-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H85iJx2kzuknX/Ycxhu8mOzZHQsp+zOvGZH1L2y9gM15oe/W93uLiQMEhWWA2zjk qN54V31+sAGEJv0cz8dliA== 0001047469-03-008729.txt : 20030314 0001047469-03-008729.hdr.sgml : 20030314 20030314120453 ACCESSION NUMBER: 0001047469-03-008729 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20030313 FILED AS OF DATE: 20030314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DURBAN ROODEPOORT DEEP LTD CENTRAL INDEX KEY: 0001023512 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28800 FILM NUMBER: 03603506 BUSINESS ADDRESS: STREET 1: 5 PRESS AVE STREET 2: SELBY CITY: JOHANNESBURG, SOUTH STATE: T3 ZIP: 00000 6-K 1 a2105688z6-k.htm 6-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of March, 2003

Commission File Number: 0-28800

Durban Roodepoort Deep, Limited
(Translation of registrant's name into English)

45 Empire Road, Parktown, South Africa
(Address of principal executive offices)

        Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ý            Form 40-F o

        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

        Note:    Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

        Note:    Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

        Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o            No ý

        If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            




        Attached to the Registrant's Form 6-K Filing for the month of March 2003, and incorporated by reference herein, are:

Exhibit No.

  Description
1.   News Release entitled "Change to Board of Directors" dated January 30, 2003.

2.

 

News Release entitled "Board, Senior Management Changes at Durban Roodepoort Deep, Limited", dated January 30, 2003.

3.

 

News Release entitled "East Rand Proprietary Mines Limited ("ERPM") Fire Will Have No Material Effect on DRD", dated February 4, 2003.

4.

 

News Release entitled "DRD Reports 54% Jump in Earnings Per Share" dated January 30, 2003.

5.

 

Report to Shareholders for the 2nd Quarter Ended December 31, 2002.

6.

 

News Release entitled "Former DRD Director Admits Breach of Fiduciary Duty".

2



SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

    DURBAN ROODEPOORT DEEP, LIMITED

 

 

By:

/s/  
JACOB HENDRIK DISSEL      
Jacob Hendrik Dissel
Chief Financial Officer

Dated: March 13, 2003

3




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SIGNATURES
EX-1 3 a2105688zex-1.htm EXHIBIT 1

Exhibit 1

Durban Roodepoort Deep, Limited
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
(Share code: DUR)
(ISIN: ZAE 000015079)
(ARBN number: 086 277 616)
(NASDAQ Trading Symbol: DROOY)
("DRD")

CHANGE TO BOARD OF DIRECTORS

In compliance with Rule 3.67 of the JSE Listings Requirements, DRD announces that with effect from Wednesday, 29 January 2003, Mr. Nick Goodwin has retired from the board of directors of DRD.

Mr. J H (Kobus) Dissel has been appointed as Chief Financial Officer of DRD with effect from Wednesday 29 January 2003. Mr. Dissel will replace Mr. Ian Murray, who has been appointed Deputy Chief Executive Officer of DRD.

Johannesburg
30 January 2003

Sponsor
Standard Corporate & Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)




EX-2 4 a2105688zex-2.htm EXHIBIT 2
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Exhibit 2

         LOGO

30 January 2003

Embargo: Not for release before 12:30 midday (SA time) on Thursday, 30 January 2003


BOARD, SENIOR MANAGEMENT CHANGES AT DURBAN ROODEPORT DEEP, LIMITED

        The appointment of Durban Roodepoort Deep, Limited's Chief Financial Officer Ian Murray to the post of Deputy Chief Executive Officer was among several Board and senior management changes announced on behalf of the Board today (Thursday, 30 January 2003) by Chairman and Chief Executive Officer Mark Wellesley-Wood.

        Murray is succeeded as CFO by Kobus Dissel, previously Group Financial Manager. Dissel joined DRD in October 1999 from a 16-year career in finance at Anglo American and AngloGold.

        DRD non-executive director Nick Goodwin retires from the Board after 6 years as non-executive director to project manage the company's South African deep-level gold mining project, Argonaut. A new, non-executive director will be sought to replace Goodwin.

        For the time being, Wellesley-Wood said, he would retain the roles of both Executive Chairman and Chief Executive Officer but, in accordance with corporate governance guidelines, his function would be moderated both by the appointment of an independent, non-executive Deputy Chairperson and the Board's maintenance of a majority of independent, non-executive directors.

Senior management changes

        Group Chief Engineer Grant Dempsey becomes DRD's Divisional Director responsible for the Crown Joint Venture while Richard Johnson, previously Manager Growth: Australasia, becomes Divisional Director Australasia and General Manager, Tolukuma Gold Mine. Mark Munroe, previously Manager Growth: South Africa, now heads up DRD's Projects and New Business team.

        Former General Manager at DRD's Buffelsfontein operation, Anton Lubbe, has become General Manager at the Hartebeestfontein operation. Chris Vermeulen, previously Production Manager at Blyvooruitzicht, has been promoted to General Manager at Buffelsfontein.

New appointments

        Ilja Graulich, previously a partner at public relations and communications consultancy, Brunswick, and formerly Companies and Markets Editor at Business Day, has joined DRD to head up corporate communications and investor relations.



        Ted Nohajer joins DRD as Manager, Tolukuma Gold Mine from Gold Fields Limited where he was production manager at the company's Beatrix mine.

Queries:   Ilja Graulich, Durban Roodepoort Deep, Limited
+27 11 381 7826 (office)
+27 83 604 0820 (mobile)
   

 

 

James Duncan, Russell & Associates
+27 11 880 3924 (office)
+27 82 892 8052 (mobile)

 

 

 

 

Janice Dempsey, Russell & Associates
+27 11 880 3924 (office)
+27 82 376 2327(mobile)

 

 

2



KOBUS DISSEL

        Kobus (44) was promoted to Chief Financial Officer of Durban Roodepoort Deep, Limited (DRD) in January 2003. Previously, he was Group Financial Manager.

        Born in Virginia, in the Free State, he graduated in 1979 from Potchefstroom University with a B. Com. Honours degree in business economics and management accounting. He subsequently completed the Management Development Programme and specialist course in mining tax at Unisa.

        Kobus joined Anglo American Corporation at its Western Deep Levels gold mining operation in 1983, rising to the post of Financial Manager responsible for financial systems at AngloGold's corporate office.

        He joined DRD in October 1999 as Group Financial Manager.

        Kobus is married with two daughters.

3




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BOARD, SENIOR MANAGEMENT CHANGES AT DURBAN ROODEPORT DEEP, LIMITED
KOBUS DISSEL
EX-3 5 a2105688zex-3.htm EXHIBIT 3

Exhibit 3

Durban Roodepoort Deep, Limited
Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
(Share code: DUR)
(ISIN: ZAE 000015079)
(ARBN number 086 277 616)
(NASDAQ Trading Symbol: DROOY)
("DRD" or "the company")

        East Rand Proprietary Mines Limited ("ERPM") fire will have no material effect on DRD.

        DRD refers to an announcement made yesterday, 3 February 2003, by Crown Gold Recoveries (Proprietary) Limited ("CGR") regarding an underground fire at the Far East Vertical Shaft of CGR's ERPM mine on the weekend.

        DRD manages ERPM on behalf of CGR, the joint venture between Khumo Bathong Holdings (Proprietary) Limited, which owns 60%, and DRD which owns the remaining 40%.

        DRD Chairman and Chief Executive Officer, Mark Wellesley-Wood said that the underground fire at ERPM would have no material effect on DRD's operating and financial performance.

Johannesburg
4 February 2003

Sponsor
Standard Corporate & Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)



EX-4 6 a2105688zex-4.htm EXHIBIT 4
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Exhibit 4

         LOGO

30 January 2003

        Embargo: Not for release before 12:30 midday (SA time) on Thursday, 30 January 2003

    •    54% jump in EPS to 12.3 US cents

    •    Record monthly gold production at Blyvoor

    •    US$66 million raised through convertible note issue

    •    Project Boost kicks off

    •    DRD acquires 14% of Emperor


DRD REPORTS 54% JUMP IN EARNINGS PER SHARE

        Assisted by a higher gold price received and a gain on financial instruments, Durban Roodepoort Deep, Limited (DRD) reported a 54% increase in earnings per share to 12.3 US cents in the quarter ended 31 December 2002, Chairman and Chief Executive Officer Mark Wellesley-Wood announced today (Thursday, 30 January).

        While attributable gold production was marginally lower at 225 241 ounces, DRD continued to benefit from its unhedged status with a US$6 per ounce increase in the average gold price received to US$321 per ounce. Net profit attributable to shareholders rose by 54% to US$22.5 million from US$14.6 million.

        Cash operating costs—incurred mostly in South African rands—increased by 7% to US$56.8 million due to the 7% increase in the value of the rand against the US dollar.

        The volatility of the R/$ exchange rate—amounting to 40% over the last 12 months—was most unwelcome, placing margins under pressure and making future mine planning uncertain, Wellesley-Wood said.



        Cash and cash equivalents for the December quarter amounted to US$87 million, contributing to a current ratio of 200%, compared with 93% in the previous quarter. Long-term loans, excluding the US$66 million raised through DRD's convertible note issue during the quarter, reduced by US$4.1 million to US$10.2 million. The interest-bearing debt to equity ratio increased from 27.1% to 161.6% due to the convertible note issue, while the interest-bearing debt to capitalisation ratio increased to 10%.

        The proceeds of the convertible note issue, almost all of which had been taken up by US investors, Wellesley-Wood said, would be deployed into the company's Project Boost, designed to lower costs and increase gold production, and into other growth projects, added Wellesley-Wood.

        While the company had taken a 14% stake in Emperor Mines of Australia during the quarter, its intention was to increase this to 19.9%. Wellesley-Wood announced that he and DRD non-executive director David Baker had been appointed to the Emperor board. Emperor's gold production in the quarter under review was 26 422 ounces.

        Commenting on the performance of DRD's operations, Wellesley-Wood said the expansion programme at Blyvooruitzicht continued to gather momentum; in December, the operation recorded gold production of 22 634 ounces, the highest in 10 years.

        At Hartebeestfontein, a seismic event and underground fire at 5 Shaft during the quarter had restricted the volume of higher grade material entering the mill and slowed up the expansion of the Medium Grade areas at 6 Shaft. To address the operation's cost base, the 7 Shaft gold plant had been closed and contractors replaced with company employees. Available ore in the open pit had declined due to geological factors and was now expected to last only until April 2003.

        At Tolukuma, Wellesley-Wood said, stoping had begun on the newly-discovered Tinnabar vein. While this had helped to supplement immediate reserves available for mining, there was a need to increase development rates in order to access new areas, with a consequent short-term, adverse impact on costs. Exploration results from the Kunda vein had been disappointing and the focus was now on deeper drilling of the mine's Miliahamba structure.

        Crown Gold Recoveries (CGR), 40% owned and managed by DRD, produced 48 934 ounces of gold in the December quarter but costs rose from US$210/oz to US$278/oz due mainly to industrial action at East Rand Proprietary Mines Limited (ERPM). Subsequently, Wellesley-Wood said, the mine had been right-sized and restructured, operating now with a workforce of 3 389 compared with 5 468 previously.

        ERPM had raised debt finance of US$12 million from the Industrial Development Corporation (IDC) and had begun a capital upgrade programme entailing an investment of US$20 million. Some US$7 million to be spent in the current quarter included the reclamation of the Cason Dump, which management estimated would generate an additional 40 000 ounces of gold per year.

Queries:   Ilja Graulich, Durban Roodepoort Deep, Limited
+27 11 381 7800 (office)
+27 83 604 0820 (mobile)
     
    James Duncan, Russell & Associates
+27 11 880 3924 (office)
+27 82 892 8052 (mobile)
     
    Janice Dempsey, Russell & Associates
+27 11 880 3924 (office)
+27 82 376 2327(mobile)

2




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DRD REPORTS 54% JUMP IN EARNINGS PER SHARE
EX-5 7 a2105688zex-5.htm EXHIBIT 5
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Exhibit 5

 
   
   
    DURBAN ROODEPOORT DEEP, LIMITED    

GRAPHIC
  (Incorporated in the Republic of South Africa)
Registration No.1895/000926/06
ARBN 086 277616
JSE trading symbol: DUR
ISIN Code: ZAE 000015079; Issuer code: DUSM
NASDAQ trading symbol: DROOY
 
GRAPHIC


REPORT TO SHAREHOLDERS FOR THE 2nd QUARTER ENDED 31 DECEMBER 2002

Group Results

Highlights

54% jump in EPS to 12.3 US cents
Record monthly gold production at Blyvoor
US$ 66 million raised through convertible note issue
DRD acquires 14% of Emperor
Project Boost kicks off


Key Operating Results

 
   
  Quarter
Dec 2002

  Quarter
Sep 2002

  6 Months to
Dec 2002

Gold production (attributable)   oz
kg
  225 241
7 006
  228 270
7 100
  453 511
14 106
Cash operating costs   US$/oz
R/kg
  276
85 642
  247
82 878
  262
84 243
Earnings (US GAAP)   US$ m
R m
  22.5
224.4
  14.6
149.9
  37.1
374.3
Gold price received   US$/oz
R/kg
  321
99 587
  315
105 586
  318
102 641
Capital expenditure   US$ m
R m
  2.7
26.4
  3.5
35.6
  6.2
62.0


Stock

ISSUED CAPITAL

  STOCK TRADED
  JSE
  NASDAQ
  FRANKFURT
 
183 511 834 ordinary no par value shares   Ave. volume for the quarter per day (000)   279   3 067   151  
5 000 000 cumulative preference shares   % of issued stock traded (annualised)   40 % 435 % 21 %
    Price   —High   R 45.00   USD 4.54   Euro 4.30  
        —Low   R 25.80   USD 2.87   Euro 3.05  
        —Close   R 32.80   USD 4.05   Euro 4.03  


LETTER TO SHAREHOLDERS

Dear shareholder

        From now on, your company will present its quarterly financial results in accordance with the United States Generally Accepted Accounting Practices (US GAAP). The reason being that in excess of 80% of its shareholders are US based; almost the entire recent convertible note issue was taken up by US investors; and this accounting convention requires in certain circumstances a higher level of disclosure than its South African equivalent. An abridged version of the financial statements prepared in accordance with South African Generally Accepted Accounting Practice (SA GAAP) is also enclosed.

        Net profit attributable to shareholders increased by 54% to US$ 22.5 million in the quarter ended 31 December 2002 from US$ 14.6 million in the previous quarter. Our average gold price received increased by US$ 6 per ounce to US$ 321 per ounce. DRD, now unhedged, receives the full gold spot price for its production.

        Our results were adversely affected by the 7% increase in the value of the rand relative to the US dollar during the quarter. As the majority of the company's cash operating costs are incurred in Rands, these also rose by 7% from US$ 53.3 million to US$ 56.8 million. Attributable gold production was marginally lower at 225 241 ounces.

        On November 12, 2002, we raised US$ 66 million through the private placement of 6% Senior Convertible Notes due 2006, with clients of CIBC World Markets. These notes are convertible into ordinary shares of the company, or, under certain conditions, into ADR's, at a conversion price of US$ 3.75 per share.

Overall performance

        Blyvoor's expansion programme continues to gather momentum as underground tonnages build up. Record gold production of 22 634 ounces (704 kilograms) was recorded in December. Harties experienced an underground fire and a seismic event in the 5 Shaft pillar. This restricted the amount of higher grade material entering the mill and slowed up the expansion of the Medium Grade areas at 6 Shaft. It has been necessary to address the cost base on the mine and this has been done by closing 7 Shaft gold plant and replacing contractors with our own employees. Available ore in the open pit has declined due to geological factors and this source is now expected to last only until April 2003.

        At Tolukuma, stoping began on the newly discovered Tinnabar vein. This has helped supplement immediate reserves available for mining, but the need to access new areas has necessitated increased development rates. Consequently, there has been an adverse, short-term impact on costs. Results from the Kunda vein have been disappointing and the focus has now shifted to deeper drilling of the Miliahamba structure.

Crown Gold Recoveries (Pty) Limited (40% DRD owned and managed)

        Crown Gold Recoveries (CGR) is a Black Economic Empowerment company, which owns the Crown tailings retreatment operations and, with effect from 10 October 2002, acquired the contiguous East Rand Proprietary Mines Limited (ERPM) gold mine. The majority shareholder (60%) is Khumo Bathong Holdings.

        CGR produced 48 934 ounces (1 522 kilograms) of gold for the quarter but the cost of production was adversely affected by the inclusion of ERPM, which experienced industrial action at the time of the takeover. Costs rose from US$ 210 per ounce last quarter to US$ 278 per ounce. ERPM has been right sized and restructured, and now operates with a workforce of 3 389 employees compared with 5 468 previously. ERPM has raised debt finance of US$12 million from the Industrial Development

2



Corporation and has embarked on a capital upgrade programme which will entail investment of US$ 20 million, of which US$ 7 million (R 61 million) will be spent in the March 2003 quarter. This will include reclamation of the Cason Dump, which management estimates will generate an additional 40 000 ounces of gold per year.

Financial

        The proceeds from the convertible note issue will be deployed into the Project Boost investments designed to lower costs and increase gold production and into other growth projects. Cash and cash equivalents were US$ 87 million at the end of the period with the current ratio at 200% compared with 93% the previous quarter. Long term loans, excluding the convertible notes reduced by US$ 4.1 million to US$ 10.2 million. Our interest-bearing debt to equity ratio has increased from 27% to 162% due to the convertible note issue, while our interest-bearing debt to capitalisation ratio increased to 10.0%. Fully diluted earnings per share increased by 48% to 11.8 US cents.

        Since the quarter-end we have reduced the number of ounces committed to the Eskom gold-related agreement by a further 10% to 290 000 ounces. This is in addition to the calls bought previously. From January 2003 to October 2003 the Eskom position is 100% covered by call options bought. From November 2003 to September 2005, 13% of the positions have been closed out.

Outlook

        On 16 December 2002, the company reached agreement to acquire 14% of the issued capital of Emperor Mines in Australia. We have stated that it is our intention to increase this shareholding to 19.9%. Emperor operates the Vatukoula gold mine on the island of Fiji. Gold production was 26 422 ounces for the quarter. Emperor has appointed DRD non-executive director David Baker and myself to its board of directors.

        While the rise in the dollar price of gold is most gratifying, the volatility of the rand dollar exchange rate, which has amounted to 40% over the last 12 months has been most unwelcome. The devaluation induced imported cost inflation while the subsequent strength has placed margins under pressure again. Increased exchange rate volatility makes future mine planning uncertain.

 
   
MARK WELLESLEY-WOOD    
Chairman and Chief Executive Officer   30 January 2003

3


        Incorporating the results of all Durban Roodepoort Deep, Limited subsidiaries, including
Blyvooruitzicht Gold Mining Company Limited, Buffelsfontein Gold Mines Limited, West
Witwatersrand Gold Holdings Limited, Crown Consolidated Gold Recoveries Limited
which has a forty per cent interest in Crown Gold Recoveries (Pty) Limited (CGR),
Hartebeestfontein Gold Mine a division of Buffelsfontein Gold Mines Limited,
DRD Australasia and Dome Resources NL

        The financial statements below are converted to Generally Accepted Accounting Principles in the United States of America. The accounting policies are, in all material respects, consistent with the annual financial statements for the year ended 30 June 2002.


GROUP INCOME STATEMENTS

 
  (US$ m)
  (US$ m)
 
FINANCIAL RESULTS
(Unaudited)

  Quarter
Dec 2002

  Quarter
Sep 2002

  6 months to
Dec 2002

 
Revenues              
  Product sales (Gold revenue)   65.9   67.2   133.1  
Cost and expenses   (58.5 ) (54.2 ) (112.7 )
   
 
 
 
  Cash operating costs   (56.8 ) (53.3 ) (110.1 )
  Other cash expenses   (0.9 ) (0.8 ) (1.7 )
  Movement in gold in process   (0.5 ) 0.1   (0.4 )
  Movement in rehabilitation provision   (0.3 ) (0.2 ) (0.5 )
   
 
 
 
Other operating expenses              
  Depreciation and amortization   (2.5 ) (2.0 ) (4.5 )
  Management and consulting fees   (0.5 ) (0.5 ) (1.0 )
  Profit/(loss) on financial instruments   27.6   (3.0 ) 24.6  
  Profit on sale of investments   0.2   8.1   8.3  
Administration and general charges   (2.2 ) (1.5 ) (3.7 )
   
 
 
 
  Stock based compensation costs   (1.0 ) (0.9 ) (1.9 )
  Administration and general charges   (1.2 ) (0.6 ) (1.8 )
   
 
 
 
Net operating income   30.0   14.1   44.1  
  Investment income   2.3   1.1   3.4  
  Other income   0.5   0.6   1.1  
Finance cost              
  Interest expense   (1.0 ) (0.1 ) (1.1 )
   
 
 
 
Profit before taxation   31.8   15.7   47.5  
  Income from associate   (0.3 ) 0.8   0.5  
  Income and mining tax benefit/(charge)   0.5   (0.5 )  
  Deferred income and mining tax charge   (9.5 ) (1.4 ) (10.9 )
   
 
 
 
Net profit applicable to stockholders   22.5   14.6   37.1  
   
 
 
 
Basic earnings per share (cents)   12.3   8.0   20.3  
Diluted earnings per share (cents)   11.8   7.9   19.2  

4



CHANGES IN SHAREHOLDER'S EQUITY

 
  (US$ m)
  (US$ m)
 
 
  Quarter
Dec 2002

  Quarter
Sep 2002

  6 months to
Dec 2002

 
Shareholder's equity at the beginning of the period   11.1   (11.2 ) (11.2 )
Share capital issued   1.6   8.3   9.9  
   
 
 
 
  —for cash     6.7   6.7  
  —for share options exercised   0.6   0.7   1.3  
  —for stock based compensation   1.0   0.9   1.9  
   
 
 
 
Movement in retained income   30.2   14.0   44.2  
   
 
 
 
  —profit applicable to shareholders   22.5   14.6   37.1  
  —mark-to-market on investments     0.1   0.1  
  —currency adjustments and other   7.7   (0.7 ) 7.0  
   
 
 
 
Shareholder's equity at the end of the period   42.9   11.1   42.9  
   
 
 
 


GROUP CASH FLOW STATEMENTS

 
  (US$ m)
  (US$ m)
 
ABRIDGED
(Unaudited)

  Quarter
Dec 2002

  Quarter
Sep 2002

  6 months to
Dec 2002

 
Cash flow from operating activities   (5.5 ) 15.8   10.3  
Cash flow from investing activities   (2.4 ) (4.1 ) (6.5 )
Cash flow from financing activities   64.0   (8.8 ) 55.2  
   
 
 
 
Net increase in cash and equivalents   56.1   2.9   59.0  
Effect of exchange rate changes on cash   6.3   (0.5 ) 5.8  
Cash and equivalents at beginning of period   24.6   22.2   22.2  
   
 
 
 
Cash and equivalents at end of period   87.0   24.6   87.0  
   
 
 
 

5



GROUP BALANCE SHEETS

 
  (US$ m)
 
ABRIDGED
(Unaudited)

  Quarter
Dec 2002

  Quarter
Sep 2002

 
ASSETS          
Current assets   116.4   40.4  
   
 
 
Cash and equivalents   87.0   24.6  
Receivables   21.1   8.4  
Inventories   8.3   7.4  
   
 
 
Mining assets   78.7   65.0  
   
 
 
Cost   332.4   270.7  
Accumulated depreciation & amortization   (253.7 ) (205.7 )
   
 
 
Other assets   93.2   85.4  
   
 
 
Deferred income and mining taxes   66.9   64.1  
Non-current assets   26.3   21.3  
   
 
 
Total assets   288.3   190.8  
   
 
 
LIABILITIES & STOCKHOLDERS' EQUITY          
Current liabilities   58.1   43.4  
   
 
 
Bank overdraft     0.1  
Accounts payable and accrued liabilities   42.7   34.3  
Short term portion of long term loans   15.0   8.1  
Income and mining taxes   0.4   0.9  
   
 
 
Long term loans   10.2   14.3  
Convertible loan note   63.4    
Deferred income and mining taxes   31.5   26.1  
Deferred financial liability   61.9   79.3  
Provision-environmental rehabilitation   20.3   16.6  

Stockholders' equity

 

42.9

 

11.1

 
Authorised          
300,000,000 ordinary no par value shares          
5,000,000 cumulative preference shares          
Issued          
183,511,834 ordinary no par value shares          
5,000,000 cumulative preference shares          
Stated capital   359.6   359.0  
Additional paid in capital   35.3   34.3  
Cumulative preference shares   0.1   0.1  
Accumulated loss   (304.9 ) (327.4 )
Other comprehensive income   (47.2 ) (54.9 )
   
 
 
Total liabilities & stockholders' equity   288.3   190.8  
   
 
 

6



CONVERSION FACTORS

CURRENCY

   
   
   
Balance Sheet:   31-Dec-02   US$1 =   R 8.6585
Income Statement:   Oct-02   US$1 =   R 10.3601
    Nov-02   US$1 =   R 9.6908
    Dec-02   US$1 =   R 8.9749


SHARE OPTION SCHEME

        The following summary provides information in respect of the Durban Roodepoort Deep (1996) Option Scheme as at 31 December 2002:

Number of options granted:   5 373 581    
Number of options currently exercisable:   1 173 208    

7


        Incorporating the results of all Durban Roodepoort Deep, Limited subsidiaries, including Blyvooruitzicht Gold Mining Company Limited, Buffelsfontein Gold Mines Limited, West Witwatersrand Gold Holdings Limited, Crown Consolidated Gold Recoveries Limited which has a forty per cent interest in Crown Gold Recoveries (Pty) Limited (CGR), Hartebeestfontein Gold Mine a division of Buffelsfontein Gold Mines Limited, DRD Australasia and Dome Resources NL

        The financial statements below are converted to Generally Accepted Accounting Principles in the United States of America. The accounting policies are, in all material respects, consistent with the annual financial statements for the year ended 30 June 2002.

GROUP INCOME STATEMENTS

 
  (R m)
  (R m)
 
FINANCIAL RESULTS
(Unaudited)

  Quarter
Dec 2002

  Quarter
Sep 2002

  6 months to
Dec 2002

 
Revenues              
  Product sales (Gold revenue)   637.0   700.7   1 337.7  
Cost and expenses   (565.4 ) (564.8 ) (1 130.2 )
  Cash operating costs   (549.2 ) (555.0 ) (1 104.2 )
  Other cash expenses   (9.5 ) (8.0 ) (17.5 )
  Movement in gold in process   (4.1 ) 0.7   (3.4 )
  Movement in rehabilitation provision   (2.6 ) (2.5 ) (5.1 )
Other operating expenses              
  Depreciation and amortization   (22.5 ) (21.6 ) (44.1 )
  Employment termination costs     (0.3 ) (0.3 )
  Management and consulting fees   (4.9 ) (4.8 ) (9.7 )
  Profit/(loss) on financial instruments   274.9   (34.7 ) 240.2  
  Profit on sale of investments   2.3   86.4   88.7  
Administration and general charges   (21.5 ) (15.6 ) (37.1 )
  Stock based compensation costs   (9.7 ) (9.6 ) (19.3 )
  Administration and general charges   (11.8 ) (6.0 ) (17.8 )
Net operating income   299.9   145.3   445.2  
  Investment income   21.3   12.6   33.9  
  Other income   4.7   5.6   10.3  
Finance cost              
  Interest expense   (9.2 ) (1.5 ) (10.7 )
Profit before taxation   316.7   162.0   478.7  
  Income from associate   (2.5 ) 8.0   5.5  
  Income and mining tax benefit/(charge)   5.0   (5.2 ) (0.2 )
  Deferred income and mining tax charge   (94.8 ) (14.9 ) (109.7 )
   
 
 
 
Net profit applicable to stockholders   224.4   149.9   374.3  
   
 
 
 

Basic earnings per share (cents)

 

122.5

 

82.2

 

204.9

 
Diluted earnings per share (cents)   117.4   80.4   193.9  

8


CHANGES IN SHAREHOLDER'S EQUITY

 
  (R m)
  (R m)
 
 
  Quarter
Dec 2002

  Quarter
Sep 2002

  6 months to
Dec 2002

 
Shareholder's equity at the beginning of the period   116.8   (118.1 ) (118.1 )
Share capital issued   15.5   84.3   99.8  
  —for cash     68.0   68.0  
  —for share options exercised   5.8   6.7   12.5  
  —for stock based compensation   9.7   9.6   19.3  
Movement in retained income   239.5   150.6   390.1  
  —profit applicable to shareholders   224.4   149.9   374.3  
  —mark-to-market on investments   0.2   0.6   0.8  
  —currency adjustments and other   14.9   0.1   15.0  
Shareholder's equity at the end of period   371.8   116.8   371.8  
   
 
 
 

GROUP CASH FLOW STATEMENTS

 
  (R m)
  (R m)
 
ABRIDGED
(Unaudited)

  Quarter
Dec 2002

  Quarter
Sep 2002

  6 months to
Dec 2002

 
Cash flow from operating activities   (53.2 ) 165.1   111.9  
Cash flow from investing activities   (23.7 ) (42.3 ) (66.0 )
Cash flow from financing activities   619.5   (91.3 ) 528.2  
   
 
 
 
Net increase in cash and equivalents   542.6   31.5   574.1  
Effect of exchange rate changes on cash   (48.9 ) (2.6 ) (51.5 )
Cash and equivalents at beginning of period   259.3   230.4   230.4  
   
 
 
 
Cash and equivalents at end of period   753.0   259.3   753.0  
   
 
 
 

9


GROUP BALANCE SHEETS

 
  (R m)
 
ABRIDGED
(Unaudited)

  Quarter
Dec 2002

  Quarter
Sep 2002

 
ASSETS          
Current assets   1 007.4   426.3  
Cash and equivalents   753.0   259.3  
Receivables   182.4   88.4  
Inventories   72.0   78.6  

Mining assets

 

683.2

 

686.1

 
Cost   2 878.6   2 858.8  
Accumulated depreciation & amortization   (2 195.4 ) (2 172.7 )

Other assets

 

806.6

 

902.4

 
Deferred income and mining taxes   579.2   677.0  
Non-current assets   227.4   225.4  
   
 
 
Total assets   2 497.2   2 014.8  
   
 
 

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

 

 

 
Current liabilities   503.4   458.2  
Bank overdraft     0.6  
Accounts payable and accrued liabilities   369.9   363.0  
Short term portion of long term loans   130.2   85.5  
Income and mining taxes   3.3   9.1  

Long term loans

 

88.2

 

151.5

 
Convertible loan note   549.2    
Deferred income and mining taxes   272.7   275.2  
Deferred financial liability   535.8   838.3  
Provision-environmental rehabilitation   176.1   174.8  

Stockholders' equity

 

371.8

 

116.8

 

Authorised

 

 

 

 

 
300 000 000 ordinary no par value shares          
5 000 000 cumulative preference shares          

Issued

 

 

 

 

 
183 511 834 ordinary no par value shares          
5 000 000 cumulative preference shares          
Stated capital   2 194.7   2 188.9  
Additional paid in capital   67.0   57.3  
Cumulative preference shares   0.5   0.5  
Accumulated loss   (1 937.7 ) (2 162.1 )
Other comprehensive income   47.3   32.2  
Total liabilities & stockholders' equity   2 497.2   2 014.8  

10


US/SA GAAP RECONCILIATION

 
  (R m)
   
 
Reconcilliation of net profit to SA GAAP

  Quarter
Dec 2002

  Quarter
Sep 2002

 

 

 

 

 

 

 
Net profit determined under US GAAP   224.4   149.9  
Adjusted for:          
  Financial instruments   (322.3 ) 8.1  
  Accounting for business combinations   0.3   0.4  
  Stock based compensation costs   9.7   9.6  
  Other   0.4   (3.8 )
  Deferred taxation on adjustments   90.7   (2.3 )
   
 
 
Effect of US GAAP adjustments   (221.2 ) 12.0  
   
 
 
Net profit determined under SA GAAP   3.2   161.9  
   
 
 

11


        Incorporating the results of all Durban Roodepoort Deep, Limited subsidiaries, including Blyvooruitzicht Gold Mining Company Limited, Buffelsfontein Gold Mines Limited, West Witwatersrand Gold Holdings Limited, Crown Consolidated Gold Recoveries Limited which has a forty per cent interest in Crown Gold Recoveries (Pty) Limited (CGR), Hartebeestfontein Gold Mine a division of Buffelsfontein Gold Mines Limited, DRD Australasia and Dome Resources NL

        The financial statements below are prepared on the historical cost basis and in accordance with South African Statements of Generally Accepted Accounting Practice. The accounting policies are, in all material respects, consistent with the annual financial statements for the year ended 30 June 2002.


ABRIDGED GROUP INCOME STATEMENTS

 
  (R m)
  (R m)
FINANCIAL RESULTS

  Quarter
Dec 2002

  Quarter
Sep 2002

  6 months to
Dec 2002

 
  (Unaudited)

Cash operating profit   39.1   118.0   157.1

Cash profit from operations

 

17.8

 

104.8

 

122.6

Net cash operating profit

 

27.6

 

123.6

 

151.2

Headline (loss)/profit

 

(1.9

)

82.1

 

80.2

Net profit

 

3.2

 

161.9

 

165.1

Headline (loss)/earnings per share—cents

 

(1.2

)

45.1

 

43.9
Basic earnings per share—cents   1.8   88.8   90.6
Calculated on the weighted average ordinary shares issued   183 177 297   182 236 525   182 706 911
Diluted earnings per share—cents   1.7   86.9   87.0


CHANGES IN SHAREHOLDER'S EQUITY

 
  (R m)
  (R m)
 
  Quarter
Dec 2002

  Quarter
Sep 2002

  6 months to
Dec 2002

 
  (Unaudited)

Shareholder's interest at the beginning of the period   674.6   438.0   438.0
Share capital issued   162.6   74.7   237.3
   
 
 
  —for cash     68.0   68.0
  —for share options exercised   5.8   6.7   12.5
  —for equity portion of convertible note   156.8     156.8
   
 
 
Movement in retained income   18.2   161.9   180.1
   
 
 
Shareholder's interest at the end of the period   855.4   674.6   855.4
   
 
 

12



ABRIDGED GROUP BALANCE SHEETS

 
  (R m)
 
  Quarter
Dec 2002

  Quarter
Sep 2002

 
  (Unaudited)

Employment of Capital        
Net mining assets   653.8   656.2
Cash and equivalents   753.0   259.3
Other non-current assets   227.4   225.4
Deferred mining and income taxes   214.7   221.8
Current assets   254.4   167.0
    2 103.3   1 529.7
   
 
Capital employed        
Shareholders' equity   855.4   674.6
Borrowings   500.3   151.5
Rehabilitation   176.1   174.8
Deferred mining and income taxes   68.2   70.6
Other non-current liabilities   88.5   94.3
Current liabilities   414.8   363.9
   
 
    2 103.3   1 529.7
   
 


GROUP CASH FLOW STATEMENTS

 
  (R m)
 
 
  Quarter
Dec 2002

  Quarter
Sep 2002

 
 
  (Unaudited)

 
Cash flow from operating activities   (53.2 ) 165.1  
Cash flow from investing activities   (23.7 ) (42.3 )
Cash flow from financing activities   619.5   (91.3 )
   
 
 
Increase in cash and equivalents   542.6   31.5  
Translation adjustment   (48.9 ) (2.6 )
   
 
 
Opening cash and equivalents   259.3   230.4  
   
 
 
Closing cash and equivalents   753.0   259.3  
   
 
 


PROJECT BOOST

        DRD's growth strategy is focusing on four principal areas of internal growth based on enhancing value of existing assets, a new emphasis on brownfields exploration in the Carletonville and Klerksdorp areas, consolidation of the DRD position in Australasia and a continued perusal of potential strategic acquisitions in South Africa. In addition to these, is the further progression of the Argonaut Project and a reactive approach to other growth opportunities.

        Further value will be obtained at the DRD operations from, lowering unit costs, ensuring consistent production, reducing operational risk and increasing reserves available for mining. Each Boost project will implement the strategy within a defined framework for action and funding utilising the resources allocated on an interdisciplinary team basis. Major Boost projects will be implemented in this quarter. The total amount to be invested in these projects is US$ 68 million (R 590 million).

13




INVESTOR RELATIONS


For further information, contact Ilja Graulich at:

 

Tel: (+27-11) 381-7800, Fax: (+27-11) 482-4641,
e-mail: graulich@drd.co.za,
web site: http://www.durbans.com
45 Empire Road,
Parktown,
South Africa.

 

 

P O Box 390,
Maraisburg 1700,
South Africa.


DIRECTORS — (*British)(**Australian)


Executives:

 

MM Wellesley-Wood (Chairman and Chief Executive Officer)*
IL Murray (Chief Financial Officer)
FH Coetzee (Chief Operations Officer)

Non-executives:

 

MP Ncholo; RP Hume; GC Campbell*; DC Baker**

Group Company Secretary:

 

MA Eloff

ADDRESS DETAILS

REGISTERED OFFICE:
45 Empire Road, Parktown, South Africa,
PO Box 390,
Maraisburg 1700, South Africa

SHARE TRANSFER SECRETARIES:
Ultra Registrars (Pty) Ltd,
PO Box 4844,
Johannesburg 2000, South Africa

UNITED KINGDOM REGISTRARS:
St. James' Corporate Services Ltd,
6 St. James' Place,
London SW IA INP

DEPOSITORY BANK:
American Depository Receipts,
The Bank of New York,
Shareholders Relations Department,
101 Barclay Street, New York, NY 10296

14



KEY OPERATING AND FINANCIAL RESULTS

 
   
  Crown Gold Recoveries
   
  Blyvoor
  North West
   
   
   
   
US$/Imperial

  Quarter
  Crown
Section

  ERPM
Section

  Attributable
to DRD
(40% of CGR)

  Under-
ground

  Surface
  Under-
ground

  Surface
  Open-pit
  Tolukuma
  Total
continuing
operations

  Dis-
continuing
operation #

  Total
DRD
attributable

Ore milled—t'000   Dec 02   2 890   102   1 197   256   446   740   1 141   167   40   3 987   130   4 117
    Sep 02   3 101     1 240   234   470   728   1 211   231   38   4 152   735   4 887
Gold produced—ounces   Dec 02   36 588   12 346   19 574   51 248   11 896   103 139   16 590   4 854   15 754   223 055   2 186   225 241
    Sep 02   37 295     14 918   51 698   11 188   108 958   15 658   6 366   14 726   223 512   4 758   228 270
Yield—ounces per ton   Dec 02   0.013   0.121   0.016   0.200   0.027   0.139   0.015   0.029   0.394   0.056   0.017   0.055
    Sep 02   0.012     0.012   0.221   0.024   0.150   0.013   0.028   0.388   0.054   0.006   0.047
Cash operating cost—US$/oz   Dec 02   229   423   na   252   197   302   195   348   307   276   322   276
    Sep 02   210     na   223   198   268   207   208   279   247   348   250
Cash operating cost—US$/ton   Dec 02   3   51   na   50   5   42   3   10   121   20   5   19
    Sep 02   3     na   49   5   40   3   6   108   18   2   15
Cash operating profit—US$m   Dec 02   3.3   (1.2 ) na   3.4   1.4   1.7   2.0   (0.2 ) 0.8   9.1     9.1
    Sep 02   4.0     na   4.8   1.3   5.1   1.7   0.7   0.4   14.0   (0.1 ) 13.9
 
   
  Crown Gold Recoveries
   
  Blyvoor
  North West
   
   
   
   
ZAR/Metric

  Quarter
  Crown
Section

  ERPM
Section

  Attributable
to DRD
(40% of CGR)

  Under-
ground

  Surface
  Under-
ground

  Surface
  Open-pit
  Tolukuma
Under-
ground

  Total
continuing
operations

  Dis-
continuing
operation #

  Total
DRD
attributable

Ore milled—t'000   Dec 02   2 621   92   1 085   232   405   671   1 035   152   37   3 617   118   3 735
    Sep 02   2 813     1 125   213   426   661   1 099   209   35   3 768   667   4 435
Gold produced—kg   Dec 02   1 138   384   609   1 594   370   3 208   516   151   490   6 938   68   7 006
    Sep 02   1 160     464   1 608   348   3 389   487   198   458   6 952   148   7 100
Yield—g/tonne   Dec 02   0.43   4.17   0.56   6.87   0.91   4.78   0.50   0.99   13.24   1.92   0.58   1.88
    Sep 02   0.41     0.41   7.55   0.82   5.13   0.44   0.95   13.09   1.85   0.22   1.60
Cash operating cost—R/kg   Dec 02   71 027   126 737   na   78 047   61 143   93 769   60 479   107 894   95 280   85 642   105 191   85 850
    Sep 02   70 506     na   74 646   66 345   89 747   69 154   69 955   93 699   82 878   116 878   83 636
Cash operating cost—R/tonne   Dec 02   31   529   na   536   56   448   30   107   1 262   210   61   207
    Sep 02   29     na   564   54   460   31   66   1 226   203   26   168
Cash operating profit—R m   Dec 02   31.8   (11.5 ) na   32.7   13.8   15.8   19.7   (1.4 ) 7.5   88.1   (0.3 ) 87.8
    Sep 02   41.3     na   50.0   13.7   54.5   17.9   7.1   4.0   147.2   (1.5 ) 145.7

# West Witwatersand Gold Mine

 
   
  Crown Section
  ERPM Section
  Blyvoor
  North West
  Tolukuma
  Total DRD
Capital Expenditure

  Quarter
  US$ m
  R m
  US$ m
  R m
  US$ m
  R m
  US$ m
  R m
  US$ m
  R m
  US$ m
  R m
Net Outflow   Dec 02   1.3   12.7   1.1   10.3   1.0   10.3   1.3   13.1   0.3   2.8   2.7   26.4
    Sep 02   0.8   8.4       0.8   8.0   2.4   24.7   0.3   2.9   3.5   35.6
Forecast   Mar 03   0.7   6.3   7.0   61.0   1.0   8.7   0.9   7.4   1.3   11.4   3.2   27.5

15




QuickLinks

REPORT TO SHAREHOLDERS FOR THE 2nd QUARTER ENDED 31 DECEMBER 2002
Group Results Highlights
Key Operating Results
Stock
LETTER TO SHAREHOLDERS
GROUP INCOME STATEMENTS
CHANGES IN SHAREHOLDER'S EQUITY
GROUP CASH FLOW STATEMENTS
GROUP BALANCE SHEETS
CONVERSION FACTORS
SHARE OPTION SCHEME
ABRIDGED GROUP INCOME STATEMENTS
CHANGES IN SHAREHOLDER'S EQUITY
ABRIDGED GROUP BALANCE SHEETS
GROUP CASH FLOW STATEMENTS
PROJECT BOOST
INVESTOR RELATIONS
DIRECTORS — (*British)(**Australian)
KEY OPERATING AND FINANCIAL RESULTS
EX-6 8 a2105688zex-6.htm EXHIBIT 6
QuickLinks -- Click here to rapidly navigate through this document

Exhibit 6


FOR IMMEDIATE RELEASE

FORMER DRD DIRECTOR ADMITS BREACH OF FIDUCIARY DUTY

        Nick Goodwin, a former non-executive director of Durban Roodepoort Deep, Limited (DRD), today (26 February 2003) admitted passing legally privileged information to Roger Kebble, former Chairman of DRD, who resigned last year.

        DRD was advised by Moss Morris, attorneys acting for Roger Kebble, that confidential papers presented to DRD's Audit Committee came into their client's possession from Nick Goodwin. At the time, Goodwin was serving as a non-executive director on DRD's Board and was a member of its Audit Committee, made up entirely of non-executive Directors.

        "In the interests of sound corporate governance and transparency, and in terms of normal practice, it is arranged that DRD's lawyers and other advisers acting in the recovery of funds from Kebble and others issue status reports for the review of our Audit Committee," said Mark Wellesley-Wood, DRD Chairman and CEO today. "I am not a member of the Audit Committee. It has been constituted of Rob Hume as Chairman, David Baker as a fellow non-executive director and, prior to his resignation as a non-executive director last month, Nick Goodwin."

        "I have felt, and still feel, it is important that the non-executive directors are fully informed on the legal process we have embarked upon to recover funds due to our shareholders. Not only were these documents covered by lawyer/client privilege but they were confidential to DRD. Goodwin was clearly in breach of his fiduciary duty in giving this information to Roger Kebble."

        Since his resignation as a non-executive director of DRD, Goodwin has been consulting for the company as Project Manager for the Argonaut Project. His consulting agreement has been terminated with immediate effect.

Queries:

Ilja Graulich, DRD
27 11 381-7800 (w)
27 83 604-0820 (cell)

James Duncan, Russell & Associates
27 11 880-3924 (w)
27 82 892-8052 (cell)




QuickLinks

FOR IMMEDIATE RELEASE FORMER DRD DIRECTOR ADMITS BREACH OF FIDUCIARY DUTY
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-----END PRIVACY-ENHANCED MESSAGE-----