DRDGold’s output rises 45% q/q
Dual-listed DRDGold reported a 45% quarter-on-quarter increase in gold production to 48 676 oz (1 514 kg) for the quarter ended September 30, owing primarily to a 27% increase in tonnage throughput to 7.26-million tonnes and a 15% increase in yield to 0.209 g/t.
Gold sold increased by 60% to 48 934 oz (1 522 kg).
As a result, cash operating costs per kilogram of gold sold decreased by 10% to R489 750/kg. Cash operating costs per ton of material processed increased by 2% to R104/t.
In dollar terms, cash operating costs decreased by 4% quarter-on-quarter to $901/oz, while cash operating cost per ton of material processed was unchanged at $6/t.
All-in sustaining costs (AISC) per kilogram and all-in costs (AIC) per kilogram increased by 2% and 3%, respectively, to R588 239/kg and R613 206/kg, mainly as a result of a 13% quarter-on-quarter increase in sustaining capital expenditure to R95.1-million.
In dollar terms, AISC was 8% higher quarter-on-quarter, at $1 083/oz, while AIC was up 9% quarter-on-quarter, at $1 129/oz.
Adjusted earnings before interest, taxes, depreciation and amortisation increased by 110% to R770.4-million, owing primarily to the increase in gold sold and a 6% increase in the average rand gold price received.
Cash and cash equivalents increased by R300.1-million to R2.02-billion after paying the final dividend for the year ended June 30 of R299.1-million.
The cash generated during the current quarter will be applied towards the company’s extended capital expenditure (capex) programme for the year ended June 30, 2021.
The company said that, despite the capex planned for the year, management positions it favourably to consider declaring an interim dividend in February 2021, in the absence of unforeseen circumstances.
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