Page 1

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 2011

Commission File Number 0-28800

______________________

DRDGOLD Limited

Quadrum Office Park

Building 1

50 Constantia Boulevard

Constantia Kloof Ext 28

Roodepoort, South Africa, 1709

(

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

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

Attached to the Registrant Form 6-K filing for the month of October 2011, incorporated
by reference herein:

Exhibit

99.1 Release dated October 27, 2011, entitled “REPORT TO SHAREHOLDERS FOR THE
FIRST QUARTER ENDED 30 SEPTEMBER 2011”.

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.

DRDGOLD LIMITED

Date: October 27, 2011

By: /s/ Themba Gwebu

Name: Themba Gwebu

Title: Company Secretary

Report to shareholders for the ﬁrst quarter
ended 30 September 2011

(Incorporated in the Republic of South Africa) • Registration No.1895/000926/06

JSE share code: DRD • ISIN: ZAE 000058723 • Issuer code: DUSM

NASDAQ trading symbol: DROOY • (“DRDGOLD” or “the company”)

Review of operations

Quarter

% change

Quarter

% change

Group

Sep 2011

Jun 2011

Sep 2010

Q1 2012

vs Q1 2011

Gold production

63 562

63 079

65 267

(3)

1 977

1 962

2 030

(3)

Gold production sold

65 523

61 150

69 607

(6)

2 038

1 902

2 165

(6)

Gold price received

US$ per oz

1 734

1 522

1 218

ZAR per kg

395 568

331 372

288 054

Cash operating costs

US$ per oz

1 305

1 283

1 084

ZAR per kg

297 808

280 240

256 498

Operating proﬁt

US$ million

28.5

16.4

9.5

200

ZAR million

202.5

111.0

69.4

192

Capital expenditure

US$ million

9.9

13.8

(28)

8.1

ZAR million

77.9

93.6

(17)

59.4

GROUP RESULTS

KEY FEATURES FOR THE QUARTER

Gold production up 1% to 63 562 oz
Revenue up 28% to R806.2 million
Operating proﬁt up 82% to R202.5 million
Headline earnings per share up 150% to 20 cents per share
Net cash inﬂow from operations up 14% to R117.9 million
Board considering offers received for Blyvoor

STOCK

Issued capital

384 884 379 ordinary no par value shares
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and committed: 406 467 306

STOCK TRADED

JSE NASDAQ*

Average volume for the quarter

913

1 357

per day (’000)

% of issued stock traded (annualised)

Price •

High

R4.89

$0.579

• Low

R2.97

$0.421

• Close

R4.20

$0.508

* This data represents per share data and not ADS data – one ADS reﬂects

ten ordinary shares

FORWARD-LOOKING STATEMENTS

Many factors could cause the actual results, performance or achievements to be materially different from any future results, performance
or achievements that may be expressed or implied by such forward-looking statements, including, among others, adverse changes or
uncertainties in general economic conditions in the markets we serve, a drop in the gold price, a sustained strengthening of the Rand
against the Dollar, regulatory developments adverse to DRDGOLD or difﬁculties in maintaining necessary licenses or other governmental
approvals, changes in DRDGOLD’s competitive position, changes in business strategy, any major disruption in production at key facilities
or adverse changes in foreign exchange rates and various other factors.

These risks include, without limitation, those described in the section entitled “Risk Factors” included in our annual report for the ﬁscal year

ended 30 June 2010, which we ﬁled with the United States Securities and Exchange Commission on 29 October 2010 on Form 20-F. You
should not place undue reliance on these forward-looking statements, which speak only as of the date thereof. We do not undertake any
obligation to publicly update or revise these forward-looking statements to reﬂect events or circumstances after the date of this report or

to the occurrence of unanticipated events. Any forward-looking statement included in this report has not been reviewed and reported on

by DRDGOLD’s auditors.

DRDGOLD LIMITED

Shareholder Report 2012

Dear shareholder

I am pleased to announce another encouraging set of operating and
ﬁnancial results for the quarter under review as a result of steady
production and a healthy increase in the average gold price to
R395 568/kg. Operating proﬁt rose by 82% from the previous quarter to
R202.5 million, and headline earnings per share (“HEPS”) from 8 cents to
20 cents.

There were no fatal accidents during the quarter and of the ﬁve employees

who were injured in a seismic event at Blyvooruitzicht Gold Mining
Company Limited (“Blyvoor”) on 20 September 2011, two are back at
work and three are well on their way to a full recovery.

Production

Q1 2012 v Q4 2011

Total gold production for the quarter was up 1% from the previous quarter

to 63 562oz due mainly to a 5% increase in production at Blyvoor.

Q1 2012 v Q1 2011

Compared with the ﬁrst quarter of FY2011, gold production was slightly
lower in the ﬁrst quarter of FY2012. This was a consequence mainly of
lower production at Blyvoor, currently under Chapter 6 rescue proceedings,
and a slight drop in production at the Crown and Ergo circuits, where we
are in the process of phasing out sections of the Crown and City Deep
plants and integrating them with the Ergo circuit, and also introducing two
new reclamation sites. More information is provided under the detailed
operational review below.

Financial

Q1 2012 v Q4 2011

Revenue for the quarter increased by 28% from the previous quarter to
R806.2 million, reﬂecting a 7% increase in gold sold and a 19% increase in
the average gold price received to R395 568/kg.

Cash operating costs rose by 7% to R588.8 million but, with the higher
average Rand gold price received, operating proﬁt was up 82% at
R202.5 million.

Headline earnings rose by 160% to R75.4 million.

Q1 2012 v Q1 2011

Revenue for the quarter compared to the comparable quarter in FY2011,
was 29% higher at R806.2 million, reﬂecting a 37% increase in the average
Rand gold price received to R395 568/kg together with a 6% decrease in
gold sold. After accounting for total cash operating costs – 13% higher
at R588.8 million – due mainly to power cost increases and provisions
for wage increases – operating proﬁt was 192% higher at R202.5 million.
HEPS were 20 cents compared with a headline loss per share of 1 cent in
the ﬁrst quarter of FY2011.

Detailed operational review

Ergo

For the quarter under review and going forward, the operating and
ﬁnancial results of the Ergo and Crown surface retreatment operations are
consolidated. Results for the two operations for the September quarter of
FY2011 have been consolidated for comparative purposes.

Q1 2012 v Q4 2011

Total gold production in the quarter was down 2% to 34 562oz from
35 364oz in the previous quarter. This was the result of a 4% drop in
throughput to 5 231 000t. This reﬂects the combined, temporary impact
of the relocation of recovery operations from the depleted Top Star site to
the 11.5Mt, 0.52g/t 3A2 site and the commissioning of the 3L42 site. Yield
was 5% up, from 0.20g/t to 0.21 g/t.

Material from the 3A2 site reports to the Crown plant for retreatment
pending completion and commissioning of the full Crown/Ergo pipeline
by the end of calendar 2011, after which it will report to the Brakpan
plant for retreatment. Material from the 3L42 site reports to the Brakpan
plant for retreatment via the City Deep plant and the City Deep/Elsburg
portion of the Crown/Ergo pipeline. Completion and commissioning of the
second carbon in leach (“CIL”) circuit at the Brakpan plant increases the
plant’s retreatment capacity by 50% from 1.2Mtpm to 1.8Mtpm which is
expected during October 2011.

Operating proﬁt rose by 40% to R156.5 million, after accounting for a
13% increase in cash operating unit costs to R260 189/kg, due mainly to
power tariff increases and provisions for wage increases.
Capital expenditure was slightly lower at R58.1 million (Q4 2011:
R59.1 million).

Q1 2012 v Q1 2011

Gold production for the quarter was 1% lower compared with the
comparable quarter in FY2011 at 34 562oz, reﬂecting a 5% decrease in
the average yield to 0.21g/t. Throughput was 3% higher at 5 231 000t.

Cash operating costs were 13% higher at R260 189/kg, mainly as a result
of lower gold production, increased Eskom tariffs and provision for wage
increases.

Operating proﬁt more than doubled to R156.5 million, a consequence of
the substantially higher average Rand gold price received.

Capital expenditure of R58.1 million, compared with R38.2 million in the
comparable quarter of FY2011 was directed mainly towards the Crown/
Ergo pipeline, the second CIL circuit at the Brakpan plant and ongoing work
to increase the capacity of the Brakpan tailings facility.

Blyvoor

Q1 2012 v Q4 2011

Blyvoor recorded a signiﬁcant improvement in overall performance in
the quarter from the previous quarter. Total gold production increased by
5% to 29 000oz, reﬂecting a 10% rise in underground gold production to
21 509oz. Gold production from surface sources was 8% lower at 7 491oz.

Higher underground gold production in the quarter resulted mainly from
a 9% improvement in underground yield to 3.64g/t, reﬂecting a return
to the use of optimal explosives, compromised in the June 2011 quarter
by an explosion at the premises of the explosives supplier. Underground
throughput, up 1% at 184 000t, would have been higher but for a wage-
related work to rule by employees for three weeks during August and
September which was ended by the granting to management of a court
interdict.

Lower surface gold production in the quarter was the consequence of a
9% decline in surface yield to 0.30g/t, marking an end to a surface clean-
up exercise which boosted surface gold yield, and thus, production, in
the June 2011 quarter. Total surface throughput was slightly higher at
783 000t.

DRDGOLD LIMITED

Shareholder Report 2012

DRDGOLD LIMITED

Shareholder Report 2012

Total cash operating costs in the quarter were slightly lower at
R342 642/kg compared with the June 2011 quarter, notwithstanding the
negative impact of two months of Eskom’s higher winter tariff. This was a
consequence both of higher gold production and lower overtime costs due
to the afore-mentioned work to rule. Underground cash operating costs
were 4% lower at R415 913/kg and surface cash operating costs slightly
higher at R132 262/kg.

Total operating proﬁt in the September 2011 quarter was R46.0 million
compared with a R0.6 million operating loss in the previous quarter,
reﬂecting higher gold production, lower costs and a higher rand gold price
received.

Capital expenditure, down 37% in the quarter from the previous quarter
at R16.6 million, was directed mainly towards ongoing underground
opening-up and development to improve ﬂexibility and offset the impact
of continuing seismic activity.

Q1 2012 v Q1 2011

Total gold produced in the quarter was 4% down on the 30 287oz produced
in the September FY2011 quarter due both to a 5% drop in underground
throughput and a 7% drop in underground yield.

Surface throughput in the quarter was 3% higher and surface yield 20%
higher.

Total cash operating costs were 19% higher. Underground cash operating
costs and surface cash operating costs were 28% higher and 5% lower,
respectively.

Total cash operating proﬁt marked a substantial improvement on the
R3.4 million recorded in the September FY2011 quarter.

Capital expenditure was 13% higher at R19.1 million.

Zimbabwe

At Leny a diamond drill rig capable of drilling to 40m has been ordered
and will be used to explore the area around and below the known exposed
veins at Leny and GNZ. At Ascot, soil geochem survey results are
expected shortly and will determine whether a drilling programme follows.

At Dilcap (John Bull), soil geochem survey and IP survey results are
expected shortly, and will determine whether trenching and drilling
follows. At Zhombe, magnetic and IP surveys are to begin shortly.

At Gweru Alluvials we have prioritised two exploration sites – one
alluvial and one primary. We have submitted applications for mining and
environmental authorisations over the alluvial site, which is on the Guinea
Fowl River and are currently investigating mining and recovery methods.
We have also conducted IP and magnetic surveys over the primary site,
which is on the Impali River. We have identiﬁed six initial drill targets and
drilling has started.

Looking ahead

We were pleased to receive four separate offers for our stake in Blyvoor.
The board of DRDGOLD is considering the merits of these offers and we
are on track to meet our December 2011 target to announce the disposal
of our stake.

We have made a high-level appointment to drive our growth and business
improvement initiatives and the previously-announced unlocking of
value at ERPM Extensions 1 and 2. Further details in this regard will be
announced once the individual has fully separated his ties with his former
employer.

By December we hope to have the integrated Crown and Ergo circuits fully
operational and then we will work towards fully optimising recoveries at
the Brakpan plant, and take a more focused look at by-product feasibility.

We are excited about these opportunities and the robust cash ﬂows our
recycling circuits offer.

We have completed our exploratory site visits to Mozambique. In the next
few months we will raise the tempo of our exploration activities in this
region.

Niël Pretorius

Chief Executive Ofﬁcer

27 October 2011

The condensed consolidated ﬁnancial statements are prepared in accordance with the recognition and measurement principles of International Financial
Reporting Standards (“IFRS”), AC 500 Standards as issued by the Accounting Practices Board and the disclosure requirements of IAS 34. The accounting
policies adopted are in line with IFRS and are consistent with those applied in the annual ﬁnancial statements for the year ended 30 June 2011.

DRDGOLD LIMITED

Shareholder Report 2012

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

Quarter

Sep 2011

Jun 2011

Sep 2010

Unaudited

Unaudited

Gold and silver revenue

806.2

630.2

623.6

Net operating costs

(603.7)

(519.2)

(554.2)

Cash operating costs

(588.8)

(549.8)

(520.7)

Movement in gold in process

(14.9)

30.6

(33.5)

Operating proﬁt

202.5

111.0

69.4

Depreciation

(27.8)

(34.9)

(27.6)

Movement in provision for environmental rehabilitation

(7.3)

(35.3)

(4.8)

Retrenchment costs

–

(0.4)

Net operating proﬁt

167.4

40.8

36.6

Impairments

–

(547.7)

–

Environmental rehabilitation costs

(14.7)

(16.2)

(8.1)

Corporate, administration and other expenses

(29.0)

(43.0)

(24.4)

Share-based payments

(0.4)

(0.9)

(0.6)

Net (loss)/gain on ﬁnancial liabilities measured at amortised cost

(0.3)

33.5

(12.6)

Proﬁt on disposal of assets

–

1.6

4.4

Finance income

5.9

6.4

5.3

Finance expenses

(5.4)

2.4

(3.6)

Proﬁt/(loss) before taxation

123.5

(523.1)

(3.0)

Income tax

(5.8)

(0.4)

(3.6)

Deferred tax

(34.6)

15.6

(1.7)

Net proﬁt/(loss) for the period

83.1

(507.9) (8.3)

Attributable to:
Equity owners of the parent

75.4

(367.9)

0.3

Non-controlling interest

7.7

(140.0)

(8.6)

83.1

(507.9)

(8.3)

Other comprehensive income

Foreign exchange translation

(2.6)

0.8 –

Mark-to-market of available-for-sale investments

–

0.3 –

Total comprehensive income for the period

80.5

(506.8)

(8.3)

Attributable to:
Equity owners of the parent

72.8

(366.9)

0.3

Non-controlling interest

7.7

(139.9)

(8.6)

80.5

(506.8)

(8.3)

Reconciliation of headline earnings/(loss)

Net proﬁt/(loss)

75.4

(367.9)

0.3

Adjusted for:
– Impairments

–

547.7

–

– Proﬁt on disposal of assets

–

(1.6)

(4.4)

– Non-controlling interest in headline earnings adjustment

–

(149.2)

1.1

Headline earnings/(loss)

75.4

29.0

(3.0)

Headline earnings/(loss) per share-cents

(1)

Basic earnings/(loss) per share-cents

(96)

–

Diluted headline earnings/(loss) per share-cents

(1)

Diluted basic earnings/(loss) per share-cents

(96)

–

Calculated on the weighted average ordinary shares issued of:

384 884 379

384 884 379

CONDENSED STATEMENT OF FINANCIAL POSITION

As at

30 Sep 2011

30 Jun 2011

30 Sep 2010

Unaudited

Audited

Unaudited

Assets
Non-current assets

1 817.4

1 778.6

2 187.7

Property, plant and equipment

1 599.0

1 550.1

1 896.0

Non-current investments and other assets

25.1

25.1

24.8

Environmental rehabilitation trust funds

136.0

134.2

129.3

Deferred tax asset

57.3

69.2

137.6

Current assets

599.8

510.0

396.2

Inventories

115.1

122.9

126.7

Trade and other receivables

190.8

128.0

107.9

Cash and cash equivalents

293.9

259.1

146.6

Assets classiﬁed as held-for-sale

–

15.0

Total assets

2 417.2

2 288.6

2 583.9

Equity and liabilities
Equity

1 271.2

1 219.2

1 622.6

Equity of the owners of the parent

1 291.6

1 247.3

1 531.9

Non-controlling interest

(20.4)

(28.1)

90.7

Non-current liabilities

689.5

659.4

649.6

Loans and borrowings

40.0

40.4

39.8

Post-retirement and other employee beneﬁts

6.4

6.3

13.6

Provision for environmental rehabilitation

497.8

490.2

429.5

Deferred tax liability

145.3

122.5

166.7

Current liabilities

456.5

410.0

311.7

Trade and other payables

375.8

330.7

311.7

Loans and borrowings

80.7

79.3

–

Total equity and liabilities

2 417.2

2 288.6

2 583.9

CONDENSED STATEMENT OF CHANGES IN EQUITY

Quarter

Sep 2011

Jun 2011

Sep 2010

Unaudited

Unaudited

Balance at the beginning of the period

1 219.2

1 725.1

1 649.9

Share capital issued

–

(0.4)

– for costs

–

(0.4)

Increase in share-based payment reserve

0.4

0.9 0.6

Net proﬁt/(loss) attributable to equity owners of the parent

75.4

(367.9) 0.3

Net proﬁt/(loss) attributable to non-controlling interest

7.7

(140.0)

(8.6)

Dividends declared

(28.9)

–

(19.2)

Other comprehensive income

(2.6)

1.1

–

Balance as at the end of the period

1 271.2

1 219.2

1 622.6

CONDENSED STATEMENT OF CASH FLOWS

Quarter

Sep 2011

Jun 2011

Sep 2010

Unaudited

Unaudited

Net cash inﬂow from operations

117.9

103.0 21.9

Net cash outﬂow from investing activities

(83.1)

(114.6)

(55.0)

Net cash in/(out)ﬂow from ﬁnancing activities

–

1.3 (8.5)

Increase/(decrease) in cash and cash equivalents

34.8

(10.3)

(41.6)

Translation adjustment

–

0.8 –

Opening cash and cash equivalents

259.1

268.6 188.2

Closing cash and cash equivalents

293.9

259.1 146.6

Reconciliation of net cash inﬂow from operations
Proﬁt/(loss) before taxation

123.5

(523.1)

(3.0)

Adjusted for:
Movement in gold in process

14.9

(30.6)

33.5

Depreciation and impairment

27.8

582.6

27.6

Movement in provision for environmental rehabilitation

7.3

35.3

4.8

Share-based payments

0.4

0.9

0.6

Loss/(proﬁt) on ﬁnancial liabilities measured at amortised cost

0.3

(33.5)

12.6

Proﬁt on disposal of assets

–

(1.6)

(4.4)

Finance expense and unwinding of provisions

2.7

0.8

3.0

Growth in Environmental Trust Funds

(1.7)

(2.8)

(2.0)

Other non-cash items

(1.7)

(11.9)

(1.4)

Taxation paid

–

(0.4)

–

Working capital changes

(55.6)

87.3

(49.4)

Net cash inﬂow from operations

117.9

103.0

21.9

DRDGOLD LIMITED

Shareholder Report 2012

DRDGOLD LIMITED

Shareholder Report 2012

KEY OPERATING AND FINANCIAL RESULTS (Unaudited)

Metric

Imperial

Metric

Blyvoor

Ergo*

Total

operations

Blyvoor

Ergo*

Total

operations

Ore milled (t’000)

Underground

Sep 2011 Qtr

184

–

184

203

–

203

Jun 2011 Qtr

182

–

182

200

–

200

Surface

Sep 2011 Qtr

783

5 231

6 014

863

5 766

6 629

Jun 2011 Qtr

779

5 451

6 230

859

6 008

6 867

Total

Sep 2011 Qtr

967

5 231

6 198

1 066

5 766

6 832

Jun 2011 Qtr

961

5 451

6 412

1 059

6 008

7 067

Yield (g/t) (oz/t)

Underground

Sep 2011 Qtr

3.64

–

3.64

0.106

–

0.106

Jun 2011 Qtr

3.34

–

3.34

0.098

–

0.098

Surface

Sep 2011 Qtr

0.30

0.21

0.22

0.009

0.006

Jun 2011 Qtr

0.33

0.20

0.22

0.010

0.006

Total

Sep 2011 Qtr

0.93

0.21

0.32

0.027

0.006

0.009

Jun 2011 Qtr

0.90

0.20

0.31

0.026

0.006

0.009

Gold produced (kg) (oz)

Underground

Sep 2011 Qtr

669

–

669

21 509

–

21 509

Jun 2011 Qtr

608

–

608

19 548

–

19 548

Surface

Sep 2011 Qtr

233

1 075

1 308

7 491

34 562

42 053

Jun 2011 Qtr

254

1 100

1 354

8 167

35 364

43 531

Total

Sep 2011 Qtr

902

1 075

1 977

29 000

34 562

63 562

Jun 2011 Qtr

862

1 100

1 962

27 715

35 364

63 079

Cash operating costs

Underground

Sep 2011 Qtr

415 913

–

415 913

1 823

–

1 823

(ZAR/kg) (US$/oz)

Jun 2011 Qtr

432 910

–

432 910

1 980

–

1 980

Surface

Sep 2011 Qtr

132 262

260 189

237 401

580

1 141

1 041

Jun 2011 Qtr

131 197

230 270

211 685

599

1 057

970

Total

Sep 2011 Qtr

342 642

260 189

297 808

1 502

1 141

1 305

Jun 2011 Qtr

344 006

230 270

280 240

1 573

1 057

1 283

Cash operating costs

Underground

Sep 2011 Qtr

1 512

–

1 512

193

–

193

(ZAR/t) (US$/t)

Jun 2011 Qtr

1 446

–

1 446

194

–

194

Surface

Sep 2011 Qtr

Jun 2011 Qtr

Total

Sep 2011 Qtr

320

Jun 2011 Qtr

309

Gold and silver revenue

Sep 2011 Qtr

356.6

449.6

806.2

50.2

63.2

113.4

(ZAR million) (US$ million)

Jun 2011 Qtr

285.6

344.6

630.2

42.2

50.9

93.1

Operating proﬁt/(loss)

Sep 2011 Qtr

46.0

156.5

202.5

6.5

22.0

28.5

(ZAR million) (US$ million)

Jun 2011 Qtr

(0.6)

111.6

111.0

–

16.4

Capital expenditure

Sep 2011 Qtr

16.6

58.1

74.7

2.3

8.2

10.5

(ZAR million) (US$ million)

Jun 2011 Qtr

26.5

59.1

85.6

3.9

8.7

12.6

* Ergo includes Crown, Ergo and ERPM.

DIRECTORS (*British)(**American)
Executives: DJ Pretorius (Chief Executive Ofﬁcer), CC Barnes

(Chief Financial Ofﬁcer)

Independent non-executives: GC Campbell* (Non-Executive Chairman),
RP Hume; EA Jeneker, J Turk** • Company Secretary: TJ Gwebu

FOR FURTHER INFORMATION, CONTACT NIËL PRETORIUS AT:

Tel: +27 (0)11 470 2600 Fax: +27 (0)11 470 2618

Web:

http://www.drdgold.com

Quadrum Ofﬁce Park • Building 1 • 50 Constantia Boulevard
Constantia Kloof Ext 28 South Africa
PO Box 390 • Maraisburg 1700 • South Africa

CASH OPERATING COSTS RECONCILIATION

R000 unless otherwise stated

Blyvoor

Ergo*

Total

operations

Total cash costs

Sep 2011 Qtr

318 244

369 301

687 545

Jun 2011 Qtr

293 455

267 948

561 403

Movement in gold in process

Sep 2011 Qtr

(1 489)

(13 427)

(14 916)

Jun 2011 Qtr

10 352

20 236

30 588

Less: Assessment rates, rehabilitation and other

Sep 2011 Qtr

3 023

67 129

70 152

Jun 2011 Qtr

2 715

23 934

26 649

Less: Retrenchment costs

Sep 2011 Qtr

–

Jun 2011 Qtr

–

Less: Corporate and general administration costs

Sep 2011 Qtr

4 669

9 042

13 711

Jun 2011 Qtr

4 559

10 911

15 470

Cash operating costs

Sep 2011 Qtr

309 063

279 703

588 766

Jun 2011 Qtr

296 533

253 297

549 830

Gold produced (kg)

Sep 2011 Qtr

902

1 075

1 977

Jun 2011 Qtr

862

1 100

1 962

Total cash operating costs (R/kg)

Sep 2011 Qtr

342 642

260 189

297 808

Jun 2011 Qtr

344 006

230 270

280 240

Total cash operating costs (US$/oz)

Sep 2011 Qtr

1 502

1 141

1 305

Jun 2011 Qtr

1 573

1 057

1 283

* Ergo includes Crown, Ergo and ERPM.