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 February 2012

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 February 2012, incorporated
by reference herein:

Exhibit

99.1

Release dated February 14, 2012, entitled “REPORT TO SHAREHOLDERS FOR THE

SECOND QUARTER AND SIX MONTHS ENDED 31 DECEMBER 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: February 14, 2012

By: /s/ Themba Gwebu

Name: Themba Gwebu

Title: Company Secretary

Report to shareholders for the second quarter
and six months ended 31 December 2011

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

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

NYSE trading symbol: DRD • (“DRDGOLD” or “the company”)

Review of operations

Quarter

% change

Quarter 6 months to 6 months to

% change 6 months to

Group

Dec 2011

Sep 2011

Dec 2010 31 Dec 2011 31 Dec 2010

30 Jun 2011

Gold production
Continuing operations

33 983

34 562

(2)

36 845

68 545

71 825

(5)

72 240

1 057

1 075

(2)

1 146

2 132

2 234

(5)

2 247

Discontinued operations

29 676

29 000

32 601

58 676

62 888

(7)

58 226

923

902

1 014

1 825

1 956

(7)

1 811

Group

63 659

63 562

–

69 446

127 221

134 713

(6)

130 466

1 980

1 977

–

2 160

3 957

4 190

(6)

4 058

Gold production sold
Continuing operations

33 983

36 523

(7)

36 845

70 506

73 272

(4)

70 311

1 057

1 136

(7)

1 146

2 193

2 279

(4)

2 187

Discontinued operations

29 676

29 000

32 601

58 676

65 781

(11)

58 226

923

902

1 014

1 825

2 046

(11)

1 811

Group

63 659

65 523

(3)

69 446

129 182

139 053

(7)

128 537

1 980

2 038

(3)

2 160

4 018

4 325

(7)

3 998

Cash operating costs
Continuing operations

US$ per oz

1 010

1 141

(11)

928

1 076

949

1 000

ZAR per kg

263 569

260 189

206 866

261 864

217 895

219 835

Discontinued operations

US$ per oz

1 245

1 502

(17)

1 145

1 372

1 179

1 411

ZAR per kg

326 677

342 642

(5)

255 208

334 568

270 840

310 424

Group

US$ per oz

1 118

1 305

(14)

1 030

1 211

1 056

1 183

ZAR per kg

292 988

297 808

(2)

229 560

295 396

242 611

260 263

Gold price received

US$ per oz

1 679

1 734

(3)

1 358

1 707

1 288

1 463

ZAR per kg

437 316

395 568

303 495

416 141

295 766

321 694

Capital expenditure

US$ million

11.5

9.9

11.1

21.4

19.2

26.1

ZAR million

84.4

77.9

77.6

162.3

137.0

178.8

STOCK

Issued capital

385 383 767 ordinary no par value shares
5 000 000 cumulative preference shares

Total ordinary no par value shares issued and

committed: 411 026 529

STOCK TRADED

JSE NASDAQ*

NYSE*

Average volume for the quarter

per day (’000)

% of issued stock traded (annualised)

Price •

High

•

Low

•

1 211

R5.95
R3.66

R4.60

1 121

$0.727

$0.493
$0.559

699

$0.557

$0.543
$0.543

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

** Share data as at 29 December 2011 – the last date of trading on the NASDAQ

GROUP RESULTS

KEY FEATURES FOR THE QUARTER

Gold production steady
Cash operating unit costs down 2%
Net proﬁt up 99% to R165.1 million
Headline earnings up 66% to R125.3 million
Net cash inﬂow from operations up 107% to R243.9 million
Agreement concluded for the sale of Blyvoor

Dear shareholder

I am pleased to report that our operations did well to maintain gold
production during the quarter under review. The “settling in” at various
points in the Ergo circuit throughout the quarter – with new reclamation
sites coming on stream and the ongoing integration of the remaining
Crown operations into the Ergo circuit through the new Crown/Ergo
pipeline - went better than anticipated. We experienced less volatility in

volume ﬂow than expected and production was stable.

It is also pleasing to report that the quarter was fatality-free, and at Ergo
no accidents resulting in injury occurred.

Another highlight for us was the transfer of our United States (“US”) listing
from NASDAQ to the New York Stock Exchange (“NYSE”). In so doing,
we look forward to leveraging the NYSE’s considerable knowledge and

experience of the US investing community to create a better understanding
of DRDGOLD’s investment proposition, resulting in more active participation
in our ADR programme and thus, appreciation in its value.

Production

Q2 2012 v Q1 2012

Total gold production was virtually unchanged at 63 659oz, a 2% increase

in production at Blyvoor offsetting a 2% decline in production at Ergo.

Q2 2012 v Q2 2011

Total gold production was down from the 69 446oz attained in the

comparable quarter of FY2011, the reasons for which are described below.

Financial

Q2 2012 v Q1 2012

After accounting for cash operating unit costs, 2% lower at R292 988/kg,

net proﬁt was approximately double at R165.1 million, as a consequence
of an 11% increase in the average Rand gold price received to R437 316/
kg. Headline earnings per share were 65% higher at 33 South African cents.

Q2 2012 v Q2 2011

Net proﬁt was almost 300% up from R41.7 million in the comparable
quarter of FY2011, with operations taking full beneﬁt of the considerable
rise in the gold price. Headline earnings per share were up 267% from nine
South African cents per share.

Detailed operational review

Continuing operations (Ergo)

Q2 2012 v Q1 2012

Gold production was 2% lower at 33 983oz, reﬂecting both downtime
during the quarter at the Knights Plant and a slight drop in the average

yield. Unscheduled maintenance and repairs to a thickener interrupted

production at Knights for approximately 14 days. Throughput was stable
at 5 234 000t.

Cash operating unit costs were 1% higher at R263 569/kg due to lower
gold production. Cash operating proﬁt rose by 21% to R188.7 million.

As the Crown/Ergo pipeline neared completion, capital investment

declined by 21% to R45.7 million.

Q2 2012 v Q2 2011

Gold production for the quarter under review was 33 983oz compared
with 36 845oz for the comparable quarter in FY2011. This was mainly
as a consequence of a drop in yield from the higher-volume slimes dams
we are now targeting. Our aim is to increasingly offset lower grade with
higher volumes. Throughput was 9% higher at 5 234 000t (Q2 2011:

4 793 000t).

Cash operating unit costs were higher at R263 569/kg, up from

R206 866/kg in Q2 2011. This was as a consequence of the lower ounces
produced and the increase in tonnage. Operating proﬁt was 73% higher at
R188.7 million (Q2 2011: R109.3 million).

The DRDGOLD Board approved the go-ahead of the Ergo ﬁne-grind circuit.

Discontinued operation – Blyvooruitzicht Gold Mining
Company Limited (“Blyvoor”)

Q2 2012 v Q1 2012

Total gold production was 2% higher at 29 676oz due to a 7% increase in

gold production from underground to 23 117oz.

Higher underground gold production resulted from an improvement of

4% in underground throughput to 191 000t and maintainenance of the

underground yield at 3.76g/t.

Gold production from surface sources was lower at 6 559oz, reﬂecting a

17% decline in the average surface yield to 0.25g/t. Surface throughput

was 2% higher at 801 000t. The lower average surface yield resulted

both from diminishing recovery of higher-grade material from clean-up
operations and from the lower yields of the No 4 and 5 Dams, both of

which are nearing depletion.

Total cash operating unit costs were 5% lower at R326 677/kg. Surface

cash operating unit costs increased by 18% to R156 113/kg. Underground
cash operating unit costs were 10% lower at R375 071/kg, reﬂecting the
increase in underground gold production. Cash operating proﬁt was 114%
higher at R98.6 million, a consequence of both improved total production
and the higher average Rand gold price received.

Capital expenditure doubled to R33.2 million. This signals a return to
normal capex levels following the lifting of the business rescue process,
during which time capital expenditure was curtailed. Most capex during
the quarter was directed towards opening up and development.

Q2 2012 v Q2 2011

Total gold production in the quarter under review was 9% lower than

the 32 601oz attained in the comparable quarter of FY2011. The primary
contributors to this are declines in both the average underground yield
and the average surface yield, the former by 9%, from 3.76g/t, and the

latter by 24% from 0.25g/t.

Total cash operating unit costs rose by 28% to R326 677/kg. Underground

cash operating costs increased by 25% to R375 071/kg and surface cash
operating costs by 35% to R115 532/kg.

Cash operating proﬁt rose by 133% from R42.2 million to R98.6 million.

Capital investment increased by 54%, from R21.6 million to R33.2 million.

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

2011, which we ﬁled with the United States Securities and Exchange Commission on 28 October 2011 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 have not been reviewed and reported on by DRDGOLD’s auditors.

DRDGOLD LIMITED

Shareholder Report 2011

DRDGOLD LIMITED

Shareholder Report 2011

Curtailment of production from Blyvoor’s low-grade
4 and 6 Shafts

Blyvoor’s number 5 shaft responded well to measures decided during the
business rescue process. However, number 4 and 6 shafts – used mainly
for underground water pumping – did not, and were unable to reverse the
progressive worsening of recovery grades recorded from approximately
April 2011. Both are still signiﬁcantly below cut-off recovery grade.

Therefore, DRDGOLD announced last week that the Blyvoor Board

of Directors had resolved to discontinue mining operations at the two
shafts. Blyvoor has given notice in terms of Section 189 (3) of the Labour
Relations Act to organised labour to enter a 60-day consultation process
regarding this.

Disposal of shares and claims in Blyvoor
to Village

Yesterday DRDGOLD announced that it has entered into a sale of shares

and claims agreement with Village Main Reef Limited (“Village”) in respect
of DRDGOLD’s 74% interest in Blyvoor.

This follows an announcement on 8 November 2011, advising that

DRDGOLD had received and accepted a non-binding expression of interest
(“EOI”) from Village in terms of which Village had expressed an interest in
acquiring DRDGOLD’s entire interest in Blyvoor.

In terms of the agreement announced yesterday, DRDGOLD has agreed to
sell to Village its entire shareholding in Blyvoor and its working capital and
shareholder loan claims against Blyvoor.

The purchase consideration will be settled by Village through the issue

of 85 714 286 new ordinary shares in Village. The current value of the
consideration shares, calculated with reference to the 30 day volume
weighted average price (“VWAP”) per Village share up until and including
Friday, 10 February 2012, is approximately R192 million.

The sale is conditional on:
•   the conclusion of the sale to Blyvoor by AngloGold Ashanti Limited
    (“AGA”) of a portion of AGA’s Savuka Mine, to the satisfaction of Village,
    by 30 May 2012;

• its approval – or conditional approval on terms acceptable to DRDGOLD

and Village – by the South African Competition Authorities;

• conversion by the Department of Mineral Resources (“DMR”) of Blyvoor’s

old order mining right to a new order mining right by the second
anniversary of the signing the sale of shares and claims agreement; and

• approval on terms acceptable to DRDGOLD and Village – by the DMR

of the transfer of DRDGOLD’s interest in Blyvoor to Village in terms of

Section 11 of the Mineral and Petroleum Resources Development Act
(“MPRDA”).

Zimbabwe

During the quarter, the focus remained on drilling at the KT Target at
Gweru and interpreting additional geochem reports in respect of the Leny,
Ascot and John Bull prospects at Norton. Follow-up geochem surveys on a
smaller grid, together with trenching, will now follow.

Looking ahead

Crown/Ergo Integration – Over the next few months, we intend
to fully bed down the Crown/Ergo integration, and get to work on
optimising the output of these circuits. We expect that we can now
leverage the considerable competitive advantage offered by our
extensive resource, plant infrastructure and strategic surface holdings
in order to grow our 11 million-ounce surface resource even further
and thus extend the life of Ergo.

Fine-Grind Circuit – The DRDGOLD Board of Directors has given the
go-ahead for the incorporation of a ﬂotation and ﬁne-grind circuit
into Ergo’s Brakpan plant. Simply stated, ﬂotation will separate from

the total feed to the Brakpan plant the higher fraction pyrite particles
in which more than 40% of the gold which does not respond to

our metallurgical process is embedded. This material, a concentrate
of roughly 4% of total run of mine, is then ﬁne-ground to liberate
between 16-20% more gold. The total cost of refurbishing the
existing Ergo ﬂotation plant and constructing the ﬁne-grind section
is an estimated R250 million. The business case for this improvement
is compelling.

East Rand Exploration – We expect a Competent Person’s Report
on the ERPM extension 1 and 2 prospect to be completed by the end
of February 2011. The board has now also resolved to develop this
resource further through additional drilling to take it to the South

African Code for Reporting of Exploration Results, Mineral Resources
and Mineral Reserves (SAMREC) – and Joint Ore Reserves Committee
(JORC) – compliant level of conﬁdence. In order to create more

market awareness of the potential of the resource, we will decide the
appropriate commercial model for it, with the possibility of creating a
separate investment opportunity for investors.

Niël Pretorius

– Chief Executive Ofﬁcer

14 February 2012

The condensed consolidated ﬁnancial statements are prepared in accordance with the recognition and measurement principles of International Financial

Reporting Standards (“IFRS”) and presented in accordance with the minimum content, including disclosures, prescribed by IAS 34 Interim Financial
Reporting applied to interim reporting, and South African Statements and Interpretations of Statements of Generally Accepted Accounting Practice
(AC 500 Series). 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.

CONDENSED CONSOLIDATED

Quarter

Quarter 6 months to 6 months to 6 months to

Statement of comprehensive income

Dec 2011

Sep 2011

Dec 2010 31 Dec 2011 31 Dec 2010

30 Jun 2011

Notes

Unaudited

Unaudited

Continuing operations

Gold and silver revenue

462.8

449.6

348.2

912.4

674.8

704.6

Net operating costs

(274.1)

(293.1)

(238.8)

(567.2)

(499.5)

(473.0)

Cash operating costs

(278.6)

(279.7)

(237.0)

(558.3)

(486.7)

(494.0)

Movement in gold in process

4.5

(13.4)

(1.8)

(8.9)

(12.8)

21.0

Operating proﬁt

188.7

156.5

109.4

345.2

175.3

231.6

Depreciation

(30.6)

(27.2)

(27.0)

(57.8)

(46.5)

(50.0)

Movement in provision for environmental
rehabilitation

(6.0)

(7.1)

(4.5)

(13.1)

(9.0)

(37.9)

Retrenchment costs

–

(0.4)

Net operating proﬁt

152.1

122.2

77.9

274.3

119.4

143.3

DRDGOLD LIMITED Shareholder Report 2011

CONDENSED CONSOLIDATED

Quarter

Quarter 6 months to 6 months to 6 months to

Statement of comprehensive income

Dec 2011

Sep 2011

Dec 2010 31 Dec 2011 31 Dec 2010

30 Jun 2011

Notes

Unaudited

Unaudited

Reversal of impairments

–

30.9

Environmental rehabilitation costs

(9.3)

(14.5)

0.3

(23.8)

0.6

0.9

Corporate, administration and other expenses

(31.1)

(21.5)

(24.9)

(52.6)

(50.7)

(81.3)

Share-based payments

(1.3)

(0.4)

(1.2)

(1.7)

(1.8)

(1.7)

Net (loss)/proﬁt on ﬁnancial liabilities

measured at amortised cost

(6.8)

(0.3)

(1.0)

(7.1)

(12.7)

2.5

(Loss)/proﬁt on disposal of assets

–

(2.7)

–

1.7

1.6

Finance income

5.4

5.4

7.8

10.8

12.5

10.7

Finance expenses

(1.5)

(4.5)

(6.4)

(6.0)

(9.6)

(2.9)

Proﬁt before taxation

107.5

86.4

49.8

193.9

59.4

104.0

Income tax

(8.6)

(5.8)

(2.1)

(14.4)

(5.7)

(0.6)

Deferred tax

(25.8)

( 34.6)

( 25.6)

(60.4)

(31.7)

8.3

Proﬁt after taxation

73.1

46.0

22.1

119.1

22.0

111.7

Discontinued operations

Proﬁt for the period from discontinued

operations

92.0

37.1

19.6

129.1

11.4

18.1

Impairments from discontinued operations

–

(578.6)

Net proﬁt/(loss) for the period

165.1

83.1

41.7

248.2

33.4

(448.8)

Attributable to:

Equity owners of the parent

125.3

75.4

31.6

200.7

31.9

(319.8)

Non-controlling interest

39.8

7.7

10.1

47.5

1.5

(129.0)

165.1

83.1

41.7

248.2

33.4

(448.8)

Other comprehensive income

Foreign exchange translation

(0.6)

(2.6)

–

(3.2)

–

0.8

Mark-to-market of available-for-sale

investments

–

0.3

Total comprehensive income/(loss)

for the period

164.5

80.5

41.7

245.0

33.4

( 447.7)

Attributable to:

Equity owners of the parent

124.7

72.8

31.6

197.5

31.9

(318.8)

Non-controlling interest

39.8

7.7

10.1

47.5

1.5

(128.9)

164.5

80.5

41.7

245.0

33.4

(447.7)

Reconciliation of headline earnings
Net proﬁt/(loss)

125.3

75.4

31.6

200.7

31.9

(319.8)

Adjusted for:

– Impairments

–

547.7

– Loss/(proﬁt) on disposal of assets

–

2.7

–

(1.7)

(1.6)

– Non-controlling interest in headline

earnings adjustment

–

(0.7)

–

0.4

(149.2)

Headline earnings

125.3

75.4

33.6

200.7

30.6

77.1

Headline earnings per share-cents

– From continuing operations

– From total operations

Basic earnings/(loss) per share-cents

– From continuing operations

– From total operations

(83)

Diluted headline earnings per share-cents

Diluted basic earnings/(loss) per share-cents

(83)

Calculated on the weighted average ordinary
shares issued of:

385 173 763 384 884 379 384 884 379 385 029 071 384 884 379

384 884 379

DRDGOLD LIMITED Shareholder Report 2011

CONDENSED CONSOLIDATED

As at

Statement of ﬁnancial position

31 Dec 2011

30 Sep 2011 31 Dec 2010

30 Jun 2011

Notes

Unaudited

Unaudited

Reviewed

Assets
Non-current assets

1 731.4

1 817.4

2 212.9

1 778.6

Property, plant and equipment

1 570.4

1 599.0

1 939.0

1 550.1

Non-current investments and other assets

10.8

25.1

24.8

25.1

Environmental rehabilitation trust funds

103.4

136.0

131.1

134.2

Deferred tax asset

46.8

57.3

118.0

69.2

Current assets

716.8

599.8

446.4

510.0

Inventories

89.7

115.1

101.2

122.9

Trade and other receivables

92.0

190.8

96.5

128.0

Cash and cash equivalents

320.9

293.9

233.7

259.1

Assets classiﬁed as held-for-sale

214.2

–

15.0

–

Total assets

2 448.2

2 417.2

2 659.3

2 288.6

Equity and liabilities

Equity

1 439.0

1 271.2

1 665.5

1 219.2

Equity of the owners of the parent

1 419.6

1 291.6

1 564.7

1 247.3

Non-controlling interest

19.4

(20.4)

100.8

(28.1)

Non-current liabilities

622.5

689.5

705.5

659.4

Loans and borrowings

–

40.0

71.9

40.4

Post-retirement and other employee beneﬁts

5.8

6.4

13.8

6.3

Provision for environmental rehabilitation

456.2

497.8

438.4

490.2

Deferred tax liability

160.5

145.3

181.4

122.5

Current liabilities

386.7

456.5

288.3

410.0

Trade and other payables

209.1

375.8

209.8

330.7

Loans and borrowings

30.5

80.7

78.5

79.3

Liabilities classiﬁed as held-for-sale

147.1

–

Total equity and liabilities

2 448.2

2 417.2

2 659.3

2 288.6

CONDENSED CONSOLIDATED

Quarter

6 months to 6 months to 6 months to

Statement of changes in equity

Dec 2011

Sep 2011

Dec 2010 31 Dec 2011 31 Dec 2010

30 Jun 2011

Unaudited

Unaudited

Unaudited

Unaudited

Balance at the beginning of the period

1 271.2

1 219.2

1 622.6

1 219.2

1 649.9

1 665.5

Share capital issued

1.8

–

1.8

(0.4)

(0.3)

– for share options exercised

1.8

–

1.8

–

– for costs

–

(0.4)

(0.3)

Increase in share-based payment reserve

1.5

0.4

1.2

1.9

1.8

1.7

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

125.3

75.4

31.6

200.7

31.9

(319.8)

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

39.8

7.7

10.1

47.5

1.5

(129.0)

Dividends paid on ordinary share capital

–

(28.9)

–

(28.9)

(19.2)

–

Other comprehensive income

(0.6)

(2.6)

–

(3.2)

–

1.1

Balance as at the end of the period

1 439.0

1 271.2

1 665.5

1 439.0

1 665.5

1 219.2

DRDGOLD LIMITED Shareholder Report 2011

CONDENSED CONSOLIDATED

Quarter

6 months to

Statement of cash ﬂows

Dec 2011

Sep 2011

Dec 2010 31 Dec 2011 31 Dec 2010

30 Jun 2011

Unaudited

Unaudited

Unaudited

Unaudited

Net cash inﬂow from operations

243.9

117.9

78.6

361.8

100.5

223.4

Net cash outﬂow from investing activities

(89.2)

(83.1)

(80.3)

(172.3)

(135.3)

(199.8)

Net cash (out)/inﬂow from ﬁnancing activities

(119.4)

–

88.8

(119.4)

80.3

1.0

Loans and other

(73.3)

–

108.0

(73.3)

131.2

1.0

Dividends paid to owners of the parent

(28.9)

–

(19.2)

(28.9)

(19.2)

–

Dividends paid to non-controlling interest holders

(17.2)

–

(17.2)

(31.7)

–

Increase in cash and cash equivalents

35.3

34.8

87.1

70.1

45.5

24.6

Translation adjustment

–

0.8

Opening cash and cash equivalents

293.9

259.1

146.6

259.1

188.2

233.7

Closing cash and cash equivalents

329.2

293.9

233.7

329.2

233.7

259.1

Cash classiﬁed as assets held for sale included in the
closing balance

8.3

–

8.3

–

Reconciliation of net cash inﬂow from operations
Proﬁt before taxation

107.5

86.4

49.8

193.9

59.4

104.0

Proﬁt/(loss) from discontinued operations

92.0

37.1

28.3

129.1

15.7

(562.3)

199.5

123.5

78.1

323.0

75.1

(458.3)

Adjusted for:
Movement in gold in process

(1.5)

14.9

8.3

13.4

41.8

(26.2)

Depreciation and impairment

31.7

27.8

35.7

59.5

63.3

615.3

Movement in provision for environmental rehabilitation

4.6

7.3

4.7

11.9

9.5

43.1

Share-based payments

1.5

0.4

1.2

1.9

1.8

1.7

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

6.8

0.3

1.9

7.1

14.5

(31.6)

(Proﬁt)/loss on disposal of assets

–

2.7

–

(1.7)

(1.6)

Finance expense and unwinding of provisions

2.9

2.7

3.0

5.6

6.0

3.4

Growth in Environmental Trust Funds

(1.9)

(1.7)

(1.9)

(3.6)

(3.9)

(4.5)

Other non-cash items

(1.2)

(1.7)

0.3

(2.9)

(1.1)

(13.2)

Taxation paid

(8.5)

–

(5.8)

(8.5)

(5.8)

(0.4)

Working capital changes

10.0

(55.6)

(49.6)

(45.6)

(99.0)

95.7

Net cash inﬂow from operations

243.9

117.9

78.6

361.8

100.5

223.4

Notes to the ﬁnancial statements

1. Discontinued operations and assets classiﬁed as held for sale

On 8 November 2011, DRDGOLD announced the acceptance of an EOI from Village for the acquisition of DRDGOLD’s entire interest in and claims against
Blyvoor for R1 and 85 714 286 new ordinary shares of Village which closed on R2.16 per share on Friday 10 February 2012.

Quarter

6 months to 6 months to 6 months to

Results of discontinued operation

Dec 2011

Sep 2011

Dec 2010 31 Dec 2011 31 Dec 2010

30 Jun 2011

Unaudited

Unaudited

Unaudited

Unaudited

Gold and silver revenue

403.1

356.6

307.4

759.7

604.4

581.5

Net operating costs

(304.5)

(310.6)

(265.3)

(615.1)

(558.8)

(557.0)

Operating proﬁt

98.6

46.0

42.1

144.6

45.6

24.5

Depreciation

(1.1)

(0.6)

(8.7)

(1.7)

(16.8)

(17.6)

Movement in provision for environmental rehabilitation

1.4

(0.2)

1.2

(0.5)

(5.2)

Net operating proﬁt

98.9

45.2

33.2

144.1

28.3

1.7

Impairments

–

(578.6)

Other costs

(6.9)

(8.1)

(4.9)

(15.0)

(12.6)

14.6

Proﬁt/(loss) before taxation

92.0

37.1

28.3

129.1

15.7

(562.3)

Taxation

–

(8.7)

–

(4.3)

1.8

Proﬁt/(loss) after taxation

92.0

37.1

19.6

129.1

11.4

(560.5)

Cash ﬂow from/(used in) discontinued operations
Net cash generated by operating activities

93.7

20.9

38.9

114.6

46.5

17.7

Net cash used in investing activities

(33.2)

(16.6)

(21.6)

(49.8)

(40.7)

(53.6)

Net cash from ﬁnancing activities

–

Net cash from/(used) for the period

60.5

4.3

17.3

64.8

5.8

(35.9)

DRDGOLD LIMITED Shareholder Report 2011

2. Loans and borrowings

Included in loans and borrowings is a R500 million Domestic Medium Term Note Programme (“DMTN Programme”) under which DRDGOLD may from
time to time issue notes. R108 million was issued on 1 October 2010, consisting of R78 million and R30 million respectively, under the DMTN Programme
and the different notes issued mature 12 and 24 months from the date of issue and bear interest at the three month Johannesburg Inter-bank Acceptance
Rate plus a margin ranging from 4% to 5% per annum. The DMTN Programme is unsecured. During the quarter under review DRDGOLD repaid the amount
of R78 million.

KEY OPERATING AND FINANCIAL RESULTS

(Unaudited)

Metric

Imperial

Metric

Continuing

operations

Discontinued

operations*

Total

operations

Continuing

operations

Discontinued

operations*

Total

operations

Ore milled (t’000)

Underground

Dec 2011 Qtr

–

191

–

210

Sep 2011 Qtr

–

184

–

203

Dec 2011 Ytd

–

375

–

413

Surface

Dec 2011 Qtr

5 234

801

6 035

5 769

883

6 652

Sep 2011 Qtr

5 231

783

6 014

5 764

863

6 629

Dec 2011 Ytd

10 465

1 584

12 049

11 533

1 746

13 281

Total

Dec 2011 Qtr

5 234

992

6 226

5 769

1 093

6 862

Sep 2011 Qtr

5 231

967

6 198

5 764

1 066

6 832

Dec 2011 Ytd

10 465

1 959

12 424

11 533

2 159

13 694

Yield (g/t) (oz/t)

Underground

Dec 2011 Qtr

–

3.76

–

0.110

Sep 2011 Qtr

–

3.64

–

0.106

Dec 2011 Ytd

–

3.70

–

0.108

Surface

Dec 2011 Qtr

0.20

0.25

0.21

0.006

0.007

0.006

Sep 2011 Qtr

0.21

0.30

0.22

0.006

0.009

0.006

Dec 2011 Ytd

0.20

0.28

0.21

0.006

0.008

0.006

Total

Dec 2011 Qtr

0.20

0.93

0.32

0.006

0.027

0.009

Sep 2011 Qtr

0.21

0.93

0.32

0.006

0.027

0.009

Dec 2011 Ytd

0.20

0.93

0.32

0.006

0.027

0.009

Gold produced (kg)/(oz)

Underground

Dec 2011 Qtr

–

719

–

23 117

Sep 2011 Qtr

–

669

–

21 509

Dec 2011 Ytd

–

1 388

–

44 626

Surface

Dec 2011 Qtr

1 057

204

1 261

33 983

6 559

40 542

Sep 2011 Qtr

1 075

233

1 308

34 562

7 491

42 053

Dec 2011 Ytd

2 132

437

2 569

68 545

14 050

82 595

Total

Dec 2011 Qtr

1 057

923

1 980

33 983

29 676

63 659

Sep 2011 Qtr

1 075

902

1 977

34 562

29 000

63 562

Dec 2011 Ytd

2 132

1 825

3 957

68 545

58 676

127 221

Cash operating costs

Underground

Dec 2011 Qtr

–

375 071

–

1 429

(ZAR/kg) (US$/oz)

Sep 2011 Qtr

–

415 913

–

1 823

Dec 2011 Ytd

–

394 756

–

1 619

Surface

Dec 2011 Qtr

263 569

156 113

246 186

1 010

597

940

Sep 2011 Qtr

260 189

132 262

237 401

1 141

580

1 041

Dec 2011 Ytd

261 864

143 396

241 713

1 076

588

991

Total

Dec 2011 Qtr

263 569

326 677

292 988

1 010

1 245

1 118

Sep 2011 Qtr

260 189

342 642

297 808

1 141

1 502

1 305

Dec 2011 Ytd

261 864

334 568

295 396

1 076

1 372

1 211

Cash operating costs

Underground

Dec 2011 Qtr

–

1 412

–

157

(ZAR/t) (US$/t)

Sep 2011 Qtr

–

1 512

–

193

Dec 2011 Ytd

–

1 461

–

175

Surface

Dec 2011 Qtr

Sep 2011 Qtr

Dec 2011 Ytd

Total

Dec 2011 Qtr

304

Sep 2011 Qtr

320

Dec 2011 Ytd

312

Gold and silver revenue

Dec 2011 Qtr

462.8

403.1

865.9

57.1

49.9

107.2

(ZAR million) (US$ million)

Sep 2011 Qtr

449.6

356.6

806.2

63.3

50.2

113.4

Dec 2011 Ytd

912.4

759.7

1 672.1

120.4

100.1

220.6

Operating proﬁt

Dec 2011 Qtr

188.7

98.6

287.3

23.4

12.6

36.0

(ZAR million) (US$ million)

Sep 2011 Qtr

156.5

46.0

202.5

22.0

6.5

28.5

Dec 2011 Ytd

345.2

144.6

489.8

45.4

19.1

64.5

Capital expenditure

Dec 2011 Qtr

51.2

33.2

84.4

7.3

4.2

11.5

(ZAR million) (US$ million)

Sep 2011 Qtr

61.3

16.6

77.9

7.6

2.3

9.9

Dec 2011 Ytd

112.5

49.8

162.3

14.9

6.5

21.4

* Discontinued operations represent Blyvoor.

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

Continuing

operations

Discontinued

operations*

Total

operations

Total cash costs

Dec 2011 Qtr

305 009

311 802

629 403

Sep 2011 Qtr

369 301

318 244

650 536

Dec 2011 Ytd

674 310

630 046

1279 939

Movement in gold in process

Dec 2011 Qtr

4 577

(3 041)

1 536

Sep 2011 Qtr

(13 427)

(1 489)

(14 916)

Dec 2011 Ytd

(8 850)

(4 530)

(13 380)

Less: Assessment rates, rehabilitation and other

Dec 2011 Qtr

21 966

2 533

26 361

Sep 2011 Qtr

67 129

3 023

31 013

Dec 2011 Ytd

89 095

5 556

57 374

Less: Corporate and general administration costs

Dec 2011 Qtr

9 028

4 705

24 462

Sep 2011 Qtr

9 042

4 669

15 840

Dec 2011 Ytd

18 070

9 374

40 302

Cash operating costs

Dec 2011 Qtr

278 592

301 523

580 116

Sep 2011 Qtr

279 703

309 063

588 767

Dec 2011 Ytd

558 295

610 586

1168 883

Gold produced (kg)

Dec 2011 Qtr

1 057

923

1 980

Sep 2011 Qtr

1 075

902

1 977

Dec 2011 Ytd

2 132

1 825

3 957

Total cash operating costs (R/kg)

Dec 2011 Qtr

263 569

326 677

292 988

Sep 2011 Qtr

260 189

342 642

297 808

Dec 2011 Ytd

261 864

334 568

295 396

Total cash operating costs (US$/oz)

Dec 2011 Qtr

1 010

1 245

1 118

Sep 2011 Qtr

1 141

1 502

1 305

Dec 2011 Ytd

1 076

1 372

1 211

* Discontinued operations represent Blyvoor.