Media releases

Durban Roodepoort Deep seeks full listing on the ASX

Durban Roodepoort Deep, Limited (DRD), South Africa’s fourth largest gold mining company, announced today that it intends to seek full listing on the Australian Stock Exchange, subject to the grant of the necessary waivers from the ASX Listing Rules and confirmation on other administrative matters. 115/02-jmd
For immediate release

Durban Roodepoort Deep, Limited (DRD), South Africa’s fourth largest gold mining company, announced today that it intends to seek full listing on the Australian Stock Exchange, subject to the grant of the necessary waivers from the ASX Listing Rules and confirmation on other administrative matters.

DRD shares presently trade on the ASX under the status of a foreign entity.

In April this year the company was included - and has since remained - in the ASX Top 100 companies by market valuation. It presently has a market capitalisation of A$1.6 billion.

The Chief Executive Officer and Chairman of DRD, Mark Wellesley-Wood, said a full listing would provide DRD’s 1200 Australian shareholders, who own nearly 5% of the company’s 177 million shares, greater opportunities to trade their shares and attract new Australian shareholders.

Mr Wellesley-Wood said inquiries from Australian shareholders to buy or increase their shareholding in DRD demonstrated a desire to see increased liquidity in the trading of DRD stock on the ASX.

"DRD is one of the most traded gold stocks in the world with nearly 90% free float of the stock and with its capital traded at about 150% per annum. Nearly 70% of the company is owned by private US based shareholders who actively trade the company’s shares on NASDAQ," Mr Wellesley–Wood said.

"The full listing on the ASX will help improve the liquidity of our shares for our existing and new Australian shareholders and assist the company with any potential future acquisitions in the Australasian region".

"In welcoming any new shareholders we want to make it as easy as possible to trade DRD shares on any of the exchanges which quotes DRD stock."

In Australasia, DRD currently owns the Tolukuma Gold Mine in Papua New Guinea and the Daylesford project in Victoria. Combined with its three projects in South Africa, DRD produces in excess of 1 million ounces of gold per annum.

The company is actively planning to increase production organically and through acquisitions in South Africa and Australasia.

DRD recently announced a placement of 10 million new shares, primarily to shareholders in Canada and the United States, which raised US$40 million. While the bulk of the funds raised – US$35 million – is being used to close out the company’s revenue hedge book, the balance will fund exploration at Tolukuma.

DRD is listed on the Johannesburg Stock Exchange, the London Stock Exchange, NASDAQ in the US, the Brussels Stock Exchange, the Frankfurt Stock Exchange and the Paris Bourse, making the stock tradeable 24 hours a day.

For more information, please contact:

In Australia

Paul Downie
Porter Novelli
(+618) 9386 1233 (work)
(+61) 0414 947 129

In South Africa

James Duncan
Russell & Associates
(+2711) 8803924 (work)
(+27) 082 892 8052 (cell)

COOKIES: This site uses cookies to enhance your website experience. See our privacy policy for further details.