Wrap Text
Report to shareholders for the second quarter and six months ended 31 December 2012
DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
Registration No. 1895/000926/06
JSE share code: DRD
ISIN: ZAE 000058723
Issuer code: DUSM
NYSE trading symbol: DRD
("DRDGOLD" or "the Group")
Report to shareholders for the second quarter and six months ended 31 December 2012
GROUP RESULTS
KEY FEATURES FOR THE QUARTER
- Cash operating cost down 12% to US$1 017
- Interim dividend declared of 14 cents per ounce
per ordinary share - Operating profit up 37% to R238.7 million
- Gold production up 9% to 39 031oz - Headline earnings per share up 25% to 25 cents
Gold revenue up 10% to R580.6 million per share
All figures used in this report represent continuing operations, unless specified otherwise.
REVIEW OF OPERATIONS
Quarter Quarter % change Quarter 6 months to 6 months to % change 6 months to
Dec 2012 Sep 2012 Dec 2011 31 Dec 2012 31 Dec 2011 30 Jun 2012
Gold production
Continuing operations oz 39 031 35 815 9 33 983 74 846 68 545 9 67 163
kg 1 214 1 114 9 1 057 2 328 2 132 9 2 089
Discontinued operations oz 29 676 58 676 37 969
kg 923 1 825 1 181
Group oz 39 031 35 815 9 63 659 74 846 127 221 (41) 105 132
kg 1 214 1 114 9 1 980 2 328 3 957 (41) 3 270
Gold production sold
Continuing operations oz 39 031 37 905 3 33 983 76 936 70 506 9 64 913
kg 1 214 1 179 3 1 057 2 393 2 193 9 2 019
Discontinued operations oz 29 676 58 676 36 683
kg 923 1 825 1 141
Group oz 39 031 37 905 3 63 659 76 936 129 182 (40) 101 596
kg 1 214 1 179 3 1 980 2 393 4 018 (40) 3 160
Cash operating costs
Continuing operations US$ per oz 1 017 1 151 (12) 1 010 1 081 1 076 1 116
ZAR per kg 284 425 305 265 (7) 263 569 294 397 261 864 12 283 917
Discontinued operations US$ per oz 1 245 1 372 1 454
ZAR per kg 326 677 334 568 373 930
Group US$ per oz 1 017 1 151 (12) 1 118 1 081 1 211 (11) 1 238
ZAR per kg 284 425 305 265 (7) 292 988 294 397 295 396 316 426
Gold price received US$ per oz 1 714 1 685 2 1 679 1 699 1 707 1 645
ZAR per kg 478 309 446 783 7 437 316 462 776 416 141 11 421 586
Capital expenditure US$ million 11.9 9.7 23 11.5 21.6 21.4 1 19.7
ZAR million 103.5 79.6 30 84.4 183.1 162.3 13 156.8
MARKET CAPITALISATION
As at 31 December 2012 (ZARm) 2 543.5 As at 30 September 2012 (ZARm) 2 081.1
As at 31 December 2012 (US$m) 292.9 As at 30 September 2012 (US$m) 244.7
SHAREHOLDERS INFORMATION
Issued capital
385 383 767 ordinary no par value shares
6 205 559 treasury shares held within the group
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and
committed: 389 315 124
STOCK TRADED JSE NYSE*
Average volume for the quarter
per day ('000) 715 569
% of issued stock traded (annualised) 48 39
Price - High R7.05 $0.809
- Low R5.30 $0.646
- Close R6.60 $0.760
* This data represents per share data and not ADS data one ADS reflects ten
ordinary shares
FORWARD-LOOKING STATEMENTS
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 sustained 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 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 2012, which we filed with the United States Securities and
Exchange Commission on 26 October 2012 on Form 20-F. 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. Any forward-looking statements included in this
report have not been reviewed and reported on by DRDGOLD's auditors.
Dear shareholder
Group operating and financial results for the quarter were satisfactory, reflecting a solid performance from Ergo.
As a consequence, we are delighted to announce an interim dividend of 14 cents per ordinary share.
A 37% increase in operating profit resulted from a 9% increase in gold production and a 7% increase in the average Rand gold price
received during the quarter.
Headline earnings per share increased by 25% to 25 South African cents per share.
Ergo's new flotation/fine-grind project accounted for most of the R103.5 million capital expenditure for the quarter. It is expected that
approximately R94.3 million will be spent on the flotation/fine-grind project over the next two quarters. A slight delay in the arrival of
the mills from Canada is not expected to affect the attainment of full throughput by the end of the current financial year.
Detailed operational review
ERGO
Q2 2013 V Q1 2013
Gold production increased by 9% to 39 031oz due to an 8% rise in throughput to 6 066 000t. Yield was unchanged at 0.20g/t. The higher
volume resulted from continuing stabilisation in the operation of the new Crown/Ergo pipeline.
Cash operating unit costs were 7% lower at R284 425/kg, reflecting the increase in gold production.
Operating profit rose by 37% to R238.7 million, a consequence both of higher gold production and a 7% increase in the average Rand
gold price received to R478 309/kg.
Capital expenditure was 30% higher at R103.5 million. Most of this was incurred by the flotation/fine-grind project which is currently
under development.
Q2 2013 V Q2 2012
Gold production for the quarter under review was 15% higher, up from 33 983oz recorded in the comparable quarter of FY2012.
This reflected a 16% rise in throughput from 5 234 000t, a consequence of the Crown/Ergo pipeline coming into operation. Yield was
steady at 0.20g/t.
Cash operating unit costs were up 8% from R263 569/kg, mainly attributable to annual increases in the cost of electricity, labour and
consumables as well as the increase in volumes year-on-year. Operating profit was 26% higher, a result of both higher gold production
and a 9% increase in the average Rand gold price.
Capital expenditure was up 23% from R84.4 million, reflecting development of the flotation/fine-grind project.
ZIMBABWE
Current indications point to underground mining potential at Leny, Ascot, KT and particularly John Bull. Underground mining is not in
line with DRDGOLD's strategy, so these prospects will be packaged for disposal. We are currently finalising a feasibility study on the
reclamation of gold tailings.
ERPM EXPLORATION UPDATE
We reported previously that we were working to unlock the value of ERPM, which has an inferred gold resource of approximately
21 million ounces. With the Cason Dump in the final stages of being removed, near-surface, underground ounces in this area have
become accessible through ERPM's Cason Shaft. We have refurbished and re-commissioned the shaft at a cost of R12 million and
completed the construction of a 6 000t/m plant at a cost of R13 million to provide near-term cash flows. We expect these to make ERPM
self-sustaining, in order to support the cost of exploration required to add to value to the gold resource.
This asset is now held for sale and we will be appointing corporate advisors to assist in the process.
CORPORATE ACTIVITIES
During the quarter, DRDGOLD announced that three of its subsidiaries collectively the Ergo Group had entered into heads of
agreement with the Trans-Caledon Tunnel Authority, aimed at laying a foundation for a self-sustaining solution to acid mine drainage
in the Central Witwatersrand Basin. Details relating to these heads of agreement are contained in a DRDGOLD media release issued on
7 December 2012 and posted on the company's website at:
http://www.drd.co.za/investors-and-media/media-releases/2012/drdgold-and-tcta-agree-terms-on-acid-mine-drainage-12-07-2012
INTERIM DIVIDEND
The board has approved and declared an interim dividend of 14 SA cents per ordinary share (gross) in respect of the six months ending
31 December 2012.
The dividend will be subject to the new Dividends Tax that was introduced with effect from 1 April 2012. In accordance with paragraphs
11.17 (a) (i) to (x) and 11.17(c) of the JSE Listings Requirements the following additional information is disclosed:
- the dividend has been declared out of income reserves;
- the local Dividends Tax rate is 15% (fifteen per cent);
- there are no Secondary Tax on Companies (STC) credits to be utilised;
- the gross local dividend amount is 14 SA cents per ordinary share for shareholders exempt from the Dividends Tax;
- the net local dividend amount is 11.9 SA cents per ordinary share for shareholders liable to pay the Dividends Tax;
- DRDGOLD currently has 385 383 767 ordinary shares in issue (which includes 6 205 559 treasury shares); and
- DRDGOLD's income tax reference number is 9160/013/60/4.
In compliance with the requirements of Strate, given the company's primary listing on the JSE Limited, the salient dates for payment of
the dividend are as follows:
2013
Last date to trade ordinary shares cum dividend Friday, 8 March
Ordinary shares trade ex dividend Monday, 11 March
Record date Friday, 15 March
Payment date Monday, 18 March
On payment date, dividends due to holders of certificated securities on the South African share register will either be electronically
transferred to the shareholders' bank accounts or, in the absence of suitable mandates, dividend cheques will be posted to such
shareholders.
Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant CSDP or broker.
To comply with the further requirements of Strate, between Monday, 11 March 2013 and Friday 15 March 2013, both days inclusive, no
transfers between the South African and any other share register will be permitted and no ordinary shares pertaining to the South African
share register may be dematerialised or rematerialised.
The currency conversion date for the Australian and United Kingdom registers will be Monday, 18 March 2013.
To holders of American Depository Shares
Each American Depository Share ("ADS") represents 10 ordinary shares
2013
ADS trade ex dividend on NYSE Wednesday, 13 March
Record date Friday, 15 March
Approximate date of currency conversion Friday, 22 March
Approximate payment date of dividend Monday, 25 March
Assuming an exchange rate of R8.87/$1, the dividend payable on an ADS is equivalent to 13.42 US cents for shareholders liable to pay
the Dividends Tax. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
LOOKING FORWARD
Our priority remains delivery on our FY2013 targets. In the second half, we will continue to focus on maintaining tonnage volumes to
the plant and on completing the flotation/fine-grind circuit.
Niël Pretorius Chief executive officer
12 February 2013
The condensed consolidated interim financial statements are prepared in accordance with the recognition and measurement
principles of International Financial Reporting Standards (IFRS) and presented in accordance with the minimum content,
including disclosures, prescribed by IAS 34 Interim Financial Reporting applied to interim reporting and South African
Statements and Interpretations of Statements of Generally Accepted Accounting Practice (AC 500 Series). The accounting
policies adopted are in line with IFRS and are consistent with those applied in the annual financial statements for the year
ended 30 June 2012.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarter Quarter Quarter 6 months to 6 months to 6 months to
Dec 2012 Sep 2012 Dec 2011 31 Dec 2012 31 Dec 2011 30 Jun 2012
Rm Rm Rm Rm Rm Rm
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Continuing operations
Gold and silver revenue 580.6 526.8 462.8 1 107.4 912.4 851.8
Net operating costs (341.9) (353.1) (274.1) (695.0) (567.2) (574.8)
Cash operating costs (345.3) (340.1) (278.6) (685.4) (558.3) (593.1)
Movement in gold in process 3.4 (13.0) 4.5 (9.6) (8.9) 18.3
Operating profit 238.7 173.7 188.7 412.4 345.2 277.0
Depreciation (33.9) (34.2) (30.6) (68.1) (57.8) (61.4)
Movement in provision for environmental
rehabilitation (16.2) (10.0) (6.0) (26.2) (13.1) (46.4)
Retrenchment costs (0.6) (0.6)
Net operating profit 188.0 129.5 152.1 317.5 274.3 169.2
Impairments (1.1)
Environmental rehabilitation costs (12.5) (17.2) (9.3) (29.7) (23.8) (23.5)
Corporate, administration and other expenses (36.0) (34.0) (31.1) (70.0) (52.6) (77.5)
Share-based payments (1.6) (0.3) (1.3) (1.9) (1.7) (1.4)
Net loss on financial liabilities measured at
amortised cost (6.8) (7.1)
Profit/(loss) on disposal of assets 0.1 2.5 2.6 (9.6)
Finance income 8.2 33.6 5.4 41.8 10.8 13.7
Finance expenses (3.2) (4.0) (1.5) (7.2) (6.0) (2.7)
Profit before taxation 143.0 110.1 107.5 253.1 193.9 67.1
Income tax 2.9 9.9 (8.6) 12.8 (14.4) (2.6)
Deferred tax (21.9) (26.7) (25.8) (48.6) (60.4) 69.4
Profit after taxation 124.0 93.3 73.1 217.3 119.1 133.9
Discontinued operations
Profit for the period from discontinued operations 92.0 129.1 5.4
Loss on sale of subsidiary (10.5)
Net profit for the period 124.0 93.3 165.1 217.3 248.2 128.8
Attributable to:
Equity owners of the parent 93.0 78.6 125.3 171.6 200.7 108.0
Non-controlling interest 31.0 14.7 39.8 45.7 47.5 20.8
124.0 93.3 165.1 217.3 248.2 128.8
Other comprehensive income
Foreign exchange translation and other 0.5 4.9 (0.6) 5.4 (3.2) (0.8)
Net gain/(loss) on an available-for-sale financial
asset 0.3 0.3 (6.7)
Mark-to-market of available-for-sale investments 3.6 (36.3) (32.7) 19.2
Total comprehensive income for the period 128.1 62.2 164.5 190.3 245.0 140.5
Attributable to:
Equity owners of the parent 97.1 47.5 124.7 144.6 197.5 120.7
Non-controlling interest 31.0 14.7 39.8 45.7 47.5 19.8
128.1 62.2 164.5 190.3 245.0 140.5
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarter Quarter Quarter 6 months to 6 months to 6 months to
Dec 2012 Sep 2012 Dec 2011 31 Dec 2012 31 Dec 2011 30 Jun 2012
Rm Rm Rm Rm Rm Rm
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Reconciliation of headline earnings
Net profit 93.0 78.6 125.3 171.6 200.7 108.0
Adjusted for
Impairments 1.1
(Profit)/loss on disposal of assets (0.1) (2.5) (2.6) 9.6
Loss on sale of subsidiary 10.5
Net gain on disposal of an available-for-sale
financial asset (6.7)
Non-controlling interest in headline earnings
adjustment 0.1 0.6 0.7 4.9
Taxation thereon 0.5 0.5 1.7
Headline earnings 93.0 77.2 125.3 170.2 200.7 129.1
Headline earnings per share-cents
From continuing operations 25 20 15 45 27 33
From total operations 25 20 33 45 52 34
Basic earnings per share-cents
From continuing operations 25 21 15 45 27 29
From total operations 25 21 33 45 52 28
Diluted headline earnings per share-cents 25 20 33 45 52 34
Diluted basic earnings per share-cents 25 21 33 45 52 28
Calculated on the weighted average ordinary shares
issued of: 379 178 208 379 178 208 385 173 763 379 178 208 385 029 071 384 348 721
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at As at As at
31 Dec 2012 30 Sep 2012 31 Dec 2011 30 Jun 2012
Rm Rm Rm Rm
Notes Unaudited Unaudited Unaudited Reviewed
Assets
Non-current assets 2 105.6 1 999.0 1 731.4 2 021.6
Property, plant and equipment 1 767.9 1 692.8 1 570.4 1 641.6
Non-current Investments and other assets 141.7 125.7 10.8 176.1
Environmental rehabilitation trust funds and investments 182.0 174.1 103.4 165.6
Deferred tax asset 14.0 6.4 46.8 38.3
Current assets 664.8 712.8 716.8 470.6
Inventories 104.1 91.8 89.7 105.8
Trade and other receivables 162.3 211.1 92.0 66.3
Cash and cash equivalents 1 398.4 409.9 320.9 298.5
Assets classified as held for sale 214.2
Total assets 2 770.4 2 711.8 2 448.2 2 492.2
Equity and Liabilities
Equity 1 755.2 1 657.6 1 439.0 1 633.9
Equity of the owners of the parent 1 482.8 1 416.2 1 419.6 1 497.2
Non-controlling interest 272.4 241.4 19.4 136.7
Non-current liabilities 778.1 753.6 622.5 597.3
Loans and borrowings 2 146.3 166.0
Post-retirement and other employee benefits 6.1 6.1 5.8 6.0
Provision for environmental rehabilitation 527.1 513.8 456.2 504.3
Deferred tax liability 98.6 67.7 160.5 87.0
Current liabilities 237.1 300.6 386.7 261.0
Trade and other payables 215.0 269.8 209.1 230.3
Loans and borrowings 2 22.1 30.8 30.5 30.7
Liabilities classified as held for sale 147.1
Total equity and liabilities 2 770.4 2 711.8 2 448.2 2 492.2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Quarter Quarter Quarter 6 months to 6 months to 6 months to
Dec 2012 Sep 2012 Dec 2011 31 Dec 2012 31 Dec 2011 30 Jun 2012
Rm Rm Rm Rm Rm Rm
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Balance at the beginning of the period 1 657.6 1 633.9 1 271.2 1 633.9 1 219.2 1 439.0
Share capital issued 0.3 (0.3) 1.8 1.8 (0.5)
for share options exercised 1.8 1.8
for costs 0.3 (0.3) (0.5)
Increase in share-based payment reserve 0.3 0.3 1.5 0.6 1.9 2.2
Net profit attributable to equity owners of the 93.0 78.6 125.3 171.6 200.7 108.0
parent
Net profit attributable to non-controlling interest 31.0 14.7 39.8 45.7 47.5 20.8
Disposal of subsidiary attributable to non-controlling 97.5
interest
Dividends paid on ordinary share capital 0.6 (38.5) (37.9) (28.9)
Dividends paid to non-controlling interest (7.6) (7.6)
Treasury shares acquired (44.8)
Fair value adjustment on available-for-sale 3.6 (36.3) (32.7)
investments
Share Option Scheme buy-out (24.1) (24.1)
Other comprehensive income 0.5 5.2 (0.6) 5.7 (3.2) 11.7
Balance as at the end of the period 1 755.2 1 657.6 1 439.0 1 755.2 1 439.0 1 633.9
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Quarter Quarter Quarter 6 months to 6 months to 6 months to
Dec 2012 Sep 2012 Dec 2011 31 Dec 2012 31 Dec 2011 30 Jun 2012
Rm Rm Rm Rm Rm Rm
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Net cash inflow from operations 213.1 32.0 243.9 245.1 361.8 257.7
Net cash outflow from investing activities (126.5) (85.3) (89.2) (211.8) (172.3) (239.3)
Net cash (out)/inflow from financing activities (98.1) 164.7 (119.4) 66.6 (119.4) (49.1)
Loans and other (53.8) 164.7 (73.3) 110.9 (73.3) (4.3)
Treasury shares acquired (44.8)
Dividends paid to owners of the parent (38.5) (28.9) (38.5) (28.9)
Dividends paid to non-controlling interest holders (5.8) (17.2) (5.8) (17.2)
(Decrease)/Increase in cash and cash equivalents (11.5) 111.4 35.3 99.9 70.1 (30.7)
Opening cash and cash equivalents 409.9 298.5 293.9 298.5 259.1 329.2
Closing cash and cash equivalents 398.4 409.9 329.2 398.4 329.2 298.5
Cash classified as assets held for sale included in the
closing balance 8.3 8.3
Reconciliation of net cash inflow from operations
Profit before taxation 143.0 110.1 107.5 253.1 193.9 67.1
Profit from discontinued operations 92.0 129.1 5.4
143.0 110.1 199.5 253.1 323.0 72.5
Adjusted for:
Movement in gold in process (3.4) 13.0 (1.5) 9.6 13.4 (28.1)
Depreciation and impairment 33.9 34.2 31.7 68.1 59.5 62.5
Movement in provision for environmental
rehabilitation 16.2 10.0 4.6 26.2 11.9 47.3
Share-based payments 1.6 0.3 1.5 1.9 1.9 2.2
Loss on financial liabilities measured at
amortised cost 6.8 7.1
Profit on disposal of assets (0.1) (2.5) (2.6) 9.6
Profit on disposal of subsidiaries and joint venture
Finance expense and unwinding of provisions 0.3 1.1 2.9 1.4 5.6 1.7
Growth in Environmental Trust Funds (1.3) (1.5) (1.9) (2.8) (3.6) (4.7)
Other non-cash items (3.4) (1.9) (1.2) (5.3) (2.9) (5.6)
Taxation paid 3.0 7.0 (8.5) 10.0 (8.5) (8.8)
Working capital changes 23.3 (137.8) 10.0 (114.5) (45.6) 109.1
Net cash inflow from operations 213.1 32.0 243.9 245.1 361.8 257.7
Notes to the financial statements
1. Cash and cash equivalents
Included in cash and cash equivalents is restricted cash of R69.2 million.
2. Loans and borrowings
Included in loans and borrowings is a Domestic Medium Term Note Programme (DMTN Programme) under which DRDGOLD can issue notes from
time to time. DRDGOLD raised a total of R165 million under the DMTN Programme in July and September 2012. The different unsecured notes issued
mature 12 (R20.0 million), 24 (R69.5 million) and 36 (R75.5 million) months from the date of issue and bear interest at the three month Johannesburg
Inter-bank Acceptance Rate (JIBAR) rate (currently 5.081%) plus a margin ranging from 4% to 5% per annum.
KEY OPERATING AND FINANCIAL RESULTS (Unaudited)
Ore milled (t000) (metric) (imperial) Dec 2012 Qtr 6 066 6 687
Sep 2012 Qtr 5 598 6 170
Dec 2012 Ytd 11 664 12 857
Yield (g/t)(oz/t) Dec 2012 Qtr 0.20 0.006
Sep 2012 Qtr 0.20 0.006
Dec 2012 Ytd 0.20 0.006
Gold produced (kg)(oz) Dec 2012 Qtr 1 214 39 031
Sep 2012 Qtr 1 114 35 815
Dec 2012 Ytd 2 328 74 846
Cash operating costs (ZAR/kg)(US$/oz) Dec 2012 Qtr 284 425 1 017
Sep 2012 Qtr 305 265 1 151
Dec 2012 Ytd 294 397 1 081
Cash operating costs (ZAR/t)(US$/t) Dec 2012 Qtr 57 6
Sep 2012 Qtr 61 7
Dec 2012 Ytd 59 6
Gold and Silver revenue (ZAR million)(US$ million) Dec 2012 Qtr 580.6 66.8
Sep 2012 Qtr 526.8 63.9
Dec 2012 Ytd 1 107.4 130.7
Operating profit (ZAR million)(US$ million) Dec 2012 Qtr 238.7 27.6
Sep 2012 Qtr 173.7 21.1
Dec 2012 Ytd 412.4 48.7
Capital expenditure (ZAR million)(US$ million) Dec 2012 Qtr 103.5 11.9
Sep 2012 Qtr 79.6 9.7
Dec 2012 Ytd 183.1 21.6
There has been no material change to the technical information relating to, inter alia, the group's reserves and resources, legal title to its mining and
prospecting rights and legal proceedings relating to its mining and exploration activities as disclosed in the company's annual report of 30 June 2012 and
subsequent public announcements.
The technical information referred to in this report has been reviewed by Mr Vivian Labuschagne (PLATO), mineral resource manager, a full time employee
of the company. He has approved this information in writing before the publication of this report.
CASH OPERATING COSTS RECONCILIATION
R million unless otherwise stated
Total cash costs Dec 2012 Qtr 393.2
Sep 2012 Qtr 406.0
Dec 2012 Ytd 799.2
Movement in gold in process Dec 2012 Qtr 3.4
Sep 2012 Qtr (13.0)
Dec 2012 Ytd (9.6)
Less: Assessment rates, rehabilitation and other Dec 2012 Qtr 22.5
Sep 2012 Qtr 33.6
Dec 2012 Ytd 56.1
Less: Retrenchment costs Dec 2012 Qtr 0.6
Sep 2012 Qtr
Dec 2012 Ytd 0.6
Less: Corporate and general administration costs Dec 2012 Qtr 28.2
Sep 2012 Qtr 19.3
Dec 2012 Ytd 47.5
Cash operating costs Dec 2012 Qtr 345.3
Sep 2012 Qtr 340.1
Dec 2012 Ytd 685.4
Gold produced (kg) Dec 2012 Qtr 1 214
Sep 2012 Qtr 1 114
Dec 2012 Ytd 2 328
Total cash operating costs (R/kg) Dec 2012 Qtr 284 425
Sep 2012 Qtr 305 265
Dec 2012 Ytd 294 397
Total cash operating costs (US$/oz) Dec 2012 Qtr 1 017
Sep 2012 Qtr 1 151
Dec 2012 Ytd 1 081
DIRECTORS (*British)(**American)
Executives: DJ Pretorius (Chief executive officer),
CC Barnes (Chief financial officer)
Independent non-executives: GC Campbell* (Non-executive chairman),
RP Hume, EA Jeneker, J Turk**
Company secretary: TJ Gwebu
For further information, contact Niël Pretorius at:
Tel: +27 (0)11 470 2600 Fax: +27 (0)11 470 2618
Web: http://www.drdgold.com
Quadrum Office Park - Building 1 - 50 Constantia Boulevard
Constantia Kloof Ext 28 - South Africa
PO Box 390 - Maraisburg 1700 - South Africa
Date: 12/02/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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