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CAPITAL MANAGEMENT | 12 Months Ended
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Jun. 30, 2022
Capital management [abstract] |
Capital Management | 20 CAPITAL MANAGEMENT The primary objective of the Group's capital management policy is to ensure that adequate capital is available to meet the requirements of the Group from time to time, including capital expenditure. The Group considers the appropriate capital management strategy for specific growth projects as and when required. Lease liabilities are not considered to be debt. Liquidity management At June 30, 2022 and June 30, 2021 the Group’s facilities included an undrawn Revolving Credit Facility (“ RCF ”) which was initially secured to finance the development of Phase 1 of FWGR as well as the general working capital requirements of the Group. In December 2018, R 125 million of the RCF was committed to issue a guarantee to Ekurhuleni Local Municipality (refer note 24). In September 2020, the initial R 300 million RCF was amended to a R 200 million RCF and extended for an additional term of 2 years with a final repayment date of September 14, 2022 . The initial and amended RCF permits a consolidated debt ratio (net debt to adjusted EBITDA) of no more than 2:1 and a consolidated interest coverage ratio (net interest to adjusted EBITDA) of no less than 4:1 calculated on a twelve-month rolling basis respectively. Management monitors the covenant ratio levels to ensure compliance with the covenants, as well as maintain sufficient facilities to ensure satisfactory liquidity for the Group. The covenant ratios were not breached as at or during the year ended June 30, 2022 or June 30, 2021. The amendment included the reduction of the initial interest rate margin of 3.25 % to 2.75 %. A pledge and cession of DRDGOLD’s shares in and shareholder claims against Ergo Mining Proprietary Limited and Far West Gold Recoveries Proprietary limited remains in place as security for the RCF. The amended RCF does not include any commitment towards the guarantee to Ekurhuleni Local Municipality. No amounts were drawn under this facility as at June 30, 2022. Pursuant to the Group having started to evaluate its funding structure for its expanded budgeted capital expenditure programme in future years, a decision was made to not renew the RCF.

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- Definition The disclosure of information that enables users of financial statements to evaluate the entity's objectives, policies and processes for managing capital. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 134 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_134&doctype=Standard -URIDate 2021-03-24 + Details
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