DRDGOLD Limited announced today that its acquisition from Sibanye-Stillwater the gold portions of its West Rand Tailings Retreatment Project (WRTRP) has been completed.
Johannesburg, South Africa. 1 August 2018. DRDGOLD Limited (DRDRGOLD; JSE, NYSE: DRD) announced today that its acquisition from Sibanye-Stillwater the gold portions of its West Rand Tailings Retreatment Project (WRTRP) has been completed.
DRDGOLD CEO Niël Pretorius, commented: “This acquisition is key to DRDGOLD’s growth strategy, increasing our gold reserves by 90%.“The way is now clear for us to expedite Phase 1 of our phased plan for the development of WRTRP, to be known going forward as Far West Gold Recoveries (FWGR).
“Phase 1 involves the upgrading of the Driefontein 2 plant to process tailings from the Driefontein 5 dump at a rate of between 400 000 and 600 000tpm and depositing the residue on the Driefontein 4 tailings dam.
“We have secured a R300 million revolving credit facility from ABSA for Phase 1, confirmed orders for most of the long lead items, and expect to be in production in the first quarter of calendar year 2019.”Sibanye-Stillwater now holds 38.05% of DRDGOLD and is entitled to exercise – within 24 months – an an option to increase its shareholding by up to 50.1%.