Beiträge von Ulfur

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

    DRDGold claims it will rise from mine-liquidation ashes
    ...


    As a result of the shutdown of the North West Operations, Wellesley-Wood pointed out that more than 50% of the group's production now comes from the Australasian region – some 319 000 oz/y, opposed to 259 000/y from its South African assets.


    However, the majority of DRDGold's reserves and resources remain in South Africa, a fact that demonstrates the group's commitment to the country, Wellesley-Wood added.


    Meanwhile, DRDGold will also focus on expanding its reserve base offshore, in a bid to replace mined ounces to beyond 2010.
    ...
    http://www.miningweekly.co.za/min/news/today/?show=66209
    ---------------


    "Harmony ist ebenfalls ein Kauf auf vergleichbarem Niveau, also zwischen 2.50 US$ und 3 US$ aktuell.."


    Da hat HAR ja noch etwas Luft nach unten. :D

  • Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

    [Blockierte Grafik: http://www.minesite.com/assets/logptop-n.jpg]


    Minews. Thanks LC. Hello again to our German correspondent who spent most of the week at the European Gold Forum in Zurich. I gather this event is the most prestigeous one in the gold sector in the German speaking part of Europe. Tell us more about it.


    FC. It was and still is the only two day gold related event in Germany and Switzerland but only around 100 money managers, investment fund managers, bankers, journalist and some IR/PR related business people showed up there. I looks like the organisers had the same problem as many others before. They didn’t manage it to reach the whole Swiss/German financial community and no private investor had a chance to attend this conference which is in my opinion is a bad point for everybody.


    There aren’t as many institutional investors in Switzerland and parts of Germany and Austria who are interested in the mining sector than you have in the UK or North America so it must be time that the organising companies understood the Swiss/German mentality and open up these conferences to everybody at no cost. Often North American mining companies have no real retail shareholder support, but the question is why nobody is working to change it. Some people in Germany and Switzerland have taught this lesson to some smaller exploration or production companies in the last two or three years and I know a dozen of them who are really happy with strong retail support mainly out of Germany


    Minenews : An interesting comment. What were the most exciting stories at the conference you sorted out from 30 companies presenting there at the famous Baur au Lac near the Lake Zurich ?


    FC. First of all most I noticed the fact that many analysts and journalists came there to meet and hear the presentations of the emerging producers or advanced exploration plays. I personally liked the presentations and the potential of Orezone and Solitario Resources to give you two of my favorites.


    Minenews : Any rumours you think could be of interest for our readers, too ?


    FC. Yes, on top of my list is the never ending rumour of a takeover or more takeovers from Golden Star a emerging gold producer in West Africa. This company had his own operational problems for a long time last year, but now their CEO moved to the minesite in Ghana and it looks more promising than ever before. The main target of their aquisition growth plan could be the small Australian junior Moto Goldmines This company is well known and heavily promoted in Germany for the last twelve months, because it is run by the German mining consultant Klaus Eckhof. The shares of Moto Goldmines started the week at 0.21 Euro, and moved up steadily every day to close the week in Frankfurtat 0.26 Euro which shows that these rumours are spreading out and we will see if a offer emerges out of that in the near future.


    Minews. A rumour which could make sense. Any other volume mover on the German stock exchange ?


    FC. After coming back from Switzerland I checked the chat boards and there is only one company which caught my attention again and that’s the Canadian gold explorer Eaglecrest Explorations. That company is run by Paul Zdebiak, a ex-broker who is well known in Vancouver for many years and created a positive following in Germany, too. He started with his gold venture in Bolivia at a time where nobody wanted to got there and had some tough years to raise some money to clean off a debt burdened balance sheet. Just two weeks ago the shares broke out from their long term trading range between C$0.10and C$0.15 . The shares are trading now for over two years on the Frankfurt Exchange and the r development program in Bolivia ow seems to be attracting investors as they closed at C$0.22 which equates to to nearly 14 eurocents.


    Minews. Thanks Frankfurt Correspondent. Talk to you next week.
    http://www.minesite.com/storyFull.php?storySeq=696

  • Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI

    Danke Gogh. Aber die Harmony Zahlen werden auch nach zweimaligem Posten nicht besser. :D

    HAR:
    Progress on our bid to Gold Fields shareholders


    The “we hate Harmony” phase of the Gold Fields PR spin is now over... :D


    The envisaged timetable is as follows:
    ...
    On 20 May the Norilsk irrevocable expires unless renegotiated. Unless the irrevocable is renegotiated our current offer closes on 20 May.
    Harmony kündigt offiziell an, daß bei Rückzug von Norilsk HAR´s Übernahmeangebot beendet wird.


    Our offer of 1,275 Harmony shares for one Gold Fields share offers full and fair values, which also includes a premium for control.


    Full und fair value und sogar noch ein Premium! [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000285.gif] 
    Bei den Zahlen kann Harmony niemand mehr hinters Licht führen.

  • Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI

    Das sind ja mal wieder ganz hervorragende Zahlen, mit denen Harmony verwöhnt.


    Hier noch mal auf deutsch:


    Halbwahrheiten – Verlust (headline loss) 1,07 R ( 0,14 € ) im Märzquartal, vorher 0,88.


    „Basis“-Verlust pro Aktie von 4,32 R (0,55 €), Dezemberquartal 0,80 :(


    Goldproduktion um 14% gefallen. :(


    Abschreibung 1,513 Mrd. R ( 192 Mio €); Gruppenverlust 1,697 Mrd Rd., vorher 0,288 Mrd Rd.


    Cash-Kosten von 77.415 auf 85.863 Rd gestiegen, aber nur 84.031 Rd für das Kilo Gold erhalten. :(


    Cash-Marge war negativ: - 3%, Vorquartal noch positiv mit 8%. :(


    Kein Wunder, daß sie ihre Schmutzgriffel nach Gold Fields ausstrecken.
    Und die größte Verlustfirma im Goldbergbau werden wollen. :D

  • Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

    As our long time subscribers know, we haven't always been so keen on gold, but we have been in recent years due to the mega investment shift that happened in 2000 and the events since then. Remember, gold is the ultimate currency and it always has been. Throughout history, paper currencies have come and gone but gold is real money and it's maintained its value over the centuries. It has a 5000 year track record, which no other investment can claim. If nothing else, think of gold as an insurance policy. During these volatile and uncertain times, we don't believe you'll regret it.
    Aus:
    ...a 5000 year track record
    http://www.321gold.com/editorials/aden/aden042505.html

  • Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

    I have explained over and over again that this is not a new bull market according to Dow theory. I have explained that this rally will serve to separate Phase I from Phase II of this great bear market. Most believe that this great secondary reaction has been a new bull market. Nothing could be further from the truth according to Dow theory. The charts are telling us that the downturn into Phase II has likely begun and that this will be a global event. You have been warned, Again!
    http://www.financialsense.com/Market/wrapup.htm


    [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000123.gif]

  • Das neue Südafrika

    HANDELSBLATT, Freitag, 22. April 2005, 07:12 Uhr
    Deutsche Konzerne fördern Programme gegen die Ausbreitung von HIV


    Aids bedroht die südafrikanische Wirtschaft


    Von W. Drechsler, S. Kersting; Handelsblatt


    Wie bei Daimler-Chrysler beeinträchtigt die grassierende Aids-Epidemie auch den Produktionsablauf bei BMW und VW, den beiden anderen deutschen Autobauern am Kap. Auch deshalb haben die drei Konzerne mit eigenen Aids-Programmen auf die Bedrohung reagiert.


    KAPSTADT/BERLIN. Das schwarze Krokodil mit dem aufgesperrten Rachen ist nicht zu übersehen. Eindringlich warnt der Aufkleber die Arbeiter im Daimler-Chrysler-Werk im südafrikanischen East London seit Jahren vor Gefahren am Arbeitsplatz. Doch für ein viel größeres Gesundheitsrisiko gibt es bisher keinen Sticker: für das HIV-Virus, das Aids verursacht. Dabei werden in der Krankenstation des Autokonzerns heute schon mehr Angestellte wegen Aids behandelt als wegen eines Arbeitsunfalls.


    Wie bei Daimler-Chrysler beeinträchtigt die grassierende Aids-Epidemie auch den Produktionsablauf bei BMW und Volkswagen, den beiden anderen deutschen Autobauern am Kap. Auch deshalb haben die drei Konzerne mit eigenen Aids-Programmen auf die Bedrohung reagiert. Seit Jahren verteilen sie Medikamente gegen die Immunschwächekrankheit an ihre Angestellten und deren direkte Angehörige. Sie bieten Aids-Tests für das Personal an, HIV-positive Mitarbeiter und oft auch ihre Angehörigen werden betreut, wenn die Krankheit ausbricht. Zudem informieren die Unternehmen in Aufklärungskampagnen.


    Neben dem sozialen Engagement treibt die Konzerne auch wirtschaftliches Eigeninteresse: Manche Industriesparten am Kap – allen voran der Bergbau – müssen im schlimmsten Fall damit rechnen, dass in fünf Jahren fast ein Drittel ihrer Belegschaft der Seuche zum Opfer gefallen sein wird. Anglogold Ashanti, der weltweit zweitgrößte Goldförderer, schätzt zum Beispiel, dass fast jeder dritte seiner Bergleute mit dem Aids-Virus infiziert ist.


    Südafrika ist gewiss nicht die einzige Nation mit einem Aidsproblem. Gleichwohl ist das Land weltweit das einzige, in dem eine stärker industrialisierte Wirtschaft von einer Plage solchen Ausmaßes heimgesucht wird. Rund 5,3 Millionen Südafrikaner oder 20 Prozent der wirtschaftlich aktiven Bevölkerung sind infiziert. Täglich kommen 1 700 Neuansteckungen hinzu.


    Das hat Folgen für die Zahl qualifizierter Mitarbeiter, den Krankenstand, die Produktivität. Genau kann zurzeit niemand beziffern, wie stark die Epidemie das Wachstum bremst. Das südafrikanische Finanzministerium schätzt, dass Aids die Kaprepublik ohne Gegenmaßnahmen mindestens ein halbes Prozent Wirtschaftswachstum pro Jahr kosten würde. Anglogold Ashanti ist hingegen überzeugt, dass die Kosten der Epidemie überschätzt werden und sich in Wahrheit auf weniger als zwei Prozent der Lohnkosten belaufen. Weitaus besser lassen sich die direkten Kosten für die Aids-Programme beziffern: Anglogold Ashanti veranschlagt für dieses Jahr zum Beispiel 1,4 Mill. Euro.


    Vor fünf Jahren entwickelte Daimler-Chrysler gemeinsam mit der deutschen Gesellschaft für Technische Zusammenarbeit (GTZ) das erste Arbeitsplatzprogramm in Südafrika; Volkswagen, Bosch, Roche, T-Systems und Eurocopter folgten dem Beispiel. Heineken wurde in der Demokratischen Republik Kongo aktiv, Lafarge in Tansania und Nigeria. Verträge gibt es auch mit Unilever und General Motors in Kenia. Seit 2004 bindet die GTZ auch Afrikas Wirtschaftsverbände ein, um mehr Firmen zu erreichen. Denn viele Unternehmen ignorieren noch immer die Gefahr. Nach einer vor kurzem veröffentlichten Studie der Universität Stellenbosch bei Kapstadt haben lediglich 58 Prozent der Finanzdienstleister und 50 Prozent der Firmen im verarbeitenden Gewerbe eigene Aids-Programme. Im Baugewerbe, in der Landwirtschaft und im Einzelhandel, wo sich das oft unausgebildete Personal leichter ersetzen lässt, sind es angeblich sogar weniger als ein Drittel.


    Dennoch macht das Beispiel der großen Vorreiter langsam Schule: Das Interesse an den Programmen werde stetig größer, heißt es bei der GTZ in Eschborn bei Frankfurt: „Und das nicht nur bei den international tätigen Konzernen, sondern auch bei kleineren afrikanischen Unternehmen.“

  • Juniors aus Kanada

    Sind diese Sachen aus 05/2004 schon bereinigt ?


    :D :D "Do investors never tire of promotional schlock and slippery facts? :D :D


    Reserves-R-Us


    In the world of unregistered mining companies there is little control over facts like industry standards on resource reporting. Clifton not only fails to correct errors in the "independent" reports it promotes, but blatantly puffs some of them up and steps well over an acceptable line.


    Take mineral resource estimates for example. Since Clifton does not have to conform to the SEC's Industry Guide 7, there is no restriction on how it reports mineral resources. Hence, it proclaims itself to have "proven and probable reserves", and invokes the name of respected firm Behre Dolbear to help make it kosher.


    The actual Behre Dolbear (BD) resource figures have little resemblance to what Clifton boasts. This is especially true since the BD data was reclassified, appropriately, to measured and indicated resources since there was no associated feasibility study. Likewise, the BD data has no lead content estimate, yet it appears in Clifton's promotion as a hefty 16 billion pounds of contained metal. The overall effect is to ramp up the BD gold equivalent estimate by a mere 35,000%.


    None of the estimates beyond the aging BD study are compliant with latest North American standards, a point made very clear by independent consultants A.C.A. Howe International in a technical report prepared for Clifton joint venture partner, Dumont Nickel, in the middle of last year. Not even the independent technical report is able to clarify how Clifton verified upgrades to the BD estimates, saying only that sampling from development intended to deliver production was the source. Notably, that production drive failed.


    Clifton's most dubious informal estimate was a 1993 "extrapolation" declaring 40 million ounces of silver and 213,000 ounces of gold in the proven and probable categories. That's a long way from the 51,557 gold equivalent ounces reported by BD and even the later revisions that top out with Chapman's 147,733 ounces.


    Even if you accept the highest number, the Julian Baring Rules of Thumb warns that you don't accord more than 10% of the in situ value to the owner in the absence of an economic plan. There is every historical indication that finding sufficient gold to allow profitable mining is Clifton's albatross, and this was confirmed to us by one of the best geologists to have worked the Great Basin. He has an intimate knowledge of Clifton's properties having undertaken extensive exploration for a large company in the 1980s. He said every geologist was fooled by the properties "showings", only to be disabused of his excitement once an attempt was made to pin down economic deposits.


    Investors should rely solely on the 2000 review to make Clifton's resource estimate compliant with Ontario Securities Commission requirements. That downgraded the status to measured and indicated, accepted an increased tonnage and higher silver grade, for total gold equivalent ounces at a little over 95,000 ounces at a grade of 0.164 ounces per ton. That compares with the 1996 report of 52,000 gold equivalent ounces grading 0.156 opt.


    Investors are in for a shock if they think Clifton's "reserves" will survive the scrutiny of a putative Amex listing.


    My billion or yours?


    Clifton's extrapolated resources are promotional fairy dust until exploration confirms it. It would be an enormous cost to achieve Clifton's notion of the shear zones' resource achieving "in excess of 100 million ounces of silver, 6 billion pounds of lead, and 500,000 [sic] of gold" making it "one of the largest primary high-grade silver deposits in the world." Only insecure companies fluff up their numbers like this. The fact that no intensive exploration has been undertaken to buttress the shear zones extrapolation tells you all you need to know.
    Aus:
    http://www.mineweb.net/dev/shears.htm

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

    “The South African operations are now running at a breakeven situation meaning the option is ‘back in the money’,” said Mark Wellesley-Wood, CEO of DRDGOLD



    Das Undenkbare scheint möglich: Droopy könnte Gewinn machen. "Ganz plötzlich hat DRD eine nette Cashmarge":


    Stephen Roelofse, a fund manager for Sanlam Asset Managers.


    “All of a sudden, DRDGOLD has opened up a nice cash margin,” he said. “If they can maintain this profile, we could have earnings from them [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif],” he said. Excluding the North West province mines, cash operating costs were R60,000/kg in the March quarter.


    Und schon denkt DRD daran, in SA Nachbarschächte zu erwerben und in Blyvoor Reserven zu erweitern.


    “There’s about 18 million ounces of gold resources at Blyvoor. We’re not saying it’s feasible yet, but we want our guys to do their homework,” Murray said. “Blyvoor represents the backbone of our South African gold production,” he said.


    “We’d also be interested in looking at neighbouring underground mines,” Murray said. Blyvoor backs on to AngloGold Ashanti’s Savuka, a mine DRDGOLD has tried to buy in the past, and Driefontein West, owned by Gold Fields. “You can draw your own conclusions,” Murray said.
    Aus:
    DRDGOLD considers reopening SA shaft
    http://www.miningmx.com/gold_silver/434645.htm


    Der Bus mit den besoffenen Kegelbrüdern kann wegbleiben. Passen nicht mehr zum DRD-Ambiente.

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

    Schweinchen Schlau zu den Quartals-Produktionsergebnissen und den unverschämten Forderungen von Anglo


    Mark Wellesley-Wood, chief executive DRDGOLD
    By: Alec Hogg
    Posted: '22-APR-05 08:00' GMT © Mineweb 1997-2004


    MINEWEB: Well Gareth Tredway, to hear Goldfields are sponsoring this lot I suppose is not unusual, but for a change we aren’t talking about Goldfields and Harmony, we’re talking about one of the other stocks listed in the JSE and the gold sector – DRD Gold. They have been in the news a lot.


    GARETH TREDWAY: I was just about to say, DRD have been highlighted in the news but I should say lowlighted over the last few months. They voluntarily liquidated their North West mines after they continued to make losses and suffered an underground quake earlier this year. Today they released their quarterly operational results for the entire group to the end of March. Total group production for the quarter was down by 16% for the three months, mainly due to a drop at Porgera in Papua New Guinea, where DRD owns 20% of that mine, and disappointing results at Emperor and Fiji. Funnily enough, it seems the South African operations were the source of good news this time around, as the Blyvoor mine west of Johannesburg, actually showed a nice improvement in costs and increased the gold it produced after undergoing a restructuring exercise.


    MINEWEB: Mark Wellesley-Wood joins us from London. That is disappointing, Mark, because up until now the international operations seemed to be the ones that were pulling the DRD wagon through, while you were suffering in South Africa. I suppose that’s the vagaries of the market?


    MARK WELLESLEY-WOOD: Sure, I think Porgera specifically had a slump in the pit which was obviously unplanned, heavy rainfall, a bit of a slide, they’ve got to move some materials – so it’s a short-term issue. The good news on Porgera is extension of reserve life. Reserves amount to 7.5m ounces. They replaced last year’s production and added another 100,000 ounces. So it’s bad news this quarter, but not bad news for the future. But, as you rightly say, the cash flow is still coming from offshore. I mean our average operating costs at Tolukuma were R321m, Porgera was R191m and the group as a whole from the continuing operations was R312 – and at today’s gold price I mean that’s a 30% margin for the group as a whole. So we have still got good cash generation offshore.


    MINEWEB: Is that still the strategy though, going abroad?


    MARK WELLESLEY-WOOD: I would say going abroad is not to say we’ve got a sort of one-way air ticket. It was diversification and, although it’s very regrettable after the incidents at North West to say we had to let it go, it’s not without putting R300m in there in the last 18 months. And if we hadn’t had the cash flow from offshore, North West would have closed much earlier. I know you can say, well, perhaps that was inevitable, but I think we had to give it the chance. The earthquake was a natural event, outside our hands. When you lose 20% of your gold production, given the high cost at North West, I think now when you look at that sort of cost at North West of $600-plus 8o
    , it certainly was not recoverable or sustainable. But Blyvoor did make the grade, and that’s the one that makes it worthwhile, and so does ERPM and Crown. As Gareth said, we are not quitting South Africa – we are trying to produce a well-balanced, profitable business.


    MINEWEB: But what about this whole thing with the pumping? It’s now going to the courts. You have walked away from the operations in that area, where you were responsible for the pumping of water. Harmony and AngloGold, not surprising, are not terribly happy about it. How are you going to get out of keeping those pumps going?


    MARK WELLESLEY-WOOD: Well, let me just say we weren’t responsible for the water. The water comes into the basin from outside.


    MINEWEB: No, you’ve been responsible for the pumping, though, up to this point in time.


    MARK WELLESLEY-WOOD: No, Stilfontein is making the water and that water spills down into Buffels and Harties. And when we were in production we were pumping it, because we were mining Harties and Buffels. Stilfontein closed a long time ago. So we had to keep our mine dry. In some ways you can reverse that and say we have been keeping Great Noligwa dry for free for a very long time. And now it looks as though there will not be economic mining going on at Buffels and Harties, and if that is the case then obviously those responsibilities will be shared by all the beneficiaries.


    MINEWEB: So that’s the way you look at it – you have in fact been subsidising the guys down the road?


    MARK WELLESLEY-WOOD: Absolutely. We have been pumping the entire basin for everybody, and one of the reasons that North West was such high cost and ultimately had to go into liquidation was the high pumping costs with high electricity charges. This shouldn’t be a surprise to any of our neighbours. They might act surprised, but in fact the negotiations on how this issue will be dealt with have been going on for four years, and nobody came to the party, nobody said, “Oh, by the way we’ll help you out”. Post hoc, everybody says, well, of course it’s all somebody else’s responsibility. But I think that the [indistinct] from the DME are showing great leadership in this. It’s an issue not just in Klerksdorp, it’s going to be an issue in every basin, where mines close. We have it in reverse at ERPM, where we are pumping the whole central Rand basin for all those historical producers. Fortunately we do have a government subsidy for that, and these sort of commercial arrangements and legal arrangements have to be sorted out for the future.


    MINEWEB: Mark, you have been successful in raising funds when you need it, from offshore shareholders. Are you finding in your interaction with your shareholders in the United States, that there’s still a lot of confidence about the gold price and indeed about DRD?


    MARK WELLESLEY-WOOD: Yes, there’s great positivism. I think we have got great support for the two legs to our strategy, offshore for cash flow and growth, and preserving what I call our rand optionality on our South African reserves, because the bulk of our gold reserves are in South Africa, so if the rand weakens, you know there’s great gearing there, particularly on Blyvoor and ERPM, whereas offshore that cash flow has to replace that lost production, to actually give the value proposition for growth – and that’s being done at exploration at Tolukuma and eventually we will get Emperor right.


    MINEWEB: Wayne McCurrie, is this a stock that you’ve ever invested in, DRD? Have you ever watched it?


    WAYNE McCURRIE: No, I don’t watch it. I haven’t invested in it and, I must admit, I haven’t watched it, but I did have a good look at their operating results and obviously the wonderful place to be in the gold mining industry now is to have your costs in dollars. And obviously DRD with their offshore operations have got that, because it’s the dollar price that’s gone up very high. And in South Africa I mean it’s very hard to stay in business because of the strong rand. But exactly as Mark said, if the rand weakens a little bit, the gearing effect is absolutely enormous, so it must be with great regret that they actually close a mine because this is a massive option on the rand price
    http://www.mineweb.net/sections/gold_weekly/434977.htm

  • Juniors aus Kanada

    Die überlegen sich jetzt doch, mit der Embry Empfehlung Wesdome Gold zusammenzugehen.


    Wäre vielleicht gut für RIV, aber vermutlich schlecht für Wesdome.


    Die Stimmung im RIV-Board ist jedenfalls auf dem Tiefpunkt:


    If the crook Murray Pollit was making license plates in prison where he belongs, the stock price would probably be alot higher than it is. It all comes down to the management folks! Based on that, this thing is priced where it should be (unfortunately).


    :D

  • Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI

    Erwartet wird, daß HAR im Märzquartal mind. 1 Mrd. Rand abschreibt.


    Said Simon Hudson-Peacock, a fund manager for African Harvest: “If write-downs are R1bn in the March quarter, it’s a very conservative figure. I think it should be quadruple that,” he said.


    A poor operating result, cash burn, and the prospect of more restructuring costs and impairments are expected to further weaken the likelihood of Harmony succeeding in its bid for Gold Fields.
    Aus:
    http://www.miningmx.com/gold_silver/434745.htm


    Ich würde den Laden ganz abschreiben. :D

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

    Thursday, April 21, 2005
    DRDGOLD LIMITED


    Mineweb reports that DRDGOLD, a South African and Australasian gold producer, has managed to lower the cash operating costs at its Blyvooruitzicht operations west of Johannesburg to R81,606/kg. Essentially, it means that during this year's March quarter Blyvoor operated profitably at the prevailing rand gold price. In DRDGOLD's interim results presentation back in February, management announced that the Blyvoor mine had been successfully restructured and was able to survive in the strong rand environment.


    Der Bus kann sich Zeit lassen!