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DRDGOLD signals 45% gold production increase in quarterly update

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DRDGOLD Limited (NYSE:DRD), a South African gold producer, saw a 45% quarter-on-quarter increase in gold production during the three months ended September 30, reaching 1,514 kilograms (kg) produced, according to an operational update from the company.

The jump was due primarily to a 27% increase in tonnage throughput to 7.2 million tons and a 15% increase in yield to 0.209 grams per ton of gold (g/t).

Total gold sold increased 60% to 1,522 kg.

READ: DRDGOLD reports increased revenue and earnings in fiscal year as investors turn to the yellow metal

As a result, cash operating costs per kilogram of gold sold dropped 10% to R489 (US$30.34) per 750 kg. Cash operating costs per ton of material processed increased by 2% to R104(US$6.45)/t.

All-in sustaining costs per kilogram and all-in costs per kilogram were R588,239 (US$36,500) per kg and R613,206 (US$38,049) per kg, respectively.

Adjusted EBITDA more than doubled to R770.4 million (US$47.8 million), due primarily to the increase in gold sold and a 6% increase in the average Rand gold price received to roughly R1 million (US$63,904) per kg.

Cash and cash equivalents increased by R300.1 million (US$18.6 million) to more than R2 billion (US$125 million) after paying the final dividend for the year ended June 30 of R299.1 million (US$18.5 million).

The cash generated during the current quarter will be applied towards DRDGOLD’s extended capital expenditure program for the fiscal year ending June 30, 2021, the company said. In spite of the capital expenditure planned for the year, management said it has positioned the company favourably to consider declaring an interim dividend in February.

DRDGOLD is a South African gold producer and a leader in the recovery of gold from the retreatment of surface tailings.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors


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