DRDGold expects increase in annual profits
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JOHANNESBURG - South African bullion producer and a specialist in the recovery of the metal from the retreatment of surface tailings, DRDGold said on Wednesday that it expected headline earnings a share of between 1.53c and 1.87c for the year ended June, up from 0.2c in 2017.
"The expected increase in headline earnings per share… is primarily due to an increase in gold production of 10 percent from 4 265kg to 4 679kg that also resulted in a decrease in cash operating costs of approximately 6 percent," the company said.
The company, which is listed on the New York and Johannesburg stock exchanges also attributed the increase in headline earnings per share to a decrease in all-in sustaining costs of about 5 percent from R530 930 per kilogram to about R506 000 per kilogram.
Headline earnings included transaction costs incurred in relation to the acquisition of the West Rand Tailings Retreatment Project assets from Sibanye-Stillwater amounting to R9 million, DRDGold added.