6-K

FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

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

For the month of October 2003 (Fifth Filing)

Commission File Number:  0-28800

Durban Roodepoort Deep, Limited

(Translation of registrant’s name into English)

45 Empire Road, Parktown, Johannesburg South Africa, 2193

(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 ýForm 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): o

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 oNo 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 October 2003, and incorporated by reference herein, are:

Exhibit No.	Description
1.	Report to Shareholders for the 1st quarter ended 30 September 2003 of the 2004 financial year.
2.	Release, dated October 23, 2003, entitled “Board, Senior Management appointments at DRD.”
3.	Release, dated October 23, 2003, entitled “Costs tumble, Post-Restructuring, at DRD’s North West Operations.”
4.	Release, dated October 27, 2003, entitled “Share Option Allocations.”

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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/ Andrea Townsend
		Andrea Townsend
		Company Secretary
Dated: October 29, 2003

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EX-1

Exhibit 1

DURBAN ROODEPOORT DEEP, LIMITED

(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

REPORT TO SHAREHOLDERS FOR THE 1st QUARTER ENDED 30 SEPTEMBER 2003 OF THE 2004 FINANCIAL YEAR

GROUP RESULTS

Highlights

•  Safety record continues to improve

•  North West Operations restructuring completed

•  ERPM moves into operating profit

•  Tolukuma resource expansion

•  Acquisition of 20% of Porgera Joint Venture

		Quarter Sep 2003	Quarter Jun 2003
Gold production (attributable)	oz	198 493	207 725
	kg	6 174	6 461
Cash operating costs	US$/oz	378	352
	R/kg	90 520	87 368
Gold price received	US$/oz	362	348
Capital expenditure	US$ m	4.7	3.3
	R m	35.0	24.9

Stock

ISSUED CAPITAL	STOCK TRADED		JSE		NASDAQ		FRANKFURT
211 402 045 ordinary no par value shares	Ave. volume for the quarter per day (000)		123		4 165		165
5 000 000 cumulative% of issued stock preference shares	% of issued stock traded (annualised)		15	%	514	%	20	%
	Price	• High	R 26.50		USD 3.54		Euro 2.95
		• Low	R 16.51		USD 2.20		Euro 2.04
		• Close	R 20.71		USD 2.86		Euro 2.53

Address details
REGISTERED OFFICE :	SHARE TRANSFER SECRETARIES :
45 Empire Road, Parktown,	Ultra Registrars (Pty) Ltd,
South Africa	PO Box 4844,
PO Box 390,	Johannesburg 2000,
Maraisburg 1700,	South Africa
South Africa
UNITED KINGDOM REGISTRARS :	DEPOSITORY BANK :
St. James’ Corporate Services Ltd,	American Depository Receipts,
6 St. James’ Place,	The Bank of New York,
London	Shareholders Relations
SW IA INP	Department,
	101 Barclay Street,
	New York, NY 10296

FORWARD LOOKING STATEMENTS

Some of the information in this voluntary announcement, contain projections or other forward looking statements regarding future events or other future performance. We wish to caution you that these statements are only projections and those actual events or results may differ materially

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due to such risks as difficulties in being a marginal producer of gold, changes and reliability of ore reserve estimates, gold price volatility, currency fluctuations and mining risks. We undertake no obligation to publicly release results of any of these forward looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected results.

LETTER TO SHAREHOLDERS

Dear shareholder

Overall performance

The gold price received was substantially unchanged quarter on quarter, with the rise in the dollar price offset by a stronger Rand. Gold production increased at most operations, except for the North West Operations where a 14% reduction from underground feed resulted from the 60-day review process and restructuring exercise. This exercise has now been completed and some 3 000 employees have been retrenched at a cost of R39.5 million (US$ 5.4 million). Cash operating unit costs increased by 3.6% in Rand terms due to the annual wage increase which was effective from 1 July 2003. A two-year agreement has been signed with all unions and associations. The average increase for the current year will be 9.2%.

Overall performance

Our principal focus has been on turning around the North West Operations. This has been achieved without resort to industrial action and the co-operation of all parties in the review process has been much appreciated. The result has been a reduction in wage costs to 44% of the total working costs, and a reduction of 26% in monthly working costs, from R 106 million (US$ 14 million) in July 2003 to R 78 million (US$ 11 million) in October 2003. The new production profile will be 5% lower. Development and opening up of ore reserves have not been compromised in the process and the mine’s life remains at 15 years as a result.

DRD has a 40% stake in the Crown Gold Recoveries joint venture with Khumo Bathong Holdings and manages the ERPM mine and Crown surface retreatment operations on behalf of the joint venture. ERPM’s gold production build up continued with a 34% increase on the previous quarter and the mine reported its first cash operating profit since its acquisition a year ago. Potential for open-pit mining is being examined.

Blyvoor recovered some of the lost ground from the previous quarter. Progress on the No 4 and 5 slimes dam project is on track. The budgeted cost of the project is R 45 million (US$ 6 million) and will come into production in January 2004 at a rate of 240 000 tonnes per month. Some 27.2 million tonnes of slime are available at an average delivered grade of 0.568 grams per tonne. Underground feed is still being restricted by ore pass constraints, and around 1A sub shaft, approximately 10 000 tonnes of broken rock is still in circuit. A mid-shaft loading arrangement is being installed in the shaft to relieve the constraint and will be operational in December 2003.

At Tolukuma, production was stable, but logistics costs impacted negatively on costs. Mining of the newly discovered Zine Vein on surface is continuing and exploration for the underground extention is showing encouraging results. Zine accounted for an additional 2 000 ounces of the gold this quarter.

Financial

The cash operating loss of R 21 million (US$ 2.7 million) is due to the loss of R 41.8 million (US$ 5.6 million) incurred at the North West Operations. All other operations recorded cash operating profits. The purpose of the North West Operations restructure is to return the mine to profit and to restore a meaningful margin to shareholders.

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Cash and cash equivalents increased to R 612 million (US$ 86 million) from R 332 million (US$ 44 million), mainly as a result of the capital raising completed during the quarter. New shares were issued to Investec Bank on 9 September 2003 (18 million shares) and on 12 September 2003 (9 million shares), at an average price of R 17.86 (US$ 2.40) and R 17.94 (US$ 2.42) respectively, raising a total of R 483 million (US$ 64 million).

The proceeds from the placements are to be used for the North West Operations restructuring costs and to substantially fund the purchase price for the 20% stake in the Porgera Joint Venture (see Acquisition, below), as well as for general working capital requirements.

In addition, during the quarter, cash resources were used to reduce debt by R 118 million (US$ 16 million). As a result of the above activities, the current ratio has increased to 1.85 (1.09), while shareholders’ equity has more than doubled to R 798 million (US$ 111 million) from R 359 million (US$ 48 million). Our interest-bearing debt : equity ratio improved to 66% (173%), while our interest-bearing debt : market capitalization improved to 11% (15%).

Acquisition

On 14 October 2003 we announced that an agreement had been reached to acquire Oil Search Limited’s interest in the Porgera Joint Venture in Papua New Guinea at a cost of US$ 73.8 million. We refer you to the detailed announcement issued on 14 October 2003 regarding the acquisition. On completion, this will increase DRD’s attributable annual gold production from the Australasian region from 90 000 ounces to 260 000 ounces.

Management

We are pleased to announce the appointment of Andrea Townsend as Group Company Secretary and Wayne Koonin as Divisional Director Group Finance.

Compliance

I am pleased to report on a continued improvement in our safety performance. The lost time injury rate has improved by 10% to 8.63, with the reportable frequency rate improving by 5% to 3.65 and the fatality injury frequency rate at 0.24, an improvement of 44%.

In September 2003, the Department of Environment and Conservation and the Provincial Health Department in Papua New Guinea reported on its water quality and health investigations at DRD’s operations in that country. It was found that all test results were within compliance limits and that there was no connection between regional health issues and the operation of the mine. We will continue to monitor our environment and the roll-out of our local community programmes in the area.

Outlook

Prospects for the immediate future will depend on the Rand/Dollar exchange rate. We have closed high-cost capacity at the North West Operations and seeking to add lower cost production to the portfolio in Papua New Guinea. We continue to diversify our asset base, and it is expected that a greater proportion of our earnings and cash flow will be derived from outside South Africa from the next quarter.

In spite of the cost of restructuring our North West Operations and the job losses that unfortunately resulted from this, DRD has nevertheless made a valuable contribution both to the South African economy and the gold market as a whole. During the last three years we have created more than 6000 jobs on our South African operations, while our localization programmes in Papua New Guinea have taken the representation of nationals in the

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Tolukuma workforce to more than 95%. While we are still one of the most marginal gold producers in the industry at the current exchange rate, the recent acquisition of the stake in the Porgera Joint Venture will provide a sustainable cash flow to support our value creative strategy. We are confident that the gold price trend will continue upward, at which point our gearing to gold will become evident.

MARK WELLESLEY-WOOD

Chairman and Chief Executive Officer

23 October 2003

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, Hartebeestfontein Gold Mine (a division of Buffelsfontein Gold Mines Limited), DRD Australasia and Dome Resources NL on a consolidated basis. The results of Crown Gold Recoveries (Pty) Ltd which include the East Rand Proprietary Mines Limited are accounted for on the Equity basis.

The financial statements below are prepared on the historical cost basis and in accordance with South African Statements of Generally Accepted Accounting Practice (SA GAAP).

The accounting policies are, in all material respects, consistent with the annual financial statements for the year ended 30 June 2003.

GROUP INCOME STATEMENTS - SA GAAP

FINANCIAL RESULTS

(Unaudited)

	(R m)
	Quarter Sep 2003		Quarter Jun 2003
Gold revenue	467.5		497.7
Cash operating costs	(488.5	)	(505.3	)
Cash operating loss	(21.0	)	(7.6	)
Other expenses - net	(20.9	)	(17.4	)
Business development	(1.5	)	(4.2	)
Care and maintenance costs	(2.5	)	(3.3	)
Cash loss from operations	(45.9	)	(32.5	)
Retrenchment costs	(39.5	)	(11.6	)
Investment income	11.7		16.2
Interest paid	(13.6	)	(15.6	)
Net cash operating loss	(87.3	)	(43.5	)
Rehabilitation	(2.7	)	(5.2	)
Depreciation	(27.0	)	(43.5	)
(Loss)/gain on financial instruments	(4.6	)	54.7
Gold in process	(8.9	)	(7.7	)
Loss before taxation	(130.5	)	(45.2	)
Loss from associate	—		(30.6	)
Taxation	—		(0.2	)
Deferred taxation charge	84.0		175.7
(Loss)/profit after taxation	(46.5	)	99.7
Exceptional items	0.7		(111.5	)
Net loss	(45.8	)	(11.8	)
Headline (loss)/earnings per share-cents	(24.4	)	54.2
Basic loss per share-cents	(24.1	)	(6.4	)
Calculated on the weighted average ordinary shares issued of :	190 437 051		184 091 468
Diluted headline (loss)/earnings per share-cents	(24.4	)	53.9
Diluted basic loss per share-cents	(24.1	)	(6.4	)

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GROUP BALANCE SHEETS - SA GAAP

ABRIDGED

(Unaudited)

	(R m)
	Quarter Sep 2003	Quarter Jun 2003
Employment of Capital
Net mining assets	585.8	578.5
Investments	154.2	126.4
Environmental Trust funds	135.7	133.7
Deferred mining and income taxes	498.3	414.3
Current assets	756.9	563.8
Inventories	48.5	59.1
Trade and other receivables	96.8	172.9
Cash and equivalents	611.6	331.8
	2 130.9	1 816.7
Capital employed
Shareholders’ equity	891.2	456.1
Borrowings	394.2	387.5
Deferred financial liability	250.8	244.4
Rehabilitation	186.5	184.0
Other non-current liabilities	74.0	73.2
Current liabilities	334.2	471.5
Trade and other payables	294.2	329.1
Current portion of borrowings	40.0	142.4
	2 130.9	1 816.7

CHANGES IN SHAREHOLDERS’ INTEREST - SA GAAP

(Unaudited)

	(R m)
	Quarter Sep 2003		Quarter Jun 2003
Shareholders’ interest at the beginning of the period	456.1		493.5
Share capital issued	483.4		6.8
• for cash	482.9		—
• for share options exercised	0.7		1.4
• for equity portion of convertible note	(0.2	)	5.4
Movement in retained income	(45.8	)	(11.8	)
Currency adjustments and other	(2.5	)	(32.4	)
Shareholders’ interest at the end of the period	891.2		456.1

GROUP CASH FLOW STATEMENTS - SA GAAP

ABRIDGED

(Unaudited)

	(R m)
	Quarter Sep 2003		Quarter Jun 2003
Net cash out flow from operating activities before working capital changes	(88.5	)	(87.6	)
Working capital changes	40.6		(25.2	)
Net cash in flow from investing activities	10.5		3.3
Net cash in/(out) flow from financing activities	327.2		(103.9	)
Increase/(decrease) in cash & equivalents	289.8		(213.4	)
Translation adjustment	(10.0	)	39.6
Opening cash and equivalents	331.8		505.6
Closing cash and equivalents	611.6		331.8

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, Hartebeestfontein Gold Mine (a division of Buffelsfontein Gold Mines Limited), DRD Australasia and Dome Resources NL on a consolidated basis. The results of Crown Gold Recoveries (Pty) Ltd which include the East Rand Proprietary Mines Limited are accounted for on the Equity basis.

The financial statements below are prepared in accordance to Generally Accepted Accounting Principles in the United States of America (US GAAP). The accounting policies are, in all material respects, consistent with the annual financial statements for the year ended 30 June 2003.

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FINANCIAL PERFORMANCE

		Quarter Sep 2003		Quarter Jun 2003
Cash costs	$/oz	378		352
Cash operating loss	$ million	(2.7	)	(0.9	)
Net (loss)/profit	$ million	(9.5	)	1.1
Deferred financial liability (Eskom)	$ million	35.1		32.7
Interest-bearing debt	$ million	9.5		16.5
Convertible bond	$ million	63.9		66.7
Net current assets	$ million	48.7		6.4
Total assets	$ million	297.5		242.5
Market capitalization	$ million	604.6		464.2

GROUP INCOME STATEMENTS - US GAAP

The US GAAP financial information has been restated to reflect the immediate expense on acquisition of the Argonaut mineral rights during the year ended June 30, 1998.

FINANCIAL RESULTS

(Unaudited)

	(US$ m)
	Quarter Sep 2003		Quarter Jun 2003
			Restated
Revenues
Product sales (Gold revenue)	62.8		64.4
Cost and expenses	(68.4	)	(67.6	)
Production costs	(66.8	)	(66.4	)
Movement in gold in process	(1.2	)	(0.5	)
Movement in rehabilitation provision	(0.4	)	(0.7	)
Other operating expenses
Depreciation and amortization	(3.3	)	(4.7	)
Impairment of assets	0.1		(12.5	)
Employment termination costs	(5.4	)	(1.5	)
Management and consulting fees	(0.5	)	(0.7	)
(Loss)/profit on financial instruments	(3.6	)	10.4
Profit on sale of investments	—		2.7
Administration and general charges	(3.1	)	(2.3	)
Stock based compensation costs	(0.5	)	(1.2	)
Administration and general charges	(2.6	)	(1.1	)
Net operating loss	(21.4	)	(11.8	)
Investment income	1.6		2.4
Other income	0.8		1.1
Finance cost
Interest expense	(1.8	)	(2.6	)
Loss before taxation	(20.8	)	(10.9	)
Loss from associate	—		(3.6	)
Income and mining tax benefit	—		0.1
Deferred taxation benefit	11.3		15.5
Net (loss)/profit applicable to shareholders	(9.5	)	1.1
Basic (loss)/earnings per share (cents)	(5.0	)	0.2
Diluted (loss)/earnings per share (cents)	(5.0	)	0.2

GROUP BALANCE SHEETS - US GAAP

ABRIDGED

(Unaudited)

	(US$ m)
	Quarter Sep 2003		Quarter Jun 2003
			Restated
ASSETS
Current assets	105.8		75.4
Cash and equivalents	85.5		44.4
Receivables	13.5		23.1
Inventories	6.8		7.9
Mining assets	81.6		76.9
Cost	234.4		219.8
Accumulated depreciation & amortization	(152.8	)	(142.9	)
Other assets	110.1		90.2
Deferred income and mining taxes	69.6		55.4
Non-current assets	40.5		34.8
Total assets	297.5		242.5
LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities	57.1		69.0
Bank overdraft	0.4		3.9
Accounts payable and accrued liabilities	51.1		50.0
Short term portion of long term loans	5.6		15.1
Long term loans	5.6		5.7
Convertible loan note	62.2		62.4
Deferred financial liability	35.1		32.7
Provision-environmental rehabilitation	26.1		24.6
Shareholders’ equity Authorised 300 000 000 ordinary no par value shares 5 000 000 cumulative preference shares Issued 211 402 045 ordinary no par value shares 5 000 000 cumulative preference shares Stated capital	424.3		360.3
Additional paid in capital	38.2		37.7
Cumulative preference shares	0.1		0.1
Accumulated loss	(314.5	)	(305.0	)
Other comprehensive income	(36.7	)	(45.0	)
Total liabilities & shareholders’ equity	297.5		242.5

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CHANGES IN SHAREHOLDERS' EQUITY - US GAAP

(Unaudited)

	(US$ m)
	Quarter Sep 2003		Quarter Jun 2003
			Restated
Shareholders’ equity at the beginning of the period	48.1		48.9
Prior period adjustment (Argonaut mineral rights)	—		(4.5	)
Shareholders’ equity at the beginning of the period as restated	48.1		44.4
Share capital issued	64.5		1.4
•  for cash	63.8		—
•  for share options exercised	0.2		0.2
•  for stock based compensation	0.5		1.2
Movement in retained income	(1.2	)	2.3
•  (loss)/profit applicable to shareholders	(9.5	)	1.1
•  mark-to-market on investments	3.6		0.1
•  currency adjustments and other	4.7		1.1
Shareholders’ equity at the end of the period	111.4		48.1

GROUP CASH FLOW STATEMENTS

ABRIDGED

(Unaudited)

	(US$ m)
	Quarter Sep 2003		Quarter Jun 2003
Net cash out flow from operating activities	(6.4	)	(14.6	)
Net cash in flow from investing activities	1.4		0.4
Net cash in/(out) flow from financing activities	44.0		(13.4	)
Net increase/(decrease) in cash & equivalents	39.0		(27.6	)
Translation adjustment	2.1		8.9
Cash and equivalents at beginning of period	44.4		63.1
Cash and equivalents at end of period	85.5		44.4

FINANCIAL PERFORMANCE

		Quarter Sep 2003		Quarter Jun 2003
Cash costs	R/kg	90 520		87 368
Cash operating loss	R million	(21.0	)	(7.6	)
Net (loss)/profit	R million	(70.1	)	12.7
Deferred financial liability (Eskom)	R million	250.8		244.4
Interest-bearing debt	R million	67.8		123.0
Convertible bond	R million	457.1		498.8
Net current assets	R million	348.8		48.7
Total assets	R million	2 128.4		1 811.7
Market capitalization	R million	4 378.1		3 555.5

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GROUP INCOME STATEMENTS - US GAAP

The US GAAP financial information has been restated to reflect the immediate expense on acquisition of the Argonaut mineral rights during the year ended June 30, 1998.

FINANCIAL RESULTS

(Unaudited)

	(R m)
	Quarter Sep 2003		Quarter Jun 2003
			Restated
Revenues
Product sales (Gold revenue)	467.5		497.7
Cost and expenses	(509.1	)	(518.0	)
Production costs	(497.5	)	(509.1	)
Movement in gold in process	(8.9	)	(3.4	)
Movement in rehabilitation provision	(2.7	)	(5.5	)
Other operating expenses
Depreciation and amortization	(24.7	)	(36.4	)
Impairment of assets	0.7		(98.2	)
Employment termination costs	(39.5	)	(11.6	)
Management and consulting fees	(3.4	)	(5.7	)
(Loss)/profit on financial instruments	(27.1	)	84.8
Profit on sale of investments	—		17.8
Administration and general charges	(22.9	)	(17.5	)
Stock based compensation costs	(3.6	)	(10.0	)
Administration and general charges	(19.3	)	(7.5	)
Net operating loss	(158.5	)	(87.1	)
Investment income	11.7		18.8
Other income	6.2		8.5
Finance cost
Interest expense	(13.6	)	(20.7	)
Loss before taxation	(154.2	)	(80.5	)
Loss from associate	—		(27.8	)
Income and mining tax benefit	—		0.9
Deferred taxation benefit	84.1		120.1
Net (loss)/profit applicable to shareholders	(70.1	)	12.7
Basic (loss)/earnings per share (cents)	(36.8	)	6.9
Diluted (loss)/earnings per share (cents)	(36.8	)	6.8

GROUP BALANCE SHEETS - US GAAP

ABRIDGED

(Unaudited)

	(R m)
	Quarter Sep 2003		Quarter Jun 2003
			Restated
ASSETS
Current assets	756.9		563.8
Cash and equivalents	611.6		331.8
Receivables	96.8		172.9
Inventories	48.5		59.1
Mining assets	583.5		573.9
Cost	1 676.6		1 641.6
Accumulated depreciation & amortization	(1 093.1	)	(1 067.7	)
Other assets	788.0		674.0
Deferred income and mining taxes	498.0		413.9
Non-current assets	290.0		260.1
Total assets	2 128.4		1 811.7
LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities	408.1		515.1
Bank overdraft	2.6		29.1
Accounts payable and accrued liabilities	365.5		373.2
Short term portion of long term loans	40.0		112.8
Long term loans	39.8		42.5
Convertible loan note	445.1		466.5
Deferred financial liability	250.8		244.4
Provision-environmental rehabilitation	186.5		184.0
Shareholders’ equity	798.1		359.2
Authorised 300 000 000 ordinary no par value shares 5 000 000 cumulative preference shares Issued 211 402 045 ordinary no par value shares 5 000 000 cumulative preference shares Stated capital	2 684.5		2 200.9
Additional paid in capital	90.3		86.7
Cumulative preference shares	0.5		0.5
Accumulated loss	(2 001.6	)	(1 931.5	)
Other comprehensive income	24.4		2.6
Total liabilities & shareholders’ equity	2 128.4		1 811.7

9

CHANGES IN SHAREHOLDERS’ EQUITY - US GAAP

(Unaudited)

	(R m)
	Quarter Sep 2003		Quarter Jun 2003
			Restated
Shareholders’ equity at the beginning of the period	359.2		392.2
Prior period adjustment (Argonaut mineral rights)	—		(36.1	)
Shareholders’ equity at the beginning of the period as restated	359.2		356.1
Share capital issued	487.2		11.4
•  for cash	482.9		—
•  for share options exercised	0.7		1.4
•  for stock based compensation	3.6		10.0
Movement in retained income	(48.3	)	(8.3	)
•  (loss)/profit applicable to shareholders	(70.1	)	12.7
•  mark-to-market on investments	26.4		1.4
•  currency adjustments and other	(4.6	)	(22.4	)
Shareholders’ equity at the end of the period	798.1		359.2

GROUP CASH FLOW STATEMENTS

ABRIDGED

	Quarter Sep 2003		Quarter Jun 2003
Net cash out flow from operating activities	(47.9	)	(112.8	)
Net cash in flow from investing activities	10.5		3.3
Net cash in/(out) flow from financing activities	327.2		(103.9	)
Net increase/(decrease) in cash & equivalents	289.8		(213.4	)
Translation adjustment	(10.0	)	39.6
Cash and equivalents at beginning of period	331.8		505.6
Cash and equivalents at end of period	611.6		331.8

US/SA GAAP RECONCILIATION

Reconciliation of net (loss)/profit to SA GAAP

	(R m)
	Quarter Sep 2003		Quarter Jun 2003
			Restated
Net (loss)/profit determined under US GAAP	(70.1	)	12.7
Adjusted for:
Financial instruments	(3.2	)	(30.3	)
Depreciation of mineral rights	(2.8	)	(2.8	)
Accounting for business combinations	0.4		0.4
Stock based compensation costs	3.6		10.0
Fair value adjustment on investments	26.4		1.4
Deferred taxation on adjustments	(0.1	)	(3.2	)
Effect of US GAAP adjustments	24.3		(24.5	)
Net loss determined under SA GAAP	(45.8	)	(11.8	)

CONVERSION FACTORS

Balance Sheet : 30 Sep 03	US$1 =	R 7.1538
Income Statement average for :
Jul-03	US$1 =	R 7.5654
Aug-03	US$1 =	R 7.4048
Sep-03	US$1 =	R 7.3472
Sep-03 quarter	US$1 =	R 7.4402

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SHARE OPTION SCHEME

The following summary provides information in respect of the Durban Roodepoort Deep (1996) Share Option Scheme as at 30 September 2003:
Number of options in issue :	6 027 733
Number of options currently vested :	1 578 883

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 (Deputy Chief Executive Officer and Chief Financial Officer)

Non-executives :

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

Alternates :

A Lubbe ; D van der Mescht

Group Company Secretary : AI Townsend

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EX-2

Exhibit 2

DURBAN ROODEPOORT DEEP

NEWS RELEASE

23 October 2003

274/03-jmd

For immediate release

BOARD, SENIOR MANAGEMENT APPOINTMENTS AT DRD

The Board of Durban Roodepoort Deep, Limited (JSE: DUR; NASDAQ: DROOY; ASX: DRD) has announced the appointment of Professor Douglas Blackmur, Professor of Management at the University of the Western Cape (UWC), as a non-executive director.

Professor Blackmur holds a doctorate in industrial relations from the University of Queensland and has a distinguished career spanning more than 35 years, primarily in the academic and human resources fields.

Prior to taking up his position at UWC, he was Chief Executive of the New Zealand Qualifications Authority and currently serves as an advisor to the Namibian Government and Namibian Qualifications Authority on skills development and educational quality assurance.

Welcoming Professor Blackmur to the DRD Board, Chairman and Chief Executive Officer Mark Wellesley-Wood said: “Our growth ambitions in Australasia make Professor Blackmur’s skills and experience, gleaned primarily in that region, of enormous value and importance to us; his appointment as a non-executive director also shifts the board’s weighting towards greater independence, and thus supports our continuing commitment to sound corporate governance.”

DRD has also announced the appointment of Andrea Townsend as Group Company Secretary and Wayne Koonin as Divisional Director: Group Finance.

Andrea, an admitted attorney of the High Court of Namibia, joins DRD from First National Bank of Namibia, where she was manager at the First National Trust and Asset Management Company of Namibia. Previously, she was Corporate Legal Advisor and Secretary to the Board of Namibian Road Fund Administration and Sanlam Namibia Limited.

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Wayne, a qualified accountant, was Group Financial Manager at Ernst & Young (Southern Africa) prior to joining DRD. He was previously Financial Director of Duiker Mining Limited and Fedsure Health Administrators.

Note to editors: Pictures of the above-mentioned appointees are available as high-resolution Jpegs in the photo gallery section of the Media Centre on the DRD website, www.drd.co.za

Queries:

South Africa

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

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

Australasia

Paul Downie, Porter Novelli
+61 893 861 233 (office)
+61 414 947 129 (mobile)

Durban Roodepoort Deep, Limited (DRD) ranks among the world’s 10 largest gold producers, with production in the 2003 financial year totaling 870 000 ounces. The company has a track record of success in extending the lives of older mines. In South Africa it owns the Blyvooruitzicht mine and North West Operations (comprising Hartebeestfontein and Buffelsfontein mines), and has a 40% stake in Crown Gold Recoveries (comprising East Rand Prorietary Mines Limited and the Crown dump retreatment operation). In Australasia, a key target area for growth, the company owns the Tolukuma mine in Papua New Guinea (PNG), has a 19.81% interest in Fijian operator Emperor Mines, and recently announced agreement on its acquisition of 20% of the PNG-based Porgera Joint Venture. DRD has primary listings on the Johannesburg (JSE:DUR) and Australian (ASX:DRD) stock exchanges and secondary listings on NASDAQ (DROOY), the London Stock Exchange and the Paris and Brussels Bourses. Its shares are also traded on the regulated unofficial market of the Frankfurt Stock Exchange and the Berlin OTC Market.

Some of the information in this media release may contain projections or other forward looking statements regarding future events or other future financial performance. We wish to caution you that these statements are only projections and those actual events or results may differ materially. In reviewing, please refer to the documents that we file from time to time with the SEC, specifically to our annual report on Form 20-F. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward looking statements, including such risks as difficulties in being a marginal producer of gold, changes and reliability of ore reserve estimates, gold price volatility, currency fluctuations, problems in the integration of operations, exploration and mining risks and a variety of risks described in our annual report on Form 20-F. We undertake no obligation to publicly release results of any of these forward looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected results.

Cautionary note to US investors: the United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use the term “resources” (which includes “measured”, “indicated”, and “inferred”) in our media releases, which the SEC guidelines strictly prohibit us from including in our filing with the SEC. US investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-28800, available from us at 45 Empire Road, Parktown, Johannesburg, 2193, South Africa. You can also obtain this form from the SEC website at http://www.sec.gov/edgar.shtml

3

EX-3

Exhibit 3

DURBAN ROODEPOORT DEEP

NEWS RELEASE

23 October 2003

270/03-jmd

For immediate release

“Greater earnings, cashflow from outside SA from next quarter”

COSTS TUMBLE, POST-RESTRUCTURING, AT DRD’S NORTH WEST OPERATIONS

A 60-day review process and restructuring exercise focused on returning the North West Operations (NWO) of Durban Roodepoort Deep, Limited (JSE: DUR; NASDAQ: DROOY; ASX: DRD) to profit had resulted in a reduction in wage costs to 44% of total working costs and a planned 26% reduction in monthly working costs, from R106 million (US$4 million) in July to R78 million (US$11 million) in October, Chairman and Chief Executive Officer Mark Wellesley-Wood said today (23.10.03), at the release of the company’s results for the quarter ended 30 September 2003.

The NWO’s new production profile would be 5% lower a month, Wellesley-Wood said. Development and opening up of reserves had not been compromised and the operations’ life of mine remained at 15 years. Some 3 000 NWO employees had been retrenched at a cost of R39.5 million (US$5.4 million).

In spite of the cost of restructuring at the NWO and the job losses that had resulted, DRD had made a valuable contribution to the South African economy and the gold market as a whole, Wellesley-Wood said.

“We have created more than 6 000 jobs at our South African operations during the last three years and our localization programmes in Papua New Guinea (PNG) have taken the representation of nationals in our workforce there to more than 95%,” he said.

Looking ahead, Wellesley-Wood said prospects for the immediate future would depend on the Rand-Dollar exchange rate.  Referring to the company’s recently announced intention to acquire a 20% interest in the Porgera Joint Venture in PNG, he said DRD was seeking to add lower cost production to its portfolio.

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“We continue to diversify our asset base, and it is expected that a greater proportion of our earnings and cash flow will be derived from outside South Africa from the next quarter.

“While we are still one of the most marginal gold producers in the industry at the current exchange rate…the stake in the Porgera Joint Venture will provide a sustainable cashflow to support our value creation strategy.”

DRD’s gold production for the quarter under review increased at all but the NWO where a 14% reduction from underground feed resulted from the review process and restructuring exercise. While all but the NWO recorded cash operating profits, the loss of R41.9 million (US$5.6 million) at the NWO led to a R21 million (US$2.7 million) cash operating loss for the company as a whole.

The gold price received was substantially unchanged quarter on quarter, with the rise in the Dollar price offset by a lower exchange rate.

Cash operating unit costs increased by 3.6% in Rand terms due to the annual wage increase effective from 1 July, Wellesley-Wood said.  A two-year agreement had been signed with all unions and associations, with the increase for the current year averaging 9.2%.

Cash and cash equivalents increased to R612 million (US$86 million) from R332 million (US$44 million), mainly as a result of the capital raising completed during the quarter.

Referring to the 27 million new shares issued to Investec Bank during the quarter that had raised a total of R483 million (US$64 million), Wellesley-Wood said that the proceeds had been used for the NWO restructuring costs and to substantially fund the 20% stake in the Porgera JV, as well as for general working capital requirements.

In addition, cash resources were used to reduce debt by R118 million (US$16 million).  Consequently, the current ratio increased to 1.85 (1.09), while shareholders’ equity more than doubled to R798 million (US$111 million). The interest-bearing debt : equity ratio improved to 66% (173%), while the interest-bearing debt : market capitalization ratio improved to 11% (15%).

ERPM

At ERPM, 40%-owned and wholly managed by DRD, the planned gold production build-up continued with a 34% increase on the previous quarter, Wellesley-Wood said.  The operation reported its first cash operating profit since its acquisition a year ago.

The potential for open-pit mining is being examined.

Blyvooruitzicht

Blyvooruitzicht had recovered some of the previous quarter’s lost ground, Wellesley-Wood said. While underground feed was still being restricted by ore pass constraints, and around the 1A sub-shaft some 10 000 tonnes of broken rock were still in circuit, a mid shaft loading arrangement to relieve the constraint would be operational in December 2003.

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Progress on the No 4 and 5 slimes dam project was on track to come into production in January 2004 at a budgeted cost of R45 million (US$6 million), he said. Some 27.2 million tonnes of slime at an average delivered grade of 0.568 grams per tonne are available for treatment at a rate of 240 000 tonnes per month.

Australasia

At DRD’s wholly-owned Tolukuma operation in PNG production was stable but logistics costs impacted negatively, Wellesley-Wood said. Mining of the newly discovered Zine Vein on surface is continuing and exploration for the underground extension is showing encouraging results. Zine accounted for an additional 2 000 ounces of gold in the quarter under review.

In September, PNG’s central Department of Environment and Conservation and the provincial Health Department, reporting on their water quality and health investigations at Tolukuma, had found that all test results were within compliance limits and that there was no connection between regional health issues and the operation of the mine, Wellesley-Wood said. The company would continue with its monitoring of the environment and with the roll-out of its local community programmes.

Queries:

South Africa

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

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

Australasia

Paul Downie, Porter Novelli
+61 893 861 233 (office)
+61 414 947 129 (mobile)

Durban Roodepoort Deep, Limited (DRD) ranks among the world’s 10 largest gold producers, with production in the 2003 financial year totaling 870 000 ounces. The company has a track record of success in extending the lives of older mines. In South Africa it owns the Blyvooruitzicht mine and North West Operations (comprising Hartebeestfontein and Buffelsfontein mines), and has a 40% stake in Crown Gold Recoveries (comprising East Rand Prorietary Mines Limited and the Crown dump retreatment operation). In Australasia, a key target area for growth, the company owns the Tolukuma mine in Papua New Guinea (PNG), has a 19.81% interest in Fijian operator Emperor Mines, and recently announced agreement on its acquisition of 20% of the PNG-based Porgera Joint Venture. DRD has primary listings on the Johannesburg (JSE:DUR) and Australian (ASX:DRD) stock exchanges and secondary listings on NASDAQ (DROOY), the London Stock Exchange and the Paris and Brussels Bourses. Its shares are also traded on the regulated unofficial market of the Frankfurt Stock Exchange and the Berlin OTC Market.

Some of the information in this media release may contain projections or other forward looking statements regarding future events or other future financial performance. We wish to caution you that these statements are only projections and those actual events or results may differ materially. In reviewing, please refer to the documents that we file from time to time with the SEC, specifically to our annual report on Form 20-F. These documents contain and identify important factors that could cause the actual results to

4

differ materially from those contained in our projections or forward looking statements, including such risks as difficulties in being a marginal producer of gold, changes and reliability of ore reserve estimates, gold price volatility, currency fluctuations, problems in the integration of operations, exploration and mining risks and a variety of risks described in our annual report on Form 20-F. We undertake no obligation to publicly release results of any of these forward looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected results.

Cautionary note to US investors: the United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use the term “resources” (which includes “measured”, “indicated”, and “inferred”) in our media releases, which the SEC guidelines strictly prohibit us from including in our filing with the SEC. US investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-28800, available from us at 45 Empire Road, Parktown, Johannesburg, 2193, South Africa. You can also obtain this form from the SEC website at http://www.sec.gov/edgar.shtml

5

EX-4

Exhibit 4

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”)

SHARE OPTION ALLOCATIONS

DRD announces that, on 27 October 2003, a total of 1 862 600 share options in aggregate were allocated to 110 senior members of staff as the six-monthly allocation of employee share options in terms of the Durban Roodepoort Deep, Limited (1996) Employee Share Option Scheme (as amended) (“the Employee Share Option Scheme”).

In compliance with rules 3.63 to 3.74 of the Listing Requirements of the JSE Securities Exchange South Africa, the following information is disclosed regarding the allocation of share options under the Employee Share Option Scheme.

Name	Number of options	Strike price (Rand)	Total value (Rand)
Directors
MM Wellesley-Wood	215 800	17.53	3 782 974
IL Murray	143 000	17.53	2 506 790
RP Hume	11 100	17.53	194 583
DC Baker	11 100	17.53	194 583
GC Campbell	12 000	17.53	210 360
MP Ncholo	9 300	17.53	163 029
DT van der Mescht	64 600	17.53	1 132 438
A Lubbe	42 800	17.53	750 284
Company secretary
Andrea Townsend	14 200	17.53	248 926

All of the above options represent direct, beneficial interests in DRD shares and vest in the manner set out in the table below.

Vesting date	Percentage of allocation vesting
27 April 2004	25	%
27 October 2004	25	%
27 October 2005	25	%
27 October 2006	25	%

Johannesburg

27 October 2003

Sponsor

Standard Corporate & Merchant Bank

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(A division of The Standard Bank of South Africa Limited)

(Registration number 1962/000738/06)

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