page 1 by check mark whether the registrant files or will file annual reports under cover of form...
TRANSCRIPT
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0001205613-05-000144.txt : 200508250001205613-05-000144.hdr.sgml : 2005082520050825104140ACCESSION NUMBER:0001205613-05-000144CONFORMED SUBMISSION TYPE:6-KPUBLIC DOCUMENT COUNT:6CONFORMED PERIOD OF REPORT:20050825FILED AS OF DATE:20050825DATE AS OF CHANGE:20050825
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:DRDGOLD LTDCENTRAL INDEX KEY:0001023512STANDARD INDUSTRIAL CLASSIFICATION:GOLD & SILVER ORES [1040]IRS NUMBER:000000000FISCAL YEAR END:0630
FILING VALUES:FORM TYPE:6-KSEC ACT:1934 ActSEC FILE NUMBER:000-28800FILM NUMBER:051047575
BUSINESS ADDRESS:STREET 1:45 EMPIRE ROADSTREET 2:PARKTOWNCITY:JOHANNESBURGSTATE:T3ZIP:2193BUSINESS PHONE:27113817800
MAIL ADDRESS:STREET 1:PO BOX 390STREET 2:MARAISBURGCITY:JOHANNESBURGSTATE:T3ZIP:1700
FORMER COMPANY:FORMER CONFORMED NAME:DURBAN ROODEPOORT DEEP LTDDATE OF NAME CHANGE:19960924
6-K1drd_quarter.htm
Page 1
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 August
2005 Commission File Number 0-28800
______________________DRDGOLD Limited EBSCO House 4299
Pendoring Avenue BlackheathRandburg, South Africa, 2195 (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
This report on Form 6-K shall be deemed to be incorporated by
reference into the Registration Statement on Form F-3 (Registration
No. 333-102800) and Registration Statement on Form F-4
(Registration No. 333-121386) of DRDGOLD Limited (the "Company")
filed with the Securities and Exchange Commission on September 30,
2003 and December 17, 2004 respectively, and to be part thereof
from the date on which this report is filed, to the extent not
superseded by documents or reports subsequently filed or furnished.
Attached to the Registrant Form 6-K filing for the month of
August 2005, incorporated
by reference herein: Exhibit99.1 Release dated August
25, 2005, entitled REPORT TO SHAREHOLDERS FOR THE SIX
MONTHS ENDED 30 JUNE 2005 99.2 Release dated August 25, 2005,
entitled NEW FINANCE DIRECTOR FOR DRDGOLD
99.3 Release dated August 25, 2005, entitled STEADY
POST-RESTRUCTURING RECOVERY
AT SA OPERATIONS
3SIGNATURES 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: August 25, 2005 By: /s/ Themba Gwebu Name: Themba Gwebu Title: Company Secretary
4Exhibit 99.1
Report to shareholders for the six months ended30 June 2005D
R D G O L D L I M I T E D2 0 0 5 F I N A N C I A L Y E A
R(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 or the Company)KEY RESULTS SUMMARY6 months
to6 months to6 months to 12 months to12 months
toGroup30 Jun 200531 Dec 200430 Jun 200430 Jun 200530
Jun 2004Attributable gold production *Australasian
operationsoz151 996 165 138 144 004 317 134 233
190kg4 7265 138 4 479 9 864 7 253South African
operationsoz125 485 126 417156 202 251 902329 972
kg3 903 3 932 4 8587 835 10 263Discontinued
operationsoz47 584 152 266 169 017 199 850 341
861kg1 480 4 736 5 257 6 216 10 633 Groupoz325
065443 821 469 223768 886 905 023kg10 109 13 806
14 594 23 91528 149Cash operating costsAustralasian
operationsUS$ per oz254206 204 231219ZAR per kg50
889 41 103 45 085 46 289 48 641South African
operationsUS$ per oz407498 431453385ZAR per kg81
575 99 590 93 035 90 598 85 453Discontinued
operationsUS$ per oz665459 388 508400ZAR per kg133
275 91 814 82 894 101 70188 710GroupUS$ per
oz377372 336 375344ZAR per kg75 627 74 339 72
565 75 09576 209 Gold price received (Group)US$ per
oz428420 401 423391ZAR per kg85 77183 941 87
240 84 69086 788 Capital expenditure (Net Group)US$
million10.212.5 10.4 22.723.2ZAR
million63.377.9 70.0 141.2160.4* Attributable
Including Emperor Mines Limited (Emperor) (45.33%) and Crown Gold
Recoveries (Pty) Limited (CGR) (40%)Group Results
(Unaudited) Cash operating profit up by 7% to R157.1 million R180
million capital raising Emperor investment written down to A$0.28
cents per share A$10 million convertible loan and operational
support for Emperor Buffelsfontein liquidated following the loss of
No. 5 shaft Improved balance sheet current ratio at 1.45 KEY
FEATURES
2NOTE REGARDING FINANCIAL INFORMATIONThe condensed
consolidated financial statements, Key Results
Summary and Overview are based on our financial statements
for
the six months ended 30 June 2005 and for the twelve months
ended
30 June 2005 prepared in accordance with South African
Statements
of Generally Accepted Accounting Practice.The company will be
releasing US GAAP financial statements for the twelve months
ended
30 June 2005 on or before 31 December 2005, which it will file
with
the US Securities and Exchange Commission (SEC) on Form
20F.FORWARD-LOOKING STATEMENTSSome 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 managements current views
with respect to future events and are subject to risks,
uncertainties
and assumptions.Many factors could cause the actual results,
performance or
achievements to be materially different from any future
results,
performance or achievements that may be expressed or implied
by
such forward-looking statements, including, among others,
adverse
changes or uncertainties in general economic conditions in the
markets
we serve, a drop in the gold price, a continuing strengthening of
the
Rand against the Dollar, regulatory developments adverse to
DRDGOLD or difficulties in maintaining necessary licenses or
other
governmental approvals, changes in DRDGOLDs competitive
position,
changes in business strategy, any major disruption in production
at
key facilities or adverse changes in foreign exchange rates
and
various other factors.These risks include, without limitation,
those described in the section
entitled Risk Factors included in our annual report for the fiscal
year
ended 30 June 2004, which we filed with the SEC on 29
November
2004 on Form 20-F, as amended by the Form 20-F/A filed on 29
April
2005, and those detailed from time to time with the SEC.You
should
not place undue reliance on these forward-looking statements,
which
speak only as of the date thereof. We do not undertake any
obligation
to publicly update or revise these forward-looking statements to
reflect
events or circumstances after the date of this report or to
the
occurrence of unanticipated events.OVERVIEWDear
shareholder
SafetyWith deep regret we report that eight of our employees
died in work-
related incidents during the second half of the 2005 financial
year
four related to the discontinued operations at our North West
Operations (NWO), compared with two during the first half.
Our
Fatal Injury Frequency Rate (FIFR) from continuing
operationsdeteriorated from 0.16 in the first half to 0.70 in the
second, our Lost
Time Injury Frequency Rate (LTIFR) from 5.43 to 10.88 and our
Reportable Injury Frequency Rate (RIFR) from 2.30 to 3.95.Total
operations had one less fatality in 2005 compared with 2004,
but
given a decline in our total number of employees, the FIFR year on
year
was unchanged at 0.25. While the RIFR for the year declined
slightly
from 3.49 to 3.44, the LTIFR increased from 8.99 to 9.55.The
earthquake at NWO in South Africa in March 2005 undoubtedly
skewed our performance overall but these are disappointing
results,
nonetheless. In our South African operations particularly,
management,
employees and their representatives are looking afresh at issues
such as
underground support standards and are re-gauging the effectiveness
of
current training and orientation programs designed to create
greater
awareness and achieve behavioural change.Individually, some
operations have achieved distinction during the year,
most notably our Blyvooruitzicht Gold Mining Company Limited
(Blyvoor) mine which won the West Rand Mine Managers
Association Safety Competition for the seventh consecutive
year.PRODUCTIONThe Groups attributable production for the
second half was 27% lower
than for the first at 325 065 ounces (10 109 kilograms). While this
was
due mainly to the discontinuation of mining at the Buffelsfontein
Gold
Mines Limited (Buffelsfontein) following the earthquake, a decline
in
production from the Australasian operations for the period was also
a
contributing factor.AUSTRALASIAN OPERATIONSYear on year,
attributable production from the Australasian operations
was 36% higher at 317 134 ounces.This represents 56% of
DRDGOLDs total production for the year if production from
discontinued operations is excluded. In essence, the weighting of
the
Australasian operations in DRDGOLDs production profile has
continued to grow.Lower gold production has reflected in higher
unit costs. For the
region, cash operating unit costs in the second half were 23%
higher
than in the first at US$254 per ounce. At Tolukuma they were
18%
higher at US$367 per ounce; at Porgera, 25% higher at US$208
per
ounce; and at Emperor, 35% higher at US$507 per ounce. Rising
fuel
costs which have impacted on power generation, logistics and
other
consumables have been a compounding common factor for all
three
operations.SOUTH AFRICAN OPERATIONSAttributable production
from continuing operations was less than 1%
lower in the second half at 125 485 ounces, reflecting a pleasing
degree
of stabilisation resulting from the restructuring process that
continued for
the whole of the 2005 financial year. Production from the
these
operations, year on year, was 24% lower at 251 902 ounces due to
the
restructuring.STOCK
Issued capital
296 206 048 ordinary no par value
shares
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and committed: 326 348
457Stock
tradedJSEASXNASDAQFRANKFURTAverage
volume for the 6 months per day (000)191203 082103% of issued stock
traded (annualized)1722729Price High9.1A$2.10US$1.57Euro 1.18
Low4.15A$0.76US$0.30Euro 0.50 Close5.69A$1.12US$0.88Euro 0.77
CORPORATE DEVELOPMENTSWe have reported extensively in
recent weeks on our two mostsignificant corporate developments
during the half year: the signing of a Memorandum of Understanding
(MOU) regardingthe next steps in our Black Economic Empowerment
(BEE)relationship with Khumo Bathong Holdings (Pty) Limited (KBH);
and our financial and management assistance package to
Emperor.THE WAY FORWARDThe 2005 financial year has been one
of the toughest in DRDGOLDsrecent history. It was disappointing and
for a while discouraging towitness the deleterious impact of two
major extraneous factors on ourplans for the Companys growth and
development ambitions. Here, werefer to the Rand strength/Rand gold
price weakness combination andto the devastating earthquake which
precipitated our struggling NWOinto provisional liquidation.This
was our 110th year in business however, and we would simply
not
have survived this long had it been in our nature as a corporate
entity
to simply give up. We have long characterized ourselves as
the
turnaround experts, fixing or as a last resort, closing, mature
gold
mining operations that the more faint-hearted had long since
abandoned. More recently weve argued that we do what we say,
even
when it is unpleasant and what some people want neither to
witness
nor hear.The restructuring of our South African operations was
unpleasant and
tested to the extreme our relationships with many of our key
stakeholders. But we are now a whole lot more confident, not
only
about these operations surviving the macro economic environment
of
which they are part, but indeed, about their holding their own well
into
the future.We rank among few in the South African gold mining
industry to have
announced ore replacement strategies recently specifically, the No
2
Sub-Shaft Project and extensions to the surface retreatment project
at
Blyvoor, and underground exploration at East Rand Proprietary
Mines
Limited (ERPM) of the contiguous Sallies property. Were
optimistic,
too, of further brownfields opportunities provided we continue
to
manage current mine planning and costs as tightly as we have in
the
2005 financial year. What better time then to extend our
relationship
with our BEE partner, and get back on track as a serious player in
the
South African gold mining industry for the duration.We could have
hoped, given the difficulties faced by our South
African business during the year, that our Australasian interests
had
not come somewhat off the boil in the second half but such is
life.
As the South African operations have been restored to rights,
we
have been able to redirect financial and human resources to
Australasia, building our support systems there just when they
are
needed. Already at Emperors Vatukoula mine in Fiji,
particularly
the difference is being felt.In summary then, we have entered the
2006 financial year in much
better shape materially and psychologically than we entered
the
2005 financial year. From past events we have learned never to
be
sanguine, but the 2006 financial year is at least starting on a
better base.DR PASEKA NCHOLOMARK WELLESLEY-WOODNon-Executive
ChairmanChief Executive Officer25 August 20053What
happened to cash operating unit costs during the second
halfvindicates our restructuring activity; for the South African
operationsas a whole, they dropped 18% from the first half to
US$407 perounce.There is little doubt that, had we not acted how we
did whenwe did, the South African operations would not have
survived.DISCONTINUED OPERATIONSAs has been previously
reported, Buffelsfontein, a wholly owned
subsidiary of DRDGOLD went into provisional liquidation on 22
March
2005.The loss from the discontinued operations amounted to
R291.1
million for the financial year ending 30 June 2005.The Company has
agreed to abide by the directives issued by the
South African Department of Water Affairs and Forestry, in terms
of
which the Company, Stilfontein, Harmony and AngloGold Ashanti
are
to equally share the costs of the dewatering, as well as the costs
of
the continued operation and maintenance of all infrastructure
associated with any aspect of management of the water
impacting
upon the relevant mines/shafts of Buffelsfontein until 31
October
2005.The commitment on behalf of the Company amounts to
approximately R1.8 million per month.FINANCIALSThe Groups
cash operating profit from continuing operations for thesecond half
was 7% higher than in the first at R157.1 million and 3%higher year
on year at R304.5 million.These results reflect steadyrecovery of
our South African operations as a whole that has
followed, particularly during the second half, from the
radical
restructuring we have conducted and a comparatively sound
performance overall from our Australasian operations as a
whole
and from Porgera in particular.While the average US$ gold price
received year on year was 8%
higher at US$423 per ounce, the ravages of Rand strength are
revealed in the average Rand gold price received more than 2%
down at R84 690 per kilogram. In the second half, the average
US$
price received was almost 2% higher than in the first half at
US$428
per ounce; and fortuitously, a moderate weakening in the Rand
resulted in an increase of more than 2% in the average Rand
gold
price received to R85 771 per kilogram.This was still lower,
though,
than the average for the 2004 financial year of R86 788.Group cash
operating costs year on year were 9% higher at US$375
per ounce, the benefits of the South African restructuring
becoming
apparent from the containment of the cash operating cost increase
in
the second half to little more than 1% compared with the first
half.
Were it not for a 23% increase in cash operating costs for
the
Australasian operations as a whole, half-year on half-year, and
the
residual impact of the NWOs high costs, we would have done
even
better.Net operating profit from continuing operations was 34%
higher atR41.2 million for the six months ending 30 June 2005
compared to theprevious six months ending 31 December 2004. The
loss beforetaxation of R140 million included a loss of R127.4
million from
associates. The loss from associates represents an impairment
of
DRDGOLDs 45.33% investment in Emperor down to A$0.28c per
share.Shareholders equity increased from R428.1 million to R627.1
millionand the current ratio increased from 0.84 to 1.45. During
the sixmonths ending 30 June 2005 the Eskom gold for electricity
contractwas closed out. Cash and cash equivalents increased to
R241.2 millionfrom R143.1 million as at 31 December 2004.Your
attention is drawnto the withdrawal by KPMG Inc. of the emphasis of
matter as per ourinterim financial report which we filed with the
United StatesSecurities and Exchange Commission on 2 June 2005.
The condensed consolidated financial statements below are
prepared in accordance with South African Statements of Generally
Accepted Accounting Practice (SA GAAP) and have not been audited or
reviewed by our auditors.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.CONSOLIDATED6 months to6 months to6 months to
12 months to12 months to30 Jun 200531 Dec 200430 Jun
200430 Jun 200530 Jun
2004(Unaudited)(Reviewed)*(Reviewed)*(Unaudited)(Reviewed)*Income
StatementsR mR mR mR mR mContinuing
operations
Gold and silver revenue570.0581.9
691.71 151.9 1 268.8Cash operating
costs(412.9)(434.5)(514.6)(847.4)(972.4)Cash
operating profit157.1 147.4
177.1304.5296.4Corporate administration and other
expenses(39.0)(71.6)(59.9)(110.6)(158.8)Business
development(8.5)(9.5)(3.5)(18.0)(6.1)Exploration
costs(6.6)(4.9)(11.5)Care and maintenance costs
(4.5)(6.1)(3.6)(10.6)(8.3)Cash profit from
operations98.5 55.3 110.1 153.8123.2Retrenchment
costs(5.6)(20.5)(5.9)(26.1)(6.2)Investment
income(33.4)14.5 16.3 (18.9)124.7Interest
paid(18.3)(18.5)(15.4)(36.8)(40.7)Net operating
profit41.2 30.8 105.172.0201.0Rehabilitation and
post closure provisions(19.8)2.7
(6.0)(17.1)(8.6)Depreciation(44.5)(66.4)(126.2)(110.9)(189.0)Profit/(loss)
on financial instruments5.01.7 13.2 6.7(21.4)Movement
in gold in process5.55.2 22.8 10.76.4Loss from
associates**(127.4)(20.7)(88.9)(148.1)(88.9)Loss
before
taxation(140.0)(46.7)(80.0)(186.7)(100.5)Taxation(33.4)(36.6)(46.4)(70.0)(51.0)Deferred
taxation52.4(10.1)(82.6)42.3(47.7)Loss after
taxation(121.0)(93.4)(209.0)(214.4)(199.2)Profit
on sale of assets/investment3.0
3.0Impairments(22.4)(22.4)Discontinued
operations
Loss for the period from discontinued
operations(11.4)(279.7)(447.7)(291.1)(494.8)Minority
interestNet
loss(132.4)(370.1)(679.1)(502.5)(716.4)Headline
loss per share cents
From continuing
operations(18.5)(37.8)(99.5)(55.6)(99.1) Total
operations(47.3)(64.4)(252.7)(111.1)(328.3)Basic
loss per share cents
From continuing
operations(45.0)(36.6)(102.6)(82.0)(102.4) Total
operations(49.3)(149.9)(301.2)(195.0)(330.9)Calculated
on the weighted average ordinary shares issued of:268 646
022246 924 284225 438 347257 695 796216 509
843Diluted headline loss per share
cents(47.3)(64.4)(252.7)(111.1)(328.3)Diluted
basic loss per share
cents(49.3)(149.9)(301.2)(195.0)(330.9)*
Financial results have been restated to disclose discontinued
operations
** Loss from associates include DRDGOLDs write down of its
investment in Emperor to A$0.28 cents per shareCONDENSED
CONSOLIDATED As atAs atAs at30 Jun 200531 Dec
200430 Jun
2004(Unaudited)(Reviewed)(Reviewed)Balance
SheetsR mR mR mEmployment of capital
Net
mining assets799.1707.4 956.1 Investments108.4213.8
92.4 Environmental trust funds42.9144.4 143.3 Other
non-current assets214.6186.2 200.8Current
assets399.9331.4359.0Inventories103.393.6103.5 Trade
and other receivables55.494.7114.6 Cash and cash
equivalents241.2143.1140.9 1 564.9 1 583.2 1 751.6
Capital employed
Shareholders
equity627.1428.1564.1 Minority shareholders
interest5.85.85.8 Long-term borrowings359.3300.6309.0
Derivative instruments3.79.731.8 Rehabilitation and post
closure provisions151.0242.6245.4 Deferred mining and income
taxes95.7127.9132.4 Provisions45.772.382.9 Current
liabilities276.6396.2380.2 Trade and other
payables211.9328.7321.7 Derivative instruments net15.3
Current portion of long-term borrowings64.752.258.5 1
564.9 1 583.2 1 751.6 4
CONDENSED CONSOLIDATED6 months to6 months to6
months to 12 months to12 months to30 Jun 200531 Dec
200430 Jun 200430 Jun 200530 Jun
2004(Unaudited)(Reviewed)(Reviewed)(Unaudited)(Reviewed)Changes
in Shareholders InterestR mR mR mR mR
mShareholders interest at the beginning of the
period428.1564.1 1 092.6 564.1456.1Share capital
issued225.6270.3 239.2 495.9883.6 for acquisition
finance and cash240.7281.9 237.4 522.6882.4 for share
options exercised0.5 5.8 0.52.2 for
costs(15.1)(12.1)(4.0)(27.2) for equity portion of
convertible note(1.0)Movement in retained
income(132.4)(370.1)(679.1)(502.5)(716.4)Currency
adjustments and other
movements105.8(36.2)(88.6)69.6(59.2)Shareholders
interest at the end of the period627.1428.1 564.1
627.1564.1Reconciliation of headline loss
Net
loss(132.4)(370.1)(679.1)(502.5)(716.4)Adjusted
for:
impairment of associate and mining assets70.5214.0 109.5
284.55.2 gain on liquidation of subsidiary(65.2)
(65.2) (profit)/loss on sale of
investments(3.0)(3.0)0.4Headline
loss(127.1)(159.1)(569.6)(286.2)(710.8)CONDENSED
CONSOLIDATED6 months to6 months to6 months to 12
months to12 months to30 Jun 200531 Dec 200430 Jun
200430 Jun 200530 Jun
2004(Unaudited)(Reviewed)(Reviewed)(Unaudited)(Reviewed)Cash
Flow StatementsR mR mR mR mR mNet cash (out)/in
flow from operations(55.2)(72.6)44.1
(127.8)(59.0)Working capital changes(10.0)8.6
(14.2)(1.4)117.9Net cash outflow from investing
activities(63.6)(220.9)(105.6)(284.5)(660.8)Net cash
in flow from financing activities223.7303.0 46.3
526.7477.7Increase/(decrease) in cash and cash
equivalents94.918.1 (29.4)113.0(124.2)Translation
adjustment3.2(15.9)24.9 (12.7)(66.7)Opening cash and
cash equivalents143.1140.9 145.4 140.9331.8Closing
cash and cash equivalents241.2143.1 140.9
241.2140.9Reconciliation of net cash (out)/in flow from
operations
Net operating profit from continued
operations41.230.8 105.1 72.0201.0Net operating
(loss)/profit from discontinued operations(76.9)(51.4)2.7
(128.3)(90.5)Net operating
(loss)/profit(35.7)(20.6)107.8 (56.3)110.5Adjusted
for:Interest provision on convertible bond13.713.6 14.5
27.329.7Amortization of costs of convertible
notes3.73.8 3.7 7.57.9Financial
instruments(4.7)(5.2)(4.5)(9.9)(171.9)Unrealized
foreign exchange gain3.5(12.6)(32.0)(9.1)28.0Growth
in Environmental Trust
Funds(3.9)(1.0)(3.7)(4.9)(7.6)Profit on sale of
assets and other non-cash items3.0 4.6 3.0Interest
paid(12.3)(12.3)(19.7)(24.6)(27.5)Taxation
paid(19.5)(41.3)(26.6)(60.8)(28.1)Net cash (out)/in
flow from operations(55.2)(72.6)44.1
(127.8)(59.0)KEY OPERATING AND FINANCIAL RESULTS
(Unreviewed)Australasian operations6 months to6
months to6 months to 12 months to12 months toPorgera (20%
Share of Joint Venture)30 Jun 200531 Dec 200430 Jun
200430 Jun 200530 Jun 2004Ore milledt000594606 646
1 200 941Yieldg/t4.865.27 4.88 5.074.87Gold
producedoz92 815102 579 101 339 195 394 147 475
kg2 888 3 191 3 152 6 079 4 587 Cash operating
costsUS$ per oz208166 184 186196ZAR per kg41
683 33 110 41 319 37 291 43 480 ZAR per
tonne203174 202 189212Cash operating profitUS$
million20.326.3 22.9 46.631.7ZAR
million126.6163.2 159.6 289.8218.5Capital
expenditureUS$ million9.26.9 2.3 16.14.1ZAR
million57.342.9 16.0 100.228.35
66 months to6 months to6 months to12 months to12 months toTolukuma30 Jun 200531 Dec 200430 Jun 200430 Jun 200530 Jun 2004Ore milledt000104107 102 211196Yieldg/t11.2411.24 13.01 11.2413.60Gold producedoz37 64738 667 42 665 76 314 85 715 kg1 1691 203 1 327 2 372 2 666 Cash operating costsUS$ per oz367312 253 346259ZAR per kg73 632 62 306 54 028 69 348 57 522 ZAR per tonne828701 703 780782Cash operating profitUS$ million3.14.1 6.1 7.210.9ZAR million19.225.4 41.4 44.675.2Capital expenditure US$ million1.12.3 4.0 3.46.0ZAR million6.914.4 27.1 21.341.36 months to6 months to6 months to 12 months to12 months toEmperor (45.33% attributable)30 Jun 200531 Dec 200430 Jun 200430 Jun 200530 Jun 2004Ore milledt000108105 213Yieldg/t6.197.09 6.63Gold producedoz21 53423 892 45 426 kg669744 1 413 Cash operating costsUS$ per oz507376 431ZAR per kg100 98675 208 85 957 ZAR per tonne624543 580South African operations6 months to6 months to6 months to12 months to12 months toBlyvoor30 Jun 200531 Dec 200430 Jun 200430 Jun 200530 Jun 2004Ore milledUndergroundt000278309 416 587831Surfacet0001 587 1 345 1 469 2 932 2 287 Totalt0001 8651 654 1 885 3 519 3 118 YieldUndergroundg/t7.597.06 6.84 7.317.42Surfaceg/t0.260.24 0.35 0.250.47Totalg/t1.361.52 1.78 1.432.33Gold producedUndergroundoz67 870 70 088 91 501 137 958198 211 kg2 1112 180 2 846 4 291 6 165 Surfaceoz13 43910 481 16 525 23 92034 883 kg418326 514 7441 085 Totaloz81 309 80 569 108 026 161 878233 094 kg2 529 2 506 3 360 5 0357 250 Cash operating costsUndergroundUS$ per oz442525 440 484387ZAR per kg88 492 104 884 94 996 96 887 85 748 ZAR per tonne672740 650 708636SurfaceUS$ per oz233321 380 272378ZAR per kg46 64164 190 82 175 54 33183 776 ZAR per tonne1216 29 1440TotalUS$ per oz407498 431 453385ZAR per kg81 575 99 590 93 035 90 598 85 453 ZAR per tonne111151 166 130199Cash operating profit/(loss)US$ million1.8(6.6)(3.6)(4.8)0.3ZAR million11.3(41.2)(24.0)(29.9)2.7Capital expenditureUS$ million(0.1)2.0 (0.1)8.8ZAR million(0.3)(0.4)13.0 (0.7)60.46 months to6 months to6 months to 12 months to12 months toCrown (40% attributable)30 Jun 200531 Dec 200430 Jun 200430 Jun 200530 Jun 2004Ore milledt0001 7451 807 1 975 3 552 4 011 Yieldg/t0.380.41 0.40 0.400.40Gold producedoz21 52923 895 25 232 45 424 51 982 kg670743 785 1 413 1 617 Cash operating costsUS$ per oz412379 351 395343ZAR per kg82 297 75 805 75 518 78 890 75 967 ZAR per tonne3231 30 3131
6 months to6 months to6 months to12 months to12
months toERPM (40% attributable)30 Jun 200531 Dec
200430 Jun 200430 Jun 200530 Jun 2004Ore
milledUndergroundt0006382 114
145230Surfacet000390362 86
75287Totalt000453444 200
897317YieldUndergroundg/t8.516.92 6.07
7.585.97Surfaceg/t0.430.33 0.24
0.380.25Totalg/t1.551.54 3.57 1.554.40Gold
producedUndergroundoz17 233 18 159 22 248 35 392 44
189 kg536565 692 1 101 1 374 Surfaceoz5 4143
794 696 9 208707kg168118 21 28622Totaloz22
647 21 953 22 944 44 60044 896 kg704683 713 1
387 1 396 Cash operating costsUS$ per oz411412 366
411367ZAR per kg82 196 82 382 78 789 82 287 81
543 ZAR per tonne127127 281 127359Discontinued
operationsNorth West (Hartebeestfontein and 6 months
to6 months to6 months to 12 months to12 months
toBuffelsfontein mines)30 Jun 200531 Dec 200430 Jun
200430 Jun 200530 Jun 2004Ore
milledUndergroundt000246740 799 9861 665
Surfacet000320564 94 8841 493 Totalt0005661
304 893 1 870 3 158 YieldUndergroundg/t4.685.70 6.02
5.445.58Surfaceg/t1.030.92 4.77
0.960.90Totalg/t2.613.63 5.89 3.323.37Gold
producedUndergroundoz37 006 135 516 154 613 172
522298 681 kg1 151 4 215 4 809 5 366 9 290
Surfaceoz10 578 16 750 14 404 27 328 43 180
kg329521 448 8501 343 Totaloz47 584152 266 169
017 199 850 341 861 kg1 480 4 736 5 257 6 216
10 633 Cash operating costsTotalUS$ per oz665459 388
508400ZAR per kg133 275 91 814 82 894 101 701
88 710 ZAR per tonne348333 488 338299Cash operating
(loss)/profitUS$ million(12.1)(6.5)1.7 (18.6)(4.4)ZAR
million(75.3)(40.2)15.1 (115.5)(30.6)Capital
expenditure (net)US$ million(0.1)3.4 2.1 3.34.3ZAR
million(0.7)21.0 13.8 20.329.87Share Option SchemeThe
following summary provides information in respect of the
DRDGOLD
(1996) Share Option Scheme as at 30 June 2005:Number of% of
issuedoptionscapitalIn issue12 542 4094.23Options currently vested6
507 3742.2
DIRECTORSExecutives:Independent non-executives:Group Company
Secretary:MM Wellesley-Wood (Chief Executive Officer) *RP HumeT
GwebuIL Murray (Chief Financial Officer)GC Campbell *(* British)
(** Australian) (*** American)DJM Blackmur **Non-executives:
MP Ncholo (Non-Executive Chairman)
J Turk***For further information, contact Ilja Graulich at:Tel:
(+27-11) 219-8700 Fax: (+27-11) 476-2637 e-mail:
[email protected] website: http://www.drdgold.com EBSCO
House 4, 299 Pendoring Avenue, Blackheath, Randburg, South Africa
PO Box 390, Maraisburg, 1700, South AfricaDRD GOLD
LIMITED
5 Exhibit 99.2 DRDGOLD Limited
(Formerly Durban Roodepoort Deep, Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
Share code: DRD
ISIN: ZAE000058723
ARB number: 086 277 616
(DRDGOLD OR THE COMPANY) NEW FINANCE DIRECTOR FOR DRDGOLDDRDGOLD is
pleased to announce the appointment of John Sayers as the companys
new Finance
Director (FD) and Chief Financial Officer (CFO) with effect from 5
September 2005. In the former capacity, he becomes an Executive
Director of DRDGOLD. Sayers (59) takes over the roles of FD and CFO
from Ian Murray, who has served as the companys
Finance Director since 2000. After ensuring a smooth handover to
Sayers, Murray will focus on his role as DRDGOLDs Corporate
Development Officer, primarily in the Australasian region. He will
continue to serve as an Executive Director of DRDGOLD. Sayers
brings to DRDGOLD almost 40 years of financial experience, most
recently as Financial
Director of Nampak Limited (1996-2004) and, immediately prior to
that, as Financial Director of Altron Limited (1989-1996). His role
in DRDGOLD will be to focus on further strengthening financial
systems and preparing the
Group for proposed accounting changes, such as International
Financial Reporting Standards, over the next few years. Commenting
on the appointment, DRDGOLD Chairman Paseka Ncholo said, We are
pleased to have
secured the services of someone with Johns depth of experience and
look forward to his contributing to DRDGOLDs drive to stay ahead of
the challenges facing the gold mining sector, particularly in a
South African context. Johannesburg
25 August 2005 Queries: South Africa
Investor and Media Relations
Ilja Graulich, DRDGOLD
+27 11 219 8707 (office)
6+27 83 604 0820 (mobile) James Duncan, Russell &
Associates
+27 11 880 3924 (office)
+27 82 892 8052 (mobile) North America
Investor and Media Relations
Barbara Cano, Breakstone & Ruth International
+1 646 452 2334 (office) Australasia
Investor and Media Relations
Paul Downie, Porter Novelli
+61 893 861 233 (office)
+61 414 947 129 (mobile) United Kingdom/Europe
Investor and Media Relations
Phil Dexter, St James's Corporate Services
+44 20 7499 3916 (office)
+44 779 863 4398
7 Exhibit 99.3
Page 1 of 3 For immediate release 498/05-jmd
Steady, post-restructuring recovery at SA operations7%
INCREASE IN OPERATING PROFIT; COST INCREASES
CONTAINEDJohannesburg, South Africa. 25 August 2005.
DRDGOLD Limited (JSE: DRD; NASDAQ:
DROOY; ASX: DRD; POM SoX: DRD) today reported a 7% increase in
Group cash
operating profit to R157.1 million for the second half of FY05.
DRDGOLD CEO Mark Wellesley-Wood said that this result, together
with a 3% increase year
on year to R304.5 million, reflected both a steady recovery of the
companys South African
operations from radical, largely Rand-induced restructuring and a
comparatively sound
performance overall from its Australian operations. While past
events have taught us never to be sanguine, we have entered FY06 in
much
better shape materially and psychologically than we entered FY05,
he said. Although the average US Dollar gold price received year on
year was 8% higher at US$423
per ounce, the ravages of Rand strength were revealed in the
average Rand gold price
received in FY05 more than 2% down at R84 690 per kilogram,
Wellesley-Wood
commented. In the second half, the average US Dollar price received
was almost 2% higher than in the
first half at US$428 per ounce and, fortuitously, a moderate
weakening in the Rand resulted
in an increase of more than 2% in the average Rand gold price
received to R85 771 per
kilogram.This was still lower, however, than the average for FY04
of R86 788 per kilogram. While Group cash operating costs year on
year were 9% higher at US$375 per ounce, the
benefits of the African restructuring were apparent from the
containment of the cash
operating cost increase in the second half to little more than 1%
compared with the first half,
Wellesley-Wood said. Were it not for a 23% increase in cash
operating costs for the Australasian operations as a
whole half-year on half-year, and the residual impact of the
discontinued North West
Operations high costs, we would have done even better.
Page 2 of 3 Although net operating profit for the second half of
FY05 was 34% higher at R41.2 million, an
impairment of R127.4 million on DRDGOLDs 45.33% investment in
Emperor to A$0.28c per
share was the major contributor to a R140.0 million pre-tax loss.
We could have hoped, given the difficulties faced by our South
African business during the
year, that our Australasian interests had not come somewhat off the
boil in the second half. However, as the South African operations
have been restored to rights, we have been able
to redirect financial and human resources to Australasia, building
our support systems there
just when they are needed. Specifically, we have bolstered our
Brisbane office with the re-location of Michael Marriott
from South Africa as our Chief Operating Officer in Australasia,
joining Divisional Director
Richard Johnson and Financial Manager Andr Labuschagne, and we have
appointed
Sandra Spencer as Human Resources Manager. At Emperors Vatukoula
Mine, Sean
OConnor from South Africa has become General Manager as part of the
finance and
operating support package we announced recently. The difference is
being felt already, Wellesley-Wood said. Shareholders equity
increased to R627.1 million in the second half of FY05 compared
with
R428.1 million in the first half, and the current ratio from 0.84
to 1.45. Cash and cash
equivalents increased from R143.1 million to R241.2 million.
Queries:South Africa
Investor and Media
Relations
Ilja Graulich, DRDGOLD
+27 11 219 8707 (office)
+27 83 604 0820 (mobile) James Duncan, Russell &
Associates
+27 11 880 3924 (office)
+27 82 892 8052 (mobile) North America
Investor and
Media Relations
Barbara Cano, Breakstone Group International
+1 646 452 2334 (office) Australasia
Investor and Media
Relations
Paul Downie, Porter Novelli
+61 893 861 233 (office)
+61 414 947 129 (mobile) United Kingdom/Europe
Investor
and Media Relations
Phil Dexter, St James's Corporate Services
+44 20 7499 3916 (office)
+44 779 863 4398 DRDGOLD is an intermediate unhedged gold producer
with mines in South Africa as well as Australasia. The
companys
production profile is split equally between its highly leveraged SA
operations and its low cost, cash generative offshore
mines.DRDGOLD has primary listings on the Johannesburg (JSE:DRD)
and Australian (ASX:DRD) stock exchanges and
secondary listings on NASDAQ (DROOY), the London and Port Moresby
stock exchanges and the Paris and Brussels
Bourses. Its shares are also traded on the regulated unofficial
market of the Frankfurt Stock Exchange and the Berlin
OTC Market. For more information, please visit www.drdgold.com
Page 3 of 3 FORWARD-LOOKING STATEMENTS
Some of the information in this press release may contain
projections or other forward looking statements regarding
future events or other financial performance, including
forward-looking statements 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 release, the words "estimate",
"project", "believe", anticipate", "intend", "expect" and
similar expressions are intended to identify forward-looking
statements. 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 drop in the
gold price, 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. 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 29 April 2005 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.
GRAPHIC2drd_quarter001n.gif
begin 644 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