JOHANNESBURG – DRDGold recorded a 15 percent jump in production for the March quarter as the Far West Gold Recoveries (FWGR) project that it bought after selling shares to Sibanye-Stillwater ramps up.
The company strengthened by 5.8 percent on the JSE to trade at R2.92 a share at 11am on Tuesday after saying the quarter-on-quarter production improvement was primarily due to an 11 percent increase in tonnage throughput.
The share closed at R2.91. DRDGold, one of South Africa’s oldest gold tailings retreatment companies, said the higher production came as the FWGR project ramped up towards the planned throughput of 500 000 tons a month from its phase 1.
It expected the final commissioning of phase 1 to be completed before the end of the current financial year. The company also said overall yield increased by 4 percent compared to the previous quarter due to higher grade material being processed at the FWGR project.