DRDGold Ltd. / DRD (NYSE, JNB) und die Derivate

was soll ich dir glauben ?

Meinst du weiss mit Sicherheit etwas was die Anderen nicht wissen ? Du vermutest etwas. Das ist der Unterschied.

>Für 180 Mio Rand (23 Mio €) neue Aktien( 32,8 Mio), um flüssig zu bleiben. Aktien werden zu 0,69€ erstmal an Baker Steel Capital Managers verkauft, von denen die Aktionäre für je 100 Aktien, die sie halten, 6 neue Aktien zu 0,69€ kaufen können.<

DRDGOLD issuing more shares for R180 million
Jim Jones
'05-APR-05 14:00'

JOHANNESBURG (Mineweb.com) -- DRDGOLD, the troubled South African gold junior, is to raise R180 million from its shareholders and fund manager Baker Steel Capital Managers (BSCM)to keep itself afloat. The fund-raising comes in the wake of the auditor’s concern about DRDGOLD’s ability to continue as a going concern.

“The main purpose of the capital raising is to address KPMG’s concerns, and redress the balance between current assets and current liabilities,” the company says.

BSCM will buy 32.8 million shares at R5.50 apiece. But shareholders will be entitled, should they wish, to “claw back” from BSCM six shares for every 100 held, again at R5.50 apiece. DRDGOLD spokesman Ilja Graulich says that this financing method is less expensive than a normal underwritten rights issue. The issue price is about 8% less than the share’s recent trading averages on NASDAQ.

At end-December, DRDGOLD’s consolidated balance sheet disclosed current assets of R331 million and current liabilities of R396 million – giving net current liabilities of R65 million. The company had suffered losses during the six months to December. Since then, the company has received R38 million from JCI in terms of a court order and has walked away from its loss-making North West mines which the company has placed in voluntary liquidation.

When that was announced, the North West mines owed employees R130 million for wages and benefits, another R120 million was owed for electricity and other consumables, R1 billion to DRDGOLD itself and an unspecified amount for the cost of restoring environmental damage. Graulich said at the time of the liquidation announcement that this latter environmental amount would be covered largely by moneys already specifically put aside.

However, neighbouring mines dispute DRDGOLD’s right simply to walk away from the mines even if they had been owned by a subsidiary. The likely outcome remains far from clear. It is also not clear whether government will allow DRDGOLD to walk away from the mines’ longer-term water-pumping responsibilities.

Apart from restoring working capital, DRDGOLD says that the R180 million now being raised will be used to restructure operations to acquire other “synergistic assets” in South Africa and /or to fund necessary capital expenditure.

Though DRDGOLD's other South African operations are reported to be profitable, the company's longer-term aim is to shift operations offshore, particularly to Papua New Guinea, Fiji and Australia.
http://www.mineweb.net/sections/gold_silver/430190.htm

@ yoyo

Mit vermuten kann man geld verdienen und geld verlieren !
Und bitte lass mich jetzt in ruhe, es hat keinen sinn noch weiter zu diskutieren mit jemanden der seine meinung so und so nicht aendert.
Glaube und vermute an das was du glaubst, ich mach das selbe. Ok?

Servus Jojo, der Dollar macht bald einen !

Unter den 80 USD Index, dann grinse ich mir eines.

XEX

Ulfur

Du bist ein ganz schneller kriegsberichterstatter !

Also, DRD ist mindestens 0.69 Euro wert und die machen sich mit der nachricht heute ganz gut. Gold Junior !!
Alles drueber ist eine Spielpraemie fuer Rand und Goldpreisentwicklung.
Der Rand wird fallen und gold wird steigen.
Wann ??????
Geduldsspiel ist es auch

Thanks Ulfur

XEX

Habe mir nochmal den bericht angeschaut und zwischen den zeilen gelesen. KPMG die das ganze so publiziert haben dass DRD pleite ist muss nun zufriedengestellt werden.Ich mache mir keine sorgen, die sache regeln die schon, die jew boys . DRD kommt nicht auf einen stretcher oder bodybag raus, meiner Meinung !
I like the words, money for synergistic assets inside RSA
In Papua scheint die Sonne
Der Rand ist noch stark
Und Mbeki ist um diese uhrzeit besoffen !

Don't worry be happy, just watch your stoploss !

regards

XEX

gogh HDG

Nein wir machen keine Scherze !

@ Dempf

Ja, abwarten und Tee trinken heisst es nun, widme dich nun deinen Briefmarken, hoffentlich musst du nicht spaeter stempeln gehen.
Im Garten gibt es viel zu tun, ebenso bei DRD.
Wird scho !

Ciao Go

XEX

Clearly, the liquidation of the North West operations means that the optionality on this production base is now lost to investors,” said Merrill Lynch analyst David Hall in a note published last month.

However, “this action means that DRDGOLD can continue as a going concern and effectively cuts their cash costs by $80/oz, down to about $310/oz”.

>Eine Möglichkeit für die „Kriegskasse“ ist die Schließung von Blyvoor . Bei 86.000 Rand/kg sagte die Firma, Blyvoor sei beim Breakeven, nun ist der Goldpreis bei 84.316 R/kg.
Potentielle Akquisitionen: Nicht auf Australasien beschränkt, alles innerhalb einer 4-Stunden Flugzeit von Johannesburg möglich. „Es gibt eine Menge Zeug, was unsere Jungs interessiert“.
Aktienverwässerung: Von 1997 mit 30 Mio Aktien eine Verzehnfachung nach neuer Kapitalerhöhung auf 300 Mio.
Erntezeit bei Blyvoor: Ein JP Morgan Analyst am 1. April über Blyvoor: Reserven werden möglicherweise 4mal so schnell verbraucht, wie neue entwickelt. Kosten für das Halbjahr waren geringer als bei einer angemesseneren Entwicklungsrate.
Zum möglichen Weggang aus SA: CFO Murray: Der Markt belohnt Gewinnmargen mehr als Optionen.Dies bezieht sich auf die Goldreserven, die geopfert würden, wenn DRD die restlichen SA-Operationen schließen würde.
JPMorgan Analyst zur möglichen Blyvoor-Schließung: Dies bedeutete einen Verlust an Möglichkeiten, aber befreit DRD von qualitativ niedrigen SA-Gruben und erhöht die Gelegenheit, daß die Gruppe in eine höher bewertete globale Vergleichsgruppe vorstößt.<

Sieht also so aus, daß meine Vermutung, das Gerede von der neu gewonnenen Profitabilität von Blyvoor sei nicht ganz ernstzunehmen, gar nicht so abwegig ist.

DRDGOLD to raise $30m ‘warchest’
David McKay
Posted: Tue, 05 Apr 2005

-- DRDGOLD today unveiled terms of a $30m (R180m) share issue the aim of which was to pay for acquisitions and further restructuring. Ian Murray, DRDGOLD financial director, said there was “no immediate” destination for the funds which would be held as “a warchest”.

One possible implication of the share issue, however, is that the group would be well positioned to rapidly shut Blyvooruitzicht, its only 100% owned operating asset in South Africa. Murray said the mine was at break-even at a rand gold price of R86,000/kg. The rand gold price is currently at R84,316/kg.
Some 30 million shares would be issued half of which would be bought by Baker Steel Capital Managers (BSCM), a UK based hedge fund. Owing to BSCM's status as a related party, a shareholder vote would be needed to clear this transaction, Murray said.

The balance of the funds would be placed by means of a claw-back rights issue. In this transaction, funds would be provided to DRDGOLD which the gold company would then recoup through a general rights offer to shareholders.

Commenting on potential acquisitions, Murray said the group would not restrict itself to Australasia and was considering buying mines in southern Africa.

“There’s no need to limit ourselves. We will consider anything in Africa within a four hour flight time radius to Johannesburg,” Murray said. “There’s alot of stuff that has our guys interested,” he added.

DRDGOLD shareholders have seen shares in issue balloon to 264 million from 30 million in 1997, the year in which DRDGOLD consolidated its various assets under a single entity. Including today’s proposed transaction, shares in issue would have increased 10-fold to 300 million in the last eight years, an average of 33 million shares per year.

Steve Shepherd, an analyst for JP Morgan, said in a report dated April 1 that DRDGOLD could be in “harvest mode” at Blyvoor. “Firstly ... ore reserves are possibly being consumed at least four times faster than they are being developed. And secondly, that costs reported for the half year were lower than they might have been had the appropriate development rate been maintained,” he said.

Commenting on the possibility that DRDGOLD was positioning itself to depart from South Africa, Murray said: “The market is rewarding margin over optionality”. This refers to the gold ore reserves that DRDGOLD would sacrifice were it to shut its remaining South African operations.

Without any South African mines, South Africa would decline to 2.5 million oz from its current 7.4 million oz. Following the liquidation of its North West province mines last week, gold ore reserves fell from 12.4 million oz.
Writing on the closure of Blyvoor, Shepherd wrote: “This implies a loss of optionality, but liberates DRDGOLD form low quality South African mining assets, and possibly raises the opportunity for the group to move into a more highly rated global peer grouping”.
http://www.miningmx.com/gold_silver/430173.htm

Clever move the way I see it, they know why they have invested in Australasia in the first place and there will be more interesting mergers in the future. Who really knows what goes on in Papua ?

More mergers ahead,also with juniors.

In the end there will be only the big five like here in RSA Gameparks if you are lucky to see them all. !

Hippo, Elefant,Rhino,Lion, Leopard !

We''ve got them all on our banknotes and see how it becomes worthless with inflation.

Mandela Dollar ! auch fiat

Lihir, New Guine Gold, also search the jungle like Indiana Jones !

China/Mongolia says hello !
Viva South America and Mexico ! :))

Just watch the movie or fairy tail it will be interesting what DRD has in its hat.

Less output RSA Gold has to drive up spotprices and they will hold the position here somehow.

Don't worry, be happy !

Or horney to ride the bull. ;), see pic from gogh, OUR DOLLY !

Will she suck the lolly ?

There is always a sucker !!!
XEX

SOUTH AFRICA: Miners face a hopeless future
05 Apr 2005 17:56:21 GMT

Source: IRIN

STILFONTEIN, 5 April (IRIN) - For six years Elvis Dlamani worked as an electrician at one of the many gold mines that dot the landscape of South Africa's North West province. Eighteen months ago he was among 3,000 workers retrenched from two mines in the area that closed down.

Dlamani's R4,000 (US $666) severance payment is long gone and his attempts to find another mining job, or indeed, any job, have been unsuccessful. He sells sweets when he has money to buy them, and relies on his brother and girlfriend to help him pay the rent for his one-roomed township home.

When asked about his future, 32-year-old Dlamani shook his head, stared at the floor and said, "Just to suffer."

Following the closure of the two mines, owned by DRDGold, 6,513 workers faced unemployment and a future as uncertain as Dlamani's. The outlook for the nearby town of Stilfontein and its neighbouring township of Khuma, where the mines and related businesses were the principle employers, is even bleaker.

If the closure turns out to be permanent, said Nelson Notununu, an employee at one of the mines and local secretary of the National Union of Mineworkers (NUM), "Stilfontein will become a ghost town - it will be a disaster."

Gold has played a vital role in South Africa's history and its growth into a major economic force on the continent. The city of Johannesburg was formed after vast gold deposits were discovered in the Witwatersrand area, of which North West province forms part.

More than 100 years and 41,000 tonnes of gold later, the Witwatersrand reef system is still the largest source of unmined gold in the world and South Africa remains the world's largest gold producer.

"The ore body that is here is a lot," insisted Charles Botha, a metallurgical supervisor who is among those in Stilfontein facing retrenchment after 25 years with the mines. "It is a shame that some of the shafts are out of action."

Although Stilfontein has substantial gold reserves, they have become increasingly difficult and expensive to mine.

Like most of South Africa's gold mines, the depth of operations rules out mechanisation, making the process of extracting the ore extremely labour intensive. According to DRD, labour accounts for 58 percent of its operational costs in the North West.

South Africa's high steel prices, rising water costs and rail tariffs have contributed to production costs that are unsustainable against the backdrop of the slump in the gold price, explained Lesego Mncwango, spokesman for the Chamber of Mines of South Africa.

But the current strength of the rand against the dollar has driven the final nail in the coffin for mines like those at Stilfontein, where profit margins were already slim. Nationally, the number of people employed by gold mines in the last decade has dropped from about 530,000 to just 187,000.

Days after DRD had given the required 60 days' notice of its intention to retrench the entire workforce at Stilfontein, an earthquake struck the area, killing one miner and wounding four others.

The natural disaster sped up the human disaster that began with the 2003 retrenchments. Two weeks after the earthquake, and well before the 60 days' notice expired, DRD applied for liquidation.

The fate of the mine workers and the town now lies in the hands of the liquidators, who have 45 days to decide whether the mine's liabilities really outweigh its still considerable assets.

Botha is among several mine workers IRIN spoke to who believed the liquidators will find that, with good management, the company's problems are not insurmountable.

"My heart tells me we are not going to close," he said, adding that DRD has lacked consistent leadership since it acquired the business in 1999. Botha shares NUM's view that another company should take over the mines.

Ilja Graulich, a DRD spokesman, defended his company's record, saying it had spent R300 million ($48.3 million) last year alone to try to keep the North West mines operational.

"We have spent a lot of time and effort in trying to find the right management ... we were losing R25 million to R30 million ($4 million to $4.8 million) a month," he said, adding that the workers had refused to make financial sacrifices to keep the operations afloat.

A spokesperson for the Department of Minerals and Energy told IRIN his office could only ensure that DRD provided severance packages and training to retrenched workers in need of new skills. The industry standard is one or two weeks' pay for each year of service.

For skilled white-collar workers like Botha, who live in comfortable homes with well-kept lawns in Stilfontein's pleasant residential neighbourhoods, retrenchment is a major setback; for workers like Elvis Dlamani it can mean the difference between getting by and becoming destitute.

Reint Dykema, a spokesman for the trade union, Solidarity, estimates that each mineworker supports an average of 10 dependents. The closure of the two DRD mines and the announcement last week that another gold-mining company, Harmony, intends to lay off 4,900 of its workers could leave at least 120,000 people without jobs in the next few months.

The impact of the closures will be felt beyond South Africa's borders. Gold mines have a long tradition of employing workers from neighbouring countries like Mozambique, Swaziland, Lesotho and Botswana.

More than 50 percent of the workers facing retrenchment from DRD are migrant labourers who live in single-sex hostels close to the shafts and support families in their home countries.

Moses Sephachane left his hometown of Berea in Lesotho in 1991 and has been employed as a miner at Stilfontein ever since. His $400 monthly salary feeds his wife, mother and six children back in Berea, whom he visits about once every six months.

Since operations came to a halt two weeks ago there has been little for Sephachane to do, other than sit around the room he shares with seven other men, speculating about their future.

"We're just talking and talking," he said, speaking through a translator. "I am too worried because I am just eating and not working".

Frances Mashale, a Mozambican, has a wife and three children in the capital, Maputo, who rely on his earnings. He said he left Mozambique for South Africa in 1992 because there were no jobs in his country. There are still no jobs there, Mashale said, and besides, he knows "only how to use the shovel".

In the nearby township of Khuma, idle mine workers killing time outside a bottle store express suspicions about DRD's "real reasons" for the closures, and bitterness about its lack of investment in the community since taking over the mines six years ago.

"DRD does nothing for the community - there is no relationship - they are just eating money", said Daniel Mabunda, a widower with two young daughters who has been with the company for four years. He hopes to receive some retraining so he can move to Johannesburg and try his luck as a boilermaker.

For his part, Dlamani said, he has received no support from either the government or DRD since being retrenched. His forecast for other mineworkers about to join the ranks of the unemployed is gloomy: "We are all going to become smugglers and criminals."
http://www.alertnet.org/thenew…420e3fc92febad76bd33c.htm

VIVA MANDELA, BUSH & Co, we're free and we're the victims of bitter democracy now !
The freemansions laugh and rub their hands !

Prima wie die Droopy heute nach dem start anlaeuft !

SMILE ! :))