DRDGOLD Limited announced today that its acquisition from Sibanye-Stillwater of its West Rand Tailings Retreatment Project (WRTRP) assets has been completed.
Johannesburg, South Africa. 1 August 2018. DRDGOLD Limited (DRDRGOLD; JSE, NYSE: DRD) announced today that its acquisition from Sibanye-Stillwater of its West Rand Tailings Retreatment Project (WRTRP) assets 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.
“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 a South African Financial Institution 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 option for cash to increase its shareholding by up to 50.1%.
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Many factors could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, adverse changes or uncertainties in general economic conditions in the markets we serve, a drop in the gold price, a sustained strengthening of the Rand against the Dollar, regulatory developments adverse to DRDGOLD or difficulties in maintaining necessary licenses or other governmental approvals, changes in DRDGOLD’s competitive position, changes in business strategy, any major disruption in production at key facilities or adverse changes in foreign exchange rates and various other factors. These risks include, without limitation, those described in the section entitled “Risk Factors” included in our annual report for the fiscal year ended 30 June 2017, which we filed with the United States Securities and Exchange Commission on 31 October 2017 on Form 20-F. You should not place undue reliance on these forward-looking statements, which speak only as of the date thereof. We do not undertake any obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date of this report or to the occurrence of unanticipated events. Any forward-looking statements included in this release have not been reviewed and reported on by DRDGOLD’s auditors.