OTHER INVESTMENTS (Tables)

12 Months Ended

Jun. 30, 2022

Other Investments [abstract]

Investment in other entities

Amounts in R million

Shares

held

 1

% held

 1

2022

2021

Listed investments (Fair value hierarchy Level 1):

West Wits Mining Limited ("

WWM

")

47,812,500

2.4%

10.7

43.5

Total listed investments

10.7

43.5

Unlisted investments (Fair value hierarchy Level 3):

Rand Refinery Proprietary Limited ("

Rand Refinery

")

44,438

11.3%

136.1

119.3

Rand Mutual Assurance Company Limited B Share Business Fund ("

RMA

")

 2

12,659

2

1.3%

 2

4.4

4.1

Guardrisk Insurance Company Limited (Cell Captive A170)

 3

20

3

100.0%

3

0.1

0.1

Chamber of Mines Building Company Proprietary Limited

42,292

4.5%

0.1

0.1

Total unlisted investments

140.7

123.6

Balance at the end of the year 

151.4

167.1

Fair value adjustment on equity instruments at fair value through OCI

(15.7)

(28.2)

WWM

(32.8)

31.5

Rand Refinery

16.8

(59.1)

RMA

0.3

(0.6)

Dividends received on equity instruments at fair value through OCI

(71.5)

(76.1)

Rand Refinery

(70.1)

(72.3)

RMA

(1.4)

(3.8)

1

The number and percentage shares held remained unchanged for the prior year with the exception of WWM that issued new shares thereby

diluting DRDGOLD's effective shareholding from

3.5

% to

2.4

%

2

The "B Share Business Fund" shares relate to all the businesses of the RMA Group that do not relate to the Compensation for Occupational

Injuries and Diseases Act

3

The shares held entitles the holder to

100

% of the residual net equity of Cell Captive A 170

Fair value of investments

Amounts in R million

2022

2021

Balance at the beginning of the year

119.3

178.4

Fair value adjustment on equity investments at fair value through other comprehensive income

16.8

(59.1)

Balance at the end of the year

136.1

119.3

Key observable/unobservable inputs into the model

Amounts in R million

Observable/unobservable input

Unit

2022

2021

Rand Refinery operations

Forecast average gold price 

Observable input

R/kg

880,207

847,317

Forecast average silver price 

Observable input

R/kg

11,209

11,751

Average South African CPI

Observable input

%

4.4

4.4

South African long-term government bond rate

Observable input

%

10.26

9.5

Terminal growth rate

Unobservable input

%

4.4

4.4

Weighted average cost of capital

Unobservable input

%

15.9

15.1

Investment in Prestige Bullion

Discount period

Unobservable input

years

11

12

Cost of equity

Unobservable input

%

14.2

16.5

Sensitivity analysis

Input

Change in OCI, net of tax

Amounts in R million

% Increase

% Decrease

% Increase

% Decrease

Rand Refinery operations

Rand US Dollar exchange rate

Observable inputs

1

(1)

3.3

(3.3)

Commodity prices (Gold and silver)

Observable inputs

1

(1)

2.8

(2.8)

Operating costs

Unobservable inputs

1

(1)

(2.6)

2.6

Weighted average cost of capital

Unobservable inputs

1

(1)

(0.1)

0.1

Minority discount

Unobservable inputs

1

(1)

(1.2)

1.2

Marketability discount

Unobservable inputs

1

(1)

(1.2)

1.2

Investment in Prestige Bullion

Cost of equity

Unobservable inputs

1

(1)

(1.0)

1.0

Prestige Bullion dividend forecast

Unobservable inputs

1

(1)

0.3

(0.3)