DRDGOLD has projected lower earnings for the six months ended 31 December 2021 due to an increase in cash operating costs and a decrease in Rand gold prices.
The group is set to publish its results for the period on or about February 16.
It said in a trading statement that it expects to report earnings per share (EPS) and headline earnings per share (HEPS) of between 52.5 cents and 63.6 cents compared to EPS and HEPS of 111 cents for the previous corresponding period, a decrease of between 43% and 53%, respectively.
The expected decreases in EPS and HEPS, it said, are mainly due to the 13% decrease in Rand gold price and an 11% increase in cash operating costs to R1,680.2 million compared to R1,518.8 million in 2020.
DRDGold said at Ergo revenue fell 20% to R1,804.6 million compared to 2020’s R2,268.7 million, due mainly to a 13% decrease in the Rand gold price received as well as a 9% decrease in gold sold to 2,090Kg.
Gold sold decreased as a result of the bulk of the higher-grade reserves in the Knights area reaching the end of life-of-mine.
At Far West Gold Recoveries’ (FWGR’s) revenue decreased by 2% to R693.8 million from R708.7 million in 2020 despite a 13% increase in gold sold to 801Kg, due to a 13% decrease in the Rand gold price received.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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