-----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, G657p9CgIDCtY0sPoHZzT5pzabnS4mGKNBhx9LQfeddbWfDqtlFLSewp9Syh5CkB O6cDJphb5NJwCeKIxfvj/A== 0001104659-04-005708.txt : 20040225 0001104659-04-005708.hdr.sgml : 20040225 20040225160303 ACCESSION NUMBER: 0001104659-04-005708 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20040224 FILED AS OF DATE: 20040225 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: 04627757 BUSINESS ADDRESS: STREET 1: 5 PRESS AVE STREET 2: SELBY CITY: JOHANNESBURG, SOUTH STATE: T3 ZIP: 00000 6-K 1 a04-2816_16k.htm 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 February 2004

 

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  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 February 2004, and incorporated by reference herein, are:

 

Exhibit No.

 

Description

 

 

 

1.

 

Release, dated January 22, 2004, entitled “DRD Commissions Low-Cost Blyvooruitzicht Slimes Dam Reclamation Project.”

 

 

 

2.

 

Release, dated January 26, 2004, entitled “DRD takes strategic stake in GoldMoney.com.”

 

 

 

3.

 

Release, dated January 29, 2004, entitled “DRD Beats Stronger Rand.”

 

 

 

4.

 

Release, dated January 29, 2004, entitled “DRD Scores Safety Hat Trick.”

 

 

 

5.

 

Release, dated January 29, 2004, entitled “DRD Squares up Once More to ISCOR.”

 

 

 

6.

 

Release, dated February 4, 2004, entitled “DRD agrees to sell 5% interest in Porgera Gold Mine to MRE.”

 

 

 

7.

 

Release, dated February 19, 2004, entitled “Exercise of Option.”

 

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/ Andrea Townsend

 

 

 

Andrea Townsend

 

 

Company Secretary

 

 

 

 

 

 

Dated: February 25, 2004

 

 

 

3


EX-1 3 a04-2816_1ex1.htm EX-1

Exhibit 1

 

DRD COMMISSIONS LOW-COST BLYVOORUITZICHT SLIMES DAM RECLAMATION PROJECT

 

22 January 2004
296/04-jmd

 

“Our timing could not have been better”

 

Durban Roodepoort Deep, Limited’s (JSE:DUR; NASDAQ:DROOY; ASX:DRD) flagship Blyvooruitzicht Mine (Blyvoor) near Carletonville has successfully commissioned a R45 million slimes dam reclamation project, expected to bring in more than 84 kg of gold a month over eight years at a cost of less than $200 an ounce.

 

“When all of South Africa’s gold mining industry players are confronted with the hugely negative impact of the strong Rand on their revenues and costs, our timing with this low capex, low working cost project could not have been better,” says Divisional Director of DRD’s SA Operations, Deon van der Mescht.

 

The slimes dam reclamation project is one of eight initiatives at Blyvoor forming part of DRD’s company-wide “Project Boost”, launched late in 2002 to reduce operational risk, lower unit costs, ensure consistent production and increase ore reserves.

 

The Project Boost initiatives at Blyvoor, together with the mine’s own longer term Blyvoor Expansion Programme (BEP), are delivering ‘consummate’ results, according to van der Mescht. Together, they account for most of the growth in Blyvoor’s reserves, from 3 million ounces to 5.8 million ounces since 2001 and the increase in its life of mine from nine to 22 years over the same period.

 

Production for the slimes dam reclamation project, van der Mescht says, will help to maintain Blyvoor’s gold production profile of around 675 kg a month going forward, compensating for declines resulting from the recent depletion of surface rock dump material.

 

The slimes dam reclamation project, started in June 2003 and commissioned on schedule and within budget, involves the reclamation of some 24 million tons of slimes material, at a rate of 240 000 tons a month, by high pressure water jetting from the mine’s 50-year old Nos 4 and 5 Slimes Dams, at an average grade of 0.587 grams per ton.

 

Blyvoor’s existing carbon-in-pulp (CIP) plant has undergone extensive renovation in order to treat the slimes material via a new carbon-in leach (CIL) circuit. The new CIL circuit, treating slimes material, will run in parallel with the older CIP circuit, treating underground ore.

 

New technology in the plant – specifically the Kemix Reactor Process – is expected to deliver both improved gold recoveries and lower costs. At the mine’s No 6 Slimes Dam, which has been extended to accommodate retreated slimes from the project, cyclones have been installed to make for faster deposition, a reduced footprint and greater stability.

 

Environmental considerations have been a key focus of the project. Amendments to Blyvoor’s Environmental Management Programme have had to be made by management, working with appropriate consultants, and approved by the relevant regulators. The Nos 4 and 5 Slimes Dams, once cleared, will liberate nearly 100 hectares of rehabilitated land for possible redevelopment. Provision for ongoing rehabilitation of the No 6 Slimes Dam over its life as a deposition site will be a priority.

 

The project has significant growth potential. There is the possibility of sourcing additional slimes material in the vicinity of Blyvoor and throughput could be ramped up by some 30% without significant additional infrastructure, van der Mescht says.

 

Note : A relevant PowerPoint presentation and a selection of captioned photographs depicting aspects of the slimes dam reclamation project in jpeg format are available on the DRD website, www.durbans.com, www.drd.co.za

 

Queries:

 

South Africa

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)

 



 

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 a 20% interest in the PNG-based Porgera Joint Venture. DRD has primary listings on the Johannesburg Securities Exchange (JSE:DUR), the Australian stock Exchange (ASX:DRD) 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

 


EX-2 4 a04-2816_1ex2.htm EX-2

Exhibit 2

 

Media Releases
DRD takes strategic stake in GoldMoney.com
26 January 2004

297/04-jmd

 

SA gold producer’s new gold marketing initiative

 

Durban Roodepoort Deep, Limited (JSE: DUR; NASDAQ: DROOY; ASX: DRD) today (26 January 2004) broadened its initiatives to expand the gold market by announcing its acquisition of a strategic stake in GoldMoney.com, a leading internet-based gold marketing company.

 

DRD’s initial investment of US$200 000 (1.4%) comes with an option to increase its stake to $2 million, or 14.3%, at a later stage.

 

GoldMoney was founded by James Turk, the well known and internationally respected authority on the precious metal.

 

Turk says: “GoldMoney is the easiest and most economical way to buy and sell gold on the internet, but we see gold not only as a metal but also as a form of currency.

 

“We believe there is huge potential for gold to be used more for low-cost online payments worldwide, as people are now doing with GoldMoney. Using gold in this way will increase its demand to the benefit of the industry. “

 

DRD CEO Ian Murray comments: “We’re well known for our belief in gold as money and for some time we’ve been considering ways of actively encouraging private ownership of gold. Gold money, to our mind, is one very direct way. It is particularly attractive for South Africans who, regrettably, cannot own gold in bullion form due to long-standing legal constraints.

 

“We look forward to growing our association with GoldMoney; to seeing it gain more prominence as international markets seek alternatives to the US dollar as the currency for international trade; and to announcing similar downstream activities into the future.”

 

In January 2003, DRD began an investigation into various gold beneficiation and marketing options. The company decided on an initial investment in GoldMoney, given its leadership position in the market and the secure, state-of-the-art technology it uses to effect transactions.

 

GoldMoney has around 10 000 customers in more than 100 countries, while gold held in allocated storage for the company’s clients is close to 30 000 ounces.

 

The mastery of the website is that gold is stored in vaults globally, and only units of account called goldgrams are exchanged. Just like a share of stock represents an investor’s ownership of a fraction of a publicly traded company, a goldgram represents a buyer’s ownership of a portion of the gold held for GoldMoney customers in a secure vault in London. GoldMoney’s servers keep track of purchasers’ ownership of goldgrams and the gold held is insured by Lloyds of London.

 

The design and construction of GoldMoney’s system was undertaken by South African IT frontrunner Dimension Data, which plays an ongoing role by managing the company’s database.

 

For more information go to www.GoldMoney.com

 



 

Queries:

 

South Africa
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)

 

 

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 a 20% interest in the PNG-based Porgera Joint Venture. DRD has primary listings on the Johannesburg Securities Exchange (JSE:DUR), the Australian stock Exchange (ASX:DRD) 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

 


EX-3 5 a04-2816_1ex3.htm EX-3

Exhibit 3

 

 

298/04-jmd

 

For release: 07:00, 29 January 2004

 

Production up 20%, costs down 13%

 

 

DRD BEATS STRONGER RAND

 

Johannesburg, South Africa – 29.01.04 – Durban Roodepoort Deep, Limited (JSE: DUR; NASDAQ: DROOY; ASX: DRD) increased gold production by 20% and reduced costs by 13% to “substantially beat” the negative impact of the stronger Rand during the quarter ended 31 December 2003, Executive Chairman Mark Wellesley-Wood said at a briefing on the company’s results for the quarter today.

 

Cash operating profit, as a consequence, was US$14.1 million (R94.7 million), compared with the previous quarter’s US$2.7 million (R21.0 million) cash operating loss.

 

Higher gold production was achieved both through the acquisition of a 20% interest in the Porgera Joint Venture (PJV) in Papua New Guinea and stronger performances from all of the company’s operations other than its North West Operations (NWO) where production was lower, in line with restructuring undertaken during the previous quarter.

 

The PJV acquisition and NWO restructuring both contributed to reducing cash operating costs to US$330 per ounce (R71 766 per kilogram) from US$378 per ounce (R90 520 per kilogram).

 

While the spot gold price reached a 14-year high of $417.25 on 31 December 2003 and the Dollar gold price received was 9% higher quarter on quarter at $396 per ounce, the Rand gold price received was 1% lower at R86 032 per kilogram due to the continued strength of the South African currency.

 

Shareholders’ equity increased to US$85.6 million (R570.5 million) from US$53.8 million (R376.9 million) and interest-bearing debt reduced to 82% of shareholders’ equity from 134%.

 

Looking ahead, Wellesley-Wood said DRD’s investment in eight operating gold mines and significant diversification of earnings in various currencies provided a platform to deliver consistent results, while a strong balance sheet positioned the company well to fund further growth.

 



 

DRD’s stock market value of approximately US$750 million today, he said, was substantially higher than the US$80 million of three years ago and demonstrated the company’s commitment to increasing shareholder value.

 

South African Operations

 

Restructuring at the company’s North West Operations during the quarter had delivered the anticipated results in terms of gold production, grade and costs, Wellesley-Wood said.

 

Production declined by 11% while, quarter on quarter, the underground grade improved from 4.74 grams per tonne to 5.72 grammes per tonne. Absolute cash operating costs in Rand terms declined by 23%, while unit operating costs were 6% lower in Dollar terms at US$399 per ounce and 14% lower in Rand terms at R86 738 per kilogram.

 

In the December cost month, gold production of 30 125 ounces (937 kilograms) was on budget and the cash operating cost of US$364 per ounce (R76 393 per kilogram) was lower than the average for the quarter.

 

Production at Blyvooruitzicht rose by 5% while cash operating unit costs in Dollar terms were unchanged at US$346 per ounce and down 9% in Rand terms to R75 273 per kilogram.

 

Blyvoor’s Slimes Dam Project, funded from a portion of the proceeds of the US$66 million senior convertible note issue in 2002, was commissioned at the end of the quarter. Capex spent during the quarter to complete the project  totaled US$4.0 million (R27.1 million).

 

Overall production from the South African Operations was lower at 145 677 ounces (152 235 ounces). The average cash operating cost was lower at US$376 per ounce (R81 697 per kilogram), compared with the previous quarter’s US$392 per ounce (R93 822 per kilogram). Cash operating profit from the South African Operations was US$2.3 million (R15.4 million), compared with a loss in the previous quarter of US$4.5 million (R34.4 million).

 

Australasian Operations

 

Tolukuma has become DRD’s flagship in respect of improvement and consistency, Wellesley-Wood said.

 

For the past 10 consecutive months the mine has produced more than 7 000 ounces per month at an average cash operating of US$263 per ounce. In the quarter under review, production was higher at 21 767 ounces (previous quarter: 21 283 ounces), while the cash operating cost fell by 10% to US$253 per ounce (previous quarter: US$280 per ounce).

 

Capex for the quarter of US$1.4 million (R9.5 million) was spent on mobile plant and equipment, a new drill rig and the Miliahamba project.

 

The  20% stake in the PJV added 46 136 ounces to the company’s Australasian portfolio for the quarter at a cash operating cost of US$222 per ounce (R48 226 per kilogram) and generated cash operating profit of US$8.8 million (R58.9 million).

 

DRD’s attributable portion of the JV’s capital expenditure for the quarter was US$1.8 million (R12.3 million).

 

The Australasian Operations accounted for 67 903 ounces, or just under one-third, of the company’s total production for the quarter. Their average cash operating cost was US$232 per ounce (R50 460 per kilogram) and cash operating profit was US$11.8 million (R79.3 million).

 



 

DRD’s strategy, said Wellesley-Wood, is to grow quarterly production from its Australasian Operations to 100 000 ounces at an average cash operating cost below US$250  per ounce.

 

Crown/ERPM Joint Venture

 

DRD’s attributable production from its 40% interest in the Crown/ERPM Joint Venture was marginally lower at 23 727 ounces (previous quarter: 24 975 ounces). The JV’s average cash operating cost for the quarter was US$365 per ounce (R79 486 per kilogram).

 

Capex of US$4.1 million (R27.8 million), primarily funded by a loan from the Industrial Development Corporation, was directed towards the Cason Dump Reclamation Project and the Far East Rand Vertical Shaft’s new pumping facility.

 

 

Queries:

 

 

South Africa

 

Australasia

 

 

 

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

 

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

 

 

 

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

 

 

 

 

 

North America

 

United Kingdom/Europe

 

 

 

 

 

 

Investor Relations
Susan Borinelli, Breakstone & Ruth International

 

Investor and Media Relations
Phil Dexter, St James’s Corporate

 

 

 

+1 646-536-7018 (office)
+1 917-570-8421 (mobile)

 

+44 20 7499 3916 (office)
+44 779 863 4398

 

 

 

Media Relations
Jessica Anderson, Breakstone & Ruth International

 

 

 

 

 

+1 646-536-7002 (office)
+1 347-423-5859 (mobile)

 

 

 

DRD is the world’s 9th largest gold producer, with mines in South Africa as well as Australasia, a key target for growth.  The company has a track record of success in extending the lives of older mines safely and profitably.  For fiscal year 2003, DRD produced 870 000 ounces of gold, up from under 100 000 ounces a year in 1997, when current operations were amalgamated.

 

DRD has primary listings on the Johannesburg (JSE:DRD) 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.

 

For more information, please visit www.drd.co.za or www.durbans.com

 



 

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

 


EX-4 6 a04-2816_1ex4.htm EX-4

Exhibit 4

 

 

299/04-jmd

 

For release: 07:00, Thursday, 29 January 2004

 

DRD SCORES SAFETY HAT TRICK

 

Johannesburg, South Africa – 29.01.04 – Durban Roodepoort Deep, Limited (JSE: DUR; NASDAQ: DROOY; ASX: DRD) has scored a safety hat trick.

 

                  The company’s North West Operations (NWO), focus of a substantial restructuring exercise during the quarter ended 31 December 2003, recorded one million fatality-free shifts on Monday (26 January 2004).

 

“It is a tribute to all 7 332 employees at the NWO, on surface and underground, that they were able to retain the critically important focus on safety in spite of all of the uncertainties and change that accompanied the 60-day review period that preceded restructuring and indeed, the restructuring itself,” said Deon van der Mescht, Divisional Director of DRD’s South African Operations.

 

“This achievement points also to the effectiveness of the emphasis our various safety campaigns place on behavioral change amongst employees.”

 

The one million fatality-free shifts were worked over a period of 161 days, from 15 August 2003.  The NWO last achieved one million fatality free shifts on 10 February 2003.  In the last 10 years, one million fatality free shifts have been achieved on eight occasions.

 

The NWO has recorded improvements in respect of all three of the key safety indicator rates – Lost Time Injury Frequency Rate, Reportable Injury Frequency Rate and Fatal Injury Frequency Rate – between 2002 and 2003.

 

                  DRD’s Blyvooruitzicht (Blyvoor) operation recently received the Association of West Rand Mines Safety Award for the sixth year in succession with its attainment of a Lost Time Injury Frequency Rate of 7.19. Over the six-year period, Blyvoor has recorded an improvement every year, resulting in a 60% improvement from a rate of 17.84 in 1997.

 

In 2003 the average rate for mines competing in the competition was 19.21. Blyvoor’s nearest competitor achieved a rate of 9.18.

 

                  DRD’s Tolukuma mine in Papua New Guinea recently recorded 245 days without a lost time injury (LTI). Records show that this is the mine’s best LTI achievement since coming into production in 1995. Tolukuma has also reached a landmark in terms of fatality-free shifts – 350 000, worked over the last 16 months.

 



 

“Despite the commercial pressure under which DRD must operate as a higher cost producer, we do not cut corners,” said Executive Chairman Mark Wellesley-Wood.

 

“These safety achievements show that we have focus where it matters – at the front end – and that we do not compromise on standards. Our safety record shows the success of our drive to lower risk across the group, which benefits all of our stakeholders. It is an achievement of which all of our employees can be proud.”

 

 

Queries:

 

 

South Africa

Australasia

 

 

Investor and Media Relations

Investor and Media Relations

Ilja Graulich, Durban Roodepoort Deep, Limited

Paul Downie, Porter Novelli

+27 11 381 7826 (office)

+61 893 861 233 (office)

+27 83 604 0820 (mobile)

+61 414 947 129 (mobile)

 

 

James Duncan, Russell & Associates

 

+27 11 880 3924 (office)

 

+27 82 892 8052 (mobile)

 

 

 

North America

United Kingdom/Europe

 

 

 

 

Investor Relations

Investor and Media Relations

Susan Borinelli, Breakstone & Ruth International

Phil Dexter, St James’s Corporate

 

 

+1 646-536-7018 (office)

+44 20 7499 3916 (office)

+1 917-570-8421 (mobile)

+44 779 863 4398

 

 

Media Relations

 

Jessica Anderson, Breakstone & Ruth International

 

 

 

+1 646-536-7002 (office)

 

+1 347-423-5859 (mobile)

 

 

 

DRD is the world’s 9th largest gold producer, with mines in South Africa as well as Australasia, a key target for growth.  The company has a track record of success in extending the lives of older mines safely and profitably.  For fiscal year 2003, DRD produced 870 000 ounces of gold, up from under 100 000 ounces a year in 1997, when current operations were amalgamated.

 

DRD has primary listings on the Johannesburg (JSE:DRD) 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.

 

For more information, please visit www.drd.co.za or www.durbans.com

 

 

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

 


EX-5 7 a04-2816_1ex5.htm EX-5

Exhibit 5

 

 

300/04-jmd

 

For immediate release

 

 

DRD SQUARES UP ONCE MORE TO ISCOR

 

Johannesburg, South Africa – 29.01.04 – Durban Roodepoort Deep, Limited (JSE: DUR; NASDAQ: DROOY; ASX: DRD) said today that it would continue, together with Harmony Gold Mining, its action against iron and steel giant Iscor to secure “fair” steel prices.

 

Earlier this month, the Competition Commission threw out an appeal from DRD and Harmony, lodged last year, to investigate Iscor for monopolistic practices in respect of steel pricing. The Commission cited lack of evidence as the reason for its action.

 

An unfazed Wellesley-Wood said that DRD, with Harmony, would now take its complaints to the Competition Tribunal.

 

“On purely commercial grounds, there is sufficient reason for us to press on. A cursory investigation by any sufficiently interested and affected party shows that the steel price, in Rand terms, has remained virtually flat for three years. Hard-pressed local consumers like us, over the same period, have had to accept steel price increases of around 50%.

 

“When one considers South Africa’s enormous reserves of iron ore and the long-established infrastructure there is here for efficient, cost-effective beneficiation, you have to realize there’s something wrong somewhere.”

 

DRD, like Harmony, “wasn’t interested” in reaching some “special scheme of arrangement” based on the “if you have a problem, come and talk to us” kind of response received thus far from Iscor, Wellesley-Wood said.

 

“Commercial considerations aside, there is an ethical obligation that must be met. Like all players in the South African mining sector, we are under enormous pressure to ensure a sustainable future for all of our stakeholders.

 

“In this case, an apparent, inexplicable excessive return for one party must be investigated. We believe that ‘pain and gain’ must be shared more equitably and with transparency. It is crucial that non-transparent and discriminatory pricing be examined thoroughly by the Tribunal.

 

“DRD spends R150 million a year on steel and steel products, and even a 1% saving is worth having.”

 



 

Queries:

 

South Africa

 

Investor and Media Relations

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)

 

 

DRD is the world’s 9th largest gold producer, with mines in South Africa as well as Australasia, a key target for growth.  The company has a track record of success in extending the lives of older mines safely and profitably.  For fiscal year 2003, DRD produced 870 000 ounces of gold, up from under 100 000 ounces a year in 1997, when current operations were amalgamated.

 

DRD has primary listings on the Johannesburg (JSE:DRD) 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.

 

For more information, please visit www.drd.co.za or www.durbans.com

 

 

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

 


EX-6 8 a04-2816_1ex6.htm EX-6

Exhibit 6

 

DRD AGREES TO SELL 5% INTEREST IN PORGERA GOLD MINE TO MRE

 

04 February 2004

301/04-jmd

 

(Johannesburg, South Africa – 4 February 2004 – Durban Roodepoort Deep, Limited (JSE:DUR; NASDAQ:DROOY; ASX:DRD) is pleased to announce that Orogen Minerals (Porgera) Limited, its wholly owned, Papua New Guinea registered subsidiary, which owns 20% of the Porgera Gold Mine mineral tenements (“tenements”), has concluded a transaction with local land owner, Mineral Resources Enga Limited (“MRE”), to sell a 5% direct interest of the tenements to MRE for a purchase price of US$22.521 million with an effective date of 1 January 2004.

 

MRE currently owns 5% of the tenements. This transaction will reduce DRD’s participation in the gold production from the tenements from 20% to 15%, and increase that of MRE to 10%.

 

The transaction is subject to a number of conditions precedent, including MRE obtaining necessary regulatory approvals as well as arranging finance. Subject to satisfaction of these conditions precedent, the transaction is scheduled to complete by no later than 30 April 2004.

 

Further to DRD’s announcement of 14 October 2003 relating to the acquisition of the aforementioned interest from Oil Search, DRD has now satisfied its contractual obligation to Oil Search to “offer a 5% direct interest to MRE on reasonable commercial terms referable to DRD’s acquisition cost of that interest, recognising reasonable transaction costs of the acquisition and on-sale of the 5% direct interest”.

 

Queries:

 

South Africa

Investor and Media Relations

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)

 

Australasia

Investor and Media Relations

Paul Downie, Porter Novelli

+61 893 861 233 (office)

+61 414 947 129 (mobile)

 

North America

Investor Relations

Susan Borinelli, Breakstone & Ruth International

+1 646 536 7018 (office)

+1 917 570 8421 (mobile)

 

Media Relations

Jessica Anderson, Breakstone & Ruth International

+1 646 536 7002 (office)

+1 347 423 5859 (mobile)

 

United Kingdom/Europe

Investor and Media Relations

Phil Dexter, St James’s Corporate

+44 20 7499 3916 (office)

+44 779 863 4398 (mobile)

 

 

DRD is the world’s 9th largest gold producer, with mines in South Africa as well as Australasia, a key target for growth. The company has a track record of success in extending the lives of older mines safely and profitably. For fiscal year 2003, DRD produced 870 000 ounces of gold, up from under 100 000 ounces a year in 1997, when current operations were amalgamated.

 

DRD has primary listings on the Johannesburg (JSE:DRD) 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.

 

For more information, please visit www.drd.co.za or www.durbans.com

 

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

 


EX-7 9 a04-2816_1ex7.htm EX-7

Exhibit 7

 

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”)

 

EXERCISE OF OPTION

 

INTRODUCTION

Shareholders are referred to the announcement dated 17 December 2003 regarding an agreement with the Investec Group (“Investec”) that granted Investec an American call option to acquire 10.2 million new, fully paid up DRD ordinary shares (“the option agreement”).

 

EXERCISE

DRD is pleased to announce that Investec has now exercised its option in full in terms of the option agreement in the manner set out below.

 

Date

 

Number of
shares

 

Aggregate
proceeds

 

Average issue
price per share

 

30 December 2003

 

2 254 862

 

R39 449 487

 

R17.50

 

2 February 2004

 

1 150 000

 

R27 929 705

 

R24.29

 

12 February 2004

 

6 795 138

 

R150 036 647

 

R22.08

 

Total

 

10 200 000

 

R217 415 839

 

R21.32

 

 

The average issue prices quoted above are equivalent to 95.5% of the trade-weighted average price of DRD ADRs on NASDAQ for the ten trading days prior to the date of exercise. The total cash raised was R217.4 million ($32.8 million).

 

The new DRD shares will be issued pursuant to Regulation S under the U.S. Securities Act of 1933.

 



 

APPLICATION OF PROCEEDS

 

The funds raised have been used as follows:

                  R129.4 million to close out 180 000 ounces or 57.1% of the remaining 315 000 ounces under the Eskom “gold for electricity” swap. This relates to 15 000 ounces per month for the twelve months from January 2004 to December 2004. A total of 135 000 ounces remain for the period January 2005 to September 2005; and

                  R15.7 million to settle transaction costs relating to the acquisition of DRD’s interest in the Porgera Joint Venture.

 

The balance of funds amounting to R72.3 million will be used for general corporate funding requirements.

 

 

Johannesburg

19 February 2004

 

 

Financial adviser

QuestCo (Pty) Limited

(Registration number 2002/005616/07)

 

 

Sponsor

Standard Corporate and Merchant Bank

 

 

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

(Registration number 1962/000738/06)

 


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