DRDGold readies to sell deep mines
Surface miner DRDGold was preparing to sell off the last two deep-mining gold assets within the group’s portfolio, possibly by year-end, DRDGold CFO Craig Barnes said last week.
The JSE-listed group planned to package and sell the discon- tinued East Rand Proprietary Mines (ERPM), on the East Rand, as well as the 50%-owned Zimbabwe-based exploration joint venture (JV), Chizim Gold.
The company declined to disclose the value and potential price of the assets, saying internal discussions on the matter were still ongoing.
DRDGold had considered various options, such as partnerships and JVs or even the unbundling and development of a new mining company, to exploit the assets, but believed that disposing of them would provide the greatest value addition for shareholders.
Further, underground prospects did not align with the company’s surface-mining strategy.
Barnes told Mining Weekly that the funds generated by the sale of the assets would be used to pursue further surface retreatment opportunities or to pay out special dividends.
He revealed that the 6 752 ha ERPM extensions 1 and 2 underground exploration tenements, along with the Cason shaft and plant, in which DRD injected over R25-million for further exploration purposes, were packaged and currently for sale.
The Cason shaft had been refurbished and recommissioned at a cost of R12-million, while a 6 000 t/m plant had been constructed at a cost of R13-million.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.
VISIT SHOWROOM
ECG provides specialised electrical engineering services to the Mining, Utilities, Materials Handling and Industrial industries, with extensive and...
VISIT SHOWROOM
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
