The company was now pivoting on a “tight capital reinvestment programme” as it sets up “infrastructure to boost capacity to produce 6 tonnes of gold, which is a tonne more” to what it produced this year.
DRD Gold het vandag winssyfers vir sy boekjaar tot einde Junie bekend gemaak. Die omset was 14% hoër, goudproduksie was egter 5% laer, en die wesensverdienste klim met 4%. Die uitvoerende hoof, Niel Pretorius gesels oor die resultate.
DRDGold, a leading gold company based in South Africa, has announced a significant capital investment of over R7 billion in expanding its operations over the next three years. The company's CEO, Niël Pretorius, discussed the reasons behind this decision in a recent interview with CNBC Africa. Despite the current record gold price, DRDGold is focusing on building a sustainable future for the business by investing in new infrastructure and increasing production capacity.
The PV facility at Ergo generated 13 113 650 kWh of energy during the 12 months to July 30, amounting to 10% of consumption. Connection to the Eskom grid has opened the way for the wheeling of excess energy generated at Ergo into the national grid.
DRDGold, which recovers the yellow metal through the retreatment of material from waste dumps, is on a spending spree, with plans to fork out on capital expenditure as it works to reposition the company by 2028.
The mid-tier gold producer, which is more than 50% owned by Sibanye-Stillwater, on Wednesday reported its annual results for the year ended in June, with a 4% uptick in headline earnings per share to R1.54 for the year ended in June.
DRDGold, which extracts the precious metal from mine dumps around Johannesburg, reported a 3% rise in annual earnings. This is a disappointment against the backdrop of record high prices, but the company faced steeply rising costs linked to regulatory delays. And it did pay a dividend for a 17th straight year.
Despite a 5% decrease in gold production, DRDGold reported a 14% rise in operating profit in the year to end-June as the group benefited from skyrocketing gold prices. DRDGold on Wednesday reported 4% growth in headline earnings per share (HEPS) to R1.33bn, while group revenue rose 14% to R6.2bn, driven primarily by a 20% increase in average gold price over the period.
CAPITAL expenditure will take priority over dividend payments for the next three years until DRDGold completes a R10bn programme to add another ton of gold to its annual production by expanding its Far West Gold Recoveries (FWGR) operations and setting up Ergo for another 14 years of economic life.
The interview highlights DRDGOLD’s performance for the year ended 30 June 2024. Niel touched on the plans for 2025 and being in a position for growth between now and 2028.
Business Day TV sat down with DRDGold CEO Niël Pretorius to discuss the mine’s full-year results. Niel touched on the satisfaction of the results but not the journey, and how the Company plans to improve this in the coming years.
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Denver Gold Forum 2024 18 September 2024 (PDF - 4.6 MB)
Results for the six months ended 31 December 2023 (PDF - 34.46 MB)
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