Durban Roodepoort Deep, Limitedand
the merger with Emperor Mines LimitedIan Murray, Chief Executive Officer
2
Disclaimer
Some of the information in this presentation may contain projections or other forward looking statements regarding future events or other future financial
performance. We wish to caution you that these statements are only projections and those actual events or results may differ materially. In reviewing,
please refer to the documents that we file from time to time with the SEC, specifically to our annual report on Form 20-F. These documents contain and
identify important factors that could cause the actual results to differ materially from those contained in our projections or forward looking statements,
including such risks as difficulties in being a marginal producer of gold, changes and reliability of ore reserve estimates, gold price volatility, currency
fluctuations, problems in the integration of operations, exploration and mining risks and a variety of risks described in our annual report on Form 20-F.
We undertake no obligation to publicly release results of any of these forward looking statements which may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unexpected results.
Cautionary Note to U.S. Investors: the United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can economically and legally extract or produce. We use the term "resources" (which includes
"measured", "indicated", and "inferred") in our presentation, which the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S.
Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-28800, available from us at 45 Empire Road, Parktown,
Johannesburg, 2193,
South Africa. You can also obtain this form from the SEC website at http://www.sec.gov/edgar.shtml
This presentation does not constitute an offer to sell or solicitation of an offer to purchase any of the DRD securities described herein, which offer or
solicitation shall be made only pursuant to the offer contained in the Bidders Statement. The offer of DRD securities described herein will be made within
the United States pursuant to applicable exemptions from the registration requirements of the United States securities laws. The DRD shares issued
under this offer have not been registered under the US Securities Act and may not be offered or sold within the United States or to US persons unless
they are registered under the US Securities Act or an exemption from the registration requirements under that Act is available.
3
Content
!Merger terms
!DRD group - post merger
!DRD Australasia - post merger
!Details of the offer and timetable
4
Merger terms
! 1 DRD share for 5 Emperor
shares
! values Emperor at
A$0.88*
! 32% premium to price at close
on 5 March 2004 (A$0.67)
! Enterprise value of Emperor at
announcement � A$105m
(including A$6m net debt)
* Calculated at NASDAQ price on 5 March exchange rate US$/AU$ 0.759
32% 31% 31%
0%
5%
10%
15%
20%
25%
30%
35%
Based on 5 March 2004closing price
Based on 30-day averageratios
Based on 60-day averageratios
Prem
ium
offe
red
DRD group � post merger
6
DRD at a glance post merger
! International gold producer (listed in 1895) � in world�s top 10! market cap A$1.1 billion (US$834 million)! annual gold production of 1.1 Moz! reserves of 18 Moz! resources of 70 Moz
! Eight operating mines:! five mines in South Africa! two mines in Papua New Guinea! one mine in Fiji
! Unhedged gold production - leverage to gold price! Highly liquid stock (500% traded per annum)
! internationally held
7
DRD group post merger pro forma
334333US$/ozCash cost (Dec �03 quarter)
7064US$mEstimated cash op. profit @ US$400/oz gold price
Moz
Moz
oz p.a.
18
70
17
66
Reserves
Resources
1,067,592949,228Production (Dec �03 qtr annualised)
Post mergerCurrent
Reserves/Resources Porgera Dec �03, DRD and Emperor Jun �03
8
DRD strategy: the Pure Gold Choice
PureGoldChoice
Leverageto the US$gold price
Growthprofile
Corporategovernance
Exposureto theRand
Appropriateacquisitions
DRD is focused on five factors to make DRD the Pure Gold Choice
9
Strategy implementation
! Restore margins in SA operations
! Build up Australasian production base
! Identify third leg opportunities
! Retain gearing to gold price
Create DRD as international gold producer
10
US59%
Canada6%
UK6%
Australia10%
South Africa5%
Asia3%
Europe11%
Indicative shareholder spread
60% retail 40 % institutionalInternational shareholder base
11
Group structure - post merger
Durban Roodepoort Deep Khumo Bathong Holdings
Australasian Operations
SA Operations Crown Gold Recoveries
Emperor
118,000oz
TGM
87,000oz
Crown Surface
53,000oz
ERPM
51,000oz
3%
40% 60%
manages100% 100%
DRDPorgera
180,000oz
Figures refer to 2004 projected ounces, Emperor projected at Dec�03 quarter annualised
CGR (40%) and PJV (20%) production figures represent proportion attributable to DRD
NWO(Harties &
Buffels)350,000oz
Blyvoor
260,000oz
12
South Africa Mines
13
Papua New Guinea Mines
14
Fiji Mine
15
Operational overview post merger pro forma (Dec �03 qtr)
Australasia
South Africa
36% margin on gold price
Fulfilling strategy
Completing Australasian strategy
400,000oz Australasia
3.0
8.8
1.8
13.6
17.4
21,767
46,136
29,591
97,494
266,898
253
222
339
264
344
Tolukuma
Porgera (20%)
Emperor
Aus Total
GROUP TOTAL
Dec costs below $350/oz
Underground grade hits 9 g/t
Steady
Focus on restoring margin
(0.5)
2.8
1.5
3.8
81,632
64,045
23,727
169,404
399
346
365
374
North West*
Blyvoor
Crown (40%)
SA total
Comment
Cash operating profit/(loss)
(US$m)
Production ounces
(troy)
Costs
(US$/oz)
16
Success at extending Life of Mine (LOM) Average 18 years
0.5
4
n/a
8
6
2001
1
6
0
12
18
2002
72(1996)
Buffels(NWO)
41.5(2000)
Tolukuma
110(2002)
ERPM
151.5(1999)
Harties(NWO)
224(1997)
Blyvoor
2003At acquisition(years)
17
Margin management
0
100
200
300
400
500
600
700
800
900
Jun-
00
Aug-
00O
ct-0
0
Dec
-00
Feb-
01
Apr-
01
Jun-
01
Aug-
01
Oct
-01
Dec
-01
Feb-
02Ap
r-02
Jun-
02
Aug-
02
Oct
-02
Dec
-02
Feb-
03
Apr-
03
Jun-
03
Aug-
03O
ct-0
3
Dec
-03
Mar
ket C
ap
150
180
210
240
270
300
330
360
390
420
US$/oz Margin US$/oz cash costs Market cap US$m
US$m US$/oz
Source: Company report; I-Net
Share re-rated
18
Leverage to gold price (excludes Emperor)
Cash operating profit: assuming a 10% higher gold price
16%
84%
SA operations Australasian operations
Cash operating profit: Dec �03 Qtr
50%50%
SA operations Australasian operations
19
North West Blyvoor West Wits Crown Tolukuma
Portfolio management: how we�ve managed the margin
North West Blyvoor Porgera Tolukuma Crown ERPM
December 2003 production profileDecember 2001 production profile
December 2001Gold price: R106,900/kgCash operating profit: US$16.2m
December 2003Gold price: R86,032/kg (-20%)Cash operating profit: US$14.1m (-12%)
60%Closed or divested
Acquired
40%
20
DRD Balance sheet
US$54 millionUS$86 millionShareholders� equity
134%
12%
30%
82%
10%
24%
Interest-bearing debt/equity
Interest-bearing debt/capitalisation
Interest-bearing debt/total assets
US$81 millionUS$157 millionMining assets
US$11 millionUS$10 millionLT & ST debt
US$86 millionUS$21 million Cash on hand
September 2003December 2003
DRD Australasia � post merger
22
DRD Australasia post merger pro forma
264232US$/ozCash cost (Dec �03 quarter)
5246US$mEstimated cash op. profit @ US$400/oz gold price
oz (000�s)
Moz
Moz
Oz p.a.
2,623697Total employees
337-Hedge book
2.43
7.07
1.75
4.56
Reserves
Resources
385,000272,000Production (Dec �03 qtr annualised)
Post mergerCurrent
Reserves/Resources Porgera Dec �03, DRD and Emperor Jun �03
Total employees excludes Porgera
23
50
100
150
200
250
300
350
400
0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000
DRD Australasia
US$/oz
ounces
Placer
DRD
AngloGold
Harmony
Barrick
Gold Fields
SoG
Newmont
Newcrest
Lihir
Avg cash costs US$234
Source: Company reports, Q4 2003 cash costs; *unlisted *listed
Emperor
The offer
25
Merger terms
! 1 DRD share for 5 Emperor
shares
! values Emperor at
A$0.88*
! 32% premium to price at close
on 5 March 2004 (A$0.67)
! Enterprise value of Emperor at
announcement � A$105m
(including A$6m net debt)
* Calculated at NASDAQ price on 5 March exchange rate US$/AU$ 0.759
32% 31% 31%
0%
5%
10%
15%
20%
25%
30%
35%
Based on 5 March 2004closing price
Based on 30-day averageratios
Based on 60-day averageratios
Prem
ium
offe
red
26
Main conditions
!DRD obtaining 90% interest
!Regulatory approvals and consents
!ANZ Bank waivers
!No material adverse change
!No fall in the Rand gold price below R78,000/kg! Currently R85,000/kg
27
Transaction synergies
! Regional management team over three operations! Tolukuma 7,000 oz p.m. @ US$250/oz; exploration potential
! Porgera 15,000 oz p.m. @ US$230/oz
! Vatukoula 10,000 oz p.m. with cost reduction potential
! Shared DRD/Emperor group technical skills
! Underground & epithermal knowledge sharing
! Synergies with PNG operations
28
Advantages for Emperor shareholders
! A$1.1 billion (US$834 million) international gold company
! Gold production base spread over three countries
! Highly liquid equity
! Significant leverage to gold price
! Growth-orientated company
! Solid financial base
29
Our shares
! Market capitalisation � A$1 billion (US$759 million)! Outstanding � 231 million
! fully issued and committed post merger: 275 million! Free float > 90%! American Depository Receipts (ADR�s) � 80% ! Annual turnover:
! 500% of issued shares; avg 5 m shares a day ! Listings:
! JSE (DUR), ASX (DRD), Nasdaq (DROOY), LSE (DBNR), Paris & Brussels bourses (DUR)
! OTC: Frankfurt, Stuttgart & Berlin (DUB)! Member of XAU index
30
Timetable
! Announcement
! 8 March 2004
! Expected date for lodging Bidders� Statement
! End March
! Expected date for Bidders� Statement to go to shareholders
! Early April (earliest date for acceptance)
! Expected close of the transaction
! June 2004
31
For more information
! On DRD and the offer go to www.durbans.com or www.drd.co.za! Queries in relation to the merger:
DRD CIBC World Markets (financial adviser) Ian Murray Neil Johnson Chief Executive Officer Managing Director CIBC World Markets +61 424 244 195 +61 2 9275 1301 (office)
South Africa AustralasiaInvestor and Media Relations Investor and Media RelationsIlja Graulich, Durban Roodepoort Deep, Limited Paul Downie, Porter Novelli+27 11 381 7826 (office) +61 893 861 233 (office)+27 83 604 0820 (mobile) +61 414 947 129 (mobile)
United Kingdom/EuropeJames Duncan, Russell & Associates Investor and Media Relations+27 11 880 3924 (office) Phil Dexter, St James's Corporate+27 82 892 8052 (mobile) +44 20 7499 3916 (office)
+44 779 863 4398 (mobile)North AmericaInvestor Relations Media RelationsSusan Borinelli, Breakstone & Ruth International Jessica Anderson, Breakstone & Ruth International+1 646-536-7018 (office) +1 646-536-7002 (office)+1 917-570-8421 (mobile) +1 347-423-5859 (mobile)