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MarketScreener Homepage  >  Equities  >  Nyse  >  DRDGOLD Limited    DRD

DRDGOLD LIMITED

(DRD)
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DRDGOLD : reports 45% quarter-on-quarter increase in gold production

10/28/2020 | 10:32am EST

DRDGOLD Limited (DRDGOLD; JSE, NYSE: DRD), in an operational update for the quarter ended 30 September 2020, reports a 45% quarter-on-quarter increase in gold production to 1 514kg, due primarily to a 27% increase in tonnage throughput to 7 260 000t and a 15% increase in yield to 0.209g/t.

Gold sold increased by 60% to 1 522kg.

As a result, cash operating costs per kilogram of gold sold decreased by 10% to R489 750/kg. Cash operating costs 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 (R579 180/kg) and R613 206/kg (R597 371/kg) respectively, the increases due mainly to a rise in sustaining capital expenditure.

Adjusted EBITDA increased by 110% to R770.4 million, due primarily to the increase in gold sold and a 6% increase in the average Rand gold price received to R1 029 893/kg.

Cash and cash equivalents increased by R300.1 million to R2 015.2 million after paying the final dividend for the year ended 30 June 2020 of R299.1 million.

External borrowings remained at Rnil.

The cash generated during the current quarter will be applied towards the company's extended capital expenditure programme for the year ended 30 June 2021. In spite of the capital expenditure planned for the year, management positions the company favourably to consider declaring an interim dividend in February 2021, in the absence of unforeseen circumstances.

The information contained in this announcement does not constitute an earnings forecast. The financial information provided is the responsibility of the directors of DRDGOLD. Such information has not been reviewed or reported on by the company's auditors.

Note to editors: the full operating update is available on SENS and the company's website, www.drdgold.com

Contact:

Tel: +27 (0) 11 880 3924

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 370 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 914 M 914 M -
Capi. / Sales 2021 2,47x
Capi. / Sales 2022 2,45x
Nbr of Employees -
Free-Float 43,6%
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Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 19,50 $
Last Close Price 10,69 $
Spread / Highest target 82,4%
Spread / Average Target 82,4%
Spread / Lowest Target 82,4%
Managers and Directors
NameTitle
Daniël Johannes Pretorius Chief Executive Officer, Executive Director & MD
Geoffrey Charles Campbell Independent Non-Executive Chairman
Adriaan Jacobus Davel Chief Financial Officer & Executive Director
Edmund Abel Jeneker Lead Independent Non-Executive Director
Johan Andries Holtzhausen Independent Non-Executive Director
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