Company Announcement: Better Than Average Production
This article has been supplied as a media statement and is not written by Creamer Media. It may be available only for a limited time on this website.
DRDGOLD Limited has reported “better than average”, gold production in the quarter ended 31 March 2013, says CEO Niël Pretorius. “As the new Crown/Ergo pipeline continues to settle, increasingly we are starting to understand Ergo’s current Brakpan carbon-in-leach (CIL) circuit in our quest to achieve steady-state performance,” Pretorius says. Headline earnings per share (HEPS) in Q3 FY2013 were 17% higher at 14 South African cents compared with Q3 FY2012, on the back of a 16% increase in gold revenue to R531.0 million that flowed both from a 3% increase in gold production to 35 976oz and a higher average Rand gold price received of R474 482/kg.
After accounting for net operating costs of R360.3 million, operating profit was 5% higher at R170.7 million.
Free cash flow was up 16% to R85.7 million.
Gold production for the first nine months of FY2013 was 7% higher at 110 822oz compared with the first nine months of FY2012. Together with a higher Rand gold price received of R466 506/kg, this delivered a 20% rise in gold revenue to R1 638.4 million. Cash operating costs were well contained to US$1 091/oz – a 1% increase – and operating profit was 15% higher at R583.1 million, yielding a 51% increase in HEPS to 59 South African cents. Pretorius says that, as the company moves into the commissioning phase of the new flotation/fine-grind circuit at Ergo’s Brakpan plant, “we are cautiously optimistic about the project’s ability to deliver into targeted operating and financial performance”. Meantime, as capital commitments come to an end, there is a need to remain focused on maximising the operating and financial capabilities of the Brakpan plant’s CIL circuit, a key element of which is improved productivity, both at operational and individual employee level, Pretorius says.
Comments
Research Reports
Projects
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
