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DRDGold dividend soars

Niël Pretorius

Niël Pretorius

Photo by Duane Daws

1st September 2015

By: Martin Creamer

Creamer Media Editor

  

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JOHANNESBURG (miningweekly.com) – Gold dump mining company DRDGold on Tuesday lifted its dividend payout fivefold.

In declaring a final dividend of 10c a share in the year ended June 30, the Johannesburg- and New York-listed surface miner dished out its eighth consecutive final dividend on results that CEO Niël Pretorius described as “very satisfactory” for the 2015 financial year.

A 13% increase in gold production to 150 145 oz increased operating profit for the year to a 48%-higher R384.3-million.

Providing a tailwind was a 4% rise in the average rand gold price received.

Revenue rose 16% to R2.1-billion, which was 13% up at R1.74-billion on total cash operating costs that included the last quarter’s negative impact of higher winter electricity tariffs.

A 14%-higher yield to 0.197 g/t drove improved gold production and reflected a sharp turnaround in the performance of the Ergo plant on Gauteng’s East Rand.

The company’s future focus will be on fully integrating the new high-grade circuit with the established low-grade carbon-in-leach circuit.

The year finished in a flurry for DRDGold, with final quarter gold production up 9% at 40 253 oz on a 9% rise in throughput to 6 333 000 t.

This resulted from better infrastructure availability, the commissioning of new reclamation sites and drier winter weather conditions.

Operating profit was 26% higher at R122.6-million on higher gold production, lower cash operating costs and the higher rand gold price received.

Edited by Creamer Media Reporter

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