6-K 1 drd_quarterly.htm 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 6-K
REPORT OF A FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For February 2005
Commission File Number 0-28800
______________________
DRDGOLD Limited
45 Empire Road
Parktown
Johannesburg, South Africa, 2193
(Address of principal executive offices)
______________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No
If ''Yes'' is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
Attached to the Registrant Form 6-K filing for the month of February 2005, incorporated by reference herein:
Exhibit
99.1 Release dated February 24, 2005, entitled "Report To Shareholders For The Six Months Ended
31 December 2004 Of The 2005 Financial Year".
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DRDGOLD LIMITED
Date: February 24, 2005
By: /s/ Andrea Townsend
Name: Andrea Townsend
Title: Company Secretary
Report to shareholders for the six months ended
31 December 2004
DRD GOLD LIMITED
2005 FINANCIAL YEAR
(Formerly Durban Roodepoort Deep, Limited)
(Incorporated in the Republic of South Africa) • Registration No.1895/000926/06
ARBN 086 277616 • JSE trading symbol: DRD • ISIN Code: ZAE 000058723
Issuer code: DUSM • NASDAQ trading symbol: DROOY • ASX trading symbol: DRD ("DRDGOLD")
KEY RESULTS SUMMARY
6 months to
6 months to
6 months to
Group
31 Dec 2004
30 Jun 2004
31 Dec 2003
Attributable gold production*
Australasian operations
oz
165 138
144 004
89 186
kg
5 138
4 479
2 774
South African operations
oz
278 683
325 219
346 614
kg
8 668
10 115
10 781
Group
oz
443 821
469 223
435 800
kg
13 806
14 594
13 555
Cash operating costs
Australasian operations
US$/oz
206
204 244
ZAR/kg
41 103
45 085
54 384
South African operations
US$/oz
472
405
384
ZAR/kg
94 505
86 848
87 893
Group
US$/oz
372
336
352
ZAR/kg
74 339
72 565
80 173
Gold price received (Group)
US$/oz
420
401
381
ZAR/kg
83 941
87 240
86 298
Capital expenditure (Net Group)
US$ million
12.5
10.4
12.8
ZAR million
77.9
70.0
90.4
* Attributable - Including Emperor Mines Limited (45.33%) and Crown Gold Recoveries (Pty) Limited (40%)
Group Results
• Outstanding safety record
• Porgera Joint Venture achieves 1 million ounces of production
• Attributable offshore production increases to 37% of total attributable production
• ERPM extends life and receives assistance from the South African Government
• Emperor stake increased to 45.33% and rights issue completed
• Mining assets impaired at North West Operations
KEY FEATURES
2
NOTE REGARDING FINANCIAL INFORMATION
The condensed consolidated financial statements, Key Results Summary and Overview are based on our interim financial statements for the six months ended 31 December 2004 prepared in accordance with South African Statements of Generally Accepted Accounting Practice.The company will be releasing US GAAP financial statements for the six months ended 31 December 2004 on or about March 31, 2005, which it will file with the US Securities and Exchange Commission on Form 6-K.
FORWARD-LOOKING STATEMENTS
Some of the information in this report may contain projections or other forward-looking statements regarding future events or other financial performance, including forward-looking statements and information relating to DRDGOLD that are based on the beliefs of management, as well as assumptions made by and information currently available to management. When used in this report, the words "estimate", "project", "believe", "anticipate", "intend", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect management's current views with respect to future events and are subject to risks, uncertainties and assumptions.These statements include the Company's ability to continue as a going concern, its ability to successfully restructure the South African operations and, in particular the North West Operations, its ability to significantly reduce its costs in South Africa, its ability to fund its future commitments, including the restructure of the North West Operations.
Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, adverse changes or uncertainties in general economic conditions in the markets we serve, a drop in the gold price, a continuing strengthening of the Rand against the Dollar, regulatory developments adverse to DRDGOLD or difficulties in maintaining necessary licenses or other governmental approvals, changes in DRDGOLD's competitive position, changes in business strategy, any major disruption in production at our key facilities or adverse changes in foreign exchange rates and various other factors.
These risks include, without limitation, those described in the section entitled "Risk Factors" included in our annual report for the fiscal year ended 30 June 2004, which we filed with the United States Securities and Exchange Commission on 29 November 2004 on Form 20-F, as amended by the Form 20-F/A filed on December 3, 2004, and those detailed from time to time with the United States Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date thereof. We do not undertake any obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date of this report or to the occurrence of unanticipated events.
OVERVIEW
Dear shareholder
Safety
South Africa's Department of Minerals and Energy (DME) recently released figures indicating that DRDGOLD recorded the lowest fatality rate amongst South African gold producers in 2004.This reflects the company's continued emphasis on programmes designed to achieve behavioral change relating to safety in the workplace. Blyvooruitzicht Gold Mining Company Limited (Blyvoor) won the West Rand Mine Managers' Association safety competition for the seventh consecutive year, while North West Operations recorded one million fatality free shifts for the second time in the 2004 calendar year.Tolukuma Gold Mines Limited (Tolukuma) in Papua New Guinea has recorded more than 500 000 fatality free shifts and worked 825 days without a fatal injury. While these safety achievements are notable, particularly in the difficult circumstances currently prevailing in the
South African gold mining sector, it is with deep regret that we have to report two fatalities in the period under review - one each at Blyvoor and at the East Rand Proprietary Mines Limited (ERPM).
Production
Attributable gold production for the six months ended 31 December 2004, decreased by 5% compared to the six months ended 30 June 2004, in spite of a 15% increase in attributable production from our Australasian operations.The increased production from offshore was mainly due to good results from the Porgera Joint Venture (PJV) and the inclusion of the 45.33% attributable production from Emperor Mines Limited (Emperor) from 1 August 2004.
Australasian operations
Production from the Australasian operations was 165 138 ounces, compared with 144 004 ounces for the previous period.
The 20% interest in the PJV remained the main source of income for the group. Production increased marginally with cash operating costs reducing by 10% to US$166 per ounce. Cash operating profit from the company's 20% interest was US$26.3 million (R163.2 million) for the six months ended 31 December 2004.Tonnes treated increased by 10% compared to the September quarter, while the grade increased by 2%. In the 2004 calendar year, the PJV reached a landmark, producing one million ounces of gold for the first time, a rare achievement in the industry for which we have congratulated our JV partners. Exploration drilling in the underground section at PJV continues, with positive results so far.
Tolukuma's gold production for the period was 9% lower than the previous six months. Cash operating profit was lower for the six months at US$4.1 million (R25.4 million) due to lower production and higher costs. Average cash operating costs for the six months ended 31 December 2004 rose to US$312 per ounce.
DRDGOLD's attributable gold production from Emperor as from 1 August 2004 was 23 892 ounces (744 kilograms). Emperor's cash operating unit costs were US$376 per ounce for the period under review.
South African operations
Attributable production from the South African operations decreased by 14%, mainly as a result of restructuring and rightsizing at Blyvoor, together with various infrastructural constraints at the North West Operations that are currently being addressed.
The 23% decrease in underground production at Blyvoor for the six months to 31 December 2004 compared to the six months ended 30 June 2004 is the result of the operational review which started in the first quarter of the financial year.This led to a revised mining plan and reduced mining activity at No's 4 and 6 shafts in order to achieve production of more cost-effective ounces.
Efficiencies quarter on quarter at Blyvoor improved with grams per total employees costed (g/tec) increasing by 41% to 143 g/tec, grade up 11% to 7.49 grams per tonne and recoveries to 96.2%.
Gold production at the North West Operations decreased by 10% as a result of rationalization of non-profitable mining areas. During the period under review, the North plant was re-commissioned and fed with screened waste rock dump material. Average cash operating unit costs for the period increased to US$459 per ounce (R91 814 per kilogram).
DRDGOLD's attributable share of production from Crown Gold Recoveries (Pty) Limited (CGR) was down 5% for the period under review compared to the previous six months ended 30 June 2004. Following representations from ERPM to the DME for a monthly pumping subsidy of R1.6 million, R6 million has been received - being back-payment of R1
STOCK
Issued capital
255 316 895 ordinary no par value shares
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and committed: 283 103 158
Stock traded
JSE
ASX
NASDAQ
FRANKFURT
Average volume for the 6 months per day (`000)
152
13
3 098
101
% of issued stock traded (annualized)
16
1
317
10
Price
• High
R15.80
A$3.72
US$2.66
Euro 2.13
• Low
R8.00
A$1.88
US$1.44
Euro 1.06
• Close
R8.20
A$1.88
US$1.54
Euro 1.06
Going concern
We incurred significant losses during the six months and continue to incur losses at the South African operations. In order to reduce these losses, the North West Operations are in the process of being restructured and investors will be advised of the final outcome.
As at 31 December 2004, we had cash and cash equivalents of R143 million (30 June 2004: R141 million), and a negative working capital (defined as current assets less current liabilities) of R65 million (30 June 2004: negative working capital of R21 million).
Cash generated by offshore assets may not be adequate to cover future commitments with respect to this restructuring. We expect to finance our commitments from existing cash resources, the sale of assets and funding facilities we have in place or are seeking to negotiate.
It is management's belief that existing cash resources, net cash generated from offshore operations and additional funding will be sufficient to meet our anticipated commitments. In making this statement, management has assumed that there will be a significant decrease in costs at its South African operations, due to continued restructuring and that management will be successful in negotiating additional working capital facilities to be used for restructuring and general working capital purposes. Accordingly, the condensed consolidated financial statements have been prepared on the basis of accounting policies applicable to a going concern.
Our estimated working capital and commitments, as well as our sources of liquidity, will be adversely affected if:
•
there is any adverse variation in the price of gold or foreign currency exchange rates in relation to the US Dollar, particularly with respect to the Rand;
•
we are delayed in reducing costs at our South African operations or our planned cost reductions are less than anticipated;
•
our offshore operations fail to generate net cash flows consistent with current levels;
•
we default on our current borrowing facilities and we are therefore required to accelerate the repayment of funds; or
•
negotiations with funders to secure a debt facility over DRD Isle of Man assets to restructure the North West Operations are unsuccessful.
If such circumstances arise this might result in us having insufficient cash resources to meet our current obligations in the normal course of business, which may have an adverse impact on our financial ability to continue operating as a going concern.
Way forward
Our Blyvoor and Cason Dump surface retreatment projects have both been successfully commissioned and at North West Operations, the North Plant is currently treating approximately 100 000 tonnes per month of rock dump material. We intend to build further on these lower-cost sources of gold.
While efficiencies have improved dramatically, these are insufficient to compensate for the low Rand gold prices. Costs in the South African operations require further attention and in particular at North West Operations, where labour now represents 58% of total costs. We are currently engaged in discussions with unions and associations on how best to address the situation.
Our efforts to internationalize further in order to diversify our asset base were largely unsuccessful in the period under review, other than subscribing US$6.9 million to the Emperor rights issue in order to maintain our shareholding of 45.33%. We intend to continue to build on our position in the Pacific Rim where we have established positions in three significant epithermal ore bodies.
DR PASEKA NCHOLO
Non-Executive Chairman
24 February 2005
3
million a month from April 2004 to September 2004 - together with written confirmation that an additional R5 million will be paid at a rate of R1 million a month until the end of February 2005. ERPM is eligible to re- apply for further assistance, which the company has already done and a response is awaited from the DME.
Impairment
The strong Rand environment in which we are operating has caused us to review the carrying value of our South African assets.
The ongoing poor performance of the North West Operations in the low Rand environment has necessitated a full impairment of the mining assets amounting to R214 million, resulting in our net loss increasing to R370.1 million for the six months ended 31 December 2004.
In view of the significant improvement in efficiencies and productivity at Blyvoor as a result of the changed mining plan, management is of the view that there is no need to impair the carrying value of the Blyvoor assets at this time.The position will be reviewed at the end of future financial reporting periods.
Financial
Cash operating unit costs in Rand terms increased by 2% for the six months ended 31 December 2004 compared to the six months ended 30 June 2004, but the strengthening of the Rand against the US Dollar resulted in an 11% increase in cash operating unit costs in US Dollar terms.
The Group reported a cash operating profit of R107.2 million for the six months ended 31 December 2004 compared to a cash operating profit of R192.1 million for the previous six months. Headline loss for the six months was R159.1 million.
Board changes The Board of DRDGOLD Limited has announced the appointment of Dr Paseka Ncholo as Non-Executive Chairman. Dr Ncholo's appointment is in line with a recommendation contained in the second report of the King Committee on Corporate Governance (King 2) that a company should engage the services of a non-executive chairman.
Dr Ncholo was appointed a non-executive director of DRDGOLD in March 2002. He is a director of CGR and a non-executive director of Mvelaphanda Resources Limited. Prior to becoming chairman of Khumo Bathong Holdings (Pty) Limited and ERPM in 1999, Dr Ncholo was Director General of the South African Department of Public Services and Administration. He was awarded his doctorate in law in 1992 and admitted as an advocate of the High Court of South Africa in 1994.
DRDGOLD's Executive Chairman, Mark Wellesley-Wood, is to re-assume the role of Chief Executive Officer from Ian Murray, who remains an executive director of DRDGOLD with responsibility for corporate development. It is regrettable that Doug Campbell, appointed as Chief Financial Officer and as an executive director of the company on 17 January 2005, decided to resign for personal reasons.
Corporate developments
Broadly speaking, the company's off-shore operations are performing very satisfactorily but its South African operations continue to be impacted negatively by the strength of the South African Rand; in this, of course, we are not alone - the whole of the South African gold mining sector is being adversely affected.The mature profile of our South African operations, however, means that we are amongst those whose situation is most acute. Task teams have been appointed to examine the particular circumstances of the South African operations and to identify and report on options for their sustainability into the future, all in the context of the company's broader international growth strategy going forward.
DRDGOLD has short-listed two companies as preferred bidders for the company's uranium assets. An announcement regarding the possible sale of these assets will be made in due course.
JCI/CAM was ordered by the High Court of South Africa to pay DRDGOLD an amount of R35.7 million in respect of share warehousing fees plus interest and legal costs. JCI/CAM brought an application for leave to appeal this award.Their application was dismissed with costs by the High Court, and they have since petitioned the Supreme Court of Appeal for leave to appeal.The petition is currently pending.
MARK WELLESLEY-WOOD
Chief Executive Officer
The condensed consolidated financial statements below are prepared in accordance with South African Statements of Generally Accepted Accounting Practice (SA GAAP).The accounting policies are, in all material respects, consistent with those used to prepare the annual financial statements for the year ended 30 June 2004.
CONSOLIDATED
6 months to
6 months to
6 months to
31 Dec 2004
30 Jun 2004
31 Dec 2003
(Reviewed)
(Reviewed)
(Reviewed)
Income Statements
Rm
Rm
Rm
Gold and silver revenue
976.7
1 142.5
1 039.0
Cash operating costs
(869.5)
(950.4)
(965.3)
Cash operating profit
107.2
192.1
73.7
Corporate administration and other expenses
(81.5)
(70.4)
(44.4)
Business development
(9.5)
(3.5)
(2.6)
Exploration costs
(4.9)
-
-
Care and maintenance costs
(6.1)
(3.6)
(4.7)
Cash profit from operations
5.2
114.6
22.0
Retrenchment costs
(21.8)
(10.1)
(44.8)
Investment income
14.5
18.6
23.1
Interest paid
(18.5)
(15.3)
(26.6)
Net cash operating (loss)/profit
(20.6)
107.8
(26.3)
Rehabilitation
(1.6)
(18.2)
(5.6)
Depreciation
(72.3)
(136.1)
(68.5)
Profit/(loss) on financial instruments
1.7
13.2
(6.5)
Movement in gold in process
1.1
22.4
(15.5)
Loss from associates
(20.7)
-
-
Loss before taxation
(112.4)
(10.9)
(122.4)
Taxation
(36.6)
(46.4)
(4.6)
Deferred taxation charge
(10.1)
(512.3)
89.0
Loss after taxation
(159.1)
(569.6)
(38.0)
Exceptional items
(211.0)
(109.5)
0.7
Minority interest
-
-
-
Net loss
(370.1)
(679.1)
(37.3)
Headline loss per share-cents
(64.4)
(252.7)
(18.5)
Basic loss per share-cents
(149.9)
(301.2)
(18.1)
Calculated on a weighted average ordinary shares in issue of :
246 924 284
225 438 347
205 906 945
Diluted headline loss per share-cents
(64.4)
(252.7)
(19.6)
Diluted basic loss per share-cents
(149.9)
(301.2)
(19.3)
CONDENSED CONSOLIDATED
As at 31 Dec 2004
As at 30 Jun 2004
As at 31 Dec 2003
(Reviewed)
(Audited)
(Reviewed)
Balance Sheets
Rm
Rm
Rm
Assets
Net mining assets
707.4
956.1
1 048.5
Investments
213.8
92.4
154.7
Environmental Trust funds
144.4
143.3
137.6
Deferred mining and income taxes
-
-
372.0
Other non-current assets
186.2
200.8
191.4
Current assets
331.4
359.0
384.6
Inventories
93.6
103.5
111.8
Trade and other receivables
94.7
114.6
127.4
Cash and cash equivalents
143.1
140.9
145.4
1 583.2
1 751.6
2 288.8
Equity and liabilities
Shareholders' equity
428.1
564.1
1 092.6
Minority shareholders' interest
5.8
5.8
-
Long-term borrowings
300.6
309.0
331.6
Derivative instruments
9.7
31.8
230.1
Rehabilitation
242.6
245.4 214.1
Deferred mining and income taxes
127.9
132.4
-
Provisions
72.3
82.9
71.5
Current liabilities
396.2
380.2
348.9
Trade and other payables
328.7
321.7
305.8
Derivative instruments - net
15.3
-
-
Current portion of long-term borrowings
52.2
58.5
43.1
1 583.2
1 751.6
2 288.8
4
CONDENSED CONSOLIDATED
6 months to
6 months to
6 months to
31 Dec 2004
30 Jun 2004
31 Dec 2003
(Reviewed)
(Reviewed)
(Reviewed)
Changes in shareholders' interest
Rm
Rm
Rm
Shareholders' interest at the beginning of the period
564.1
1 092.6
456.1
Share capital issued
270.3
239.2
644.4
- for acquisition finance and cash
281.9
237.4
645.0
- for share options exercised
0.5
5.8
2.9
- for costs
(12.1)
(4.0)
(2.5)
- for equity portion of convertible note
-
--
(1.0)
Movement in retained income
(370.1)
(679.1)
(37.3)
Currency adjustments and other movements
(36.2)
(88.6)
29.4
Shareholders' interest at the end of the period
428.1
564.1
1 092.6
Reconciliation of headline loss
Net loss
(370.1)
(679.1)
(37.3)
Adjusted for: - Impairment of assests and investments
214.0
109.5
(0.7)
- Profit on sale of investments
(3.0)
-
-
Headline loss
(159.1)
(569.6)
(38.0)
CONDENSED CONSOLIDATED
6 months to
6 months to
6 months to
31 Dec 2004
30 Jun 2004
31 Dec 2003
(Reviewed)
(Reviewed)
(Reviewed)
Cash Flow Statements
Rm
Rm
Rm
Net cash (out)/in flow from operations
(72.6)
44.1 (43.6)
Working capital changes
8.6
(14.2)
5.8
Net cash outflow from investing activities
(220.9)
(105.6)
(555.2)
Net cash in flow from financing activities
303.0
46.3
431.4
Increase/(decrease) in cash and cash equivalents
18.1
(29.4)
(161.6)
Translation adjustment
(15.9)
24.9
(24.8)
Opening cash and cash equivalents
140.9
145.4
331.8
Closing cash and cash equivalents
143.1
140.9
145.4
Reconciliation of net cash (out)/in flow from operations
Net cash operating (loss)/profit
(20.6)
107.8
(26.3)
Adjusted for:
Interest provision on convertible bond
13.6
14.5
15.3
Amortization of convertible cost
3.8
3.7
4.2
Financial instruments
(5.2)
(4.5)
(6.3)
Unrealized foreign exchange gain
(12.6)
(32.0)
(8.1)
Growth in Environmental Trust funds
(1.0)
(3.7)
(3.9)
Profit on sale of assests and other non cash items
3.0
4.6
10.7
Interest paid
(12.3)
(19.7)
(27.7)
Taxation paid
(41.3)
(26.6)
(1.5)
Net cash (out)/in flow from operations
(72.6)
44.1
(43.6)
Review report of the independent auditors to the members of DRDGOLD Limited
KPMG has, without qualifying their review opinion, drawn attention to the section in the overview headed "Going concern" which indicates that the group incurred significant losses for the six-months to 31 December 2004 and continued to incur losses thereafter, and that at 31 December 2004 the group's current liabilities exceeded its current assets.These conditions, along with other matters as set forth in the overview, indicate the existence of a material uncertainty which may cast significant doubt about the group having sufficient cash resources to meet its currrent obligations in the normal course of business, which may have an adverse impact on the group's ability to continue operating as a going concern.
KPMG's modified review report on the condensed consolidated SA GAAP financial statements contained in this announcement of interim results is available for inspection at the company's registered office.
KEY OPERATING AND FINANCIAL RESULTS (Unreviewed)
Australian operations
6 months to
6 months to
6 months to
Porgera (20% share of Joint Venture)
31 Dec 2004
30 Jun 2004
31 Dec 2003
Ore milled
t'000
606
646
295
Yield
g/t
5.27
4.88
4.86
Gold produced
oz
102 579
101 339
46 136
kg
3 191
3 152
1 435
Cash operating costs
US$ per oz
166
184
222
ZAR per kg
33 110
41 319
48 226
ZAR per tonne
174
202
235
Cash operating profit
US$ million
26.3
22.9
8.8
ZAR million
163.2
159.6
58.9
Capital expenditure (net)
US$ million
6.9
2.3
1.8
ZAR million
42.9
16.0
12.3
5
6
6 months to
6 months to
6 months to
Tolukuma
31 Dec 2004
30 Jun 2004
31 Dec 2003
Ore milled
t'000
107
102
94
Yield
g/t
11.24
13.01
14.24
Gold produced
oz
38 667
42 665
43 050
kg
1 203
1 327
1 339
Cash operating costs
US$ per oz
312
253
266
ZAR per kg
62 306
54 028
60 984
ZAR per tonne
701
703
869
Cash operating profit
US$ million
4.1
6.1
4.8
ZAR million
25.4
41.4
33.8
Capital expenditure (net)
US$ million
2.3
4.0
2.0
ZAR million
14.4
27.1
14.2
5 months to
Emperor (45.33% attributable)
31 Dec 2004
Ore milled
t'000
105
Yield
g/t
7.09
Gold produced
oz
23 892
kg
744
Cash operating costs
US$ per oz
376
ZAR per kg
75 208
ZAR per tonne
543
South African operations
6 months to
6 months to
6 months to
Blyvoor
31 Dec 2004
30 Jun 2004
31 Dec 2003
Ore milled
Underground
t'000
309
416
415
Surface
t'000
1 345
1 469
818
Total
t'000
1 654
1 885
1 233
Yield
Underground
g/t
7.06
6.84
8.00
Surface
g/t
0.24
0.35
0.70
Total
g/t
1.52
1.78
3.15
Gold produced
Underground
oz
70 088
91 501
106 710
kg
2 180
2 846
3 319
Surface
oz
10 481
16 525
18 358
kg
326
514
571
Total
oz
80 569
108 026
125 068
kg
2 506
3 360
3 890
Cash operating costs
Underground
US$ per oz
525
440
341
ZAR per kg
104 884
94 996
77 817
ZAR per tonne
740
650
622
Surface
US$ per oz
321
380
375
ZAR per kg
64 190
82 175
85 217
ZAR per tonne
16
29
59
Total
US$ per oz
498
431
346
ZAR per kg
99 590
93 035
78 904
ZAR per tonne
151
166
249
Cash operating (loss)/profit
US$ million
(6.6)
(3.6)
3.9
ZAR million
(41.2)
(24.0)
26.7
Capital expenditure (net)
US$ million
(0.1)
2.0
6.8
ZAR million
(0.4)
13.0
47.4
6 months to
6 months to
6 months to
North West (Hartebeestfontein and Buffelsfontein mines)
31 Dec 2004
30 Jun 2004
31 Dec 2003
Ore milled
Underground
t'000
740
799
866
Surface
t'000
542
56
1 344
Plant clean-up
t'000
22
38
55
Total
t'000
1 304
893
2 265
Yield
Underground
g/t
5.70
6.02
5.17
Surface
g/t
0.82
2.16
0.43
Plant clean-up
g/t
3.45
8.61
5.87
Total
g/t
3.63
5.89
2.37
Gold produced
Underground
oz
135 516
154 613
144 068
kg
4 215
4 809
4 481
Surface
oz
14 307
3 891
18 391
kg
445
121
572
Plant clean-up
oz
2 443
10 513
10 385
kg
76
327
323
Total
oz
152 266
169 017
172 844
kg
4 736
5 257
5 376
Cash operating costs
Underground
US$ per oz
476
411
442
ZAR per kg
95 104
88 169
101 196
ZAR per tonne
542
531
524
Surface (including plant clean-up)
US$ per oz
326
138
262
ZAR per kg
65 200
26 273
60 361
ZAR per tonne
60
125
39
Total
US$ per oz
459
388
412
ZAR per kg
91 814
82 894
94 398
ZAR per tonne
333
488
224
Cash operating (loss)/profit
US$ million
(6.5)
1.7
(6.1)
ZAR million
(40.2)
15.1
(45.7)
Capital expenditure (net)
US$ million
3.4
2.1
2.2
ZAR million
21.0
13.8
16.0
6 months to
6 months to
6 months to
Crown (40% attributable)*
31 Dec 2004
30 Jun 2004
31 Dec 2003
Ore milled
t'000
1 807
1 975
2 036
Yield
g/t
0.41
0.40
0.41
Gold produced
oz
23 895
25 232
26 750
kg
743
785
832
Cash operating costs
US$ per oz
379
351
336
ZAR per kg
75 805
75 518
76 390
ZAR per tonne
31
30
31
6 months to
6 months to
6 months to
ERPM (40% attributable)*
31 Dec 2004
30 Jun 2004
31 Dec 2003
Ore milled
Underground
t'000
82
114
117
Surface
t'000
362
86
-
Total
t'000
444
200
117
Yield
Underground
g/t
6.92
6.07
5.85
Surface
g/t
0.33
0.24
-
Total
g/t
1.54
3.57
5.85
Gold produced
Underground
oz
18 159
22 248
21 952
kg
565
692
683
Surface
oz
3 794
696
-
kg
118
21
-
Total
oz
21 953
22 944
21 952
kg
683
713
683
Cash operating costs
US$ per oz
412
366
368
ZAR per kg
82 382
78 789
84 422
ZAR per tonne
127
281
494
7
Share Option Scheme
The following summary provides information in respect of the Durban
Roodepoort Deep (1996) Share Option Scheme as at 31 December 2004:
Number of
% of issued
options
capital
In issue
10 186 263
3.99
Options currently vested
4 527 654
1.77
DIRECTORS
Directors
(* British) (** Australian) (*** American)
Non-executives:
Alternate:
MP Ncholo (Non-Executive Chairman)
A Lubbe
Executives:
J Turk***
MM Wellesley-Wood (Chief Executive Officer) *
Independent non-executives:
Group Company Secretary:
IL Murray
RP Hume
AI Townsend
GC Campbell * D Blackmur **
INVESTOR RELATIONS
For further information, contact Ilja Graulich at:
Tel: (+27-11) 381-7800 • Fax: (+27-11) 482-4641 • e-mail: ilja.graulich@za.drdgold.com • website: http://www.drdgold.com
45 Empire Road, Parktown, South Africa • PO Box 390, Maraisburg, 1700, South Africa
DRD GOLD LIMITED