6-K 1 drdchange.htm 6-K Page 1
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF A FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For October 2004
Commission File Number 0-28800
Durban Roodepoort Deep, Limited
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 of Form 20-F or Form 40-F.
Form 20-F
Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
No
If ``Yes'' is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
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Attached to the Registrant Form 6-K filing for the month of October 2004, incorporated by reference herein:
Exhibits
99.1
Release dated October 27, 2004, entitled "Change to Board of Directors"
99.2  Release dated October 27, 2004, entitled "Report on Activities for the First 
Quarter Ended 30 September 2004 of the 2005 Financial Year"
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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 (Registrant)
Date: October 29, 2004
By:/s/ Andrea Townsend
Name: Andrea Townsend 
Title: Company Secretary
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Exhibit 99.1

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DURBAN ROODEPOORT DEEP, LIMITED 
(Incorporated in the Republic of South Africa) 
(Registration number 1895/000926/06) 
(Share code: DUR) 
(ISIN: ZAE000015079) 
(ARBN number: 086 277 616) 
(NASDAQ trading symbol: DROOY) 
("DRDGOLD")

CHANGE TO BOARD OF DIRECTORS

In compliance with Rule 3.59 of the Listings Requirements of the JSE

 Securities Exchange South Africa, DRDGOLD announces that, with effect

 from Wednesday, 27 October 2004, Mr David Baker has retired from the

 board of directors of DRDGOLD due to increased commitments. 

 

Mr James  Turk, an American citizen, has been appointed as a

 non-executive director  of DRDGOLD with immediate effect.

Johannesburg 
27 October 2004

Sponsor 
Standard Bank

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Exhibit 99.2
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DURBAN ROODEPOORT DEEP, LIMITED (DRDGOLD)
(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
ASX trading symbol: DRD
REPORT ON ACTIVITIES FOR THE FIRST QUARTER ENDED 3O SEPTEMBER 2004
OF THE 2005 FINANCIAL YEAR
GROUP RESULTS
(Unaudited)
CHANGE TO FINANCIAL REPORTING FOR 2004/2005
In line with practice in Australia and the United States, DRDGOLD will henceforth 
report as follows:
Quarters 1 and 3: production statistics, operational performance and exploration 
results;
Quarters 2 and 4: as above, with either interim of final financial results, in US GAAP, 
which is DRDGOLD's primary reporting convention, and SA GAAP, in accordance 
with the listing requirements of the JSE Securities Exchange
South Africa.
KEY FEATURES
Continued strong performance from offshore operations
Further good exploration results at Tolukuma
Emperor stake increased to 45.33%
ERPM back to break-even
Blyvoor 60-day review completed
South African operations restructured
KEY RESULTS SUMMARY
GROUP                                                     Quarter
Quarter
Quarter
Sep 2004
Jun 2004
Sep 2003
Gold production (attributable) oz                  220 524
228 465
198 493
Kg                   6 859
7 106
6 174
Gold price received       US$/oz                   403
395
362
R/kg                   82 785
85 804
86 625
Capital expenditure        US$ m                   6.0
4.5
4.7
ZAR m                   38.9
30.1
35.0
STOCK
ISSUED CAPITAL
248 389 465 ordinary no par value shares
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and committed: 274 267 728
STOCK TRADED
JSE
ASX
NASDAQ       FRANKFURT
Avg. volume for the quarter per day (000)                   200          32          2 851                      95
% of issued stock traded (annualised)                       21%         3%         300%                   10%
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Price - High                    R15.80            A$3.72          US$2.64         Euro 2.13
- Low                     R10.30            A$2.30          US$1.63         Euro 1.27
- Close                   R12.25            A$2.60          US$2.01        Euro 1.62
PRODUCTION
Gold production for the quarter was slightly down on the previous quarter,
mainly as a result of lower production out of South Africa, specifically
Blyvooruitzicht (Blyvoor), which went though a 60-day review, resulting in a
slowdown in production. The percentage of the Group's production from
offshore has increased from 31% to 35% due in part to the inclusion of our
45.33% attributable share in production from Emperor from August 2004.
COSTS
Unit costs were slightly up as a direct result of the lower ounces produced
in South Africa, but with the restructuring complete, it is anticipated that
the second quarter's costs will come back in line with those recorded in the
June quarter.
SAFETY
During the period under review, the Company recorded no fatalities at its
operations. Blyvoor Nos. 5 and 6 shafts achieved one million fatality free
shifts on 30 August and 3 September, 2004 respectively. North West
Operations achieved 500 000 fatality free shifts on 2 September, 2004.
Regrettably, after the quarter-end, Blyvoor recorded a fatality.
North West Operations' lost time injury rate continues to show an
improvement, partly attributable to the implementation of a new safety
awareness communication strategy using a green, yellow and red safety card
system. Blyvooruitzicht is leading the Association of West Rand Mines
Inter-Mine Safety Competition with a lost time injury frequency rate of
6,52. This compares favourably with the second-placed mine, belonging to
another group, at 9,36.
At its Tolukuma operation, the Company continues to show very high safety
standards. The mine has achieved 90 lost time injury free days, after the
previous best of 361 injury free days was broken shortly before the
financial year end.
GOLD MARKET REVIEW
The average gold price received for the quarter was US$403 per ounce (R82
785 per kilogram) compared to US$395 per ounce (R85 804 per kilogram) the
previous quarter. This compares to the average London PM fix for the same
period of US$401.30 per ounce (R82 286 per kilogram).
The performance of the gold price in rand terms during the quarter, however,
featured two distinct halves due to movements in the exchange rate. The
first six weeks saw the lowest rand gold price since 2000 at an average of
R78 534 per kilogram. Following the interest rate cut of 50 basis points on
12 August 2004, the Rand/US$ exchange rate moved from around R6.22/US$1 to
R6.75/US$1, resulting in the gold price for the second half of the quarter
averaging R85 697 per kilogram.
CORPORATE DEVELOPMENTS
The Company's takeover bid for the ASX-listed Fijian gold miner, Emperor
Mines Limited ("Emperor"), closed on 30 July 2004, resulting in DRDGOLD
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holding 45.33% of Emperor. DRDGOLD's Executive Chairman, Mark Wellesley-
Wood, has since been appointed Managing Director of Emperor on an interim
basis, and DRDGOLD's Divisional Director - Australasia, Richard Johnson, has
been appointed to the Emperor board. DRDGOLD now has three nominees on the
six-member Emperor board, David Baker being the other non-executive director
nominated by DRDGOLD.
Emperor is in the process of completing a rights issue to raise
approximately A$20.4 million (US$14.6 million) to fund a portion of
Emperor's Phase Two capital expansion project at its Vatukoula mine in Fiji,
as well as to fund its short-term working capital requirements. DRDGOLD has
agreed to participate in the rights issue and to subscribe for any shortfall
under a shortfall facility offered by Emperor in connection with that rights
issue (subject to limited termination rights).
In response to an application by three shareholders of Emperor, the
Australian Takeovers Panel has made a declaration of unacceptable
circumstances in relation to the Emperor rights issue, and DRDGOLD's
participation in the rights issue, and has made various orders (including an
order that DRDGOLD sells down any shares acquired through the shortfall
facility). DRDGOLD has applied for a review of that decision.
In other developments:
-
DRDGOLD listed on the Port Moresby Stock Exchange on 18 August 2004,
reflecting the Company's growth as one of Papua New Guinea's major gold
producers;
-
as announced on 29 September 2004, the Company intends to seek
shareholders' approval to change its name to DRDGOLD Limited at the
forthcoming AGM on 26 November 2004; and
-
on 30 September 2004, shareholders approved the increase in the Company's
authorized share capital from 300 million shares to 600 million shares to
facilitate its acquisition and growth strategies.
-
DRDGOLD wins R35.7 million (plus cost and interest) case against JCI
Gold/CAM.
AUSTRALASIAN OPERATIONS
Quarter
Quarter
Quarter
Sep 2004
Jun 2004
Sep 2003
Gold production (attributable)          oz
77 387
70 990
21 283
Kg
2 407
2 208
662
Capital expenditure                  US$ m
3.8
1.7
0.6
ZAR m
24.2
11.7
4.7
The increase in gold production was due mainly to the inclusion of DRDGOLD's
45.33% share of Emperor's production from August 2004.
Porgera
Quarter          Quarter
%
Change          Quarter
Sep 2004
Jun 2004
Sep 2003
Ore
milled
t000's                  288                327
(12)
-
Yield g/t
5.20
4.74
10
-
Gold produced
kg
1 498
1 550
(3)
-
Oz
48 162
48 834
(3)
-
Although ore milled at Porgera was slightly lower than the previous quarter,
improved grades assisted with continued good gold production performance.
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Tolukuma Quarter
Quarter
%
Change
Quarter
Sep 2004
Jun 2004
Sep 2003
Ore milled
t000's
52
52
-
44
Yield g/t
11.65
12.65
(8)
15.05
Gold produced
kg
606
658
(8)
662
Oz
19 484
21 156
(8)
21 283
Average labour strength
813
751
(8)
472
Tolukuma's 18-month run of exceeding 7 000 plus ounces of production per
month was broken in August when the mine fell slightly short of its target.
Production in the September quarter was hampered by lower grades being mined
from the Gulbadi vein.
A feasibility study is nearing completion for a proposed extension of the
Zine open pit to the south of the first pit that was completed earlier this
year. This study is based on infill drilling that has been carried out this
year.
Emperor(45.33% attributable)*
Quarter
Quarter
% Change
Quarter
Sep 2004
Jun 2004
Sep 2003
Ore
milled
t'000
38                   -                       -                   -
Yield
g/t                      7.97                   -                       -                    -
Gold
produced
kg                      303                  -                        -                   -
Oz
9 741
-
-
-
* Emperor accounted for on an equity basis from 1 August 2004.
Emperor reported in its quarterly report, released on 11 October 2004, that
"gold won for the September quarter decreased by 20% to 27 632 ounces
compared with the June quarter (34 539 ounces). Gold shipped, however,
increased by 3% to 35 169 ounces (34 259 ounces). Tonnage treated for the
quarter decreased by 13% to 139 164 tonnes (160 002 tonnes) while delivered
grade decreased by 9% to 7.15 grams per tonne (7.86 grams per tonne). Gold
in Circuit (GIC) has been reduced to "near normal" levels. Preliminary test
work on alternatives to maintain "normal" levels of GIC in the future,
should high sulphur grades in mill feed occur again, has been completed. A
number of options have been rejected following the preliminary tests.
Further tests on samples produced by the gravity concentration option are
required before committing capital funds." The full details of Emperor's
quarterly results are available on its website,
www.emperor.com.au
.
SOUTH AFRICAN OPERATIONS
Quarter
Quarter
Quarter
Sep 2004
Jun 2004
Sep 2003
Gold production (attributable)       oz
143 137
157 475
177 210
Kg
4 452
4 898
5 512
Capital expenditure               US$ m
2.2
2.8
4.1
ZAR m
14.7
18.4
30.3
Blyvooruitzicht
Quarter               Quarter
%
Change            Quarter
Sep 2004
Jun 2004
Sep 2003
Area mined m
2
000
48
53
(9)
51
Development                  m
720
288
150
973
Face length                    m
1 755
1 990
(12)
2 017
Stoping width                 cm
109
109
-
110
Ore milled
Underground                  t'000
180
207
(13)
222
Surface                         t'000
577
719
(20)
388
Total                              t'000
757
926
(18)
610
Yield
Underground                  g/t
6.74
6.59
2
7.26
Surface                         g/t
0.21
0.31
(32)
0.74
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Total                           g/t
1.76
1.72
2
3.11
Gold produced
Underground               kg
1 214
1 365
(11)
1 611
Oz
39 031
43 886
(11)
51 796
Surface                       kg
120
224
(46)
287
Oz
3 858
7 201
(46)
9 227
Total                            kg
1 334
1 589
(16)
1 898
Oz
42 889
51 087
(16)
61 023
Capital expenditure US$ m
0.2
1.2
83
2.4
ZAR m
1.5
7.2
79
18.1
Average labour strength
3 289
5 298
38
5 716
Following the retrenchment of 1 619 employees at a cost of R24 million
(excluding leave pay) in September 2004, a six-month plan has been put in
place aimed at returning Blyvoor to break even. The basis of this plan is to
reduce mining of areas serviced by expensive infrastructure and to focus on
areas where improved efficiencies will result. It is pleasing to note the
increase in grade from underground from 6.59 grams per tonne to 6.74 grams
per tonne.
Volumes of mining have been reduced at No. 4 shaft and No. 6 shaft, leaving
No. 5 shaft as Blyvoor's main production unit. Broken ore sampling has been
introduced in order to reduce dilution and improve mining discipline.
The retrenchment of the employees at Blyvoor was achieved in record time and
a principle of `best man for the job' was applied to ensure retention of key
competencies.
The supervisory structure has been changed to incorporate production
supervisors who will take charge of the stopes, the overall objective being
to improve discipline, increase efficiencies and reduce supervisory costs.
The re-processing of surface slimes is showing improvement following a shift
in the recovery of material from Dam No. 4 to Dam No.5. Metallurgical
improvements have resulted in an increase in recoveries of 53%.
Other sources of surface production are being investigated in order to
utilize excess capacity in the gold plant.
Phase 2 and 3 of the current plan is aimed at identifying the medium- to
long-term potential of re-equipping the No. 2A sub shaft system in order to
access previously abandoned resources. Implementation will be dependant
upon the successful turnaround of the existing operation.
North West
Quarter
Quarter
% Change
Quarter
(Hartebeestfontein and
Sep 2004
Jun 2004
Sep 2003
Buffelsfontein mines)
Area mined m
2
000
92
91
1
102
Development                 m
8 340
11 017
(24)
8 434
Face length                   m
3 003
3 147
(5)
3 577
Stoping width                cm
120
118
(2)
118
Ore milled
Underground                 t'000
396
396
-
483
Surface                        t'000
170
63
169
737
Total                             t'000
566
459
23
1 220
Yield
Underground                 g/t
5.54
5.84
(5)
4.74
Surface                        g/t
1.09
3.38
(68)
0.74
Total                             g/t
4.21
5.50
(23)
2.33
Gold produced
Underground                 kg
2 195
2 312
(5)
2 291
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Oz
70 572
74 333
(5)
73 657
Surface                        kg
186
213
(13)
546
Oz
5 980
6 848
(13)
17 555
Total                             kg
2 381
2 525
(6)
2 837
Oz
76 552
81 181
(6)
91 212
Capital expenditure  US$ m
2.1
1.7
(24)
1.6
ZAR m
13.1
11.0
(19)
11.8
Average labour strength
6 930
7 496
8
11 081
Following the retrenchment of 119 employees at a cost of R 3.7 million at
the Buffels section, the North West Operations have kept No. 9 and No. 11
shafts at Buffels in production. The principal focus, however, is on
improving recovered grade and consequently the balance of mining will move
to higher-grade shafts at Harties - No. 2 shaft, No. 4 shaft and No. 5 shaft
- with only selective mining taking place at No. 6 shaft, No. 7 shaft and
No. 8 shaft. All production from underground is now treated at the South
Plant and treatment rates of 125 000 tonnes per month are planned for the
rest of the financial year.
During the quarter the North plant was re-commissioned and fed with screened
waste rock dump material. This will continue until such time that the
current source of material is depleted, with the additional possibility of
processing alternative surface source material. This project generated 2 572
ounces (80 kilograms) of gold during the month of September.
Crown (40% attributable)*
Quarter
Quarter
% Change
Quarter
Sep 2004
Jun 2004
Sep 2003
Ore milled                         t'000
913
952
(4)
1 013
Yield                                   g/t
0.42
0.41
2
0.40
Gold produced                     kg
382
392
(3)
408
Oz
12 282
12 603
(3)
13 117
Average labour strength #
833
846
2
807
* Crown accounted for on an equity basis.
# Represents total mine.
ERPM (40% attributable)*
Quarter
Quarter
% Change
Quarter
Sep 2004
Jun 2004
Sep 2003
Area mined m
2
#               000
25
29
(14)
39
Development #                  m
74
240
(69)
1 042
Face length #                    m
770
1 081
(29)
1 360
Stoping width #                 cm
128
140
9
118
Ore milled
Underground                     t'000
47
56
(16)
62
Surface                            t'000
152
86
77
-
Total                                 t'000
199
142
40
62
Yield
Underground                     g/t
6.70
6.61
1
5.91
Surface                            g/t
0.26
0.26
-
-
Total                                 g/t
1.79
2.75
(35)
5.91
Gold produced
Underground                     kg
315
370
(15)
369
Oz
10 127
11 896
(15)
11 858
Surface                             kg
40
22
82
-
Oz
1 287
708
82
-
Total                                  kg
355
392
(9)
369
Oz
11 414
12 604
(9)
11 858
Average labour strength #
2 125
2 932
28
3 182
* ERPM accounted for on an equity basis.
# Represents total mine.
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As reported in the previous quarter, the ERPM operation has undergone
extensive restructuring. The outcome of the restructuring program was for
the ERPM underground operations to be placed on controlled closure program
ending in March 2005. Following the retrenchment of 806 employees in August
2004, the mine has achieved a significant reduction in costs coupled with
improved productivity. As a result the mine has been restored to
profitability, and the original planned closure of the underground section
has been postponed. Progress in the quarter under review has been very
satisfactory, particularly the 55% improvement in productivity.
Productivity, measured in terms of metres face advance per employee, had
reached a new record of 11.8 metres in September 2004 compared with a low of
7.6 metres in March 2004. The focus now is on the mine's Far East Vertical
(FEV) and South East Vertical (SEV) shafts.
The plan is to insert up to eight `high pressure concrete plugs' to isolate
the FEV and SEV shafts allowing the rest of the mine to fill with water.
Discussions are in progress with the relevant Government agencies to provide
financial assistance for the plugs and the re-institution of the State water
pumping subsidy which was suspended in April this year.
At Crown surface, production was steady. The Company is investigating a
number of new surface sources to complement its life of mine profile.
EXPLORATION
DRDGOLD's exploration is based around its wholly owned PNG operation,
Tolukuma. As reported in the previous quarter, the Company has increased its
drilling and exploration activities, focusing on near mine exploration
utilising its five owned drill rigs. Encouraging drill data has again been
collected over the past quarter. Surface diamond drilling of the Zine Vein
south of the Zine pit has been completed and a resource calculation has been
undertaken. A feasibility study looking at open cast mining of this vein is
under way.
Gulbadi South Extension
Underground drilling of the southern extension of the Gulbadi vein is
ongoing and encouraging results are being encountered in drill holes
approximately 1 312 feet (400 metres) south of current mine workings.
Values in hole TUO20, approximately 400 metres south of current mine
workings showed 2.9 metres @ 57.2 grams per tonne Au (including 1.6 metres @
102.7 grams per tonne Au)
Significant results are listed in the table below. Infill drilling is now being undertaken between the drill holes shown below and the current workings to evaluate this zone.
Gulbadi South underground drilling statistics:
Hole No        From
To True
Au
Ag
Comments
(m)           (m)
width
(g/t)            (g/t)
TU004         260.7       261.7           0.6
10.5
22
TU009         259.9
262.2
0.8
9.9
23     Includes 0.2m @19.5 g/t Au
TU010         284.4
284.5
0.1
453.4
314     Visible gold <5m above
main structure
TU011         254.5
257.6
2.5
7.7
30     Includes 0.7 @
26.7 g/t Au
TU016         370.9      371.7           0.6
6.9
12
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TU018       260.9
265.9
3.0
6.8
37
Visible gold. Includes
0.7m @ 7.8 g/t and 0.6m @
22.5 g/t Au
TU020       263.4
267.0
2.9
57.2
21
Visible gold. Includes
2.9m @ 57.2
g/t Au
Lock and Dagakuma
Diamond drilling has begun following the encouraging results encountered in
surface trenching. To date results have been erratic, so geological
interpretation and drilling is being undertaken to decide whether to
continue with exploration of these veins.
120/Zine North Project
Geological mapping, trenching and sampling of the 120/Zine North project has
been carried out over a distance of 1 476 feet (450 metres). Results to date
have been sufficiently encouraging that follow-up diamond drilling will be
carried out in due course.
At Porgera, a significant underground exploration program aimed at
identifying additional resources and changing resources to reserves is
ongoing. This program is focused on re-evaluation of the Central, North Zone
and Eastern Deeps, delineation drilling of the North Zone and exploration
drilling of the East Zone.
A target generation study has identified a number of additional exploration
targets either as extensions of known structures or new structures. It is
likely that these targets will be drilled in due course.
BOARD CHANGES
David Baker, who joined the board in January 2002, retires with effect from
27 October 2004 due to increased commitments. We would like to thank David
for his valuable service and insight as a director.
DRDGOLD is pleased to announce the appointment of James Turk, an American
citizen, to the board as a non-executive director. James is the founder and
a director of GoldMoney      (
www.goldmoney.com
), the operator of a digital gold
currency payment system based on three U.S. patents awarded to him. He has
specialised in international banking, finance and investment since
graduating in 1969 from George Washington University with a B.A. degree in
International Economics. DRDGOLD acquired a strategic 50.25% interest in a
subsidiary (Net-Gold Services Ltd) of the internet-based gold investment
company, G.M. Network Limited (GoldMoney.com) during 2004.
MARK WELLESLEY-WOOD IAN MURRAY
Executive Chairman Chief Executive Officer and Chief Financial Officer
27 October 2004
INVESTOR INFORMATION AS AT 30 SEPTEMBER 2004
DIRECTORS - (*British)(**Australian)
Executives:
MM Wellesley-Wood (Executive Chairman)*
IL Murray (Chief Executive Officer and Chief Financial Officer)
Non-executives:
MP Ncholo ; RP Hume ; GC Campbell* ; DC Baker** ; D Blackmur**
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Alternate:
A Lubbe
Group Company Secretary:
AI Townsend
INVESTOR RELATIONS
For further information, contact Ilja Graulich at:
Tel: (+27-11) 381-7800, Fax: (+27-11) 482-4641,
e-mail: ilja.graulich@za.drdgold.com,
website: http://www.drdgold.com
45 Empire Road,
Parktown,
South Africa.
PO Box 390,
Maraisburg, 1700,
South Africa.