27 October 2020
DRD: DRDGOLD LIMITED - Operating update for the quarter ended 30 September 2020
DRD: DRDGOLD LIMITED - Operating update for the quarter ended 30 September 2020 Operating update for the quarter ended 30 September 2020 DRDGOLD LIMITED (Incorporated in the Republic of South Africa) (Registration number 1895/000926/06) ISIN: ZAE000058723 JSE share code: DRD NYSE trading symbol: DRD ('DRDGOLD' or the 'Company') OPERATING UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2020 The operating update of the Company for the quarter ended 30 September 2020 is as follows: Quarter ended Quarter ended 30 SEP 2020 30 JUN 2020 % change Production Gold produced kg 1,514 1,041 45% oz 48,676 33,469 45% Gold sold kg 1,522 951 60% oz 48,934 30,576 60% Ore milled Metric (000't) 7,260 5,737 27% Yield Metric (g/t) 0.209 0.181 15% Price and costs Average gold price received R per kg 1,029,893 970,198 6% US$ per oz 1,896 1,682 13% Adjusted EBITDA * Rm 770.4 366.3 110% US$m 45.6 18.9 141% Cash operating costs R/t 104 102 2% US$/t 6 6 - Cash operating costs R per kg 489,750 542,482 -10% US$ per oz 901 941 -4% All-in sustaining costs ** R per kg 588,239 579,180 2% US$ per oz 1,083 1,004 8% All-in cost ** R per kg 613,206 597,371 3% US$ per oz 1,129 1,036 9% Capital expenditure Sustaining Rm 95.1 84.4 13% US$m 5.6 4.7 19% Non-sustaining/growth Rm 25.3 4.5 462% US$m 1.5 0.3 400% Average R/US$ exchange rate 16.90 17.94 -6% Rounding of figures may result in computational discrepancies * Adjusted earnings before interest, taxes, depreciation and amortisation ('Adjusted EBITDA') may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under International Financial Reporting Standards (IFRS) and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity. ** All-in cost definitions based on the guidance note on non-GAAP Metrics issued by the World Gold Council on 27 June 2013. Gold production increased by 45% from the previous quarter to 1,514kg primarily due to a 27% increase in tonnage throughput and a 15% increase in yield. Gold sold increased by 60%. As a result, the cash operating cost per kilogram of gold sold decreased by 10% from the previous quarter to R489,750/kg. The cash operating cost per ton of material processed increased by 2% to R104/t. All-in sustaining costs per kilogram and all-in costs per kilogram were R588,239/kg and R613,206/kg, respectively, increasing quarter on quarter mainly due to an increase in sustaining capital expenditure. Adjusted EBITDA increased by 110% from the previous quarter to R770.4 million primarily due to a 60% increase in gold sold and a 6% increase in the average Rand gold price received of R1,029,893/kg. Cash and cash equivalents increased by R300.1 million to R2,015.2 million as at 30 September 2020 after paying the final dividend for the year ended 30 June 2020 of R299.1 million. External borrowings remained at Rnil as at 30 September 2020 (30 June 2020: Rnil). The cash generated during the current quarter will, inter alia, be applied towards the Company´s extended capital expenditure programme for the year ending 30 June 2021. Despite the capital expenditure planned for the year, management positions the Company favourably to, in the absence of unforeseen events, consider declaring an interim dividend in February 2021. The information contained in this announcement does not constitute an earnings forecast. The financial information provided is the responsibility of the directors of DRDGOLD, and such information has not been reviewed or reported on by the Company´s auditors. Johannesburg 27 October 2020 Sponsor One Capital Date: 27-10-2020 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
Attachments
- Original document
- Permalink
Disclaimer
DRDGOLD Limited published this content on 27 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2020 06:14:08 UTC