeds
            Account, as such account my be replaced, renumbered or re-designated
            from time to time;

      2.57  "Secured Asset Entities" means the Person in respect of which the
            Borrower holds Secured Assets from time to time, by way of example
            Emperor Mines Limited shall be a Secured Asset Entity for so long as
            the Borrower holds shares in that company;

      2.58  "Secured Assets" means all of the following:-

                                  Page 11 of 11
<PAGE>

COMMOM TERMS AGREEMENT                                            EXECUTION COPY

            2.58.1 the shares held by the Borrower in the following companies:-

                  2.58.1.1 Emperor Mines Limited (company number ACN 007 508
                           787) a company incorporated under the laws of
                           Australia, having its registered office at Suite 904,
                           level 9 50 Margaret Street, Sydney, NSW. 2000,
                           Australia;

                  2.58.1.2 DRD Porgera Limited; (company number 1-18497), a
                           company incorporated under the laws of the
                           Independent State of Papua New Guinea, having its
                           registered office at level 5, Defens Haus, Cnr
                           Champion Pde & Hunter St, Port Moresby, National
                           Capital District;

                  2.58.1.3 Tolukuma Gold Mines Limited, company number 1-16395),
                           a company incorporated under the laws of the
                           Independent State of Papua New Guinea, having its
                           registered office at level 5, Defens Haus, Cnr
                           Champion Pde & Hunter St, Prot Moresby, National
                           Capital District; and

            2.58.2 any Stake in a Target acquired by the Borrower through the
                   utilisation of the Facilities,

                   as may be held from time to time by the Borrower;

      2.59  "Security Documents" means all the documents and agreements
            establishing or recording the Security;

      2.60  "Security" means the security afforded to the Lender in terms of the
            following:-

            2.60.1 the Memorandum of Deposit;

            2.60.2 the Assignment of Accounts;

            2.60.3 the Account Bank Undertaking;

            2.60.4 the Sponsorship Agreement;

            2.60.5 the Subordination Agreement;

            2.60.6 the Irrevocable Payment Instructions;

            2.60.7 the Equitable Mortgage of Shares;

            2.60.8 the Shareholder's Guarantee, and

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            2.60.9 the Custody Agreement

            together with such further security as may from time to time be held
            by the Lender to secure the Borrower's obligations under the Finance
            Documents;

      2.61  "Shareholder" means Durban Roodepoort Deep, Limited (company number
            1895/000926/06), a company incorporated according to the laws of the
            republic of South Africa, having its registered office as 45 Empire
            Road, Parktown, Johannesburg, Republic of South Africa;

      2.62  "Shareholder's Guarantee" means the agreement to be entered into
            between the Shareholder and the Lender, and contained in a letter
            from the Shareholder to the Lender;

      2.63  "Shares" means any or all shares comprising the issued share capital
            from time to time of the Borrower;

      2.64  "Signature Date" means the date of last signature by any of the
            parties;

      2.65  "Sponsorship Agreement" means the agreement entitled "Chess
            Sponsorship Agreement" to be entered into between the Borrower and
            ANZ Nominees Limited;

      2.66  "Stake" means:-

            2.66.1 shares or any other form of ownership (including an interest
                   in a joint venture), and/or

            2.66.2 all or any amounts owing to such shareholder or owner in its
                   capacity as such or in another form of creditor (including
                   taking cession of loans from third party lenders) and/or

            2.66.3 a management contract;

      2.67  "Subordination Agreement" means the agreement so entitled to be
            entered into between the Shareholder, the Borrower, the Lender, Dome
            Resources (Proprietary) Limited and DRD Australia (Proprietary )
            Limited;

      2.68  "Target" means a company or other legal entity in which the Borrower
            wishes to acquire shares or some other form of ownership;

      2.69  "Tax" includes any tax, levy, impost, duty or other charge of a
            similar nature (together with any penalty, interest, fine or
            surcharge payable in connection with any failure to pay or any delay
            in paying any of the same) imposed from time to time;

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      2.70  "VAT" means Value Added Tax or other charge of a similar nature
            payable under the Law including any similar tax which may be imposed
            in place thereof from time to time.

                SECTION 2 - APPLICATION OF THE CTA AND FACILITY B

3.    APPLICATION OF THE CTA TO THE FINANCE DOCUMENTS AND FACILITY B

      3.1   Each of the Finance Documents will be subject both to the terms and
            conditions contained therein and to the terms and conditions set
            forth in this CTA. Unless otherwise expressly stated, in the event
            of any conflict between the terms of this CTA and any of the other
            Finance Documents, the terms of this CTA shall prevail.

      3.2   At the Signature Date of this CTA, the Borrower and the Lender may
            not have concluded the Facility B Loan Agreement.

      3.3   The Borrower agrees in favour of the Lender, that as soon as the
            Facility B Loan Agreement is concluded and notwithstanding that it
            may be concluded after the Signature Date of this CTA:-

            3.3.1 the provisions of the Finance Documents shall apply equally to
                  such facility agreement as if it had been part of the Finance
                  Documents at the Signature Date of this CTA;

            3.3.2 the Facility Agreements shall both be senior facilities and
                  shall rank pari passu with one another in all respects; and

            3.3.3 upon request from the Lender, the Borrower shall irrevocably
                  confirm in writing to such third parties as the Lender may
                  nominate that the Facility B Loan Agreement forms part of the
                  Finance Documents and that the Secured Assets (to the extent
                  permitted by Law) secure the Lender's rights under that
                  facility agreement.

      3.4   Until such time as the Facility B Loan Agreement is concluded, any
            reference to the Facilities, the Facility Agreements or the like
            shall be construed without Facility B.

                      SECTION 3 - PAYMENTS BY THE BORROWER

4.    MECHANICS

      All payments by the Borrower under any of the Finance Documents shall be
      made

      4.1   to the Lender by 11:00am (Mauritius time) on the due date, into the
            accounts designated in writing by the Lender from time to time;

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      4.2   for value on the due date, in US Dollars and in immediately
            available funds.

5.    DATE OF PAYMENT

      If the date on which any payment under any of the Finance Documents is due
      to be made and that day is not a business day, then such payment shall be
      made on the first following day that is a business day, unless that day
      falls in the next calendar month, in which case such payment shall be made
      on the first preceding day that is a business day to that date on which
      such payment was due to be made.

6.    INTEREST ON OVERDUE AMOUNTS

      6.1   If the Borrower fails to pay on the due date any amount falling due
            or payable to the Lender under or arising from any of the Finance
            Documents then, without prejudice to such other rights as may accrue
            to the Lenders consequent upon such failure each such overdue amount
            shall bear finance charges at the interest rate provided for in the
            relevant Facility Agreement plus 2% per annum.

      6.2   The finance charges in clause 6.1 above will be calculated on each
            overdue amount, or the balance thereof, from the date on which it
            becomes overdue until it has been paid in full. The Borrower shall
            pay such interest on demand, or if no demand, on each Interest
            Payment Date. Interest not paid on a due date shall be capitalised
            on that date, so that interest thereafter is compounded.

7.    DEDUCTIONS, WITHHOLDINGS AND TRANSFERS

      7.1   All payments by the Borrower under the Finance Documents, whether in
            respect of principal, interest, fees or any other item, shall be
            made in full without any set off, deduction, counterclaim or
            withholding (all hereinafter referred to as a deduction or
            withholding) in respect of Tax or otherwise unless the deduction or
            withholding is required by Law in which event the provisions of
            clause 43 below shall apply.

      7.2   The Borrower shall not be entitled to cede, assign or otherwise
            transfer any of its rights and obligations under the Finance
            Documents without the prior written consent of the Lender.

8.    PAYMENT IN FOREIGN CURRENCY

      If, under any applicable law or regulation or pursuant to any judgement or
      order being made or registered against or the liquidation of the Borrower
      or without limitation for any reason, any payment under or in connection
      with any of the Finance Documents is made or is recovered in a currency
      (the "payment currency") other than the currency which such payment is
      expressed to be due or in connection with the Finance Documents (the
      "contractual currency"), then, to

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      the extent that amount of such payment actually received by the Lender
      (when converted into the contractual currency at the applicable rate of
      exchange on or about the date of payment) is less than the amount due and
      unpaid under the relevant Finance Documents, the Borrower shall as a
      separate and independent obligation, fully indemnify the Lender against
      the amount of the shortfall.

      For the purposes of this clause 8, the "applicable rate of exchange" means
      the rate at which the Lender is able on or about the date of such payment,
      to purchase the contractual currency, in accordance with its normal
      practice, with the payment currency and shall take into account (and the
      Borrower shall be liable for) any premium or other costs of exchange
      including any taxes incurred by reason of any such exchange.

9.    FACILITY FEES AND PAYMENT OF LENDER'S FEES AND EXPENSES,

      9.1   The Borrower shall on presentation of an invoice to it or, where
            there is no invoice, other evidence to the Borrower's reasonable
            satisfaction, pay to, or at the direction of the Lender all expenses
            (including legal expenses on the scale as between attorney and own
            client, printing and out-of-pocket expenses) incurred by the Lender
            in connection with the negotiation, preparation and completion of
            the Finance Documents and any related documents. Such expenses are
            to include the costs of all advisors employed by the Lender.

      9.2   The Borrower shall pay to the Lender a facility fee of 1% of the
            total maximum amount of the Facilities as follows:-

            9.2.1 An amount of USD 150 000 in respect of Facility A, which
                  amount shall be paid by the Borrower to the Lender on the date
                  of last signature by any of the parties to the Facility A Loan
                  Agreement; and

            9.2.2 An amount equal to 1% of the total maximum amount of Facility
                  B, which amount shall be paid by the Borrower to the Lender on
                  the date of last signature by any of the parties to the
                  Facility B Loan Agreement.

10.   STAMP DUTY

      The Borrower shall pay all stamp, documentary registration and other
      similar duties and Taxes (including any payable by the Lender) to which
      any of the Finance Documents or any such related documents may be subject
      or give rise.

11.   VALUE ADDED TAX

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      The amounts stated in the Finance Documents to be payable by the Borrower
      are exclusive of VAT and accordingly the Borrower shall pay, against
      delivery of appropriate supporting documents on demand:

      11.1  any VAT properly chargeable in respect of supplies to the Borrower
            as contemplated by any of the Finance Documents (including any VAT
            chargeable by the Lender in respect of its supplies to the Borrower
            under the Finance Documents); and

      11.2  in the case of goods or services supplied to, or other costs, fees
            and expenses incurred by the Lender in connection with the Finance
            Documents and which are to be met by the Borrower or in respect of
            which the Borrower has agreed to indemnify the Lender.

12.   ALLOCATION OF PAYMENTS

      The Lender shall be entitled in its sole discretion to allocate any
      amounts received from the Borrower towards the payment of any cause of
      debt or amount owing by the Borrower to the Lender.

                        SECTION 4 - CONDITIONS PRECEDENT

13.   CONDITIONS PRECEDENT TO FINANCIAL CLOSING FOR FACILITY A

      13.1  All obligations of the Lender and rights of the Borrower under the
            Finance Documents for Facility A are subject to the condition
            precedent ("Condition Precedent") that the Lender has notified the
            Borrower in accordance with clause 13.2 below that:

            13.1.1 the Lender has received all of the agreements, documents and
                   evidence set out in Appendix 1 in form and substance
                   satisfactory to the Lender in its sole and absolute
                   discretion; and

            13.1.2 the Lender is satisfied in its sole and absolute discretion
                   that all of the agreements, documents and evidence set out in
                   Appendix 1 are in full force and effect and are unconditional
                   or are subject to conditions satisfactory to the Lender in
                   its sole and absolute discretion; and

            13.1.3 the Lender is satisfied in its sole and absolute discretion
                   as to the other matters set out in Appendix 1.

      13.2  The Lender shall notify the Borrower when it is satisfied that the
            Condition Precedent referred to in clause 13.1 above has been
            fulfilled or waived and such condition shall only be considered to
            have been fulfilled or waived when such notice is given.

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      13.3  The Condition Precedent contained in clause 13.1 is expressed to be
            for the benefit of the Lender and shall be fulfilled by 31 December
            2004.

      13.4  The Lender:

            13.4.1 shall be entitled to extend the relevant period for
                   fulfilment of the Condition Precedent; and

            13.4.2 shall be entitled to waive fulfilment of all or part of the
                   Condition Precedent.

      13.5  If the Condition Precedent is not fulfilled or waived by the date or
            extended date for fulfilment thereof, the provisions of the Finance
            Documents shall cease to be of any further force and effect and the
            parties shall be restored as near as may be to the position in which
            they would have been had the Finance Documents not been entered
            into, and save for any claim based on the doctrine of fictional
            fulfilment and subject to clause 13.6 below, neither party shall
            have any claim against the other as a result of the failure of the
            said condition.

      13.6  Notwithstanding the provisions of this clause, should the Conditions
            Precedent not be fulfilled or waived as provided for in this clause,
            the provisions of Section 9 shall remain in full force and effect
            and the Borrower shall remain liable for the Lender's commitment and
            facility fees and shall remain liable to reimburse the Lender's
            expenses and disbursements (including but not limited to those
            mentioned in clause 9).

      13.7  It is recorded that Facility B shall have its own conditions
            precedent, which are still to be agreed between the parties as at
            the Signature Date of this CTA.

                    SECTION 5 - ACCOUNTS AND CASH MANAGEMENT

14.   OPENING OF ACCOUNTS

      As from the Signature Date to the Facilities Discharge Date, the Borrower
      shall open and maintain, with the Account Bank, in the name of the
      Borrower, the following accounts:

<TABLE>
<CAPTION>
                        ACCOUNT                         ACCOUNT NUMBER
                        -------                         --------------
<S>         <C>                                         <C>
14.1        Debt Service Account DRD Isle of Man
            Limited;                                       124955/01

14.2        Proceeds Account DRD Isle of Man
            Limited.                                       124960/01
</TABLE>

      each of which shall be a separate account unless otherwise agreed by the
      Lender.

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15.   BORROWER'S GENERAL ACCOUNT

      The Borrower shall maintain a banking current account with bankers of its
      choice, which account shall be referred to herein as the "General
      Account". Upon request from time to time, the Borrower shall inform the
      Lender of the details of such account and the bank where it is held.

16.   OPERATING PROCEDURES

      16.1  The Borrower shall procure that the mandates and operating
            procedures for the Accounts shall be in accordance with the
            provisions of this CTA, the Assignment of Accounts and the Account
            Bank Undertaking, and to the reasonable satisfaction of the Lender.

      16.2  Subject to clause 21, 34.2.7 and the Lender's rights in terms of the
            Security, the signatories to the Proceeds Account shall be nominated
            by the Borrower. The signatories to the Debt Service Account shall
            be nominated by the Lender, which signatories shall make withdrawals
            from the Debt Service Account on behalf of the Borrower.

17.   DEPOSITS

      The Borrower shall, immediately upon receipt of any sum, pay that sum into
      the Account to which it is obliged to credit such sum in accordance with
      this CTA or the Assignment of Accounts..

18.   PERMITTED WITHDRAWALS

      18.1  The Borrower shall procure that no withdrawals or transfers shall be
            made from any Account except as expressly permitted by this CTA or
            any of the other Finance Documents.

      18.2  All amounts withdrawn from any Account by the Borrower for
            application in or towards making a specific payment or meeting a
            specific liability shall be applied in or towards making that
            payment or meeting that liability and for no other purpose.

      18.3  No withdrawal shall be made from any Account to the extent that such
            Account would become overdrawn as a result.

19.   INTEREST ON ACCOUNTS

      Interest on funds in each Account shall be paid into that Account.

20.   NO WAIVER

      20.1  None of the restrictions contained in the Finance Documents on the
            withdrawal of funds from any of the Accounts shall affect the
            obligations

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            of the Borrower to make all payments required to be made to the
            Lender on the due date for payment in accordance with the Finance
            Documents.

      20.2  Neither the ability of the Borrower to make any withdrawal from an
            Account in accordance with this CTA nor any such withdrawal shall be
            construed as a waiver by the Lender of any of its rights or remedies
            under the Finance Documents or affect (to the extent possible) any
            of the encumbrances created pursuant to the Security Documents.

21.   NOTICE OF SECURITY INTERESTS

      The Borrower shall procure that the Account Bank is at all times notified
      of the Borrower's security rights in and to the Accounts (as contained in
      this CTA and the Assignment of Accounts) to the Lender and the Borrower
      shall send a copy of such notification to the Lender.

22.   ACCESS TO BOOKS AND RECORDS

      The Borrower grants to the Lender and any of its nominated representatives
      the right to review all books and records (including computer records)
      held by the Account Bank relating to the Accounts and the Borrower
      instructs and authorises the Account Bank to provide the Lender and any of
      its nominated representatives reasonable access to review such books and
      records held by the Account Bank and any such information relating to the
      Accounts as the Lender may, at any time and from time to time, request.
      The Borrower waives any right of confidentiality which may exist to the
      extent necessary to allow disclosure of such books, records and
      information to the Lender and its nominated representatives, provided that
      the nominated representatives enter into a confidentiality undertaking in
      favour of the Borrower in accordance with the terms set out clause 46.14
      below.

23.   CHANGE OF ACCOUNT BANK

      The Borrower may not at any time change the Account Bank without the prior
      written consent of the Lender.

24.   USE OF PROCEEDS ACCOUNT

      24.1  CREDITS: The Borrower shall credit, or shall procure that there is
            credited or deposited, to the Proceeds Account, immediately upon
            receipt:

            24.1.1 all Nett Revenues received by the Borrower in respect of the
                   Secured Assets;

            24.1.2 any amounts (including interest) released from the Debt
                   Service Account in accordance with this CTA;

            24.1.3 any interest as envisaged in clause 19 above; and

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            24.1.4 any other amount payable to the Borrower other than any such
                   amount that is required to be paid and may, in accordance
                   with the Finance Documents, be paid to an Account other than
                   the Proceeds Account.

      24.2  WITHDRAWALS: The Borrower shall only withdraw amounts from the
            Proceeds Account for the following purposes and in the following
            order of priority:

            24.2.1 to fund the Debt Service Account up to the Debt Service
                   Account Required Balance;

            24.2.2 to transfer amounts directly to the General Account.

25.   USE OF DEBT SERVICE ACCOUNT

      25.1  CREDITS: The Borrower shall credit, or shall procure that there is
            credited, to the Debt Service Account, immediately upon receipt any
            amounts available to be paid into the Debt Service Account in
            accordance with clause 24.2; provided that the maximum amount
            required to be credited to the Debt Service Account at any time
            shall be the Debt Service Account Required Balance.

      25.2  WITHDRAWALS: The Borrower (by way of the signatories mentioned in
            clause 16.2) shall only withdraw amounts from the Debt Service
            Account for the following purposes:

            25.2.1 to make a repayment of any Loan Principal or a payment of any
                   Loan Costs due on a particular date; and

            25.2.2 within two (2) business days after any Interest Payment Date,
                   if and to the extent that there is any excess standing to the
                   credit of the Debt Service Account over and above the Debt
                   Service Account Required Balance, to transfer such excess
                   directly to the Proceeds Account.

      25.3  The Borrower shall ensure and procure that from Financing Closing
            until the Facilities Discharge Date, the Debt Service Account is
            funded to the amount of the Debt Service Account Required Balance.

      25.4  "Debt Service Account Required Balance" means an amount determined
            at the end of each month as follows:-

            25.4.1 At the end of the month but two before the forthcoming
                   payment of Debt Service by the Borrower, the Debt Service
                   Account Required Balance shall be equal to one third of that
                   forthcoming payment;

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            25.4.2 At the end of the month but one before the forthcoming
                   payment of Debt Service by the Borrower, the Debt Service
                   Account Required Balance shall be equal to two thirds of that
                   forthcoming payment;

            25.4.3 On the date on which such Debt Service payment is to be made
                   by the Borrower (and just before payment), the Debt Service
                   Account Required Balance shall be equal to the full amount of
                   that Debt Service payment to be made by the Borrower.

26.   USE OF GENERAL ACCOUNT

      26.1  CREDITS: The Borrower shall only be entitled to credit, or procure
            that there is credited, to the General Account any amounts available
            to be paid into the General Account in accordance with clause 24.2
            above.

      26.2  WITHDRAWALS: The Borrower shall be entitled to withdraw amounts from
            the General Account for such purposes as it deems fit.

                   SECTION 6 - WARRANTIES AND REPRESENTATIONS

27.   GENERAL PROVISIONS RELATING TO WARRANTIES AND UNDERTAKINGS

      27.1  Each warranty set out in Appendix 2 and Appendix 3 shall be:

            27.1.1 a separate warranty; and

            27.1.2 shall in no way be limited or restricted by reference to or
                   inference from the terms of any other warranty; and

            27.1.3 given in favour of the Lender; and

            27.1.4 for the sole benefit of the Lender.

      27.2  Each of the undertakings by the Borrower in Appendix 4, Appendix 5
            and Appendix 6:

            27.2.1 shall remain in full force as from the Signature Date until
                   the Facilities Discharge Date; and

            27.2.2 shall be a separate undertaking and shall in no way be
                   limited or restricted by reference to or inference from the
                   terms of any other undertaking.

      27.3  Where, pursuant to any provision of this CTA, the Borrower is
            required to provide financial or other information, it shall provide
            the Lender with one hard copy and one electronic copy.

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28.   WARRANTIES

      The Borrower hereby undertakes and warrants to the Lender:-

      28.1  in the case of the warranties in Appendix 2, the facts and
            circumstances set out in Appendix 2 as they exist on the Signature
            Date or Financial Closing, on each day that the Facilities are
            available for draw down and on each day that any amount is
            outstanding under the Finance Documents, are both true and correct;

      28.2  in the case of the warranties in Appendix 3, the information,
            forecasts, assumptions, financial statements, facts and
            circumstances set out in Appendix 3, as they exist on the date on
            which such information was supplied or expressed to have been made
            or prepared (if different from the date supplied) are both true and
            correct.

29.   INFORMATION UNDERTAKINGS

      The Borrower, unless the Lender has granted its prior written consent to
      the contrary, undertakes in favour of the Lender those obligations set out
      in Appendix 4.

30.   POSITIVE UNDERTAKINGS

      The Borrower unless the Lender has granted its prior written consent to
      the contrary, undertakes in favour of the Lender those obligations set out
      in Appendix 5.

31.   NEGATIVE UNDERTAKINGS

      The Borrower unless the Lender has granted its prior written consent to
      the contrary, undertakes in favour of the Lender those obligations set out
      in Appendix 6.

              SECTION 7 - EVENTS OF DEFAULT AND THEIR CONSEQUENCES

32.   POTENTIAL EVENTS OF DEFAULT AND CONSEQUENCES OF A POTENTIAL EVENT OF
      DEFAULT

      32.1  POTENTIAL EVENTS OF DEFAULT

            A Potential Event of Default shall have occurred if -

            32.1.1 any event or combination of events which would (with the
                   giving of notice or the probable fulfilment of any other
                   applicable requirement (excluding the requirement of a
                   Material Adverse Effect) or any combination thereof) if not
                   remedied or waived will become an Event of Default; or

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            32.1.2 an Event of Default has occurred for which a remedy period is
                   given, while such remedy period is running and the Event of
                   Default is unremedied; or

            32.1.3 there is a referral of any other dispute to arbitration under
                   any Finance Documents or any other litigation relating to the
                   occurrence or alleged occurrence of any Event of Default; or

            32.1.4 the Borrower is disputing that any Affected Financial
                   Indebtedness which has not been paid, is lawfully due and
                   payable.

      32.2  CONSEQUENCES OF A POTENTIAL EVENT OF DEFAULT

            32.2.1 A Potential Event of Default shall constitute a breach of the
                   Finance Documents.

            32.2.2 When a Potential Event of Default has occurred and while it
                   is continuing the Borrower

                  32.2.2.1 shall not withdraw any amounts from any Account;

                  32.2.2.2 the Borrower shall not change the Account Bank; and

                  32.2.2.3 the Lender's obligations under the Loan Agreements to
                           honour any Drawing Notice or make any Advance shall
                           be suspended.

            32.2.3 A Potential Event of Default which is not remedied within a
                   period of 14 days, or which is not waived, shall constitute
                   an Event of Default.

            32.2.4 The remedy period shall be -

                  32.2.4.1 calculated from the day on which the Borrower knew or
                           ought reasonably to have known of the occurrence,
                           where the applicable remedy period is stated to
                           commence from date of occurrence; or

                  32.2.4.2 calculated from the day after the date of
                           notification, where the remedy period is stated to
                           commence from date of notification by the Lender.

            32.2.5 The Borrower shall pay the Lender any damages (including
                   consequential damages and the costs and expenses of the
                   Lender's Advisers) which the Lender is able to prove it has
                   sustained, as a result of the occurrence of any Potential
                   Event of Default.

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      32.3  REMEDY OF POTENTIAL EVENTS OF DEFAULT

            A Potential Event of Default shall cease to be a Potential Event of
            Default when the events, circumstances or combination of events or
            circumstances or consequences thereof which gave rise the Potential
            Event of Default, have, in the opinion of the Lender, been remedied
            or are no longer continuing or have ceased to exist or have been
            waived.

      32.4  ORDER OF PRECEDENCE OF EVENTS OF DEFAULT

            If a breach of a condition or provision is specifically otherwise
            referred to or dealt with in clause 33 then the provisions of clause
            33 shall apply and shall prevail over the provisions of this clause
            32.

33.   EVENTS OF DEFAULT

      An Event of Default shall have occurred if:

      33.1  Non-Payment by the Borrower

            The Borrower fails to pay any sum due and payable under any of the
            Finance Documents to which it is a party on the due date, in the
            currency and in the manner specified therein; or

      33.2  Specific Breaches of Section 5 [Accounts] of this CTA

            The Borrower breaches any of the provisions of Section 5 above or
            any provisions of the Assignment of Accounts; or

      33.3  Breach of Warranties and Representations

            The Borrower breaches any warranty or representation given by it
            under any Finance Document (including those listed in the Appendices
            to this CTA); or

      33.4  Consents

            [Clause intentionally left blank]

      33.5  Breach of Finance Documents

            Other than as stated in clause 32.2.1, the Borrower, or any other
            party to a Finance Document, breaches or repudiates or fails duly to
            perform or comply with any of the obligations expressed to be
            assumed by it in the Finance Documents; or

      33.6  Liquidation and similar proceedings

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            33.6.1 Any third Person takes any action, steps or proceedings
                   against the Borrower -

                  33.6.1.1 for compulsory, provisional or final sequestration,
                           winding-up, liquidation, compromise, administration
                           order, curatorship, judicial management, dissolution,
                           or administration; or

                  33.6.1.2 for the appointment of a receiver, administrator,
                           trustee, liquidator, judicial manager or similar
                           officer or of any or all of the Borrower's assets or
                           revenues; or

                  33.6.1.3 any analogous procedure or step is taken in any
                           jurisdiction; or

            33.6.2 The Borrower becomes insolvent or itself takes any action,
                   steps or proceedings -

                  33.6.2.1 for voluntary or compulsory, provisional or final
                           sequestration, winding-up, liquidation, compromise,
                           administration order, curatorship, judicial
                           management, dissolution, or administration in
                           relation to itself or its assets; or

                  33.6.2.2 for the appointment of a receiver, administrator,
                           trustee, liquidator, judicial manager or similar
                           officer or of any or all of its own assets or
                           revenues; or

                  33.6.2.3 any analogous procedure or step is taken in any
                           jurisdiction; or

      33.7  Attachment

            Any attachment, sequestration, execution or distress is levied
            against, or an encumbrancer takes possession of the whole or any
            part of the property, undertaking or assets of the Borrower or of
            any of the Secured Asset Entities; or

      33.8  Default Judgments

            The Borrower suffers any default judgment against it to remain
            unsatisfied for more than 10 business days after having become aware
            thereof or rescission of any such judgment has not been obtained
            within 40 business days after the judgment came to the attention of
            the Borrower; or

      33.9  Claim of Immunity

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            Any party to a Finance Document will be entitled to claim for itself
            or any of its assets or revenues immunity from suit, execution,
            attachment or other legal process; or

      33.10 Cross Default

            An event of default howsoever described occurs, which event entitles
            the counter party to that document to terminate or cancel an
            Affected Financial Indebtedness or any Hedging Arrangements; or

      33.11 Cross Acceleration

            Any Affected Financial Indebtedness:-

            33.11.1 becomes prematurely due and payable; or

            33.11.2 may be declared due and payable by any creditor in respect
                    thereof becoming entitled to do so; or

            33.11.3 is placed on demand as a result of an event of default
                    (howsoever described) under the document relating to that
                    Affected Financial Indebtedness,

            33.11.4 is not paid when due; or

            any security therefore becomes enforceable,

            whether or not the Borrower is disputing such acceleration,
            declaration, placing demand, due date or enforceability; or

      33.12 Compliance with Authorisations

            At any time any Authorisation required to be done, fulfilled,
            obtained, renewed, extended, complied with or performed, or in order
            -

            33.12.1 to ensure the legality, validity, binding nature and
                    enforceability of the Borrower's obligations under the
                    Finance Documents;

            33.12.2 to carry out the Borrower's business and operations
                    generally;

            33.12.3 to enable any Person lawfully to enter into and perform the
                    obligations expressed to be assumed by it in the Finance
                    Documents to which it is a party, or

            33.12.4 to ensure that the obligations expressed to be assumed by
                    any Person in the Finance Documents to which such Person is
                    a party are legal, valid and binding and enforceable against
                    it in accordance with the terms thereof,

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                  is not done, fulfilled, obtained, renewed, extended, complied
                  with or performed when so required or otherwise ceases to be
                  in full force and effect; or

      33.13 Compliance with Law

            33.13.1 At any time a Law required to be complied with in order to
                    carry out the Borrower's business and operations generally
                    is not complied with when so required; or

            33.13.2 At any time, any Law required to be complied with in order -

                  33.13.2.1 to enable any Person lawfully to enter into and
                            perform the obligations expressed to be assumed by
                            it in the Finance Documents to which it is a party,

                  33.13.2.2 to ensure the legality, validity, binding nature and
                            enforceability of the Borrower's rights under the
                            Finance Documents; or

                  33.13.2.3 to ensure that the obligations expressed to be
                            assumed by any Person in the Finance Documents to
                            which such Person is a party are legal, valid and
                            binding and enforceable against it in accordance
                            with the terms thereof,

            is not complied with when so required; or

      33.14 Illegality

            At any time it is or becomes unlawful for any Person to perform or
            comply with any or all of its obligations under the Finance
            Documents; or

      33.15 Invalidity

            Any of the obligations expressed to be assumed by any Person under
            the Finance Documents are not or cease to be legal, valid and
            binding obligations enforceable against such Person in accordance
            with the terms thereof; or

      33.16 Breach of obligations relating to Potential Default

            The Borrower is in breach of its obligations under clause 32.2.2
            above; or

      33.17 Nationalisation

            By or under the authority of any relevant authority, whether by act
            or omission:

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            33.17.1 the Secured Assets or any material part thereof is
                    expropriated or nationalised; or

            33.17.2 the board of directors and/or management of the Borrower is
                    wholly or partially removed or the authority of the
                    Borrower in the conduct of its business is wholly or
                    partially curtailed; or

            33.17.3 any of the Shares or any part of the Borrower's undertaking,
                    rights, revenues or assets are or is seized, nationalised,
                    expropriated, requisitioned or acquired; or

      33.18 Ownership of the Borrower

            The Shareholder shall cease to own and control the voting power
            attributable, either directly or indirectly, to all (100%) of the
            issued share capital, or voting share capital of the Borrower until
            the Facilities Discharge Date; or

      33.19 Cessation of Borrower's business

            The Borrower ceases to carry on the whole or substantial part of its
            business or stops or suspends payment of its debts or proposes or
            enters into any composition, scheme, compromise arrangement with or
            for the benefit of its creditors generally or any class of them;

      33.20 Security Invalidity or Challenge

            The Security or any part thereof shall for any reason cease to be in
            full force and effect under any applicable Law or is alleged by the
            Borrower or the Secured Asset Entities to be ineffective or the
            Security or any part thereof otherwise ceases to constitute valid,
            first-ranking security in respect of the relevant asset(s) or
            revenue and the Borrower fails to restore the Security within 10
            business days of being required to do so by the Lender or such
            longer period as the Lender may agree; or

      33.21 Environmental claims

            A third party (including a regulatory authority) takes any action or
            makes any claim against the Borrower and/or any of the Secured Asset
            Entities under any Environmental Law, including any rehabilitation
            or remedial action (in particular in relation to contaminated land)
            or the revocation, suspension, variation or non renewal of any
            Environmental Approval, which action or claim could:-

            33.21.1 have a Material Adverse Effect; or

            33.21.2 such action or claim is for an amount in excess of USD
                    500,000, or such action or claim causes the aggregate of

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                  aforementioned actions or claims over the then past year to
                  exceed USD 500,000;

            and the Borrower fails to settle or satisfy (or fails to cause a
            similar result of ) the action or the claim within 10 business days
            after having become aware thereof or fails to have the action or
            claim withdrawn (or fails to cause a similar result) by the said
            third party within 10 business days after it came to the attention
            of the Borrower; or

      33.22 Other events

            Any other breaches, events or series or combination of breaches,
            events or circumstances occur which has or have or may have a
            Material Adverse Effect; or

      33.23 Other specific Events of Default

            Any other breach or event that is expressed in the Finance Documents
            to constitute an Event of Default.

34.   CONSEQUENCES OF EVENTS OF DEFAULT

      34.1  The occurrence of an Event of Default shall constitute a material
            breach of each of the Finance Documents.

      34.2  Upon the occurrence of any Event of Default then, without prejudice
            to such other rights or remedies which the Lender may have in terms
            of any other agreements or at Law, the Lender may upon notice to the
            Borrower:

            34.2.1 claim immediate payment of all amounts (including, without
                   limitation, all principal, interest, costs, charges, Breakage
                   Costs) owing (whether due or payable or not) by the Borrower
                   to the Lender, all of which shall be and become forthwith due
                   and payable, and/or

            34.2.2 place all or any part of the Advances (together with accrued
                   interest and all other amounts due to the Lender by the
                   Borrower under the Finance Documents) on demand, whereupon
                   they shall immediately become payable on demand and at any
                   time thereafter:-

                  34.2.2.1 make any further amendment to the repayment
                           obligations relating to such Advances; and/or

                  34.2.2.2 demand repayment of all or part of the Advances
                           placed on demand together with accrued interest and
                           any other amounts then payable under the Finance

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                    Documents (including, without limitation, Breakage Costs due
                    under the Finance Documents); and/or

            34.2.3  decline to pay out any amounts then un-drawn under the
                    Facilities; and/or

            34.2.4  cancel one or more or all of the Finance Documents in whole
                    or in part; and/or

            34.2.5  claim payment of such damages, costs and other amounts
                    incurred in consequence of such Event of Default from the
                    Borrower; and/or

            34.2.6  take all steps which the Lender considers desirable to
                    enforce the Security; and/or

            34.2.7  become the sole signatory to each of the Accounts; and/or

            34.2.8  either temporarily or permanently, suspend the operation of
                    part or all of the provisions of Section 5 and/or operation
                    of part or all of the provisions of the Assignment of
                    Accounts; and/or

            34.2.9  instruct the Account Bank not to permit the withdrawal of
                    any amount from the Accounts without the Lender's further
                    instructions; and/or

            34.2.10 instruct the Account Bank to pay to the Lender all or any
                    amount credited to all or any of the Accounts

                  34.2.10.1 for application in accordance with the Loan
                            Agreements; and/or

                  34.2.10.2 towards reduction of amounts payable by the Borrower
                            under the Finance Documents to the Lender; and/or

                  34.2.10.3 towards other payments payable by the Borrower.

      34.3  Nothing in this clause shall entitle the Lender to recover, in
            respect of the rights and remedies granted to the Lender under this
            clause which constitute penalty stipulations, both the penalties and
            damages, provided should such rights and remedies constitute penalty
            stipulations then the Lender shall be entitled to recover damages in
            lieu of the penalties;

      34.4  If an Event of Default has occurred and the Lender is exercising or
            have exercised any of their rights and remedies under any one or
            more of clauses 34.2.1 to 34.2.10 then the Lender may at any time
            whilst any

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            Event of Default is continuing and unremedied, elect to exercise any
            of their other rights 34.2.1 to 34.2.10.

                             SECTION 8 - THE LENDER

35.   LENDER'S ADVANCES

      Subject to the provisions of this CTA and the Facility Agreements, the
      Lender shall make Advances to the Borrower in accordance with the
      provisions of the Loan Agreements.

36.   DRAWDOWNS

      36.1  INITIAL DRAWDOWN

            The obligation of the Lender to make the first Advance under the
            Facility Agreements is subject to the fulfilment of the conditions
            precedent provided for in Section 4.

      36.2  SUBSEQUENT DRAWDOWNS

            After the drawdown of the first Advance, the obligation of the
            Lender to make any Advance under any of the Facility Agreements is
            subject only to:

            36.2.1 the Lender having received the requisite Drawing Notice in
                   accordance with the provisions of the relevant Facility
                   Agreement;

            36.2.2 the Borrower having complied with any additional conditions
                   to draw down which are mentioned in the Facility Agreement
                   concerned; and

            36.2.3 the absence of any continuing and unremedied Potential Event
                   of Default or continuing and unremedied Event of Default.

      36.3  EXTENSION AND WAIVER

            Subject to any other provisions of this CTA, the Lender shall be
            entitled to -

            36.3.1 extend the relevant period for fulfilment of any or all of
                   the conditions; and

            36.3.2 waive fulfilment of any or all of the conditions

            referred to in clauses 36.1 and 36.2 above.

      36.4  CONDITIONS FOR THE BENEFIT OF THE LENDERS

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                  The conditions contained in clause 36.1 and 36.2 are expressed
                  to be for the benefit of the Lender.

      36.5  DRAW STOP NOTICES

            36.5.1 Should the Lender not be satisfied that the conditions to
                   drawdown set out in clause 36.2 have been fulfilled or
                   waived, the Lender shall issue a Draw Stop Notice under this
                   clause 36.5, and if it does so, shall furnish a copy thereof
                   together with a statement of the reasons for doing so to the
                   Borrower.

            36.5.2 Upon the issue of a Draw Stop Notice, the Lender's
                   obligations under the Facility Agreements to honour any
                   Drawing Notice or make any Advance shall be excused.

            36.5.3 The Borrower shall be entitled, immediately upon the events
                   or impediments giving rise to the issue of the Draw Stop
                   Notice having ceased to exist or having been removed, to
                   issue a new Drawing Notice in terms of the relevant Facility
                   Agreement.

            36.5.4 The Lender may, at the request of the Borrower, withdraw any
                   Draw Stop Notice. Should the Lender decide to do so, it shall
                   notify the Borrower and, in that event, any time periods
                   referred to in this clause 36.5 and in the Drawing Notice
                   shall run from the date of such notification.

37.   BORROWER'S INDEMNITY IN FAVOUR OF THE LENDER

      37.1  The Borrower hereby indemnifies the Lender against and undertakes to
            pay the Lender, on presentation to it of an invoice from a third
            party or, where there is no invoice from a third party, other
            evidence to the Borrower's reasonable satisfaction, any cost, claim,
            loss, damages, expense (including legal fees) or liability which the
            Lender may sustain or incur as a result of a claim by such third
            party against the Lender arising out of any breach by the Borrower
            in the performance of any of its obligations under any agreement to
            which the Lender is not a party.

      37.2  If any legal action is brought or claim is made against the Lender
            and the Lender is entitled to be indemnified pursuant to clause
            37.1,

            37.2.1 the Lender shall notify the Borrower promptly of such claims
                   or any such threatened claims and take such action (at the
                   Borrower's expense) as the Borrower reasonably directs;

            37.2.2 the Borrower shall be entitled at its own expense to defend,
                   have conduct of, or settle any such action or claim;

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            37.2.3 the Lender shall be entitled to engage its own legal counsel
                   (at the cost of the Borrower) and the Lender shall
                   co-ordinate its defence with that of the Borrower;

            37.2.4 the Borrower shall provide all necessary clerical, accounting
                   or legal assistance for the conduct of the proceedings;

            37.2.5 if the Borrower fails to defend, deal with or negotiate any
                   such action or claim diligently, the Lender may, after first
                   giving the Borrower reasonable notice to so act, settle such
                   action or claim without the consent of the Borrower and
                   without relieving the Borrower of the obligation to indemnify
                   the Lender as provided in clause 37.1.

      37.3  The Lender shall not be obliged to defend, settle or compromise any
            proceedings but will not do nor omit to do anything which prejudices
            the rights or ability of the Borrower to defend, settle or
            compromise any such claim.

38.   APPOINTMENT OF LENDER'S ADVISERS

      38.1  During the term of the Finance Documents, the Lender shall be
            entitled from time to time to appoint one or more Lender's Advisers
            as may be reasonably required to advise upon or protect the Lender's
            rights and obligations under the Finance Documents. Without limiting
            the aforegoing, the Lender shall be entitled to appoint any Lender's
            Adviser (at the Borrower's cost):-

            38.1.1 upon the occurrence of a Potential Event of Default or Event
                   of Default; or

            38.1.2 should further Security need to be taken by the Borrower, as
                   described in the Facility Agreements, prior the making of or
                   as a condition precedent to the making of an Advance, or

            38.1.3 should any variation, consent or approval relating to any of
                   the Finance Documents or any related documents be required.

      38.2  The agreed or, failing agreement, the reasonable fees, disbursements
            or expenses of the Lender's Advisers shall be paid by the Borrower
            on presentation of an invoice to it or, where there is no invoice,
            other evidence to the Borrower's reasonable satisfaction.

      38.3  In addition, the Borrower shall on demand pay to, or at the
            direction of, the Lender, all fees and expenses (including legal
            expenses on the attorney and own client scale (or an analogous scale
            in other jurisdictions) and out-of-pocket expenses), charges and
            expenses of a like nature, including all Taxes, incurred by the
            Lender acting in accordance with its rights and

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            obligations under the Finance Documents, in preserving, enforcing or
            defending, or attempting to preserve, enforce or defend, any of
            their rights under the Finance Documents against the Borrower.

39.   DAMAGES CLAIMABLE BY THE LENDER

      Where in the Finance Documents, the Lender is entitled to claim damages
      from the Borrower such damages shall include, (to the extent the Lender is
      able to prove that they have suffered such damages) -

      39.1  sums paid or payable on account of any funds borrowed in order to
            carry any unpaid amount; and

      39.2  any loss which may be incurred in liquidating or deploying deposits;
            and

      39.3  all commitment fees, as defined in the Finance Documents, accrued to
            the date of exercise by the Lender of any of the rights in terms of
            clause 34 of this CTA; and

      39.4  any other amount due or to become due to them under the Finance
            Documents, including, without limitation, Breakage Costs due under
            the Finance Documents.

40.   ILLEGALITY

      40.1  Where at any time the introduction, imposition or variation of any
            Law or any change in the interpretation by a relevant authority or
            court of competent jurisdiction in any country applicable to the
            Lender (for the purposes of this clause referred to as "Competent
            Authority") thereof -

            40.1.1 makes it unlawful or impossible without breaching such Law
                   for the Lender to -

                  40.1.1.1 allow all or part of its participation in amounts
                           outstanding under the Finance Documents to remain
                           outstanding; or

                  40.1.1.2 to fund all or part of its participation in a
                           drawdown under the Finance Documents; or

                  40.1.1.3 to carry out all or any of the Lender's other
                           obligations under the Finance Documents; or

                  40.1.1.4 to charge or receive interest as specified under the
                           relevant Loan Agreements;

            40.1.2 then:

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                  40.1.2.1 the Lender shall notify the Borrower and the Lender's
                           obligation to lend under the Loan Agreements or any
                           of them shall forthwith be cancelled to the extent
                           necessary to cure such illegality or impossibility;
                           and

                  40.1.2.2 the Borrower shall, within 3 business days of being
                           so notified or 3 business days prior to such
                           unlawfulness or impossibility coming into effect
                           (whichever is later) prepay to the Lender the amount
                           owing to the Lender under the affected Finance
                           Document (including, without limitation, any sum
                           payable under clauses 34 and 37 above) together with
                           any and all interest, commitment fees accrued to the
                           date of such cancellation in respect of the portion
                           of the Finance Documents cancelled and any amounts
                           which become due to the Lender from the Borrower
                           under the Finance Documents as a result of the
                           payment or prepayment by the Borrower to the Lender
                           in terms of the provisions of this clause 40,
                           including but not limited to Breakage Costs.

      40.2  Where such illegality relates to the repayment of amounts
            outstanding under the Facility B Loan Agreement by the issue of
            Shares, as described in that agreement, then the Borrower shall be
            obliged to repay such facility in cash.

41.   INCREASED COSTS

      41.1  If by reason of:

            41.1.1 any change in law; and/or

            41.1.2 any directive, requirement, request or guidance (whether or
                   not having the force of law but if not having the force of
                   law, one which applies generally to a class or category of
                   financial institutions and/or financial service companies) of
                   any central bank or any other fiscal, monetary, regulatory or
                   other authority; and/or

            41.1.3 any change in banking practice, as it affects or is applied
                   generally by any financial institution; and/or

            41.1.4 a requirement or a request by any statutory or monetary
                   authority, to pay Taxes, levies or other amounts whatsoever
                   or to maintain special deposits or reserve assets, in
                   addition to those currently paid or maintained or reserved by
                   the Lender; and/or

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            41.1.5 any compliance by the Lender with any reserve, cash ratio,
                   special deposit or liquidity requirements (or any other
                   similar requirements) in respect of this CTA in addition to
                   those anticipated by the Lender; and/or

            41.1.6 any compliance by the Lender with any capital adequacy or
                   similar requirements howsoever arising, including as a result
                   of an increase in the amount of the capital to be allocated
                   to the amount advanced under this CTA or of a change of
                   weighting of the commitment under this CTA, and/or

            41.1.7 maintain special deposits or reserve assets, in addition to
                   those currently paid or maintained or reserved by the Lender,

            there are any increased costs, then the Borrower shall forthwith on
            demand pay the Lender the amount of any increased costs incurred by
            the Lender (whether by way of an increase in Margin or otherwise).

      41.2  The Lender shall provide the Borrower such reasonable details as to
            how such increased cost has been suffered, provided that it shall
            not be under any obligation under this clause to disclose any
            information relating to its affairs or to that of any financier,
            which it in its sole and absolute discretion determines is
            confidential, commercially sensitive or the disclosure of which
            would be contrary to any of its usual policies and no failure to
            disclose any such information shall limit its rights hereunder.

      41.3  The obligation on the part of the Borrower to pay taxes in terms of
            clause 41.1.4 (whether retrospective or not) shall survive the
            expiry or early termination of the last of the Finance Documents for
            a period of 3 (three) years after the date of final assessment has
            been issued to the Lender in respect of the Finance Documents, which
            cannot be revised by the relevant authorities.

      41.4  Clause 41.1.1 shall not apply to any increased cost attributable to
            any change in the rate of tax on the overall net income of the
            Lender.

42.   DECREASE IN COSTS

      Should any of the circumstances mentioned in clauses 41.1.1 to 41.1.7,
      result in:-

      42.1  a decrease in the cost to such Lender of making or maintaining the
            Facilities; or

      42.2  decrease the cost to such Lender of making or maintaining Advances
            or holding the Security under the Finance Documents; or

      42.3  increase the amount of any sum received or receivable by such Lender
            under any of the Finance Documents,

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            in a manner or amount which is not already accounted for or provided
            for in this CTA or in any Facility Agreement, then the Lenders
            shall, if so required by the Borrowers, credit the Borrower with an
            amount or amounts which would place the Lender concerned in no worse
            and no better financial position after taking into account such
            decreased cost or increase in amount received. Such credit may be
            effected by way of a reduction in Margin or otherwise.

43.   DEDUCTIONS OR WITHHOLDINGS REQUIRED BY LAW

      43.1  If any deduction or withholding from any payment by the Borrower to
            the Lender under the Finance Documents is required by Law, then the
            Borrower shall, if so required by the Lender affected by the such
            deduction or withholding, pay to the Lender, when the payments which
            are subject to such deduction or withholding are due, such
            additional amount so that the net amount received by the Lender, is
            equal to the full amount which would have been received by the
            Lender if such deduction or withholding was not made.

      43.2  The Borrower shall:

            43.2.1 ensure that the deduction or withholding does not exceed the
                   minimum amount legally required;

            43.2.2 pay to the relevant taxation or other authorities within the
                   period for payment permitted by Law, the full amount of the
                   deduction or withholding (including, but without prejudice to
                   the generality of the foregoing, the full amount of any
                   deduction or withholding from any additional amount paid
                   pursuant to this clause 43.2.2); and

            43.2.3 furnish to the Lender either:

                  43.2.3.1 an official receipt of the relevant taxation or other
                           authorities involved in respect of all amounts so
                           deducted or withheld; or

                  43.2.3.2 if such receipts are not issued by the taxation or
                           other authorities concerned on payment to them of
                           amounts so deducted or withheld, a certificate of
                           deduction or withholding signed by the Managing
                           Director of the Borrower.

      43.3  If payment of the deduction or withholding by the Borrower to the
            relevant taxation or other authorities in terms of this clause 43 -

            43.3.1 causes the Lender to receive a corresponding refund or credit
                   from the relevant taxation or other authorities of an amount

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                   which is directly attributable to the amount deducted or
                   withheld; and

            43.3.2 places the Lender in a better financial position than it or
                   they would have been had the provisions of this clause 43 had
                   not applied;

            then the Lender shall, to the extent permitted by Law, repay to the
            Borrower an amount or amounts which would place the Lender in no
            worse and no better financial position after taking account of the
            refund or credit referred to above.

44.   SET-OFF BY THE LENDER

      44.1  The Lender may, without prior notice to the Borrower, apply any
            credit balance (whether or not then due and in whatever currency)
            which is at any time held by any office or branch of the Lender for
            the account of the Lender in or towards satisfaction of any sum then
            due and payable from the Borrower under the Finance Documents and in
            respect of which a default in payment has occurred.

      44.2  For the purposes of exercising any rights under this clause 44, or
            any rights under the general law, the Lender may convert or
            translate all or any part of any such a credit balance into another
            currency applying a rate which in its opinion fairly reflects
            prevailing rates of exchange.

      44.3  The Lender is not obliged to exercise any of its rights under this
            clause 44, which shall be without prejudice and in addition to any
            rights under the general law.

      44.4  In this clause 44 "rights under the general law" means any right of
            set-off, combination or consolidation of accounts, lien or similar
            right which the Lender has under any applicable law.

45.   ASSIGNMENT BY THE LENDER

      Save as stated in clause 15.5 of the Facility B Loan Agreement, the Lender
      may not assign or transfer all or any of its rights and obligations under
      any of the Finance Documents to any party without the prior written
      consent of the Borrower, which consent shall not be unreasonably withheld
      or delayed. The Borrower will enter into all documents specified by the
      Lender to be necessary to effect any such assignment or transfer.

                     SECTION 9 - GENERAL AND INTERPRETATION

46.   INTERPRETATION AND OTHER GENERAL TERMS OF THIS LOAN AGREEMENT

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      46.1  GENERAL APPLICATION OF THIS CLAUSE

            Each of the provisions of this Section 9 shall -

            46.1.1 apply to all the parties to the Finance Documents as fully
                   and effectually as if these provisions had been incorporated
                   in those agreements; and

            46.1.2 come into force (notwithstanding the provisions of clause 13)
                   upon signature of this CTA and shall survive and continue to
                   bind the parties to the Finance Documents upon the
                   termination for whatever reason of the Finance Documents.

      46.2  INTERPRETATION

            46.2.1 Clause and paragraph headings in the Finance Documents are
                   for purposes of reference only and shall not be used in
                   interpretation.

            46.2.2 In the Finance Documents, unless the context clearly
                   indicates a contrary intention,

                  46.2.2.1 any word connoting:

                        46.2.2.1.1 any gender includes the other two genders;

                        46.2.2.1.2 the singular includes the plural and vice
                                   versa;

                        46.2.2.1.3 natural persons includes juristic persons and
                                   vice versa.

                  46.2.2.2 subject to clause 46.3, when any number of business
                           days (or days) is prescribed for the calculation of
                           interest such number shall include the first and
                           exclude the last business day (or day) but for all
                           other purposes such number shall exclude the first
                           and include the last business day (or day);

                  46.2.2.3 a reference to an enactment is a reference to that
                           enactment as at the date of signature hereof and as
                           amended or re-enacted from time to time.

            46.2.3 Any reference in any of the Finance Documents to any document
                   or agreement shall be construed as a reference to that
                   document or agreement as the same may have been, or may be,
                   from time to time, amended, supplemented, restated, novated,


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                  ceded, delegated or replaced in accordance with its terms and
                  the terms of the Finance Documents.

      46.3  CALCULATION OF INTEREST

            Unless otherwise stated in a Finance Document

            46.3.1 Interest payable in terms of the Finance Document shall be
                   calculated on the basis of actual days elapsed (counting the
                   first day of the relevant interest period but not counting
                   the last day of that interest period) and a year of 360 days;

            46.3.2 Notwithstanding the above provisions of this clause 46.3, if
                   any Interest Period (as defined in the Facility Agreements)
                   ends on a day which is not a business day, such Interest
                   Period shall be extended to the next business day unless that
                   would extend that Interest Period into the next following
                   calendar month, in which event that Interest Period shall be
                   shortened so as to end on the immediately preceding business
                   day.

      46.4  CERTIFICATES

            A certificate signed by or on behalf of the Lender as to the
            existence and amount of the Borrower's Indebtedness under any of the
            Finance Documents at any time, as to the fact that such amount is
            due and payable, as to the rate of interest and the amount of any
            interest payment and as to any other fact, matter or thing relating
            to the Borrower's Indebtedness shall be, in the absence of manifest
            error, rebuttably presumed to be proof of the contents and
            correctness thereof and of the amount of the Borrower's Indebtedness
            for the purposes of provisional sentence of summary judgment or any
            other proceedings against the Borrower in any competent court and
            shall be valid as a liquid document for such purpose.

            It shall not be necessary to prove the appointment or authority of
            the person signing such certificate, which certificate shall be
            deemed to be sufficient particularity for the purposes of pleading
            or trial in any action or other proceedings instituted by the Lender
            against the Borrower.

      46.5  RIGHTS, CUMULATIVE, WAIVERS

            46.5.1 The respective rights and remedies of the Borrower, the
                   Lender and the Lender under the Finance Document are
                   cumulative, may be exercised as often as the holder of such
                   rights consider appropriate and are in addition to and not
                   exclusive of their respective rights and remedies in law.

            46.5.2 No failure or delay on the part of the Lender to exercise any
                   power, right or remedy under any of the Finance Documents

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                   shall operate as a waiver thereof nor shall any single or
                   partial exercise by it of any power, right or remedy preclude
                   any other or further exercise thereof or the exercise of any
                   power, right or remedy.

            46.5.3 The rights and remedies of the Borrower and the Lender
                   whether arising any of the Finance Documents or in common law
                   shall not be capable of being waived or varied otherwise than
                   by an express waiver in writing.

            46.5.4 The waiver by any party of any breach of the terms or
                   conditions of any of the Finance Documents by any other party
                   shall not prejudice any remedy of the waiving party in
                   respect of any continuing or other breach of the terms and
                   conditions of any thereof unless such waiver was expressly
                   made in respect of such continuing breach.

      46.6  TERMINATION NOT TO PREJUDICE ACCRUED RIGHTS

            The expiry or termination of any of the Finance Documents shall not
            prejudice the rights of any party thereto in respect of any
            antecedent breach or non-performance by any party of any of the
            terms or conditions hereof.

      46.7  ENGLISH LANGUAGE

            All notices or communications under or in connection with the
            Finance Documents shall be in the English language.

      46.8  SEVERABILITY

            If any one or more of the provisions of any of the Finance Documents
            shall be declared or adjudged (formally or informally) by competent
            authority to be illegal, invalid or unenforceable under any Law
            applicable:

            46.8.1 That provision shall be deemed for all purposes to be
                   severable from all the other provisions of the Finance
                   Document, which provisions shall continue in force
                   unaffected;

            46.8.2 The Finance Document thus continuing shall (subject and
                   without prejudice to any appeal to higher authority as to the
                   status of that provision) exclude the offending provision
                   but, if such deletion substantially affects or alters the
                   commercial basis of the affected or any other Finance
                   Document, then the Finance Documents including such provision
                   shall be amended in such manner as the parties in good faith
                   agree which will, while not being void or unenforceable, most
                   nearly achieve the object of the allegedly void or
                   unenforceable provisions.

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      46.9  PERFORMANCE OF FURTHER ACTS REQUIRED BY LAW

            The Borrower and the Lender shall perform (or procure the
            performance of) all further acts and things, and execute and deliver
            (or procure the execution and delivery of) such further documents,
            as may be required by Law or as may be necessary or desirable to
            implement and/or give effect to the Finance Documents and the
            transactions contemplated thereby.

      46.10 GOVERNING LAW

            The Loan Agreements shall be governed by and interpreted according
            to the Laws of South Africa.

      46.11 JURISDICTION

            46.11.1 The parties irrevocably agree that the Witwatersrand Local
                    Division of the High Court of South Africa shall have
                    jurisdiction to hear and determine a suit, action or
                    proceeding, and to settle any disputes, which may arise out
                    of or in connection with any of the Finance Documents and
                    for such purposes hereby irrevocably submit to the
                    jurisdiction of such court.

            46.11.2 Nothing contained in this clause shall limit the right of
                    the Lender to take proceedings against the Borrower in any
                    other court of competent jurisdiction, nor shall the taking
                    of any such proceedings in one or more jurisdictions
                    preclude the taking of proceedings in any other
                    jurisdiction, whether concurrently or not (unless precluded
                    by applicable law).

      46.12 COUNTERPARTS AND PLACE OF CONCLUSION OF AGREEMENT

            46.12.1 The Finance Documents may be executed in several
                    counterparts each of which when read together, shall
                    constitute one and the same document. The Borrower shall
                    provide its counterparts to the Lender upon request.

            46.12.2 If any Finance Document is to be signed between the Lender
                    and the Borrower at different places, such Finance Document
                    will be concluded at the place where the party first signing
                    that Finance Document receives a copy of that Finance
                    Document bearing the signatures of both parties. Receipt of
                    such documents by any director of the party first signing
                    same, shall be sufficient for the purposes of this clause,
                    notwithstanding that the Finance Document may have been
                    signed by one or more directors of that party.

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            46.12.3 The provisions of clause 46.12.2 shall be binding on the
                    Borrower and the Lender, notwithstanding anything to the
                    contrary contained in clause 46.12.1, clause 46.16 (Notices)
                    and in any similar notice or domicilium clause in any other
                    Finance Document between the Borrower and the Lender.

      46.13 AMENDMENTS NOT EFFECTIVE UNLESS IN WRITING

            No addition to, variation of or agreed cancellation of the Finance
            Documents shall be of any force or effect unless in writing and
            signed by or on behalf of the parties and then such modification,
            waiver or cancellation or consent shall be effective only in the
            specific instance in respect of which it was expressed to be
            effective and only for the purpose and to the extent for which made
            or given.

      46.14 CONFIDENTIALITY

            46.14.1 Confidential Information

                  Each of the parties to the Finance Documents agrees, for
                  itself and its respective directors, officers, employees,
                  servants and agents, to keep confidential and not to disclose
                  to any Person (save as hereinafter provided) any confidential
                  or proprietary information (including, without limitation, the
                  Finance Documents and all related documents, computer records,
                  specifications, formulae, evaluations, methods, processes,
                  technical descriptions, reports and other data, records,
                  drawings and information and any information in respect of the
                  business operations or affairs of any party to the Finance
                  Documents) provided to or acquired by it pursuant to or
                  arising from the terms or performance of the Finance Documents
                  (including without limitation any such documents or
                  information supplied in the course of proceedings under the
                  disputes resolution procedure under any Finance Document or
                  during any negotiations of any Finance Document) (together the
                  "Confidential Information").

            46.14.2 Exceptions

                  Notwithstanding clause 46.14.1 above, any of the parties to
                  the Finance Documents, shall be entitled to disclose the whole
                  or any part of the Confidential Information:

                  46.14.2.1 to any assignee or transferee or any prospective
                            assignee or transferee or any other Person with whom
                            it may enter contractual obligations in relation to
                            funding or supporting its commitments under any
                            Finance Documents, any of its or their respective

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                            directors, officers, employees, servants,
                            subcontractors, agents, auditors or Lender's
                            Advisers to the extent necessary to enable it or
                            them to perform (or to cause to be performed) or to
                            enforce any of its or their rights or obligations
                            under the Finance Document and all related documents
                            or (as the case may be) to assess whether or not to
                            become the Lender provided that the recipient of
                            such information enters into a similar undertaking
                            to that contained in this clause 46.14; or

                  46.14.2.2 when required to do so by Law; or

                  46.14.2.3 to the extent that the Confidential Information has,
                            except as a result of breach of confidentiality,
                            become publicly available or generally known to the
                            public at the time of such disclosure; or

                  46.14.2.4 to the extent that the Confidential Information is
                            already lawfully in the possession of the recipient
                            or lawfully known to him prior to such disclosure;
                            or

                  46.14.2.5 to the extent that it has acquired the Confidential
                            Information from a third party who is not in breach
                            of any obligation as to confidentiality to the other
                            party; or

                  46.14.2.6 to the extent permitted by the Finance Documents, or
                            any related documents; or

                  46.14.2.7 to the extent that any of the parties wishes to use
                            any non-commercially sensitive Confidential
                            Information for the purposes of marketing and/or
                            promotion of its business activities.

            46.14.3 The determination of whether information is Confidential
                    Information shall not be affected by whether or not such
                    information is subject to, or protected by, common law or
                    statute related to copyright, patent, trademarks or
                    otherwise.

            46.14.4 Restrictions on disclosure and use of confidential
                    information

                  46.14.4.1 The parties to the Finance Document agree and
                            undertake:

                        46.14.4.1.1 Except as permitted by this clause, not to
                                    disclose or publish any Confidential
                                    Information in any manner, for any

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                                    reason or purpose whatsoever without the
                                    prior written consent of the other party,
                                    which consent may be withheld in the sole
                                    and absolute discretion of the other party
                                    and provided that in the event of the
                                    Confidential Information being proprie-tary
                                    to a third party, it shall also be incumbent
                                    upon the party wishing to disclose such
                                    information to obtain the consent of such
                                    third party;

                        46.14.4.1.2 Except as permitted by this clause, not to
                                    utilise, employ, exploit or in any other
                                    manner whatsoever use the Confidential
                                    Information for any purpose whatsoever
                                    without the prior written consent of the
                                    other party, which consent may be withheld
                                    in the sole and absolute discretion of the
                                    other party and provided that in the event
                                    of the Confidential Information being
                                    proprietary to a third party, it shall also
                                    be incumbent upon the party wishing to
                                    disclose such information to obtain the
                                    consent of such third party;

                        46.14.4.1.3 To restrict the dissemination of the
                                    Confidential Information to only those of
                                    the personnel who are actively involved in
                                    activities for which use of Confidential
                                    Information is authorised and then only on a
                                    "need to know" basis and the parties shall
                                    initiate, maintain and monitor internal
                                    security procedures reasonably acceptable to
                                    each other to prevent unauthorised
                                    disclosure by the personnel;

                        46.14.4.1.4 To take all practical steps, both before and
                                    after disclosure, to impress upon the
                                    personnel who are given access to
                                    Confidential Information the secret and
                                    confidential nature thereof.

            46.14.5 Title to confidential information

                  All Confidential Information disclosed by either party to the
                  other or, subject to 46.14.2.4 and 46.14.2.5, which otherwise

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                  comes to the knowledge of either party, is acknowledged by
                  that party:-

                  46.14.5.1 To be proprietary to the other party or where
                            applicable, the relevant third party proprietor; and

                  46.14.5.2 Not to confer any rights of whatsoever nature in
                            such Confidential Information on the other party.

            46.14.6 Standard of care

                  The parties shall protect the Confidential Information in the
                  manner, and with the endeavour of a reasonable person
                  protecting their own Confidential Information. In no event
                  will either party use less than reasonable efforts to protect
                  the confidentiality of the Confidential Information.

            46.14.7 Return of confidential information

                  46.14.7.1 Either party may at any time on written request to
                            the other party, require that party to immediately
                            return to the first mentioned party, any
                            Confidential Information and may, in addition,
                            require material containing, pertaining to or
                            relating to the Confidential Information and may
                            require that the other party furnish a written
                            statement to the effect that upon such return, it
                            has not retained in its possession or under its
                            control, either directly or indirectly, any such
                            Confidential Information or material.

                  46.14.7.2 Alternatively to clause 46.14.7.1, either party
                            shall, as and when required by the other party on
                            written request from the proprietor of the
                            Confidential Information, destroy all such
                            Confidential Information and material and furnish
                            the other party with a written statement to the
                            effect that same has been destroyed.

      46.15 REMEDIES

            46.15.1 Without prejudice to any other rights and remedies that an
                    aggrieved party would have, each of the parties agrees that,
                    where damages are not or would not be an adequate remedy for
                    any breach of the Finance Documents, the aggrieved party
                    shall be entitled to the remedies of interdict or specific
                    performance to the extent practical and suitable in the
                    relevant circumstances.

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            46.15.2 No party shall have any remedies against any other party
                    arising out of termination of the Finance Document save for
                    the remedies specified in this CTA.

      46.16 NOTICES

            46.16.1 Each party chooses as its address for purposes under the
                    Loan Agreements ("chosen address") of serving any court
                    process or documents, as follows, it being recorded that for
                    valid service on the Lender, a copy of any document served
                    must be served on both addresses mentioned below, with
                    service taking place on the later of such dates of service:-

                    THE LENDER           7th Floor
                                         Harbour Front Building,
                                         John Kennedy Street, Port
                                         Louis,
                                         Mauritius,

                                         With a copy to:-
                                         Resource Finance
                                         100 Grayston Drive
                                         Sandown
                                         Sandton

                                         South Africa
                                         Grosvenor House
                                         66/67 Athol Street
                                         Douglas

                    THE BORROWER         Isle of Man

            46.16.2 Each party chooses as its address for purposes under the
                    Loan Agreements ("chosen address"), of giving any notice, or
                    making any other communications of whatsoever nature and for
                    any purpose arising from the Finance Documents (other than
                    as stated in clause 46.16.2 and the aforegoing provisions of
                    this clause) ("notice"), as follows:-

                    THE LENDER        Resource Finance
                                      100 Grayston Drive
                                      Sandown
                                      Sandton

                                      South Africa

                    THE BORROWER      DRD Building


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                                                          45 Empire Road
                                                          Parktown
                                                          Johannesburg

            46.16.3 Any notice required or permitted under this clause shall be
                    valid and effective only if in writing.

            46.16.4 Any party may by notice to the other parties change its
                    chosen address to another physical address and such change
                    shall take effect on the seventh day after the date of
                    receipt by the party who last receives the notice.

            46.16.5 Any notice to a party delivered by hand to a responsible
                    person during ordinary business hours at its chosen address,
                    shall be deemed to have been delivered and received on the
                    date of delivery.

            46.16.6 Notwithstanding anything to the contrary herein, a written
                    notice actually received by a party, including a notice sent
                    by telefax or email ("the first notice"), shall be an
                    adequate notice to it notwithstanding that it was not sent
                    or delivered to its chosen address or in the manner
                    envisaged in clause 46.16.5, provided that, within the next
                    three succeeding business days,

                  46.16.6.1 the Person to whom the notice was sent acknowledges
                            receipt of the first notice; or

                  46.16.6.2 a copy of the first notice is delivered to the
                            chosen address, accompanied by a notice giving the
                            following particulars:

                        46.16.2.2.1 where the first notice was sent by telefax
                                    or e-mail, the date and time of despatch and
                                    the telefax number or e-mail address to
                                    which it was sent; and

                        46.16.2.2.2 where the first notice was delivered in a
                                    manner other than by telefax or e-mail, the
                                    manner of delivery, the date on which it was
                                    delivered, the person by whom it was
                                    received and where it was received.

      46.17 MISCELLANEOUS

            46.17.1 Entire agreement

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                    The Finance Documents and all appendices thereto,
                    constitutes the sole record of the agreement between the
                    parties with regard to the subject matter hereof. No party
                    shall be bound by any express or implied term,
                    representation, warranty, promise or the like not recorded
                    in the Finance Documents.

            46.17.2 Failure, delay, relaxation, approvals

                  46.17.2.1 No failure, delay, relaxation or indulgence on the
                            part of any party in exercising any power, right or
                            remedy conferred on such party under the Finance
                            Documents or by common law shall operate as a waiver
                            of such power, right or remedy nor shall any single
                            or partial exercise of any such power, right or
                            remedy preclude any other or further exercises
                            thereof or the exercise of any other power, right or
                            remedy of such party.

                  46.17.2.2 An approval or consent given by a party under the
                            Finance Documents shall only be valid if in writing
                            and shall not relieve the other party from
                            responsibility for complying with the requirements
                            of the Finance Documents nor shall it be construed
                            as a waiver of any rights under the Finance
                            Documents except as and to the extent otherwise
                            expressly provided in such approval or consent, or
                            elsewhere in the Finance Documents.

            46.17.3 Performance or observance subsequent to termination or
                    expiration

                    Any provision of the Finance Documents which contemplates
                    performance or observance subsequent to any termination or
                    expiration of the Finance Documents shall survive any
                    termination or expiration of the Finance Documents and
                    continue in full force and effect.

            46.17.4 Successors, Transferees and Assigns

                    Any reference in the Finance Documents to the Lender (in any
                    capacity), the Borrower or any other Person shall be
                    construed so as to include their respective permitted
                    successors, transferees and assigns.

            46.17.5 The rule of interpretation that a written agreement shall be
                    interpreted against the party responsible for the drafting
                    or preparation of that agreement shall not apply.

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            46.17.6 If any provision in a definition is a substantive provision
                    conferring rights or imposing obligations on any party,
                    notwithstanding that it is only in the definition clause,
                    effect shall be given to it as if it were a substantive
                    provision in the body of the agreement.

            46.17.7 The eiusdem generis rule shall not apply and accordingly,
                    whenever a provision is followed by the word "including" and
                    specific examples, such examples shall not be construed so
                    as to limit the ambit of the provision concerned.

            46.17.8 Where any term is defined within the context of any
                    particular clause in the Finance Documents, then, unless it
                    is clear from the clause in question that the term so
                    defined has limited application to the relevant clause, the
                    term so defined shall bear the meaning ascribed to it for
                    all purposes in terms of the Finance Documents,
                    notwithstanding that that term has not been defined in the
                    definition clause.

            46.17.9 Any reference in any Finance Document to a clause, an
                    Appendix, a Schedule is to a clause of, an Appendix to, a
                    Schedule to that Finance Document unless the context
                    requires otherwise.

            46.17.10 Approvals And Consents

                    An approval or consent given by a party under the Finance
                    Documents shall only be valid if in writing and shall not
                    relieve the other party from responsibility for complying
                    with the requirements of the Finance Documents nor shall it
                    be construed as a waiver of any rights under the Finance
                    Documents except as and to the extent otherwise expressly
                    provided in such approval or consent, or elsewhere in the
                    Finance Documents.

            46.17.11 Provision of Information

                    The Lender may validly act on all information, instructions
                    and requests provided to it by the Borrower, without any
                    liability or responsibility to verify or check the accuracy
                    of such information.

Signed at           on                                     2004 at _______ am/pm

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INVESTEC BANK (MAURITIUS) LIMITED

                                 Page 52 of 52
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Signed at         on                                       2004 at _______ am/pm

/s/ M.M. Wellesley-Wood
- -------------------------------------------
DRD (ISLE OF MAN) LIMITED

Signed by [    ] , a director,duly authorised for and on behalf of DRD (Isle of
Man) Limited.

As Witness: _______________________
            _______________________ (name)

Signed at         on                                       2004 at _______ am/pm

/s/ J. Cowleared
- -----------------------------
DRD (ISLE OF MAN) LIMITED

Signed by [    ] , a director, duly authorised for and on behalf of DRD (Isle
of Man) Limited.

As Witness: _______________________
            _______________________  (name)

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                                   APPENDIX 1

            CONDITIONS PRECEDENT TO FINANCIAL CLOSING FOR FACILITY A

1.    CORPORATE DOCUMENTS AND AUTHORISATIONS

      The Lender shall have received a certificate in respect of -

      1.1   the Borrower, in the form set out in Appendix 7;

      1.2   each of the Secured Asset Entities as at the Signature Date in the
            form set out in Appendix 7 (and signed by the persons mentioned
            therein) or such other form as may be approved by the Lender;

      each of which certificates shall have been duly completed in all respects;
      and shall have attached to it (duly initialled by the signatories to the
      certificate) the documents referred to in the certificate, including the
      requisite Memorandum and Articles of Association (together with evidence
      that the same have been duly registered at the Office of the Registrar of
      Companies) or other founding documents and the board and other resolutions
      and/or relevant powers of attorney approving the Finance Documents to
      which the Borrower or counter party (as the case may be) is a party and
      all transactions contemplated thereby.

2.    FINANCE DOCUMENTS

      The Lender shall have received originals of each of the Finance Documents,
      duly executed by each of the parties thereto.

3.    OTHER DOCUMENTS

      3.1   The Lender shall have received copies, certified as true copies by
            an authorised officer of the Borrower, of all resolutions,
            instructions, and signature authorities relating to all Accounts.

      3.2   The Lender shall have received originals or certified copies of each
            of the following (duly executed by the parties thereto) and be
            satisfied with the terms contained in or form of:

            3.2.1 A copy of the latest annual report of Emperor Mines Limited;

            3.2.2 the share certificates in respect of all the shares (of any
                  type and nature) owned by the Borrower in DRD Porgera Limited
                  and in Tolukuma Gold Mines Limited as at Financial Closing for
                  Facility A;

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            3.2.3 Transfer forms (in number specified by the Borrower) signed by
                  the Borrower with the name of the transferee and the
                  consideration and date left blank, in respect of the current
                  shares of each of the companies listed in clause 2.58.1.1 to
                  2.58.1.3, both inclusive;

            3.2.4 Transfer forms (in number specified by the Borrower) signed by
                  the Borrower with the name of the transferee and the
                  consideration and date left blank, in respect of the future
                  shares of each of the companies listed in clause 2.58.1.1 to
                  2.58.1.3, both inclusive, such transfers to include those
                  mentioned in the Equitable Mortgage of Shares;

            3.2.5 A certificate from the Borrower acknowledging receipt of the
                  Finance Documents, in accordance with the provisions clause
                  46.12.2;

            3.2.6 Two original transfer forms, duly signed by the Borrower in
                  blank, in respect of all the shares in Emperor Mines Limited
                  held by the Borrower, such forms are entitled "Australian
                  Standard Transfer Form" and "SRA 15" respectively (and the
                  Lender is hereby authorised to sign and execute same if
                  needed);

            3.2.7 A written undertaking from ANZ Nominees Limited in favour of
                  Investec that it will comply with the Sponsorship Agreement,
                  in particular clause 5 thereof; and

            3.2.8 The original written instruction and direction by the Borrower
                  irrevocably instructing and directing Computershare Investor
                  Services Pty Limited not to deal or accept any instructions
                  from the Borrower (for the next 14 days after the Signature
                  Date of this CTA) in relation to its current shareholding in
                  Emperor Mines Limited without the prior written consent of the
                  Lender, save that such consent shall not be needed for any
                  steps taken to facilitate the transfer such shares in this
                  company onto the Chess Subregister pursuant to the Sponsorship
                  Agreement. .

4.      CONSENTS AND LICENCES

        The Lender shall have received copies, certified as true copies by an
        authorised officer of the Borrower, of each such Authorisation necessary
        and required at Financial Closing (in each case, if any):

        4.1   to render any of the Finance Documents legal, valid, binding and
              enforceable; and

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      4.2   to enable the parties thereto lawfully to enter into, perform and
            comply with their obligations under the Finance Documents.

5.    SECURITY MATTERS

      5.1   The Lender shall have received confirmation from its advisors that
            each of the Secured Asset Entities as at the Signature Date is a
            company validly and lawfully incorporated and existing in accordance
            with the company laws of Australia or Papua New Guinea, as the case
            may be.

      5.2   The Lender shall have been afforded all the Security, which shall be
            valid, binding and enforceable.

      5.3   The Lender shall have received confirmation from its advisors that
            all the Security Documents are duly executed and lodged for
            registration or for any other purpose with the relevant authority
            where required.

6.    ACCOUNTS

      The Lender shall have received evidence satisfactory to it that all
      Accounts have been opened with the Account Banks in accordance with this
      CTA.

7.    FINANCIAL STATEMENTS

      The Lender shall have received and be satisfied with the:-

      7.1   financial statements and balance sheet of the Borrower -

            7.1.1 as at 30 June 2003 and audited by its Auditors; and

            7.1.2 as at 30 June 2004, unaudited;

      7.2   the most recent audited financial statements and balance sheet of
            each of the Secured Asset Entities.

8.    STAMP DUTY

      The Lender shall have received satisfactory evidence that all stamp duty
      and notarial and registration fees payable in respect of the Finance
      Documents and all related documents have been paid.

9.    LEGAL OPINIONS

      The Lender shall have received and is satisfied with legal opinion from
      its advisors (including but not limited to those in South Africa, the Isle
      of Man, England, Australia and Papua New Guinea, all of whom have been
      briefed with the knowledge and consent of the Borrower) relating, inter
      alia, to the:-

                                 Page 56 of 56
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      9.1   due execution by the Borrower and the Shareholder of the Finance
            Documents to which they are a party and the enforceability of their
            obligations thereunder against such parties; and

      9.2   due execution by the parties to the Subordination Agreement, other
            than the Borrower and the Shareholder, of that agreement and the
            enforceability of their obligations thereunder against such parties.

10.   REPRESENTATIONS AND WARRANTIES

      The warranties given by the Borrower in clause 28 above of this CTA shall
      be correct in all material respects and the Lender shall have received a
      certificate of an authorised officer of the Borrower to such effect.

11.   NO DEFAULT

      The Lender is satisfied that no Event of Default or Potential Event of
      Default shall have occurred which has not been waived or remedied.

12.   IRREVOCABLE PAYMENT INSTRUCTION BY EMPEROR

      12.1  At the Signature Date of this CTA, the Borrower envisages that it
            may not be able to obtain an Irrevocable Payment Instructions from
            Emperor Mines Limited by the envisaged Financial Closing for
            Facility A, notwithstanding that it shall use all reasonable
            measures available to it to procure same.

      12.2  Should such Irrevocable Payment Instructions not be available by the
            date as envisaged in clause 12.1, then in addition to its rights
            mentioned in clause 13.4 of this CTA, the Lender may provide the
            Borrower with the notice mentioned in clause 13.2 of this CTA, but
            in addition the Lender may by notice impose a obligation on the
            Borrower to obtain such consent within 21 days of such notice, and
            such obligation shall be binding on the Borrower as a term of this
            CTA.

                                 Page 57 of 57
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                                   APPENDIX 2

                              REPEATING WARRANTIES

1.    STATUS AND DUE AUTHORISATION

      The Borrower is a limited liability company duly incorporated and validly
      existing under the company Laws of the Isle of Man with power to enter
      into the Finance Documents to which it is a party and to exercise its
      rights and perform its obligations thereunder and all corporate and other
      action required to authorise its execution thereof and its performance of
      its obligations thereunder has been duly taken. Neither the Borrower nor,
      to the best of the Borrower's knowledge after reasonable inquiry, any of
      its Shareholders or directors are in breach of its Memorandum or Articles
      of Association.

2.    NO DEDUCTIONS OR WITHHOLDING

      The Borrower is not required by any Law to make any deduction or
      withholding from any payment it may make under these Finance Documents to
      which it is a party save as expressly disclosed in writing to the Lender
      by the Borrower with express reference to this warranty.

3.    SECURITY

      Under the Law of the United Kingdom, Australia, Papua New Guinea and any
      other state in which the Secured Assets are found or situated, the
      security interests that it has purported to grant under the Security
      Documents to which it is a party constitute valid, first-ranking security
      interests in the relevant assets or revenues.

4.    BINDING OBLIGATIONS

      4.1   The obligations expressed to be assumed by each party in each of the
            Finance Documents are legal, valid and binding obligations
            enforceable against such party in accordance with the terms thereof
            and the rights of the Borrower thereunder are legal, valid and
            enforceable rights.

      4.2   Further, the Borrower's obligations under the Finance Documents are
            its unconditional and unsubordinated obligations and rank at least
            parri passu with all other of its unsubordinated indebtedness.

5.    VALIDITY OF EXECUTION OF FINANCE DOCUMENTS

      The Borrower's execution of the Finance Documents to which it is a party
      and its exercise of its rights and performance of its obligations
      thereunder do not and will not contravene or constitute a default under:

                                 Page 58 of 75
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      5.1   any agreement, mortgage, bond or other instrument or treaty to which
            it is a party or which is binding upon it or any of its assets or
            revenues;

      5.2   its constitutive documents and rules and regulations and drawing the
            full amount available under the Finance Documents will not breach
            any limitation on borrowing imposed on it or its directors; or

      5.3   any Law binding on it or any of its assets or revenues.

6.    ENCUMBRANCES

      The Borrower has not created or permitted to subsist any Encumbrance on
      the whole or any part of its assets or revenues (including but not limited
      to an Encumbrance on the Secured Assets) other than those disclosed in
      writing to the Borrower prior to Financial Closing.

7.    NO OTHER ACTIVITIES

      After Financial Closing, the Borrower has not engaged in any new trade,
      business or activity, entered into any contract, made any investment or
      acquired any asset or incurred any liability whether contingent or
      otherwise except as contemplated in or incidental to the Finance
      Documents.

8.    SHAREHOLDINGS

      8.1   The Borrower is a wholly owned subsidiary of the Shareholder.

      8.2   All of the issued share capital of the Borrower is fully paid.

      8.3   Other than in terms of the Finance Documents, no Person has any
            rights to participate in its profits or to call for the issue by it
            of any of its share capital and no contract or arrangements,
            conditional or unconditional, exist whereby any Person may acquire
            or exercise any such right other than in accordance with the Finance
            Documents.

      9.    OWNERSHIP OF ASSETS

            9.1   The Borrower has good and marketable title to all of its
                  assets including the Secured Assets.

            9.2   The Borrower has no ownership, legal, beneficial or otherwise
                  (except as regards immovable property on long lease), in any
                  immovable property which it has not notified to the Lender
                  pursuant to clause 3 of Appendix 5 below.

            9.3   The Borrower owns at least the following shares in the
                  following companies:-

                                 Page 59 of 59
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                  9.3.1 45,33% of the entire issued share capital of Emperor
                        Mines Limited, as more fully described in clause
                        2.58.1.1, whether such issued shares are in the form of
                        ordinary or preference shares or in any other form;

                  9.3.2 100% of all the issued share capital of DRD (Porgera)
                        Limited, as more fully described in clause 2.58.1.2,
                        whether such issued shares are in the form of ordinary
                        or preference shares or in any other form;

                  9.3.3 100% of the share capital of Tolukuma Gold Mines
                        Limited, as more fully described in clause 2.58.1.3
                        whether such issued shares are in the form of ordinary
                        or preference shares or in any other form.

10.   NO SURETYSHIPS

      Save as provided in the Finance Documents, the Borrower is not liable
      contractually, whether contingently or otherwise and whether as surety,
      co-principal debtor, guarantor or indemnitor, for the liabilities of any
      third party.

11.   NO ROYALTIES

      The Borrower is not -

      11.1  under any obligation to pay any royalties, license fees, any
            profit-sharing or royalty agreement or other similar arrangement
            whereby its income or profits are, or might be, shared with any
            other Person or

      11.2  party to any management contract or similar arrangement whereby its
            business or operations are managed by any other Person.

12.   AUTHORISATIONS

      12.1  All Authorisations required to have been done, fulfilled, obtained
            and performed by the date this warranty is given by Law, in order:

            12.1.1 to enable the Borrower lawfully to enter into and perform
                   with the obligations expressed to be assumed by it in the
                   Finance Documents;

            12.1.2 to ensure that the obligations expressed to be assumed by the
                   Borrower in the Finance Documents are legal, valid, binding
                   and enforceable against it in accordance with the terms
                   thereof; and

            12.1.3 to enable the Borrower lawfully to exercise all its rights
                   under the Finance Documents,

                                 Page 60 of 60
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            have been done, fulfilled, obtained and performed and are or, will
            be done, fulfilled, obtained and performed by the relevant time and
            no steps have been taken to revoke or cancel or limit the scope of
            any such Authorisation or which would have the effect of revoking or
            cancelling or limiting the scope of any such Authorisation. The
            Borrower is in compliance with all conditions of such
            Authorisations.

      12.2  The Borrower is not in breach of any of the provisions of any Law
            relating to the conduct of its business and activities.

13.   NO DEFAULTS

      13.1  No event has occurred which constitutes, or which (with the giving
            of notice and/or the lapse of time and/or the fulfilment of any
            applicable requirement) would constitute, a contravention, or breach
            of, or event of default under, any Finance Document or any other
            agreement to which it is a party or which is binding on it or any of
            its assets or revenues or its constitutive documents, rules and
            regulations.

      13.2  No Event of Default or Potential Event of Default has occurred by
            virtue of it performing its obligations under the Finance Documents.

14.   FULL COMPLIANCE

      The Borrower is in compliance in all respects with all the provisions of
      the Finance Documents.

15.   NO PROCEEDINGS

      No action, litigation or administrative proceeding ("proceedings"), of or
      before any court or tribunal by or against the Borrower has been started
      or threatened and it has notified the Lender of all disputes in which it
      is involved.

16.   ENVIRONMENTAL MATTERS

      16.1  The Borrower and each Secured Asset Entity is in full compliance
            with all Environmental Laws and all Environmental Approvals are in
            full force and effect. There are no acts, omissions, events, state
            of facts or circumstances of which Borrower or each Secured Asset is
            aware, after reasonable inquiry, which may be expected to prevent
            any of them being in full compliance with any Environmental Laws.

      16.2  Neither the Borrower nor any of the Secured Asset Entities have any
            notice of any complaints, demands, civil claims or enforcement
            proceedings or of any action required by any regulatory authority
            and, there are no investigations pending or threatened in relation
            to the failure by the Borrower or any of the Secured Assets to
            obtain any Environmental Approval or to comply with any
            Environmental Laws.

                                 Page 61 of 61
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17.   TAX

      17.1  All tax returns and reports required by Law to be filed by the
            Borrower have been duly filed and all tax assessments, fees, levies,
            duties and other governmental or official charges upon it, or its
            properties or its income or assets, which are due and payable, have
            been paid without penalty or interest.

      17.2  The Borrower has made and there are in place all necessary
            arrangements which are permitted by Law and in accordance with GAAP,
            for it to obtain, as early as is practicable, the benefit of all
            available tax reliefs and/or repayments

                                 Page 62 of 62
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                                   APPENDIX 3

                             INFORMATION WARRANTIES

1.    ANNUAL FINANCIAL STATEMENTS

      The Borrower's annual financial statements delivered to the Lender
      pursuant to clause 1 of Appendix 4 below fairly present, in all material
      respects, its financial position and the result of its operations at the
      end of the applicable Financial Year.

2.    BALANCE SHEETS

      2.1   The balance sheets of the Borrower and of the Secured Assets
            referred to in paragraph 7 of Appendix 1 hereto was prepared in
            accordance with GAAP and (in conjunction with the notes thereto)
            fairly presents its financial position and the result of its
            operations at the end of the applicable Financial Year. The Borrower
            has no significant liabilities (contingent or otherwise) or any
            losses which are not disclosed by, or provided for in, such balance
            sheet.

      2.2   Except as has been disclosed by the Borrower, prior to Financial
            Closing, to and accepted by the Lender as being immaterial, there
            has been no adverse change in the business or financial condition of
            the Borrower and the Secured Assets since the date as of which such
            balance sheet was prepared, and since then the Borrower has not
            incurred any obligations other than in terms of the Finance
            Documents, which, if such had occurred prior to the date as of which
            such balance sheet was prepared, could adversely affect or have
            affected the decision of a Person considering whether to enter into,
            or who did enter into, any of the Finance Documents.

3.    BUDGETS

      Budgets and draft budgets prepared by the Borrower from time to time will
      reflect all costs which the Borrower, after careful consideration and
      enquiry of information available to it at the time, reasonably expects
      itself, or the entity which is the subject of the budget, to incur in the
      period to which that budget relates.

4.    OTHER PROVISIONS RELATING TO FINANCIAL STATEMENTS

      4.1   The Borrower's annual financial statements delivered to the Lender
            pursuant to clause 1.1 of Appendix 4 will include an unqualified
            opinion of its auditors in accordance with South African Auditing
            Standard number 700 (as may be amended or replaced from time to
            time).

                                 Page 63 of 75
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      4.2   The Borrower's financial statements delivered to the Lender pursuant
            to clause 1.2 of Appendix 4 below fairly present, in all material
            respects, its financial position and the result of its operations as
            to the date to which they were drawn up.

      4.3   After reasonable enquiry, the financial statements delivered to the
            Lender pursuant to clause 2 of Appendix 4 below fairly present, in
            all material respects, the financial position and the result of the
            operations of the Secured Asset to which those financial statements
            relate, as to the date to which they were drawn up.

5.    DISCLOSURE OF INFORMATION

      After reasonable enquiry all information supplied by or on behalf of the
      Borrower to the Lender was true in all material respects as at the date
      that it was supplied and the Borrower has not failed to disclose to the
      Lender any material information known to it relating to the Borrower and
      the Secured Assets.

                                 Page 64 of 64
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                                   APPENDIX 4

                            INFORMATION UNDERTAKINGS

1.    BORROWER'S FINANCIAL STATEMENTS

      The Borrower shall, as soon as the same become available, but in any event
      -

      1.1   within 90 business days after the end of each of its Financial
            Years, deliver to the Lender its financial statements for such
            Financial Year;

      1.2   within 45 business days after the end of each quarter of each of its
            Financial Years, deliver to the Lender its un-audited financial
            statements for such period including cumulative year to date
            amounts, which financial statements shall:-

            1.2.1 show its income statement, balance sheet and cashflow
                  statements for such period, and

            1.2.2 accurately reflect the financial and operating results of the
                  Borrower's Stake in each of the Secured Assets.

2.    FINANCIAL STATEMENTS OF THE SECURED ASSETS

      The Borrower shall deliver to the Lender the financial statements of each
      Secured Asset Entity for each Financial Year, as soon as the same become
      available, but in any event the Borrower shall use it best endeavours to
      procure that such financial statements are delivered to the Lender within
      90 business days after the end of each of the Financial Years of each
      Secured Asset Entity.

3.    GENERAL REPORTING

      3.1   The Borrower shall provide the Lender and/or the Lender's Advisers
            with such financial and other information as the Lender or the
            Lender's Advisers may from time to time require, such information to
            include but not to be limited information regarding the financial
            condition, business and operations of the Borrower and the Secured
            Assets Entities as the Lender may reasonably request.

      3.2   Without limiting clause 3.1 in any way, if the Lender believes that
            there is or may be an Event of Default or Potential Event of
            Default, the Lender may appoint a person to investigate this. The
            Borrower agrees to co-operate with the person and to comply with
            every reasonable request they make. If there was an Event of Default
            or Potential Event of Default, the Borrower agrees to the Lender all
            costs in connection with the investigation.

                                 Page 65 of 75
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      3.3   The Borrower grants to the Lender and any of its nominated
            representatives the right to review all books and records (including
            computer records) held by third parties and which relate to the
            Borrower, the Secured Asset Entities and to any Finance Document and
            to which books and records the Borrower is entitled to have access
            to. The Borrower instructs and authorises such third parties to
            provide the Lender and any of its nominated representatives
            reasonable access to review such books and records held by the third
            party and any such information as the Lender may, at any time and
            from time to time, request. The Borrower waives any right of
            confidentiality which may exist to the extent necessary to allow
            disclosure of such books, records and information to the Lender and
            its nominated representatives, provided that the nominated
            representatives enter into a confidentiality undertaking in favour
            of the Borrower in accordance with the terms set out clause 46.14
            above.

4.    BANK STATEMENTS RELATING TO ACCOUNTS

      The Borrower shall provide the Lender, on a quarterly basis, with an
      extract of the cash books for all Accounts and the Borrower shall confirm
      that such cash books are reconciled to the Account Banks' statements.

5.    SHAREHOLDINGS

      The Borrower shall notify the Lender promptly upon becoming aware of any
      introduction of proposed new Shareholders or change or proposed change in
      the percentages of the shareholdings in the Borrower as set out in clause
      8 of Appendix 2 above or as most recently notified to the Lender in
      accordance with this clause 5 (as appropriate). For the avoidance of
      doubt, it is recorded that such notice shall not constitute consent by the
      Borrower to such change.

6.    PROPOSED AMENDMENTS AND LIKE MATTERS

      The Borrower shall promptly deliver to the Lender copies of all such
      proposed amendments, variations, modifications or waivers and proposals to
      cancel, suspend, terminate or revoke any of the terms or conditions of any
      of the Finance Documents of which it is aware where the Lender is not a
      party to such amendments, variations, modifications, waivers,
      cancellations, suspensions, terminations or revocation.

7.    NOTIFICATION OF INTENDED CLAIMS BY THE BORROWER

      7.1   The Borrower shall promptly notify the Lender if it believes it has
            a claim against any party to a Finance Document and shall provide
            the Lender with such further details as the Lender may require.

      7.2   In addition, the Borrower shall notify the Lender if the Borrower
            wishes to -

                                  Page 66 of 66
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            7.2.1 commence any litigation or dispute resolution procedure
                  against any other Person and shall state its estimate costs it
                  will incur in so doing;

            7.2.2 settle any litigation or (any dispute referred to any other
                  dispute resolution procedure) commenced by any other Person
                  and shall state the amount it wishes to pay in settlement;

            7.2.3 settle any claim for penalties or liquidated damages or other
                  damages or compensation;

            7.2.4 make any claim of more than USD 500 000,00 under any insurance
                  policy or the like taken out by the Borrower in respect of the
                  Secured Asset Entities; and/or

            7.2.5 settle any insurance claim where the amount originally claimed
                  is more than USD 500 000,00.

8.    NOTIFICATION OF CERTAIN IMPORTANT EVENTS

      8.1   The Borrower shall, within 10 business days after the occurrence
            thereof deliver a report to the Lender detailing any occurrence of -

            8.1.1 any fact or information which the Borrower considers in good
                  faith may adversely affect its ability to perform any of its
                  obligations under the Finance Documents;

            8.1.2 any action, litigation or administrative proceeding of or
                  before any court or tribunal involving a claim of more than
                  USD 500,000,00 instituted against the Borrower or its assets
                  or revenues;

            8.1.3 any breach of, or disputes under, any of the terms of any
                  documents relating to the acquisition of any Target or
                  relating to the Target itself;

            8.1.4 any Event of Default or Potential Event of Default.

      8.2   Upon receipt of a request to that effect from the Lender, confirm
            that, save as previously notified or as notified in such report, so
            far as it is aware after reasonable inquiry, no Event of Default or
            Potential Event of Default has occurred.

9.    NOTIFICATION OF ADDITIONAL ASSETS

      The Borrower shall notify the Lender promptly of:-

      9.1   its acquisition of any additional material assets; and

                                 Page 67 of 67
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      9.2   any material agreements to be entered into by it.

10.   PROPOSAL FOR REMEDYING POTENTIAL EVENT OF DEFAULT

      If the Lender is of the opinion that a Potential Event of Default has in
      fact occurred or will or could probably occur, the Lender shall notify the
      Borrower accordingly and the Borrower shall, if it does not intend to or
      cannot remedy the Potential Event of Default within 3 business days,
      provide the Lender, within the 3 business days, with a written proposal as
      to whether the event or events constitute a Potential Event of Default or
      not and/or what steps it proposes to take or has taken to prevent or
      remedy it or prevent such Potential Event of Default becoming an Event of
      Default.

11.   INSURANCES

      The Borrower shall at least annually and on the occurrence of any
      significant amendment to the terms thereof, provide the Lender with
      summary details of the insurance covers available to the Borrower in
      respect of its Stake in the Secured Assets.

12.   BUDGETS

      The Borrower shall deliver to the Lender, not later than 20 business days
      before the beginning of each of its financial years, a budget in respect
      of the Borrower and each of the Secured Asset, detailing as a minimum, the
      detailed cash flow projections and assumptions used for the forthcoming
      period of three years in respect of the Borrower's Stake in each of the
      Secured Asset Entities.

                                  Page 68 of 68
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                                   APPENDIX 5

                              POSITIVE UNDERTAKINGS

1.    HEDGING

      The Borrower shall implement and comply with such Hedging Arrangements as
      the Lender may reasonably require from time to time.

2.    FUNDING OF THE DEBT SERVICE ACCOUNT

      The Borrower shall ensure and procure that from Financing Closing until
      the Facilities Discharge Date the Debt Service Account is funded to the
      amount of the Debt Service Account Required Balance.

3.    ADDITIONAL SECURITY

      The Borrower shall, at its cost:

      3.1   notify the Lender in advance that ownership of any assets (including
            but not limited to any new Stakes in Targets) will pass to the
            Borrower, which assets could be used by the Borrower as security for
            the Lender's obligations under the Finance Documents;

      3.2   ensure that such assets are made available to the Lender as security
            before anyone else, provided that the Lender shall inform the
            Borrower within a reasonable time of its decision as to whether it
            wishes to use such assets as security;

      3.3   do all such things and sign all such documents as the Lender may
            require in order for the Lender to be granted an Encumbrance, of a
            type determined by the Lender, over the Borrower's right, title and
            interest in and to any new Stakes in Targets;

      3.4   if so requested by the Lender obtain Irrevocable Payment
            Instructions from Targets in which it has acquired a new Stake or
            from any Secured Asset Entities;

      3.5   if so requested by the Lender and as a result of any change in Law
            or if a new asset has been acquired over which the Lender wishes to
            take security, at the Borrower's cost and in form and substance
            satisfactory to the Lender, procure for the Lender a legal opinion
            in respect of the validity of any such Encumbrance; and

      3.6   subject to the Law, at the request of the Lender, do all such things
            and take all such steps as may be necessary for maintaining in full
            force and effect the Security.

                                 Page 69 of 75
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APPENDIX 5                                                        EXECUTION COPY

4.    COMPLIANCE WITH THE LAW

      The Borrower shall comply with the Law in the performance of its
      obligations under Finance Documents to which it is a party.

      The Borrower shall pay all Taxes due from it or against its assets and the
      Borrower shall timeously file all tax returns required to be filed by it.

5.    MAINTENANCE OF INCORPOREAL, INTELLECTUAL PROPERTY AND OTHER RIGHTS

      The Borrower shall comply with the terms of and do all that is necessary
      to maintain in full force and effect all rights necessary for the conduct
      of its business at the time that such rights are required in respect of
      the conduct of its business including, without limitation, any
      intellectual property rights and the Borrower shall ensure that the
      trading methods and style used by it including any patents, designs, trade
      marks and the like applied in connection with its business or services do
      not constitute an infringement of the rights of any other Person.

6.    INSURANCES

      The Borrower shall ensure that adequate insurance are provided (either by
      itself or by the entities managing the Secured Assets) in respect of the
      Borrower's interests in the Secured Assets.

7.    ACCOUNTING

      The Borrower shall:

      7.1   maintain accounting, management information, financial modelling and
            cost control systems in accordance with good industry practice; and

      7.2   procure that such systems and its statutory books, books of account
            and other records together are adequate to reflect truly and fairly
            its financial condition, the results of its operations and to
            provide the reports required to be delivered pursuant to this CTA;
            and

      7.3   should the Lender have any queries relating to the Borrower's
            financial statements or accounting records or any certificate given
            by the Auditors in relation thereto, at the request of the Lender,
            procure that the Auditors (whose fees and expenses shall be for the
            Borrower's account) respond directly to those queries to the Lender
            (or any representative(s) nominated by it).

8.    PROTECTION OF RIGHTS IN FINANCE DOCUMENTS

                                 Page 70 of 70
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      The Borrower shall promptly take all such appropriate action to protect,
      preserve and maintain its rights, title and interest in, and to the
      Finance Documents to which it is a party.

9.    ACCESS

      The Borrower shall, upon the request of the Lender with prior notice,
      permit representatives of the Lender, including, without limitation, the
      Lender's Advisers, during normal office hours, to

      9.1   visit and inspect any of the premises where the Borrower's business
            is conducted; and

      9.2   have access to (and copies of) the Borrower's books of accounts and
            records.

10.   CO-OPERATION WITH LENDER'S ADVISERS

      The Borrower shall take all reasonable steps to co-operate with the
      Lender's Advisers and to respond to the Lender's Advisers reasonable
      requests.

                                  Page 71 of 71
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                                   APPENDIX 6

                              NEGATIVE UNDERTAKINGS

1.    ISSUES OF SHARES

      The Borrower shall not:

      1.1   issue any further Shares (other than as permitted by the Finance
            Documents (including as contemplated by this clause 1.1));

      1.2   buy-back, record the transfer, purchase, cancel or redeem any
            Shares;

      1.3   alter any rights in existence at the date hereof attaching to the
            Shares;

      1.4   alter nor agree to alter any terms of any loans by the Shareholder
            or any of its affiliated companies, including the subordination
            thereof in favour of the Lender.

      An affiliated company in relation to the Shareholder means any:-

      a)    subsidiary or holding company of that Shareholder; or

      b)    a subsidiary of that Shareholder's holding company;

      c)    any company that, indirectly or directly Controls that Shareholder,
            or any company that directly or indirectly is Controlled by that
            Shareholder.

      "Control" in relation to a company means:

      i)    having the beneficial ownership of more than 50% of the voting
            shares of that company; or

      ii)   the right, directly or indirectly, to exercise more than half the
            voting rights in respect of the issued shares of that company; or

      iii)  the power to appoint, and remove, the majority of the board of
            directors of that company; or

      iv)   the power, through appointees to the board of directors of that
            company, to exercise more than 50% of the votes exercisable by
            directors of that company.

      and "Controlled" has a corresponding meaning;

2.    DISPOSAL

                                 Page 72 of 75
<PAGE>

APPENDIX 6                                                        EXECUTION COPY

      The Borrower shall not sell, lease, licence, transfer, cede, lend or
      otherwise dispose of, or cease to exercise direct control of, or create
      any Encumbrance in respect of, by one or more transactions or series of
      transactions (whether related or not), the whole or any part of the
      Secured Assets.

3.    INDEBTEDNESS

      The Borrower shall not incur, assume, or permit to exist any Indebtedness
      except for Indebtedness which is contractually subordinated to the Lender.

4.    MAINTENANCE OF STATUS

      The Borrower shall not undertake or permit any merger, consolidation or
      change the jurisdiction of its incorporation.

5.    NO LITIGATION

      The Lender shall have received written confirmation from the Borrower that
      no action, litigation or administrative proceedings are pending or
      threatened against the Borrower, which is reasonably likely to have a
      Material Adverse Effect on the Borrower.

6.    BUSINESS

      The Borrower shall not cease, or threaten to cease, to carry on all or any
      substantial part of its business as at Financial Closing.

7.    LOANS, GUARANTEES AND SURETYSHIPS

      The Borrower shall not make any loan or give any suretyship, guarantee,
      indemnity or other assurance against financial loss in respect of the
      indebtedness of another Person or provide any other form of credit or make
      any deposit with any Person (each such transaction a "credit") except for:

      7.1   credit required to be provided under or permitted by the Finance
            Documents to which it is a party;

      7.2   credit provided, in the ordinary course of carrying on its business
            and on normal trade terms, to suppliers and customers; or

      7.3   deposits made in the Accounts in accordance with the Finance
            Documents.

8.    IMMUNITY

      The Borrower shall not in any proceedings in relation to any of the
      Finance Documents to which it is a party, claim for itself or any of its
      assets or revenues, immunity from suit, execution, attachment or other
      legal process.

9.    SURRENDER OF TAX RELIEF

                                 Page 73 of 73
<PAGE>

APPENDIX 6                                                        EXECUTION COPY

      The Borrower shall not agree to surrender or dispose of, nor surrender nor
      dispose of, to any third party, any credit, losses, allowances,
      concessions, discharges, or other relief or right of repayment available
      to it in respect of Taxes.

                                 Page 74 of 74
<PAGE>

APPENDIX 7                                                        EXECUTION COPY

                                   APPENDIX 7

                             FORMALITIES CERTIFICATE

To: [The Lender]

We [ ______ ] and [ ______ ] being respectively a director and secretary of
[_______________________] ("the Company") being duly authorised by the Company
to deliver this certificate hereby make the certifications contained in this
Appendix 7 to the Common Terms Agreement dated [________].

Terms not otherwise defined herein shall have the meanings ascribed to them in
that Common Terms Agreement.

1.    COMPANY DOCUMENTS

      Attached hereto marked "A", "B", "C" and "D" respectively, are true,
      complete and current copies of:

      1.1   the Certificate of Incorporation of the Company;

      1.2   all Certificates of Incorporation on Change of Name of the Company
            (if any); and

      1.3   the Memorandum and Articles of Association of the Company.

2.    BOARD RESOLUTIONS

      Attached hereto marked "E" is a true copy of the minutes of a Meeting of
      the Board of Directors of the Company duly convened and held, during which
      a quorum was present throughout, recording resolutions passed at such
      meeting (which resolutions are in full force and effect and have not been
      rescinded or varied and which resolutions are in a form previously
      approved by your legal advisers) and which approve the execution and
      performance by the Company of the Finance Documents to which it is a party
      and all transactions contemplated thereby.

3.    AUTHORISED SIGNATORIES

      The following signatures are the specimen signatures of the persons
      authorised by resolution of the board of directors of the Company to
      execute the Finance Documents to which it is a party and all other
      documents and notices required in connection therewith:

                                 Page 75 of 75
<PAGE>

APPENDIX 7                                                        EXECUTION COPY

          NAME                      POSITION                      SIGNATURE

4.    NO BREACH

      We have examined the terms of all loan agreements and similar borrowing
      instruments together with our memorandum and articles of association and
      all other relevant instruments and agreements to which the Company is a
      party ("Relevant Documents") and we can confirm to you that the drawing by
      the Company of all sums capable of being drawn under this Common Terms
      Agreement and the Facility Agreements ("the Maximum Drawings") will not
      infringe the terms of the relevant documents and that the borrowing of the
      Maximum Drawings when aggregated with any other Financial Indebtedness of
      the Company.

      4.1   Will be within the corporate powers of the Company; and

      4.2   Does not or will not cause any limit or restriction on any of the
            powers of the Company to be exceeded (whether contained in any
            relevant documents or otherwise) or the right or ability of the
            directors of the Company to exercise such powers

5.    NO EVENTS OF DEFAULT

      We have carefully studied the provisions of the Finance Documents
      (including section 7 of the Common Terms Agreement) and, having made all
      due enquiries, can confirm to you that as at the date of this Certificate
      no Event of Default or Potential Event of Default has occurred or is
      continuing and the Company is in full compliance with its obligations
      under each of the Finance Documents to which it is a party.

Signed      ______________________

DIRECTOR

Date:

Signed      ______________________

SECRETARY

Date:

                                 Page 76 of 76
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.80
<SEQUENCE>19
<FILENAME>u07700exv4w80.txt
<DESCRIPTION>FACILITY A LOAN AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.80

                            FACILITY A LOAN AGREEMENT

                                     BETWEEN

                        INVESTEC BANK (MAURITIUS) LIMITED

                                (as the "Lender")

                                       AND

                            DRD (ISLE OF MAN) LIMITED

                               (as the "Borrower")

<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

                                    CONTENTS

1.  DEFINITIONS........................................................    3
2.  INCONSISTENCY......................................................    6
3.  CONDITIONS.........................................................    6
4.  FACILITY...........................................................    6
5.  PURPOSE............................................................    6
    5.1  NON GENERAL OFFER.............................................    7
    5.2  GENERAL OFFER.................................................    7
    5.3  RIGHTS OFFER..................................................    7
    5.4  OTHER.........................................................    7
6.  CONDITIONS PRECEDENT TO DRAWDOWNS..................................    7
7.  DRAWDOWNS..........................................................    8
8.  INTEREST...........................................................    9
    8.1  INTEREST PERIODS..............................................   10
    8.2  ACCRUAL AND RATE OF INTEREST..................................   10
    8.3  PAYMENT OF INTEREST...........................................   11
    8.4  MISCELLANEOUS.................................................   11
9.  REPAYMENT OF CAPITAL...............................................   11
10. CANCELLATION.......................................................   12
11. COMMITMENT AND DRAWDOWN FEES.......................................   13
    11.1 COMMITMENT FEE................................................   13
    11.2 DRAWDOWN FEE..................................................   14
12. PREPAYMENTS........................................................   14
    12.1 VOLUNTARY PREPAYMENTS.........................................   14
    12.2 MANDATORY PREPAYMENTS.........................................   14
13. CHANGES TO THE CALCULATION OF INTEREST.............................   15
    13.1 ABSENCE OF QUOTATIONS.........................................   15
    13.2 MARKET DISRUPTION.............................................   15

APPENDIX 1.............................................................   19
DRAWING NOTICE.........................................................   19

APPENDIX 2.............................................................   20
CONDITIONS PRECEDENT TO AN ADVANCE.....................................   20

APPENDIX 3.............................................................   22
CAPITAL REPAYMENTS.....................................................   22

                                  Page 2 of 22
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

                            FACILITY A LOAN AGREEMENT

1.    DEFINITIONS

      Unless otherwise expressly stated, or the context otherwise requires, the
      words and expressions listed below shall, when used in this Agreement,
      including this introduction, bear the meanings ascribed to them:

      1.1   "Advance" means each principal/capital amount made available to the
            Borrower under this Agreement by way of loan;

      1.2   "Agreement" means mean this Facility A Agreement together with all
            Appendices hereto, as read and implemented together with the CTA;

      1.3   "Availability Period" means the availability period for this
            Facility A, being a period of 36 months calculated from Financial
            Closing;

      1.4   "Available Facility" means the maximum aggregate principal amount of
            this Facility mentioned in clause 4 less the aggregate of all
            Advances made under this Agreement, adjusted, in the case of any
            proposed Advance, so as to take into account:

            1.4.1 any Advance, which pursuant to any other drawdown, is to be
                  made;

            1.4.2 any Advance which has been repaid,

            on or before the proposed Drawing Date of such proposed Advance;

      1.5   "Bank Costs" means the costs to the Lender from time to time of
            maintaining or funding this Facility A pursuant to any applicable
            regulatory or other applicable law (including without limitation
            thereto, any stamp duty as well as costs incurred in order to comply
            with any reserve cash ratio, special deposit, liquidity, capital
            adequacy requirements or any other similar requirements), expressed
            as a nominal annual compounded quarterly in arrears rate, and a
            certificate given by a manager of the said bank (whose appointment
            and designation need not be proved) of the amount of such costs
            and/or the amount of such rate shall be prima facie proof of its
            contents;

      1.6   "Capital Repayment Date" means those dates named as such and as set
            out in Appendix 3, as inserted into this Agreement by the Lender on
            or about the first Drawing Date, and amended from time to time by
            the Lender in accordance with clause 9;

                                  Page 3 of 3
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

      1.7   "CTA" means the written Common Terms Agreement so entitled between
            the Borrower and the Lender, and entered into between them on or
            about 13 October 2004;

      1.8   "Distributions" means any payment by or on behalf of the Borrower to
            or for the account of the Shareholder or any person which controls
            or is controlled by the Shareholder, such payments to include but
            not be limited to dividends, payments on loan account, and payments
            due to the Shareholder being any other form of creditor;

      1.9   "Drawing Date" means the business day upon which any Advance is made
            or to be made in terms of this Agreement, as the context may
            require;

      1.10  "Drawing Notice" means a notice as envisaged in clause 7 below, duly
            completed and signed by the Borrower in the form of Appendix 1;

      1.11  "Facility A" means this facility denominated in US Dollars, the
            terms and conditions of which are set out in this Agreement;

      1.12  "Final Repayment Date" means the date which is exactly 36 months
            from the Drawing Date of the first Advance;

      1.13  "General Offer" means an offer made to the general body of
            shareholders in a Target, which offer is required by the rules of
            all the recognised stock exchanges on which those shares are traded,
            due to the Borrower wishing to acquire shares of the Target in
            excess of a threshold stipulated by that exchange;

      1.14  "Interest Payment Date" means the last day of the Interest Period in
            which such interest accrued;

      1.15  "Interest Period" means each period determined in accordance with
            clause 8.1 in respect of this Facility, for the purpose of
            calculating interest on Advances or overdue amounts;

      1.16  "Interest Rate" in relation to each Interest Period, means the rate
            per annum determined by the Lender to be the aggregate of:-

            1.16.1 the Margin; and

            1.16.2 LIBOR for the Interest Period,

            which aggregate, subject to clause 13 below and clauses 41 and 42 of
            the CTA, includes the Lender's recovery of Bank Costs in the amount
            determined as at Financial Closing;

      1.17  "LIBOR" means in relation to any amount owed by the Borrower
            hereunder on which interest for a given period is to accrue:

                                  Page 4 of 4
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

            1.17.1 the arithmetic mean, rounded upward to the nearest four
                   decimal places of the rates for deposits in US Dollars for a
                   period and an amount similar to the relevant amount and
                   period in respect of which the interest is being calculated
                   on the Quotation Date, which is published on the Reuters page
                   LIBOR01 page (or such other page or service as may replace it
                   for the purpose of displaying London interbank offered rates
                   of prime banks for deposits in such currency) at or about
                   11h00 London time on the Quotation Date; or

            1.17.2 if no quotation for US Dollars is displayed for the relevant
                   period, the arithmetic mean (rounded upwards to four decimal
                   places) of the rates quoted to the Lender by the Reference
                   Banks in the London Interbank Market for deposits in US
                   Dollars for such period at or about 11h00 on the Quotation
                   Date for such period;

      1.18  "Loan Principal A" means:-

            1.18.1 in respect of any period, the aggregate, in that period, of
                   Advances made under this Agreement, and,

            1.18.2 in respect of any date, the aggregate amount of the Advances
                   under this Agreements on that date,

            which have not been paid by the Borrower to the Lender;

      1.19  "Margin" means 3,00%, a nominal annual compounded quarterly rate;

      1.20  "next" means coming immediately after the present one in time or
             order;

      1.21  "Quotation Date" means the day two business days before the first
            day of the Interest Period for which an Interest Rate is to be
            determined in accordance with clause 8.1, and if such day is not a
            business day then the first preceding business day to that day shall
            be used;

      1.22  "Reference Banks" the principal London offices of any three banks,
            chosen by the Lender, who contributed at some time during the then
            recent past to the rate fixing shown on the Reuters page LIBO (or
            such other page as may replace it from time to time);

      1.23  "Repeating Warranties" means the warranties listed in Appendix 2 of
            the CTA;

      1.24  "Signature Date" means the date on which the last party signed this
            Agreement.

                                  Page 5 of 5
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

2.    INCONSISTENCY

      2.1   This Agreement and the rights and obligations of the parties hereto,
            save for the definitions contained in clause 1 hereof, shall in all
            respects be subject to the terms and conditions of the CTA. Unless
            other wise expressly stated, in the event of any conflict between
            the provisions of this Agreement and the CTA, the inconsistency
            shall be resolved in favour of the CTA to the extent of the
            inconsistency.

      2.2   Unless inconsistent with the context, any word or expression used in
            this Agreement and not otherwise defined in this Agreement, shall
            have the meaning ascribed to it in the CTA.

3.    CONDITIONS

      3.1   This Facility A shall not be made available until the Lender has
            notified the Borrower pursuant to clause 13.2 [Conditions] of the
            CTA that all the conditions precedent referred to in clauses 13.1.1
            to 13.1.3 thereof have been fulfilled or waived.

      3.2   The obligation of the Lenders to make any Advance is subject (in
            addition to the satisfaction of the Conditions Precedent referred to
            in 3.1 above) to the satisfaction of the Lender that the specific
            conditions referred to in clause 6 below have been met or waived and
            that a Draw Stop Notice which has been issued in terms of clause
            36.5 [Draw Stop Notices] of the CTA or clause 6, has been withdrawn.

4.    FACILITY

      4.1   Subject to the terms and conditions of this Agreement, the Lender
            agrees to make available to the Borrower a senior term loan facility
            for a maximum aggregate principal amount of USD 15 million (the
            "Facility A Amount").

      4.2   The Facility A Amount shall be subject to regular annual review
            between the parties, and it shall also be so reviewed should the
            Secured Assets be extended to include Stakes in Targets acquired by
            the Borrower pursuant to clause 3 of Appendix 5 to the CTA.

5.    PURPOSE

      Drawdowns may be requested and Advances made under this Agreement only
      during the Availability Period and only to finance the expenditure of the
      Borrower in respect of the following:

                                  Page 6 of 6
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

      5.1   NON GENERAL OFFER

            This Facility A may be used to fund the purchase by the Borrower of
            a Stake in Targets, other than by way of a General Offer.

      5.2   GENERAL OFFER

            An Advance under this Facility A and an Advance under the Facility B
            Loan Agreement (if so agreed) may be used to support a General Offer
            to the shareholder of the Target, (whether such General Offer is in
            the form of cash or a cash alternative to a scrip offer), provided
            that prior to any such Advance hereunder the Lender and the Borrower
            have agreed in writing to the conditions of the General Offer.

      5.3   RIGHTS OFFER

            This Facility A may used to enable the Borrower to exercise its
            rights by underwriting and/or subscribing for Stakes in Targets
            pursuant to rights offers made by such Targets.

      5.4   OTHER

            This Facility A may be used for any other purpose with the prior
            written consent of the Lender.

6.    CONDITIONS PRECEDENT TO DRAWDOWNS

      6.1   The obligation of the Lender to make any Advance under this
            Agreement is subject to the Lender having received the requisite
            Drawing Notice and being satisfied on each Drawing Date of the
            specific conditions provided for in Appendix 2.

      6.2   The Lender shall be entitled to -

            6.2.1 extend the relevant period for fulfilment of any or all of the
                  conditions; and

            6.2.2 waive fulfilment of any or all of the conditions.

            The conditions contained in clause 6.1 are expressed to be for the
            sole benefit of the Lender.

      6.3   The Lender shall, within 3 business days of receipt of the requisite
            Drawing Notice notify the Borrower whether or not it is satisfied
            that the conditions precedents referred to in clause 6.1 above have
            been fulfilled or waived and such conditions shall only be
            considered to have been fulfilled or waived when such notice is
            given.

                                  Page 7 of 7
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

      6.4   Draw Stop

            In the event that the conditions provided for in Appendix 2 have not
            been fulfilled or waived, the Lender's obligations under this
            Agreement to honour any Drawing Notice or make any Advance shall be
            suspended.

7.    DRAWDOWNS

      7.1   Subject to the provisions of this Agreement and to the specific
            conditions precedent referred to in clause 6 of this Agreement, this
            Agreement may be drawn down in whole or in part during the
            Availability Period and an Advance will be made by the Lender to the
            Borrower provided that:-

            7.1.1 No later than 11 a.m. (Mauritius time) on the fifth business
                  day prior to the proposed Drawing Date, the Lender has
                  received a completed Drawing Notice signed by the Borrower;
                  and

            7.1.2 Subject to the provisions of 7.7, the first Drawing Date
                  specified for this Agreement is a date which occurs no later
                  than 31 December 2004; and

            7.1.3 The proposed date for the making of such Advance is a Business
                  Day within the Availability Period but not within the last
                  three months of the Availability Period; and

            7.1.4 No more than two Advances will be made by the Lender to the
                  Borrower during any 1 (One) calendar month (for this 7.1.4, a
                  calendar month being a period extending from the first to the
                  last day, both days inclusive, of any one of the 12 months of
                  the year); and

            7.1.5 the proposed amount of the Advance is:-

                  7.1.5.1 if less than the Available Facility an amount in
                          multiples of USD 100 000,00 (one hundred thousand)
                          with a minimum amount of USD 500 000,00 (five hundred
                          thousand); or

                  7.1.5.2 equal to the amount of the Available Facility; and

            7.1.6 A letter signed by the Borrower and confirming that the
                  conditions to draw down referred to in Appendix 2 of this
                  Agreement have been met, is attached to the Drawing Notice;
                  and

            7.1.7 None of the events mentioned in clause 13.3 (market
                  disruption) shall have occurred; and

                                  Page 8 of 8
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

            7.1.8 On and as of the proposed date for the making of the Advance:-

                  7.1.8.1 No Event of Default or Potential Event of Default is
                          continuing; and

                  7.1.8.2 The Repeating Warranties are true in all material
                          respects.

      7.2   All requests for Advances shall be denominated in US Dollars.

      7.3   The Lender may validly act on all information, instructions and
            requests contained in the Drawdown Notice, without any liability or
            responsibility to verify or check the accuracy of such information.

      7.4   In the event of the provisions of clause 7.1 not being complied with
            the Lender may issue a Draw Stop Notice and furnish a copy thereof
            to the Borrower.

      7.5   Subject to the issue of a Draw Stop Notice, a Drawing Notice shall
            be irrevocable and, unless otherwise provided for in this Agreement,
            the Borrower shall draw the Advance on the Drawing Date specified in
            the Drawing Notice and, subject to the terms of this Agreement, the
            Lender shall be obliged to make the relevant Advance on such date.

      7.6   All Advances drawn under this Facility shall, in the absence of an
            express written agreement between the Borrower and the Lender to the
            contrary or if this Agreement provides to the contrary, be paid
            directly to the Proceeds Account on the relevant Drawing Date.

      7.7   If the first drawdown under this Agreement does not occur within 6
            months of Financial Closing, this Agreement shall, in the sole
            discretion of the Lender, be cancelled.

      7.8   Any amounts available but undrawn under this Agreement at the end of
            the Availability Period shall automatically be cancelled.

      7.9   The Lender shall be entitled in its discretion to deduct the
            commitment and facility fees due and payable in terms of clause 11
            and any other costs or charges due and payable by the Borrower to
            the Lender from each Advance. Upon deduction the Lender shall
            deliver to the Borrower a VAT invoice from the Lender in respect of
            the commitment and/or facility fees or other costs and charges
            deducted.

8.    INTEREST

                                  Page 9 of 9
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

      8.1   INTEREST PERIODS

            The following provisions shall apply to the Interest Periods for
            each Advance:

            8.1.1 subject to clause 8.1.3 below, each Interest Period shall be 3
                  months (as defined in clause 2.51 of the CTA);

            8.1.2 the first Interest Period shall commence on the date on which
                  the an Advance is made and each successive Interest Period
                  shall commence on the last day of the previous one;

            8.1.3 the Lender may at any time upon 7 business days' prior written
                  notice to Borrower reduce any Interest Period by such period
                  as the Lender may determine, provided that the Lender will
                  only do so in order to match the Interest Periods with the
                  interest periods in respect of the other Advances made in
                  terms of this Agreement;

            8.1.4 the last Interest Period shall end on the Facility Discharge
                  Date;

            8.1.5 any Interest Period which would otherwise end on a non-
                  business day, shall end on the next succeeding business day or
                  if that business day falls in the next calendar month of the
                  year, on the preceding business day.

      8.2   ACCRUAL AND RATE OF INTEREST

            8.2.1 Interest in terms of this Agreement shall accrue on each
                  Advance at the Interest Rate, from the Drawing Date of each
                  Advance until the amount is repaid by the Borrower.

            8.2.2 Interest under this Agreement shall:-

                  8.2.2.1 accrue from day to day on the Loan Principal A
                          (without double accounting in terms of clause 8.2.1)
                          and at the Interest Rate then applicable to the
                          Interest Period in question;

                  8.2.2.2 be calculated on the daily balance of the Loan
                          Principal A in accordance with clause 46.3 of the CTA;

                  8.2.2.3 each Interest Period shall have its own Interest Rate
                          which shall be calculated on the Quotation Date.

                                  Page 10 of 10
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

      8.3   PAYMENT OF INTEREST

            The interest referred to in 8.2 shall be payable in arrears on the
            Interest Payment Date in respect of the relevant Interest Period.
            The first Interest Payment Date shall be on the last day of the
            first Interest Period, and interest shall be paid for each and every
            Interest Period.

      8.4   MISCELLANEOUS

            The Lender shall from time to time notify Borrower of:

            8.4.1 the rate of interest (together with details of the calculation
                  thereof), as soon as it is determined under this Agreement;
                  and

            8.4.2 the amount of interest payable under this Agreement on each
                  Interest Payment Date (together with details of the
                  calculation thereof), no earlier than 9 and no later than 3
                  Business Days prior to such Interest Payment Date;

            provided that the Lender shall not be liable to Borrower in respect
            of any failure so to notify Borrower and that Borrower shall not as
            a result of any such failure be relieved of any of its obligations
            hereunder.

9.    REPAYMENT OF CAPITAL

      9.1   The Borrower shall pay the Loan Principal A to the Lender as
            follows:-

            9.1.1 Each Advance shall be repaid in equal instalments every three
                  months from the Drawing Date of that Advance so that the
                  amount of the Advance is paid in full to the Lender by the
                  Final Repayment Date. The final instalment of each and every
                  Advance shall be paid on the Final Repayment Date,
                  notwithstanding that the period between the previous Capital
                  Repayment Date and the Final Repayment Date may be less than
                  three months.

            9.1.2 All obligations in respect of this Facility A (both capital
                  and interest) shall be settled in full by no later than the
                  Final Repayment Date.

            9.1.3 All payments to the Lender shall be made in US Dollars and
                  shall be made from the Debt Service Account, as stated in the
                  CTA. To the extent that the Debt Service Account has
                  insufficient funds in it to meet any obligation due and
                  payable to the Lender, then any payments made by the Borrower
                  to meet that insufficiency shall be made into an account
                  designated by the Lender. For the avoidance of doubt, it is
                  recorded that a shortfall in the Debt Service Account shall
                  not excuse the

                                  Page 11 of 11
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

                  Borrower from making payment of amounts due to the Borrower.

      9.2   The Lender shall from time to time notify the Borrower of the
            Capital Repayment Dates of each Advance and the amount of each
            repayment of capital of that Advance to be paid on each such day, by
            providing the Borrower with an amended Appendix 3 (amended in
            accordance with the provisions of this clause 9). The Lender shall
            not be liable to the Borrower in respect of any failure so to notify
            the Borrower and that the Borrower shall not as a result of any such
            failure be relieved of any of its obligations hereunder. The first
            such Appendix 3 shall be compiled by the Lender and shall be
            appended to this Agreement after the Drawing Date of the first
            Advance hereunder.

      9.3   The provisions of clause 46.4 (certificates) of the CTA shall apply
            to Appendix 3 as provided by the Lender from time to time.

      9.4   Any capital amount paid or prepaid by the Borrower under this
            Agreement shall be available to be drawn again by the Borrower in
            compliance with the terms and conditions of clause 7.

      9.5   Notwithstanding the aforegoing or any provisions to the contrary in
            any Finance Document:-

            9.5.1 If the Lender is of the reasonable opinion that the ability of
                  the Secured Assets to provide revenue to the Borrower to
                  service the payment of capital or interest under this
                  Agreement (whether such capital or interest is due or payable
                  or not) is impaired or prejudiced or lessened in value for any
                  reason, the Lender may upon notice to the Borrower claim
                  immediate payment by the Borrower of all amounts (including,
                  without limitation, all principal, interest, costs, charges,
                  Breakage Costs) owing (whether due or payable or not) by the
                  Borrower to the Lender, all of which shall be and become
                  forthwith due and payable;

            9.5.2 upon giving the notice mentioned in clause 9.5.1, any undrawn
                  part of this Facility A shall then automatically be cancelled
                  and the Borrower shall, on demand, pay to the Lender, the
                  amount of any Breakage Costs occasioned by such cancellation;
                  and

            9.5.3 once the amount mentioned in clause 9.5.1 is repaid, it shall
                  not be available to be drawn again by the Borrower.

10.   CANCELLATION

      10.1  The Borrower shall not be entitled to cancel any part of this
            Facility A otherwise than as specifically provided in this
            Agreement.

                                  Page 12 of 12
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

      10.2  The Borrower may cancel the undrawn part of this Facility A in
            respect of which no Drawing Notice has been served, without penalty,
            in whole or in part, at any time provided that:

            10.2.1 the Borrower shall, on demand, make payment of any Breakage
                   Costs; and

            10.2.2 the Borrower has given the Lender not less than 5 (five)
                   Business Days' notice stating the principal amount to be
                   cancelled.

      10.3  During the 5 (five) day period referred to in clause 10.2.2 above
            the Borrower may not serve a Drawing Notice purporting to draw all
            or any part of the amount which is the subject of such notice of
            cancellation.

      10.4  Any amounts available but not drawn down under this Facility A at
            the end of the Availability Period shall automatically be cancelled
            and the Borrower shall, on demand, pay to the Lender the amount of
            any Breakage Costs occasioned by such cancellation.

      10.5  Any cancellation notice served under clause 10.2.2 above shall be
            irrevocable. No amount cancelled under this clause 10 shall again be
            available for drawing, save as stated in clause 10.6

      10.6  The Borrower shall be entitled to request of the Lender that any
            amount of this Facility A which has been cancelled, be re-activated
            again so that it again becomes available for drawing on the terms
            and conditions stated in this Agreement. The Lender shall notify the
            Borrower should it agree to this request, it being recorded that
            decision to grant such consent shall be in the Lender's sole
            discretion.

11.   COMMITMENT AND DRAWDOWN FEES

      11.1  COMMITMENT FEE

            11.1.1 During the Availability Period, the Borrower shall pay to the
                   Lender for the account of the Lender a commitment fee which
                   shall be:

                  11.1.1.1 calculated from the Signature Date, on a 360 day year
                           and on the basis of actual days elapsed, , at the
                           rate of 1.25% per annum of the daily undrawn and
                           uncancelled balance of this Facility A; and

                  11.1.1.2 be paid quarterly in arrears- that is on the first
                           day of each and every January, April, July and
                           October for so long as this fee is due, with the
                           first payment

                                  Page 13 of 13
<PAGE>


FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

                           being made at the end of the first quarter following
                           the Signature Date.

            11.1.2 The Commitment Fee shall not be payable in respect of any
                   part of this Facility A which is cancelled in terms of clause
                   10, but shall be payable again if any part of the Facility A
                   is re-activated in terms of clause 10.6.

      11.2  DRAWDOWN FEE

            On the Drawing Date of each Advance, the Borrower shall pay to the
            Lender, for the account of the Lender, a drawdown fee equal to 1% of
            the amount drawn (or irrevocably committed by the Lender).

12.   PREPAYMENTS

      12.1  VOLUNTARY PREPAYMENTS

            12.1.1 The Borrower may elect to prepay the whole or any portion of
                   the Loan Principal A provided that:

                  12.1.1.1 The Borrower shall notify the Lender of its proposed
                           prepayment no later than ten business days prior to
                           the proposed prepayment date;

                  12.1.1.2 Such prepayment shall be effected in a minimum
                           principal amount of USD one million;

                  12.1.1.3 All interest accrued (whether or not then due and
                           payable) in respect of the capital/principal amount
                           prepaid shall than become due and payable and shall
                           be paid together with the capital/principal amount
                           prepaid;

                  12.1.1.4 Such prepayments shall be applied to reduce the Loan
                           Principal A in inverse order of maturity.

            12.1.2 Any notice of prepayment given by the Borrower pursuant to
                   clause 12.1.1 immediately above shall be irrevocable and
                   shall specify the proposed prepayment date and the amount of
                   such prepayment.

      12.2  MANDATORY PREPAYMENTS

            12.2.1 Should the Borrower intend to make any Distributions:-

                                  Page 14 of 14
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

                  12.2.1.1 The Borrower shall immediately inform the Lender
                           thereof and the amount of the Distributions to be
                           made;

                  12.2.1.2 The Lender shall be entitled to require the Borrower
                           on notice, as a prepayment of a portion of the Loan
                           Principal A, to pay to it an amount equal to 50% of
                           the said Distributions, such amount to be paid on
                           the same day as the said Distributions or if the
                           Lender's aforesaid notice is given after such
                           payment date, on demand.

            12.2.2 Payments to the Lender under this clause 12.2 shall have the
                   same effect as if made pursuant to clause 12.1.

13.   CHANGES TO THE CALCULATION OF INTEREST

      13.1  ABSENCE OF QUOTATIONS

            Subject to clause 13.2 (Market disruption), if LIBOR is to be
            determined by reference to the Reference Banks but a Reference Bank
            does not supply a quotation by the time specified in clause 1.17 on
            the Quotation Day, the applicable LIBOR shall be determined on the
            basis of the quotations of the remaining Reference Banks.

      13.2  MARKET DISRUPTION

            13.2.1 In this Agreement "Market Disruption Event" means:

                  13.2.1.1 At or about 11:00 am, London time, on the Quotation
                           Day for the relevant Interest Period LIBOR is not
                           available on the Reuters page LIBOR01 page (or such
                           other page or service as may replace it for the
                           purpose of displaying London interbank offered rates
                           of prime banks for deposits in such currency) and
                           none or only one of the Reference Banks supplies a
                           rate to the Lender to determine LIBOR for dollars
                           for the relevant Interest Period; or

                  13.2.1.2 Before close of business in London on the Quotation
                           Day for the relevant Interest Period, the Lender
                           discovers that:-

                           13.2.1.2.1 the cost to it of obtaining matching
                                      deposits in the London interbank market
                                      be in excess of LIBOR; or

                                  Page 15 of 15
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

                           13.2.1.2.2 matching deposits in Dollars are not in
                                      the ordinary course of business available
                                      to the Lender in the London inter-bank
                                      market for a period equal to the
                                      forthcoming Interest Period, in amounts
                                      sufficient to fund its participation in
                                      the Loan Principal A and/or the
                                      forthcoming Advance.

      13.3  If a Market Disruption Event occurs in relation to the loan advanced
            in terms of this Agreement for any Interest Period, then

            13.3.1 the Lender shall notify the Borrower of such event and such
                   proposed Advance and any further Advances shall not be made;

            13.3.2 the Rate of Interest on the Loan Principal A for the Interest
                   Period shall be (notwithstanding any provision to the
                   contrary) the rate (expressed as a nacq rate) which is the
                   aggregate of:-

                  13.3.2.1 The Margin (inclusive of Bank Costs); and

                  13.3.2.2 The rate notified to the Borrower by the Lender as
                           soon as is practicable and in any event before
                           interest is due to be paid in respect of that
                           Interest Period, to be that which expresses as a
                           percentage rate per annum the cost to the Lender of
                           funding that Advance and/or the Loan Principal A
                           from whatever source it may reasonably select;

            13.3.3 the parties shall proceed to resolve the matter in terms of
                   clause 13.4 or clause 13.5, if they so require.

      13.4  If the Lender or the Borrower so requires, the Lender and the
            Borrower shall enter into negotiations with a view to agreeing a
            substitute basis for determining the rates of interest payable for
            that Interest Period. Any such substitute basis that is so agreed
            shall take effect in accordance with its terms and be binding on the
            parties.

      13.5  If the Lender and the Borrower fail to agree a substitute basis as
            mentioned in clause 13.4, within 25 days of them being so required
            to do, then if the Borrower gives the Lender not less than 10 (ten)
            business days' notice (which notice shall be irrevocable) it may
            prepay:-

            13.5.1 any amount of the Loan Principal A without premium or penalty
                   at any time during that Interest Period;

                                  Page 16 of 16
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

            13.5.2 together with accrued interest thereon at a rate equal to
                   that mentioned in clause 13.3.2.2; and

            13.5.3 together with any Breakage Costs attributable to all or any
                   part of the Loan Principal A being paid by the Borrower on a
                   day other than the last day of an Interest Payment Date.

      13.6  The Lender shall as soon as reasonably practicable provide a
            certificate confirming the amount of its Breakage Costs for any
            Interest Period in which they accrue.

Signed at                          on                  2004 at _______ am/pm
_________________________________
INVESTEC BANK (MAURITIUS) LIMITED

                                  Page 17 of 17
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

Signed at                          on                  2004 at _______ am/pm

- ------------------------------------------
DRD (ISLE OF MAN) LIMITED

Signed by [    ] , a director,duly authorised for and on behalf of DRD (Isle of
Man) Limited.

As Witness: _______________________

         _______________________ (name)

Signed at                         on                   2004 at _______ am/pm

- ------------------------------------------
DRD (ISLE OF MAN) LIMITED

Signed by [     ] , a director,duly authorised for and on behalf of DRD (Isle of
Man) Limited.

As Witness: _______________________

         ________________________ (name)

                                  Page 18 of 18
<PAGE>

APPENDIX 1                                                         EXCUTION COPY

                                   APPENDIX 1

                                 DRAWING NOTICE

To: *_____________________________
Date: *_____________________________

Dear Sirs

Re:- Facility A Loan Agreement dated on or about _____________ 2004 between the
Lender and DRD (Isle Of Man) Limited (the "Agreement") Drawing Number*________.

1.    We refer to clause 7 [Drawdowns] of the Agreement. Terms defined in the
      Agreement have the same meanings in this Drawing Notice.

2.    We confirm that:

      2.1   on ________ (Drawing Date) we wish to borrow an Advance in the
            amount of [=].

      2.2   all Advances are to be paid into the Proceeds Account;

      2.3   the proceeds of the Advance drawn pursuant to this Drawing Notice
            shall be applied exclusively in accordance with the terms of the
            Agreement and in particular (but without limitation) the terms of
            clause 5 thereof;

      2.4   on the date of this Drawing Notice, on the Drawing Date and
            immediately after the making of the Advance to which this Drawing
            Notice relates, the conditions precedent to drawdowns as specified
            in clause 6 of the Agreement have been satisfied; and

      2.5   we have received the Lender's notice in terms of clause 5.2 of
            Appendix 2 of the Facility A Loan Agreement.

Yours faithfully,

[Authorised Signatory]
for and on behalf of
[the Borrower]

Attachment 1   Supporting evidence that the provisions of clause 7 of the
               Agreement have been complied with;

                                  Page 19 of 19
<PAGE>

APPENDIX 2                                                         EXCUTION COPY

                                   APPENDIX 2

                       CONDITIONS PRECEDENT TO AN ADVANCE

The following conditions precedent shall apply to drawdown on this Facility.

1.    DRAWING NOTICE

      The Lender shall have received the relevant Drawing Notice in respect of
      an Advance in accordance with this Agreement.

2.    NO DEFAULT

      On both the date of the Drawing Notice and the Drawing Date of the Advance
      neither -

      2.1   an Event of Default nor

      2.2   a Potential Event of Default

      shall have occurred, be continuing or in the reasonable opinion of the
      Lender could probably occur as a result of making such advance.

3.    WARRANTIES

      On both the date of the Drawing Notice and the Drawing Date of the
      relevant Advance, the Repeating Warranties shall be correct, in each case,
      in all material respects with reference to the circumstances prevailing at
      the relevant time.

4.    OTHER EVENTS STOPPING PAYMENTS

      No Draw Stop Notice has been issued by the Lender in terms of clause 6.4
      of this Agreement above which is in effect and has not been withdrawn,
      and, no other event has occurred under any Finance Document which, in the
      opinion of the Lender, has resulted or may result in any payment or
      drawdown under any Finance Document being stopped.

5.    INFORMATION REGARDING THE TARGET

      5.1   The Borrower shall at least 7 business days prior to the delivery of
            the Drawing Notice in respect of the Advance, provide the Lender
            with details, in form and substance satisfactory to the Lender, of
            the geography, geology/mineralisation, mining operation and
            economics of the Target in respect of which the funds of the Advance
            will be used to acquire a Stake therein; and

                                  Page 20 of 20
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

      5.2   The Lender has issued a notice to the Borrower that it is satisfied,
            in its sole discretion, that the funds can be used for such purpose.

6.    CONSENT TO A GENERAL OFFER

      Prior to an Advance being made, wholly or partly, for the purpose
      mentioned in clause 5.2 (General Offer), the Lender must have agreed in
      writing to the conditions of the General Offer.

                                  Page 21 of 21
<PAGE>

APPENDIX 2                                                         EXCUTION COPY

                                   APPENDIX 3

                               CAPITAL REPAYMENTS

                                 Page 22 of 22
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>20
<FILENAME>u07700exv8w1.txt
<DESCRIPTION>LIST OF SUBSIDIARIES
<TEXT>
<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                     EXHIBIT 8.1

                              LIST OF SUBSIDIARIES

<TABLE>
<CAPTION>
SUBSIDIARY NAME                                              JURISDICTION OF INCORPORATION
<S>                                                          <C>
Blyvooruitzicht Gold Mining Company Limited                  South Africa
Buffelsfontein Gold Mines Limited                            South Africa
West Witwatersrand Gold Holdings Limited                     South Africa
Crown Consolidated Gold Recoveries Limited                   South Africa
Stand 752 Parktown Extension (Pty) Limited                   South Africa
DRD International Aps (Pty) Limited                          Denmark
DRD Australasia Services Company (Pty) Limited               Australia
DRD Australia APS                                            Denmark
DRD (Isle of Man) Limited                                    Isle of Man
DRD (Porgera) Limited                                        Papua New Guinea
Tolukuma Gold Mines Limited                                  Papua New Guinea
Fortis (Pty) Limited                                         Papua New Guinea
Net-Gold Services Limited                                    Bermuda
</TABLE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>21
<FILENAME>u07700exv12w1.txt
<DESCRIPTION>CERTIFICATION
<TEXT>
<PAGE>

                                                                    EXHIBIT 12.1

                                  CERTIFICATION

I, Mark Michael Wellesley-Wood, certify that:

1)    I have reviewed this Amendment No. 3 to the Annual Report on Form 20-F/A
      of DRDGOLD Limited.

2)    Based on my knowledge, this Annual Report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this Annual Report;

3)    Based on my knowledge, the financial statements, and other financial
      information included in this Annual Report, fairly present in all material
      respects the financial condition, results of operations and cash flows of
      the Company as of, and for, the periods presented in this Annual Report;

4)    The Company's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and
      have:

      a)    Designed such disclosure controls and procedures, or caused such
            disclosure controls and procedures to be designed under our
            supervision, to ensure that material information relating to the
            Company, including its consolidated subsidiaries, is made known to
            us by others within those entities, particularly during the period
            in which this Annual Report is being prepared;

      b)    Evaluated the effectiveness of the Company's disclosure controls and
            procedures and presented in this Annual Report our conclusions about
            the effectiveness of the disclosure controls and procedures, as of
            the end of the period covered by this Annual Report based on such
            evaluation; and

      c)    Disclosed in this Annual Report any change in the Company's internal
            control over financial reporting that occurred during the period
            covered by this Annual Report that has materially affected, or is
            reasonably likely to materially affect, the Company's internal
            control over financial reporting; and

5)    The Company's other certifying officer(s) and I have disclosed, based on
      our most recent evaluation of internal control over financial reporting,
      to the Company's auditors and the audit committee of the Company's board
      of directors (or persons performing the equivalent functions):

      a)    All significant deficiencies and material weaknesses in the design
            or operation of internal control over financial reporting which are
            reasonably likely to adversely affect the Company's ability to
            record, process, summarize and report financial information; and

      b)    Any fraud, whether or not material, that involves management or
            other employees who have a significant role in the Company's
            internal control over financial reporting.

      Date: April 29, 2005

      /s/ Mark Michael Wellesley-Wood
      -------------------------------
      Mark Michael Wellesley-Wood
      Chief Executive Officer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>22
<FILENAME>u07700exv12w2.txt
<DESCRIPTION>CERTIFICATION
<TEXT>
<PAGE>

                                                                    EXHIBIT 12.2

                                  CERTIFICATION

I, Ian Louis Murray, certify that:

1)    I have reviewed this Amendment No. 3 to the Annual Report on Form 20-F/A
      of DRDGOLD Limited.

2)    Based on my knowledge, this Annual Report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this Annual Report;

3)    Based on my knowledge, the financial statements, and other financial
      information included in this Annual Report, fairly present in all material
      respects the financial condition, results of operations and cash flows of
      the Company as of, and for, the periods presented in this Annual Report;

4)    The Company's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and
      have:

      a)    Designed such disclosure controls and procedures, or caused such
            disclosure controls and procedures to be designed under our
            supervision, to ensure that material information relating to the
            Company, including its consolidated subsidiaries, is made known to
            us by others within those entities, particularly during the period
            in which this Annual Report is being prepared;

      b)    Evaluated the effectiveness of the Company's disclosure controls and
            procedures and presented in this Annual Report our conclusions about
            the effectiveness of the disclosure controls and procedures, as of
            the end of the period covered by this Annual Report based on such
            evaluation; and

      c)    Disclosed in this Annual Report any change in the Company's internal
            control over financial reporting that occurred during the period
            covered by this Annual Report that has materially affected, or is
            reasonably likely to materially affect, the Company's internal
            control over financial reporting; and

5)    The Company's other certifying officer(s) and I have disclosed, based on
      our most recent evaluation of internal control over financial reporting,
      to the Company's auditors and the audit committee of the Company's board
      of directors (or persons performing the equivalent functions):

      a)    All significant deficiencies and material weaknesses in the design
            or operation of internal control over financial reporting which are
            reasonably likely to adversely affect the Company's ability to
            record, process, summarize and report financial information; and

      b)    Any fraud, whether or not material, that involves management or
            other employees who have a significant role in the Company's
            internal control over financial reporting.

      Date: April 29, 2005

      /s/ Ian Louis Murray
      ---------------------------
      Ian Louis Murray
      Chief Financial Officer


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>23
<FILENAME>u07700exv13w1.txt
<DESCRIPTION>CERTIFICATION
<TEXT>
<PAGE>

                                                                    EXHIBIT 13.1

          CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
           PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

      In connection with Amendment No. 3 to the Annual Report on Form 20-F/A of
DRDGOLD Limited (the "Company") for the fiscal year ended June 30, 2004, as
filed with the Securities and Exchange Commission on the date hereof (the
"Report"), Mark Michael Wellesley-Wood, as Chief Executive Officer of the
Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act 2002, that, to the best of his
knowledge:

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d)
      of the Securities Exchange Act of 1934; and

(2)   The information contained in the Report fairly presents, in all material
      respects, the financial condition and results of operations of the
      Company.


      /s/ Mark Michael Wellesley-Wood
      --------------------------------------
      By: Mark Michael Wellesley-Wood
      Title: Chief Executive Officer

      Date:  April 29, 2005


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>24
<FILENAME>u07700exv13w2.txt
<DESCRIPTION>CERTIFICATION
<TEXT>
<PAGE>

                                                                    EXHIBIT 13.2

          CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
           PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

      In connection with Amendment No. 3 to the Annual Report on Form 20-F/A of
DRDGOLD Limited (the "Company") for the fiscal year ended June 30, 2004, as
filed with the Securities and Exchange Commission on the date hereof (the
"Report"), Ian Louis Murray, as Chief Financial Officer of the Company, hereby
certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act 2002, that, to the best of his knowledge:

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d)
      of the Securities Exchange Act of 1934; and

(2)   The information contained in the Report fairly presents, in all material
      respects, the financial condition and results of operations of the
      Company.

      /s/ Ian Louis Murray
      ----------------------------
      By: Ian Louis Murray
      Title: Chief Financial Officer

      Date:  April 29, 2005



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-14.1
<SEQUENCE>25
<FILENAME>u07700exv14w1.txt
<DESCRIPTION>CONSENT OF KPMG INC.
<TEXT>
<PAGE>

                                                                    EXHIBIT 14.1

            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Amendment No. 4 to the
Registration Statement, No. 333-102800, of DRDGOLD Limited on
Form F-3 and Registration Statement, No. 333-121386, of DRDGOLD Limited on Form
F-4 of our report dated November 29, 2004 with respect to the consolidated
balance sheet of Durban Roodepoort Deep, Limited and its subsidiaries as of June
30, 2004 and June 30, 2003 and the related consolidated statements of
operations, stockholders' equity, cash flows and notes thereto for the years
then ended, which report appears in the Annual Report on Form 20-F/A (Amendment
No. 3) of DRDGOLD Limited for the year ended June 30, 2004.

/s/ Johan Holtzhausen                             /s/ Carel Smit
Johan Holtzhausen                                 Carel Smit
Director: Energy and Natural Resources            Managing Director: Energy
                                                  and Natural Resources

KPMG Inc

Registered Accountants and Auditors

Chartered Accountants (SA)

Johannesburg, South Africa

April 29, 2005


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-14.2
<SEQUENCE>26
<FILENAME>u07700exv14w2.txt
<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE
<TEXT>
<PAGE>

                                                                    EXHIBIT 14.2

            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Amendment No. 4 to the
Registration Statement, No. 333-102800, of Durban Roodepoort Deep, Limited on
Form F-3 and Registration Statement, No. 333-121386, of DRDGOLD Limited on Form
F-4 of our report dated September 29, 2003 appearing in the Annual Report on
Form 20-F/A (Amendment No. 3) of DRDGOLD Limited for the year ended June 30,
2004.

/s/ Deloitte & Touche

Deloitte & Touche
Chartered Accountants (SA)

Johannesburg, South Africa

April 29, 2005

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>27
<FILENAME>u07700exv15w1.txt
<DESCRIPTION>CONSOLIDATED FINANCIAL STATEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 15.1

                   CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

                        CONSOLIDATED FINANCIAL STATEMENTS

                   FOR THE YEARS ENDED JUNE 30, 2004 AND 2003

<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

REPORT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO THE BOARD OF
DIRECTORS AND STOCKHOLDERS OF CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

We have audited the accompanying consolidated balance sheets of Crown Gold
Recoveries (Proprietary) Limited and its subsidiaries as of June 30, 2004 and
2003, and the related consolidated income statements, statements of changes in
equity and cash flow statements for each of the years in the two-year period
ended June 30, 2004. These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, based on our audits, the consolidated financial statements
referred to above present fairly, in all material respects, the consolidated
financial position of Crown Gold Recoveries (Proprietary) Limited and its
subsidiaries at June 30, 2004 and 2003, and the consolidated results of its
operations and its cash flows for each of the years in the two-year period ended
June 30, 2004, in conformity with South African Statements of Generally Accepted
Accounting Practice.

The accompanying financial statements have been prepared assuming that the Group
will continue as a going concern. As discussed in Note 19 to the financial
statements, the Group has suffered recurring losses from operations and has a
net capital deficiency and its current liabilities exceed its current assets.
These matters raise substantial doubt about its ability to continue as a going
concern. Management's plans in regard to these matters are also described in
Note 19. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty

KPMG INC
Registered Accountants and Auditors
Chartered Accountants (SA)

/s/ W van der Merwe
- ----------------------------
W van der Merwe
Director

Johannesburg, Republic of South Africa
November 26, 2004

                                       1
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

CONSOLIDATED INCOME STATEMENTS
for the years ended June 30

<TABLE>
<CAPTION>
                                  Notes       2004        2003
                                            R'000       R'000
<S>                               <C>      <C>         <C>
REVENUE                               2     643,610     571,894

COST OF SALES                              (646,760)   (582,808)
                                           --------    --------
Operating costs                            (599,338)   (522,231)
Depreciation                          5     (19,637)    (45,266)
Retrenchment costs                              (56)          -
Movement in provision for
environmental rehabilitation         12     (28,094)    (15,958)
Movement in gold-in-process                     365         647
                                           --------    --------
GROSS LOSS                                   (3,150)    (10,914)
Administration expenses                     (29,372)    (27,149)
Impairment of mining assets                 (44,964)   (204,987)
                                           --------    --------
NET OPERATING LOSS                    3     (77,486)   (243,050)
Other income                                  9,212      15,728
Interest received                             1,124       1,619
Interest paid                               (53,368)    (50,769)
                                           --------    --------
LOSS BEFORE TAXATION                       (120,518)   (276,472)
Taxation                              4        (166)       (586)
                                           --------    --------
NET LOSS FOR THE YEAR                      (120,684)   (277,058)
                                           ========    ========
</TABLE>

                                       2
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

CONSOLIDATED BALANCE SHEETS
at June 30

<TABLE>
<CAPTION>
ASSETS                                   Notes      2004        2003
                                                   R'000       R'000
<S>                                      <C>      <C>         <C>
NON-CURRENT ASSETS                                 108,575      93,615
                                                  --------    --------
Mining assets                                5     100,638      86,175
Investments                                  6       7,937       7,440
                                                  --------    --------

CURRENT ASSETS                                      54,843      81,086
                                                  --------    --------
Inventories                                  7      18,536      19,362
Accounts receivable                                 15,330      20,747
Taxation                                               128           -
Cash and cash equivalents                           20,849      40,977
                                                  --------    --------
TOTAL ASSETS                                       163,418     174,701
                                                  ========    ========

EQUITY AND LIABILITIES

CAPITAL AND RESERVES
Share capital                                8          - *         - *
Accumulated loss                                  (596,997)   (476,313)
                                                  --------    --------
Shareholders' deficit                             (596,997)   (476,313)

NON-CURRENT LIABILITIES                            588,264     428,558
                                                  --------    --------
Shareholders' loans                          9     361,872     298,413
Long-term liabilities                       10     130,306      66,267
Provision for post-retirement
medical benefits                            11       9,577       5,463
Provision for environmental
rehabilitation                              12      86,509      58,415
                                                  --------    --------

CURRENT LIABILITIES                                172,151     222,456
                                                  --------    --------
Taxation                                                 -          15
Leave pay provision                         13      12,612       6,420
Short-term portion of shareholders'
loans                                        9       3,934      23,359
Accounts payable and accrued
liabilities                                        151,859     192,662
Bank overdraft                                       3,746           -
                                                  --------    --------
TOTAL EQUITY AND LIABILITIES                       163,418     174,701
                                                  ========    ========
</TABLE>

* Less than R1,000.

                                       3
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
for the years ended June 30

<TABLE>
<CAPTION>
                            NUMBER OF
                            ORDINARY        SHARE      ACCUMULATED
                             SHARES        CAPITAL        LOSS         TOTAL
                                            R'000        R'000         R'000
<S>                        <C>           <C>           <C>           <C>
Balance at June 30, 2002          100            -*      (199,255)     (199,255)

Net loss for the year               -                    (277,058)     (277,058)
                                         ---------     ----------    ----------

BALANCE AT JUNE 30, 2003          100            -*      (476,313)     (476,313)

Net loss for the year                                    (120,684)     (120,684)
                                         ---------     ----------    ----------

BALANCE AT JUNE 30, 2004          100            -*      (596,997)     (596,997)
                                         =========     ==========    ==========
</TABLE>

* Less than R1 000.

                                       4
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

CONSOLIDATED CASH FLOW STATEMENTS
for the years ended June 30

<TABLE>
<CAPTION>
                                             Notes      2004        2003
                                                        R'000       R'000
<S>                                          <C>      <C>         <C>
CASH FLOW FROM OPERATING ACTIVITIES

Cash received from sales of precious metals            643,610     571,894
Cash paid to suppliers and employees                  (674,704)   (464,266)
                                                      --------    --------
Cash (applied to)/generated by                 A       (31,094)    107,628
operations
Interest received                                        1,124       1,619
Taxation paid                                             (310)       (581)
Interest paid                                          (21,181)    (25,334)
                                                      --------    --------
NET CASH FLOW FROM OPERATING ACTIVITIES                (51,461)     83,332
                                                      --------    --------

CASH FLOW FROM INVESTING ACTIVITIES

Net purchase of mining assets                          (79,056)    (63,272)
Purchase of non-current investments
and other assets                                            (9)          -
Acquisition of subsidiary net of cash
acquired                                       B                   (99,065)
                                                      --------    --------
NET CASH FLOWS FROM INVESTING ACTIVITIES               (79,065)   (162,337)
                                                      --------    --------

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from long-term borrowings                      64,038      17,613
Proceeds from shareholders' loans                       42,614      77,574
                                                      --------    --------
NET CASH FLOWS FROM FINANCING ACTIVITIES               106,652      95,187
                                                      ========    ========

Net (decrease)/increase in cash and
cash equivalents                                       (23,874)     16,182
Cash and cash equivalents - at
beginning of year                                       40,977      24,795
                                                      --------    --------

CASH AND CASH EQUIVALENTS - AT END OF
YEAR                                           C        17,103      40,977
                                                      ========    ========
</TABLE>

                                       5
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENTS
for the years ended June 30

<TABLE>
<CAPTION>
                                                      2004        2003
                                                      R'000       R'000
<S>                                                 <C>         <C>
A. RECONCILIATION OF LOSS BEFORE TAXATION TO
   CASH (APPLIED TO)/ GENERATED BY OPERATIONS

   Loss before taxation                             (120,518)   (276,472)
   Adjusted for:                                     154,385     316,049
                                                    --------    --------
   Depreciation                                       19,637      45,266
   Movement in environmental
   rehabilitation provision                           28,094      15,958
   Movement in gold-in-process                          (365)       (647)
   Impairment of mining assets                        44,964     204,987
   Interest received                                  (1,124)     (1,619)
   Interest paid                                      53,368      50,769
   Growth in rehabilitation trust fund                  (518)       (767)
   Rehabilitation payments from trust fund                30          23
   Provisions for employee benefits raised
   during the year                                    10,306       2,089
   Profit on sale of mining assets                        (7)        (10)
                                                    --------    --------
   Working capital changes:                          (64,961)     68,051
                                                    --------    --------
   Inventories                                         1,192      (1,683)
   Accounts receivable                                 6,838       5,736
   Accounts payable and accrued liabilities          (72,991)     63,998
                                                    --------    --------
   Cash (applied to)/generated by operations         (31,094)    107,628
                                                    ========    ========

B. ACQUISITION OF SUBSIDIARY NET OF CASH ACQUIRED

   Mining assets                                                 179,862

   Inventories                                                     1,682

   Accounts receivable                                            17,110

   Cash and cash equivalents                                       5,307

   Provision for environmental rehabilitation                    (21,469)

   Accounts payable                                              (69,897)

   Leave pay provisions                                           (8,223)
                                                                --------
   TOTAL NET BOOK VALUE AT DATE OF
   ACQUISITION                                                   104,372

   LESS CASH AND CASH EQUIVALENTS OF
   ACQUIRED ENTITY                                                (5,307)
                                                                --------
   NET CONSIDERATION                                              99,065
                                                                ========
</TABLE>

                                       6
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENTS
for the years ended June 30

<TABLE>
<CAPTION>
                                2004       2003
                                R'000      R'000
<S>                            <C>        <C>
C. CASH AND CASH EQUIVALENTS

   Cash and cash equivalents    20,849    40,977

   Bank overdraft               (3,746)        -
                               -------    ------
                                17,103    40,977
                               =======    ======
</TABLE>

                                       7
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003

1.    PRINCIPAL ACCOUNTING POLICIES

1.1   BASIS OF PREPARATION

      The financial statements are prepared on the historical cost basis as
      modified by the revaluation of certain financial instruments to fair value
      and incorporate the following principal accounting policies, which are
      consistent with those applied the previous year and comply with South
      African Statements of Generally Accepted Accounting Practice.

1.2   CONSOLIDATION

      The financial statements incorporate the financial statements of the
      Company, its subsidiaries and their associated environmental
      rehabilitation trust funds. The results of the subsidiaries are included
      from the date on which effective control was acquired up to the date
      control ceased to exist.

      All inter-company transactions and balances have been eliminated.
      Unrealized profits that arise between Group entities are also eliminated.

1.3   GOODWILL

      Goodwill represents the excess of the purchase consideration over the
      Group's interest in the fair value of the identifiable assets and
      liabilities of the acquired subsidiary at the date of acquisition.

      The carrying amount of goodwill is reviewed annually and written down for
      impairment where considered necessary.

1.4   MINING ASSETS

1.4.1 Mine development

      Development costs relating to major programmes at existing mines and
      plants are capitalized. Development costs consist primarily of
      expenditures to initially establish a mine and to expand the capacity of
      operating mines and plants. Ordinary development costs to maintain
      production are expensed as incurred.

      Initial development and pre-production costs relating to a new facility,
      including interest on borrowed funds used to develop the facility, are
      capitalized until the facility is brought into production, at which time
      the costs are amortized.

1.4.2 Plant and machinery

      Plant and machinery are recorded at cost of acquisition less sales,
      recoupments and amounts written off. Depreciation of plant facilities is
      computed principally by the life of mine method based on estimated proven
      and probable ore reserves. Proven and probable ore reserves reflect
      estimated quantities of economically recoverable reserves, which can be
      recovered in the future from known sand, slime and archive material from
      previously worked out mines.

                                       8
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

1.    PRINCIPAL ACCOUNTING POLICIES (continued)

1.4   MINING ASSETS (continued)

1.4.3 Equipment and vehicles

      Equipment and vehicles are shown at cost less accumulated depreciation.
      Depreciation is calculated using the straight line method, principally
      over estimated useful lives of 2 to 5 years.

1.4.4 Impairment

      Recoverability of the mining assets of the Group, which include
      development costs, is reviewed annually. Estimated future net cash flows
      are calculated using estimates of proven and probable ore reserves,
      estimated future sales (considering historical and current prices, price
      trends and related factors), operating costs, development costs and
      rehabilitation costs. Reductions in the carrying value of the mining
      assets of the Group are recorded to the extent that the carrying value
      exceeds the estimate of future discounted net cash flows.

      Management's estimates of future cash flows are subject to risks and
      uncertainties. Therefore, it is reasonably possible that changes could
      occur which may affect the recoverability of the Group's mining assets.

1.5   OPERATING LEASES

      Leases where the lessor retains the risks and rewards of ownership of the
      underlying asset are classified as operating leases. Payments made under
      operating leases are charged against income on a straight line basis over
      the period of the lease.

1.6   INVESTMENTS

      Investments are accounted for at fair value or at cost where fair value
      cannot be reliably measured. Gains and losses are included in the income
      statement.

                                       9
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

1.    PRINCIPAL ACCOUNTING POLICIES (continued)

1.7   INVENTORIES

      Inventories, which include gold work-in-process and consumables, are
      stated at the lower of cost and net realizable value. The cost of gold
      work-in-process is based on related production costs, which include
      amortization. The cost of consumables is determined by the weighted
      average cost method. Where necessary, provision is made for obsolete, slow
      moving or defective inventory.

1.8   ENVIRONMENTAL REHABILITATION

      Long-term environmental obligations comprising decommissioning and
      restoration, are based on the Group's environmental management plans, in
      compliance with the current environmental and regulatory requirements.

1.8.1 Decommissioning costs

      Provision is made for the net present value of the estimated future
      decommissioning costs at the end of operating life of the facilities, with
      a corresponding increase in the carrying value of the related asset. The
      unwinding of the decommission obligation is included in the income
      statement. The estimated future costs of decommission obligations are
      regularly reviewed and adjusted as appropriate for new circumstances or
      changes in law or technology. The estimates are discounted at a pre-tax
      rate that reflects current market assessments of the time value of money.

1.8.2 Restoration costs

      Estimated restoration costs are accrued based on present obligations, as
      environmental damage is incurred. Estimated costs are regularly reviewed
      and adjusted as appropriate for changed circumstances. Expenditure on
      ongoing rehabilitation costs is brought to account when incurred.

1.8.3 Environmental rehabilitation trust

      Periodic contributions are made to rehabilitation trust funds created in
      accordance with South African statutory requirements, to fund the
      estimated cost of rehabilitation during and at the end of the life of the
      facility.

1.9   REVENUE RECOGNITION

      Gold bullion revenue (and revenue from related by-products) is recognized
      when it is delivered to the relevant refinery, at which stage all risks
      and rewards of ownership pass from the Group.

      Dividends are recognised when the right to receive payment is established.
      Interest is recognized on a time proportion basis taking account of the
      principal outstanding and the effective rate to maturity on the accrual
      basis.

                                       10
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

1.    PRINCIPAL ACCOUNTING POLICIES (continued)

1.10  RETIREMENT AND OTHER EMPLOYEE BENEFITS

      Defined contribution plans

      The Group contributes to a defined contribution fund. Contributions to
      defined contribution funds are charged against income as incurred.

      Post-retirement medical benefits

      The expected costs of post-retirement medical benefits are assessed in
      accordance with the advice of qualified actuaries and contributions to the
      relevant fund, including the costs of improved benefits or experience
      adjustments, are charged to income over the service lives of employees
      entitled to those benefits.

      The Projected Unit Credit Method is used to determine the present value of
      the post-retirement medical benefit and related current service cost and,
      where applicable, past service cost.

      Actuarial gains or losses in respect of the post-retirement medical
      benefit is recognized as income or expense if the net cumulative
      unrecognized actuarial gains and losses at the end of the previous
      reporting period exceeded the greater of:

      -     10% of the present value of the obligation at that date before
            deducting plan assets, and

      -     10% of the fair value of any plan assets at that date.

      The amount recognized is the excess determined above, divided by the
      expected average remaining working lives of the employees participating in
      the plan.

      Past service costs are recognized as an expense on a straight line basis
      over the average period until the benefits vest. To the extent that the
      benefits have already vested, past service costs are recognized
      immediately.

1.11  TAXATION

      Current tax comprises tax payable calculated on the basis of the expected
      taxable income for the year, using the tax rates enacted at the balance
      sheet date, and any adjustment of tax payable for previous years.

      Deferred tax is provided using the balance sheet liability method, based
      on temporary differences. Temporary differences are differences between
      the carrying amounts of assets and liabilities for financial reporting
      purposes and their tax base. The amount of deferred tax provided is based
      on the expected manner of realisation or settlement of the carrying amount
      of assets and liabilities using tax rates enacted or substantively enacted
      at the balance sheet date. Deferred tax is charged to the income statement
      except to the extent that it relates to a transaction that is recognized
      directly in equity, or a business combination that is an acquisition. The
      effect on deferred tax of any changes in tax rates is recognized in the
      income statement, except to the extent that it relates to items previously
      charged or credited directly to equity. NOTES TO THE FINANCIAL STATEMENTS
      for the years ended June 30, 2004 and 2003 (continued)

                                       11
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

1.    PRINCIPAL ACCOUNTING POLICIES (continued)

1.11  TAXATION (continued)

      A deferred tax asset is recognized to the extent that it is probable that
      future taxable profits will be available against which the associated
      unused tax losses and deductible temporary differences can be utilised.
      Deferred tax assets are reduced to the extent that it is no longer
      probable that the related tax benefit will be recognized.

1.12  FINANCIAL INSTRUMENTS

      Financial instruments recognized on the balance sheet include investments,
      accounts receivable, cash and cash equivalents, long-term and short-term
      liabilities, accounts payable and accrued liabilities, and bank
      overdrafts.

      Measurement

      Financial instruments are initially measured at cost, including
      transaction costs, when the Group becomes a party to the contractual
      arrangements. The subsequent measurement of financial instruments is dealt
      with in the individual policy statements associated with the relevant
      item.

      Investments

      Investments are classified as held for trading and are accounted for at
      fair value or at cost where fair value cannot be reliably measured.
      Realized and unrealized investment gains and losses are included in
      earnings for the relevant period.

      Accounts receivable

      Accounts receivable are carried at anticipated realizable value. Estimates
      are made for doubtful debts. Irrecoverable amounts are written off during
      the year in which they are identified.

      Cash and cash equivalents

      Cash and cash equivalents comprise cash on hand. The carrying amount of
      cash and cash equivalents is stated at cost, which approximates fair
      value.

      Financial liabilities

      Non-derivative financial liabilities are recognized at amortized costs,
      comprising original debt less principal payments and amortizations.

      Derivative instruments

      Derivative instruments are measured at fair value.

                                       12
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

1.    PRINCIPAL ACCOUNTING POLICIES (continued)

1.12  FINANCIAL INSTRUMENTS (continued)

      Gains and losses on subsequent measurement

      Gains and losses arising from a change in the fair value of financial
      instruments that are not part of a hedging relationship are included in
      net profit or loss in the period in which the change arises.

      Gains and losses from measuring the fair value of the hedging instruments
      relating to a fair value hedge are recognized immediately in net profit or
      loss.

      Gains and losses from remeasuring the hedging instruments relating to a
      cash flow hedge to fair value are initially recognized directly in equity.
      If the hedged firm commitment or forecast transaction results in the
      recognition of an asset or a liability, the cumulative amount recognized
      in equity up to the transaction date is adjusted against the initial
      measurement of the asset or liability. For other cash flow hedges, the
      cumulative amount recognized in equity is included in net profit or loss
      in the period when the commitment or forecast transaction affects profit
      or loss.

      Where the hedging instrument or hedge relationship is terminated but the
      hedged transaction is still expected to occur, the cumulative unrealized
      gain or loss at that point remains in equity and is recognized in
      accordance with the above policy when the transaction occurs. If the
      hedged transaction is no longer expected to occur, the cumulative
      unrealized gain or loss is recognized in the income statement immediately.

1.13  FOREIGN CURRENCIES

      Transactions in foreign currencies are recorded at the rate of exchange
      ruling at the transaction date. Monetary assets and liabilities
      denominated in foreign currencies are translated at the rate of exchange
      ruling at the balance sheet date. Gains and losses arising on translation
      are credited to or charged against income.

1.14  PROVISIONS

      Provisions are recognized when the Group has a present legal or
      constructive obligation as a result of past events, for which it is
      probable that an outflow of economic benefits will occur, and where a
      reliable estimate can be made of the amount of the obligation.

                                       13
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

<TABLE>
<CAPTION>
                                                        2004        2003
                                                        R'000       R'000
<S>                                                   <C>         <C>
2.     REVENUE

       Gold revenue                                    636,603     570,833
       By-product revenue                                7,007       1,061
                                                      --------    --------
       Total revenue                                   643,610     571,894
                                                      --------    --------

3.     NET OPERATING LOSS
       Net operating loss includes the following:

       Royalties paid                                        -      (2,538)

       Employment remuneration                        (212,581)   (224,269)
                                                      --------    --------
       - salaries and wages                           (191,620)   (133,574)
       - pension fund contributions                     (8,818)     (6,921)
       - contracted employees                          (12,143)    (83,774)
                                                      --------    --------

       Management, technical, administrative and
       secretarial service fees paid
       to Durban Roodepoort Deep, Limited and Khumo
       Bathong Holdings Limited                        (23,967)    (25,626)

       Profit on the sale of mining assets                   7          10
       Profit on the sale of listed investments              -       2,080
       Dividends received                                    -         580
</TABLE>

                                       14
<PAGE>


CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

<TABLE>
<CAPTION>
                                                                                     2004        2003
                                                                                     R'000       R'000
<S>                                                                                <C>         <C>
4.     TAXATION

       South African normal tax
       - current non-mining tax                                                         166         586
                                                                                   --------    --------

       Mining tax on mining income is determined on a formula which takes into
       account the profit and revenues from mining operations during the year.
       The statutory tax rate, which is determined by the formula, varies.

       Income other than from mining operations is taxable at a rate of 38%,
       since the Company has, in terms of South African tax legislation, opted
       for a tax regime which does not require the deduction of Secondary Tax on
       Companies (STC) on dividends declared.

       Unredeemed capital expenditure allowances available for set-off against
       future mining income                                                        (518,801)   (384,052)
                                                                                   --------    --------

       No deferred tax asset has been raised as it is uncertain whether future
       taxable profits will be earned against which the assessed tax losses and
       unredeemed capital expenditure could be utilized.
</TABLE>

                                       15
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

<TABLE>
<CAPTION>
                                                       2004        2003
                                                       R'000       R'000
<S>                                                  <C>         <C>
5.     MINING ASSETS

       TOTAL

       Cost
       Opening balance                                498,229     255,106
       Acquired through purchase of subsidiary              -     179,862
       Additions                                       79,832      63,377
       Disposals                                         (826)       (116)
                                                     --------    --------
       Closing balance                                577,235     498,229
                                                     ========    ========

       Accumulated depreciation
       Opening balance                               (412,054)   (161,822)
       Depreciation                                   (19,637)    (45,266)
       Impairment charge                              (44,964)   (204,987)
       Disposals                                           58          21
                                                     --------    --------
       Closing balance                               (476,597)   (412,054)
                                                     --------    --------
       Net carrying value                             100,638      86,175
                                                     ========    ========

       MINE DEVELOPMENT

       Cost
       Opening balance                                188,304           -
       Acquired through the purchase of subsidiary          -     176,083
       Additions                                       14,914      12,221
       Disposals                                         (684)          -
                                                     --------    --------
       Closing balance                                202,534     188,304
                                                     ========    ========

       Accumulated depreciation
       Opening balance                               (187,924)          -
       Depreciation                                    (1,760)    (18,204)
       Impairment charge                              (12,569)   (169,720)
       Disposals                                            -           -
                                                     --------    --------
       Closing balance                               (202,253)   (187,924)
                                                     --------    --------
       Net carrying value                                 281         380
                                                     ========    ========
</TABLE>

                                       16
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

5. MINING ASSETS (continued)

<TABLE>
<CAPTION>

                                                2004        2003
                                                R'000       R'000
<S>                                           <C>         <C>
PLANT AND MACHINERY

Cost
Opening balance                                303,397     251,542
Acquired through the purchase of subsidiary          -         735
Additions                                       64,244      51,156
Disposals                                            -         (36)
                                              --------    --------
Closing balance                                367,641     303,397
                                              ========    ========

Accumulated depreciation
Opening balance                               (220,136)   (158,481)
Depreciation                                   (17,092)    (26,388)
Impairment charge                              (32,244)    (35,267)
Disposals                                            -           -
                                              --------    --------
Closing balance                               (269,472)   (220,136)
                                              --------    --------
Net carrying value                              98,169      83,261
                                              ========    ========

EQUIPMENT AND VEHICLES

Cost
Opening balance                                  6,528       3,564
Acquired through purchase of subsidiary              -       3,044
Additions                                          674           -
Disposals                                         (142)        (80)
                                              --------    --------
Closing balance                                  7,060       6,528
                                              ========    ========

Accumulated depreciation
Opening balance                                 (3,994)     (3,341)
Depreciation                                      (785)       (674)
Impairment charge                                 (151)          -
Disposals                                           58          21
                                              --------    --------
Closing balance                                 (4,872)     (3,994)
                                              --------    --------
Net carrying value                               2,188       2,534
                                              ========    ========
</TABLE>

                                       17
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

<TABLE>
<CAPTION>
                                                                                    2004       2003
                                                                                    R'000      R'000

<S>                                                                                <C>        <C>
6.     INVESTMENTS

       Investments in unlisted mining companies
       at fair value and directors' valuation                                        2,010      2,001

       Investment in environmental rehabilitation trust funds

       Opening balance                                                               5,439      4,695
       Growth in environmental rehabilitation trust fund                               518        767
       Rehabilitation payments from funds                                              (30)       (23)
                                                                                   -------    -------
       Closing balance                                                               5,927      5,439
                                                                                   =======    =======

       Total                                                                         7,937      7,440
                                                                                   =======    =======

7.     INVENTORIES

       Gold-in-process                                                               6,159      5,793
       Consumables and engineering spares                                           12,377     13,569
                                                                                   -------    -------
                                                                                    18,536     19,362
                                                                                   =======    =======

8.     SHARE CAPITAL

       Authorised:

       4,000 ordinary shares of R1 each                                                  4          4
                                                                                   -------    -------
       Issued:
       100 ordinary shares of R1 each                                                   - *        - *
                                                                                   -------    -------

       Until the forthcoming annual general meeting the directors have the power
       to issue the unissued shares on such terms and conditions as they may
       determine, subject to Section 222 of the Companies Act.
</TABLE>

* Less than R1,000


                                       18
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

<TABLE>
<CAPTION>
                                                        2004        2003
                                                        R'000       R'000
<S>                                              <C>  <C>         <C>
9.     SHAREHOLDERS' LOANS

       Secured

       Durban Roodepoort Deep, Limited           a.     49,603      49,603
       Durban Roodepoort Deep, Limited           b.     13,359      12,281
       Durban Roodepoort Deep, Limited           c.     36,667      24,000
       Durban Roodepoort Deep, Limited           d.     34,209         495
       Durban Roodepoort Deep, Limited           e.     16,000           -

       The loans are secured by a general
       notarial bond over assets of the Group.

       Unsecured

       Crown Consolidated Gold
       Recoveries Limited                        f.     74,232      74,232
       Crown Consolidated Gold
       Recoveries Limited                        g.     23,246      23,246
       Durban Roodepoort Deep, Limited           h.      3,860      22,760
       Khumo Bathong Holdings (Pty) Ltd          i.    114,556     114,556
       Khumo Bathong Holdings (Pty) Ltd          j.         74         599
                                                      ========    ========
       Gross shareholders' loans                       365,806     321,772
       Less: current liabilities                        (3,934)    (23,359)
                                                      --------    --------
       Net long-term portion of
       shareholders' loans                             361,872     298,413
                                                      ========    ========
</TABLE>

      a.    The loan bears interest at the publicly quoted basic rate of
            interest per annum at which the Standard Bank of South Africa
            Limited lends on overdraft to its first class corporate borrowers.
            Interest is calculated monthly in arrear. The loan is repayable
            within 84 months on demand. The lender has agreed to an indefinite
            suspension of all payments of principal and interest.

      b.    The loan bears interest at the publicly quoted basic rate of
            interest per annum at which the Standard Bank of South Africa
            Limited lends on overdraft to its first class corporate borrowers.
            Interest is calculated monthly in arrear. The loan is repayable on
            demand. The lender has agreed to an indefinite suspension of all
            payments of principal and interest.

      c.    The loan bears interest at the publicly quoted basic rate of
            interest per annum at which the Standard Bank of South Africa
            Limited lends on overdraft to its first class corporate borrowers.
            Interest is calculated monthly in arrear. The loan is repayable in
            equal portions over 60 months, commencing in January 2004. The
            lender has agreed to an indefinite suspension of all payments of
            principal and interest.

      d.    The loan has no fixed repayment terms. Interest is calculated at
            prime less 0.5% overdraft rate. The lender has agreed to an
            indefinite suspension of all payments of principal and interest.

      e.    The loan has no fixed repayment terms. Interest is calculated at
            2.5% below prime overdraft rate. The lender has agreed to an
            indefinite suspension of all payments of principal and interest.

                                       19
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

9.    SHAREHOLDERS' LOANS (continued)

      f.    The loan bears interest at the publicly quoted basic rate of
            interest per annum at which the Standard Bank of South Africa
            Limited lends on overdraft to its first class corporate borrowers.
            Interest is calculated monthly in arrear. The loan is repayable
            within 84 months on demand. The lender has agreed to an
            indefinite suspension of all payments of principal and interest.

      g.    The loan is interest free and repayable on demand. The lender has
            agreed to an indefinite suspension of all payments of principal and
            interest.

      h.    The loan is interest free and repayable on demand.

      i.    The loan bears interest at the publicly quoted basic rate of
            interest per annum at which the Standard Bank of South Africa
            Limited lends on overdraft to its first class corporate borrowers.
            Interest is calculated monthly in arrear. The loan is repayable
            within 84 months on demand. The lender has agreed to an indefinite
            suspension of all payments of principal and interest.

      j.    The loan is interest free and repayable on demand.

<TABLE>
<CAPTION>
                                                   2004     2003
                                                   R'000    R'000
<S>                                         <C>  <C>      <C>
10.    LONG-TERM LIABILITIES
       Secured
       Industrial Development Corporation
       of South Africa Limited              a.    55,000   40,687
       Industrial Development Corporation
       of South Africa Limited              b.    75,306   25,580
                                                 -------   ------
                                                 130,306   66,267
                                                 =======   ======
</TABLE>

      a.    The loan bears interest at the prime overdraft rate. Interest is
            calculated monthly in arrear. The lender has agreed to an indefinite
            suspension of all payments of principal and interest.

      b.    The loan bears interest at 0.5% below the prime overdraft rate.
            Interest is calculated on the balance of the capital outstanding
            from day to day and is payable monthly in arrears on the last day of
            every successive month. The lender has agreed to an indefinite
            suspension of all payments of principal and interest.

            The loans are secured by a general notarial bond over assets of the
            Group.

                                       20
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

11.   EMPLOYEE BENEFIT PLANS

      DEFINED CONTRIBUTION PLANS

      The Group participates in a number of industry-based retirement plans for
      the benefit of its employees. Certain employees participate in the
      Sentinel Mining Industry Retirement Fund, a defined contribution fund.
      Other employees participate in the Crown Employee Benefit Plan and the
      Mineworkers' Provident Fund, both of which are defined contribution plans.

      All funds are independently managed and governed by the South African
      Pension Funds Act, 1965.

      Skilled workers participate in multi-employer plans, which pay certain
      medical costs. Employer contributions are determined on an annual basis by
      the funds. Qualifying dependants receive the same benefits as active
      employees other than as discussed below. The Group has no legal obligation
      to retirees and their qualifying dependants for any contributions towards
      these medical funds.

      PROVISION FOR POST-RETIREMENT MEDICAL BENEFITS

      The Group has an obligation to fund a portion of the medical aid
      contributions of its employees after they have retired. A provision for
      post-retirement medical benefits amounting to R9.6 million (2003:R5.5
      million) has been raised in the balance sheet based on the latest
      calculations of independent actuaries performed as at January 1, 2003.
      Post-retirement medical benefits are actuarially valued every three years.

<TABLE>
<CAPTION>
                                                                                 2004     2003
                                                                                 R'000    R'000
<S>                                                                             <C>      <C>
12     PROVISION FOR ENVIRONMENTAL REHABILITATION

       Analysis of rehabilitation provision:

       Opening balance                                                          58,415   42,457
       Charge to the income statement                                           28,094   15,958
                                                                                ------   ------
       Closing balance                                                          86,509   58,415
                                                                                ======   ======

       The provision for rehabilitation comprises:

       Provision for decommissioning                                            48,318   49,240
       Provision for restoration                                                38,191    9,175
                                                                                ------   ------
       Amounts provided for in the balance sheet                                86,509   58,415
                                                                                ======   ======

       The Group's estimated cost of closure is reviewed annually and the
       directors are satisfied that adequate provision is made to meet future
       obligations. Ongoing rehabilitation expenditure is included in working
       costs.
</TABLE>

                                       21
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

13.    LEAVE PAY PROVISION
<TABLE>
<CAPTION>
                                                         AMOUNTS INCURRED
                                          ADDITIONAL      AND CHARGED TO
                      OPENING BALANCE   PROVISION MADE       PROVISION      CLOSING BALANCE
                            R'000            R'000            R'000             R'000
<S>                   <C>               <C>              <C>                <C>
Leave pay provision        6,420             6,192                  -            12,612
                           =====             =====              =====            ======
</TABLE>

<TABLE>
<CAPTION>
                                                  2004       2003
                                                  R'000      R'000
<S>                                              <C>        <C>
14.   COMMITMENTS

      Capital expenditure

      Capital expenditure approved but not yet
      contracted for                                   2    103,290
                                                 =======    =======

      This expenditure will be financed from
      available cash resources and
      banking facilities.
</TABLE>

15.   FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

      In the normal course of its operations the Group is exposed to credit,
      foreign currency, commodity price, interest rate and liquidity risk.

15.1  Concentration of risk

      The Group's financial instruments do not represent a concentration of
      credit risk because the Group deals with major banks and a reputable
      refinery, and its debtors and loans are regularly monitored. An adequate
      level of provision is maintained where necessary.

      Because of the international market for gold, the Group believes that no
      concentration of credit risk exists with respect to the selected refinery,
      which refines and sells gold on behalf of the Group.

                                       22
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

15.   FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

15.2  Foreign currency and commodity price risk

      Generally, the Group does not hedge its exposure to gold price fluctuation
      risk and sells at market spot prices.

      The Group sells its gold in US Dollars. As a result, the Group is subject
      to transaction exposure from fluctuations in the foreign currency exchange
      rates. It is the Group's current policy not to hedge foreign currency
      exchange rate risk. The Group is not subject to any other foreign currency
      exposure.

15.3  Interest rates and liquidity risk

      Fluctuations in interest rates impact on the value of short-term cash
      investments and financing activities, giving rise to interest rate risk.

      In the ordinary course of business, the Group receives cash from its
      operations, and shareholders where necessary, and it is required to fund
      working capital and capital expenditure requirements. This cash is managed
      to ensure surplus funds are invested to achieve maximum returns while
      minimizing risks.

15.4  Fair value

      The fair value of a financial instrument is defined as the amount at which
      the instrument could be exchanged in a current transaction between willing
      parties, other than in a liquidation sale.

      The carrying amounts of investments, accounts receivable, cash and cash
      equivalents, bank overdraft and accounts payable and accrued liabilities
      are reasonable estimates of their fair values because of the short-term
      maturity of such investments. Fair values for the long-term liabilities
      and shareholders' loans are not determinable as the lenders have agreed to
      an indefinite suspension of all payments of principal and interest. These
      loans are carried at amortized cost.

16.   DERIVATIVE INSTRUMENTS

      The Group has entered into hedging transactions which mature in the year
      ended 30 June 2005. The transactions consists of forward gold sales of
      1700 ounces per month until February 2005 at an average strike price of
      US$376. As at June 30, 2004, the fair value of the instrument was a
      liability of R2 million. This instrument is not recognized on the balance
      sheet, as it is a regular way purchase or sale agreement.

                                       23
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003(continued)

17.   RELATED PARTY TRANSACTIONS

      The Group has related party relationships with its shareholders, directors
      and senior management. Related party transactions are at arm's length.

      MATERIAL RELATED PARTY TRANSACTIONS

<TABLE>
<CAPTION>
                              2004                          2003
                INTEREST   MANAGEMENT          Interest   Management
                PAYABLE    FEES PAID   TOTAL    payable    fees paid    Total
                 R'000       R'000     R'000     R'000       R'000      R'000
<S>             <C>        <C>         <C>     <C>        <C>           <C>
Crown
Consolidated
Gold
Recoveries
Limited           9,319          -     9,319    12,499           -      12,499

Durban
Roodepoort
Deep, Limited    15,717     21,087    36,804    16,515      22,026      38,541

Khumo Bathong
Holdings
Limited          14,379      2,880    17,259    18,843       3,600      22,443
                 ------     ------    ------    ------      ------      ------
                 39,415     23,967    63,382    47,857      25,626      73,483
                 ------     ------    ------    ------      ------      ------
</TABLE>

      Shareholders' loans are disclosed in note 9.

      DR. M.P. NCHOLO FUNERAL ASSISTANCE

      During 2004, financial assistance was provided by ERPM to the family of
      Dr. M.P. Ncholo, a director, with regards to funeral expenses relating to
      the death of a family member who was a temporary employee of ERPM. This
      assistance amounted to R90,447 and was still outstanding at year end.

18.   NATURE OF BUSINESS AND HOLDING COMPANY

      The Company was incorporated in the Republic of South Africa on September
      7, 1988, and operates a gold mine and surface retreatment plants in South
      Africa. On July 1, 2002, Crown Consolidated Gold Recoveries Limited
      ("CCGR") a wholly-owned subsidiary of Durban Roodepoort Deep, Limited
      ("DRD") sold 60% of Crown Gold Recoveries (Pty) Limited ("CGR") in a black
      economic empowerment deal to Khumo Bathong Holdings (Pty) Ltd ("KBH"). KBH
      is the controlling shareholder (60%) and DRD the minority shareholder
      (40%), through its wholly-owned subsidiary CCGR. The Company is managed by
      its directors on behalf of its shareholders. In October 2002, CGR acquired
      the East Rand Proprietary Mines Limited ("ERPM") for R100 million.

      The Group comprises CGR and its subsidiaries.

      The Company's registered address is:
      45 Empire Road
      Parktown
      Johannesburg, 2193
      South Africa

                                       24
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

19.   GOING CONCERN

      The Group incurred significant losses during the year ended June 30, 2004,
      and continued to incur losses after year end. At year end the Group's
      current liabilities exceeded their current assets and their total
      liabilities exceeded their total assets. These facts give rise to
      significant doubt as to the Group's ability to realize its assets and to
      settle its obligations in the normal course of business.

      ERPM has undergone extensive restructuring subsequent to year end. The
      outcome of the restructuring programme was for ERPM's underground
      operations to be placed on a controlled closure programme, which was
      originally scheduled to be completed in March 2005. Following the
      retrenchment of 806 employees in August 2004, the mine has achieved a
      significant reduction in costs, coupled with improved productivity. As a
      result ERPM has reported a net profit for the months of September and
      October 2004, and the original planned closure of the underground section
      has been postponed. After discussions with the relevant Government
      agencies, ERPM has also been awarded a state pumping subsidy of R1 million
      per month from April 1, 2004, to March 31, 2005, plus an additional R7
      million as a first phase to install eight high pressure concrete plugs to
      isolate the Far East Vertical and South East Vertical shafts. Government
      will be assessing the pumping subsidy on a year by year basis and the
      payment towards the plugs at the end of each phase of the work. The
      installation of the plugs will be in three phases, commencing December
      2004, and is planned to be completed by August 2008.

      CGR has continued to make net losses subsequent to year end.

      On the basis that the pumping subsidy remains in place, Government assists
      with providing funds for the eight plugs to be installed, the
      capitalization of interest on debt and shareholders' loans continues and
      the support of shareholders and creditors continues, the forecast cash
      flows indicate that the Group will be able to meet their obligations as
      they fall due. The going concern basis has therefore been applied in
      preparing the financial statements.

20.   ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA
      (US GAAP)

      The financial statements have been prepared in accordance with South
      African Statements of Generally Accepted Accounting Practice (SA GAAP). SA
      GAAP differs, in certain respects, from US GAAP. The following is a
      summary description of these differences:

20.1  Impairment of assets

      Under SA GAAP, mining assets are evaluated for impairment based on the
      latest available information. For US GAAP purposes, in accordance with the
      provisions of Statement of Financial Accounting Standards (SFAS) No. 144,
      Accounting for Impairment of Disposal of Long-Lived Assets, only
      impairment indicators in existence at the balance sheet date, are
      considered. Accordingly, there is a timing difference of when impairments
      are recorded under SA GAAP and US GAAP.

20.2  Post-retirement medical benefits

      Under SA GAAP, only the contractual liability for post-retirement medical
      benefits is accounted for. Under US GAAP these benefits are accounted in
      accordance with the provisions of SFAS No. 106, Employer's Accounting for
      Post Retirement Benefits Other Than Pensions, which states that both the
      contractual liability and the liability in excess of contributions made by
      plan members are accounted for. The result is therefore an increased
      liability under US GAAP.

20.3  By-product revenue

      Under SA GAAP, revenue includes by-product revenue which is an amount
      generated from the sale of silver (refer to note 2 to the financial
      statements). Under US GAAP, by-product revenue is excluded from the
      revenue amount and is offset against production costs.

                                       25
<PAGE>

CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the years ended June 30, 2004 and 2003 (continued)

20.   ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA
      (US GAAP) (continued)

20.4  Other Comprehensive Income

      Under SA GAAP, unrealized gains or losses on investments are included in
      earnings for the year. Under US GAAP, SFAS No. 130, Comprehensive Income,
      unrealized gains or losses are included as other comprehensive income in
      the Statement of Stockholders' Equity.

20.5  Bank overdraft

      Under SA GAAP, the bank overdraft balance is offset against cash and cash
      equivalents in the cash flow statement. Under US GAAP, SFAS No. 95,
      Statement of Cash Flows, the movement in the bank overdraft balance is
      disclosed under net cash generated in financing activities in the
      statement of cash flows.

                                       26
</TEXT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
