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

    The 2005 financial year has been one of the toughest in DRDGOLD's recent
    history. It was disappointing - and for a while discouraging - to witness the
    deleterious impact of two major extraneous factors on our plans for the
    company's growth and development ambitions. Here, we refer to the Rand strength /Rand gold price weakness combination and to the devastating earthquake, which precipitated our struggling NWO into provisional liquidation.


    This was our 110th year in business however, and we would simply not have
    survived this long had it been in our nature as a corporate entity to simply
    give up'. We have long characterised ourselves as the turnaround' experts :rolleyes: ,
    fixing or as a last resort, closing, mature gold mining operations that the
    more faint-hearted had long since abandoned. More recently we have argued that we do what we say, even when it is unpleasant and what some people want neither to witness nor hear.


    Droopy nichts für Hasenfüße :D

    DRDGold looks to Africa
    ===================



    Thu, 25 Aug 2005
    [miningmx.com] --



    Despite having restored its remaining South African operations to profitability DRDGold will be looking to the rest of Africa for the future growth of its "local" operations.



    That was spelt out at today’s presentation of DRDGold’s financial results for the year to end-June by DRDGold chairman Paseka Ncholo.


    Ncholo heads up Khumo Bathong Holdings which is DRDGold’s BEE partner. Khumo Bathong signed a memorandum of understanding at the end of July to take a 15% stake in DRDGold’s South African operations with an option to raise that to 26%.


    Ncholo said that DRDGold’s South African assets provide the group with "optionality" to the gold price but these operations were predominantly high-cost, deep-level mines.


    He said it was essential to get access to "cheap" gold which was available elsewhere in Africa and could be mined for cash operating costs close to US$100/oz.


    By comparison, the average cost for DRDGold’s SA operations for the year to June was $453/oz although this drops to US$407/oz for the six months to June reflecting in part the closure of the group’s unprofitable North West Operations (NWO).


    Ncholo said DRDGold had identified a number of opportunities in countries such as the Democratic Republic of Congo (DRC), Tanzania, Mali, Ivory Coast and Mocambique.
    Essential to gain access to 'cheap' goldHe added it would be another four months or so before the group’s plans were finalised but the intention was to acquire small, existing gold operations to gain the exposure that DRDGold wanted.


    So the good news is that the group’s SA operations have been restored to profitability. The bad news is that profits are dropping at DRDGold’s Australian operations.


    The group also had to write down the value of its stake in Emperor Mines to a value of A$0,28c a share from the average of A$0,60 a share that DRDGold paid to buy its 45% stake in Emperor.


    Result was a R127,4m loss from associates. That helped convert DRDGold’s net operating profit of R41,2m for the six months into a headline loss of R127,1m. For the year to June DRDGold shows a net loss of R502,5m compared with a net loss of R716,4m for financial 2004.


    The worst seems to be over but DRDGold still has plenty to sort out which is why CEO Mark Wellesley-Wood sounds distinctly cautious on future prospects. He says; "from past events we have learned never to be sanguine, but the 2006 financial year is at least starting on a better base."


    Requiring attention in South Africa is the Crown Mines dump retreatment operation where profits have crumbled to R7,4m in the six months to June 2004 from R20,5m in the previous comparable period. Costs reached $412/oz in the six months to June from $351/oz in the previous comparable period.


    Reasons include a change in feedstock sources resulting in lower grades and lower volumes. Both volumes and grades are forecast to rise in the year ahead.


    In Australasia, the 100% owned Tolukuma mine in Papua New Guinea shows a worrying declining trend in operating profits caused by rapidly rising costs. These reached $367/oz in the six months to June from $253/oz in the previous comparable period.


    DRDGold owns a 20% stake in the Porgera mine - managed by Placer Dome - where costs are also rising sharply while production has been affected by instability in the west wall of the open pit. An update on Porgera’s mining plan is due from Placer Dome in September.


    Still to be resolved is the insurance claim lodged by DRDGold as a result of the earthquake at NWO in March which damaged shaft infrastructure and led to the decision to put NWO into liquidation.


    The claim is believed to be for more than R500m although the final settlement may be below that. While this money will be paid over to the NWO liquidators, DRDGold is entitled to claim back R43m which it has spent after the date of liquidation in assisting the liquidators to meet certain of NWO’s obligations including pumping costs.

    Genauso ist es Tambok, sollen sie doch die unlukrativen Minen an die Schwarzen verkaufen und wo anders butteln wo weniger Stress und Profit ist. Sie koennen ja spaeter die Minen wieder guenstig zurueckholen weil die eh auf die Nase fallen ohne weissen Management.

    DRDGOLD has no further NWO liabilities


    Johannesburg, South Africa. 1 September 2005. DRDGOLD Limited (JSE: DRD; NASDAQ: DROOY; ASX: DRD; POM SoX: DRD) has concluded an agreement with Simmer and Jack Mines Limited for the sale of its shareholdings in Buffelsfontein Gold Mines Ltd (in provisional liquidation).
    ...
    In exchange for the transfer of its holdings in Buffelsfontein, Simmer and Jack will pay DRDGOLD R1.00, and will indemnify DRDGOLD against any liabilities or obligations which could arise against it in connection with the environmental rehabilitation of Buffelsfontein, as well as the management and pumping of underground water.....


    [Blockierte Grafik: http://www.advansign.com/Images/Porky.jpg]

    Selbst Mineweb, das immer geschrien hat, DRD könne nicht einfach von den NW-Umweltfragen weglaufen, muß nun eingestehen, daß DRD vom Haken ist :


    Off the hook at last
    By: Jim Jones
    Posted: '01-SEP-05 16:57' GMT © Mineweb 1997-2004


    JOHANNESBURG (Mineweb.com) -- DRDGOLD, believes that it has at last escaped any environmental liabilities at its stricken North West gold mining operations. In March, after a string of operating losses and an earthquake that caused irreparable damage to one shaft, the company’ directors washed their hands of the operations that were technically owned by Buffelsfontein.
    ...
    The Buffels acquisition is dependent on approval from Buffels’s creditors and South Africa’s competition and environmental authorities...
    http://www.mineweb.net/sections/gold_silver/479123.htm


    :))

    Ulfur,

    erinnere mich dunkel, daß wir uns mal in der Wolle

    hatten, ob des "Verkaufens von Schulden".


    Die Reserven von Nord-West sind wirksam verkauft (Aktiva).



    Die Pumpverpflichtung nur solange wie Simmer und Jack

    diese zahlt (dem Gläubiger ist es schließlich egal

    wer auf sein Bankkonto überweist).



    Und in welchem Reservat ist das Hippo?


    (Übrigens hat das Putativ-Schweinchen Schlau aus Hamburg jüngst nochmal bei W+O seinem Optimismus Ausdruck verliehen.)

    "Die Pumpverpflichtung nur solange wie Simmer und Jack
    diese zahlt"


    Da weiß Tambok wieder mal mehr als der gemeine NR-Leser. Ich gehe erst einmal davon aus: Verkauft ist verkauft, Rückabwicklung ausgeschlossen.
    Näheres erfahren wir vielleicht durch die nötige Zustimmung der Umweltbehörde.

    Bachelex, vormals Schw.Schl., postet in seinem Thread bei

    W+O, daß es so fein aufwärts gehe mit dem DRD-Kurs.

    Er wartet ab, weil da noch Großes kommen werde.


    Nerven hat er ja. Das muß man ihm lassen.

    Mit meinem Depotanteil von ca. 5% braucht das weniger Mut.




    Kommt es zum kollektiven BSE-Ausbruch kann er sogar Recht bekommen..
    Man soll die Wahnsinns-Power nicht unterschätzen.


    Aber man muß bei der Bergpredigt in der ersten Reihe gesessen haben.


    [Blockierte Grafik: http://www.tanzbilder.de/all/Images/146.jpg]

Schriftgröße:  A A A A A