G-khan
04-09-2003, 10:54 PM
South African mining firm Durban Roodeport Deep (DUR) reported a 7% decline in its gold production for the March 2003 quarter, due partly to downscaling of its open-cast operations at one of its plants.
It said in a statement yesterday that attributable group gold production, between December 2002 and March 2003, was 6 501 kg compared with 7 075 kg in December 2001 to March 2002.
The result was adjusted to reflect the sale of 60% of Crown Mine, but excluded the attributable gold production from its recently acquired 19,8% shareholding in the Australian listed Emperor Gold mines.
DRD said the two principal reasons for the decline were the "downscaling of the open cast operation at the company's North West operation and power failure and consequent 11-day interruption of pumping and production at Buffels' Pioneer Shaft".
Last month, DRD said the strength of the rand versus the dollar and a fire at a subsidiary would affect its earnings for the three months to March.
The rand strengthened by 40% against the dollar in 2002, eating into profits at most mining houses, which pay costs in rand and draw earnings abroad. It has remained one of the world's best performing currencies in 2003.
The results were released prematurely due to what DRD called "public speculation that the gold production of Durban Roodepoort Deep...may be substantially below par".
It said it would release its full operating and financial results on April 29. – Reuters.
http://www.miningweekly.co.za/min/news/breaking/?show=34555
It said in a statement yesterday that attributable group gold production, between December 2002 and March 2003, was 6 501 kg compared with 7 075 kg in December 2001 to March 2002.
The result was adjusted to reflect the sale of 60% of Crown Mine, but excluded the attributable gold production from its recently acquired 19,8% shareholding in the Australian listed Emperor Gold mines.
DRD said the two principal reasons for the decline were the "downscaling of the open cast operation at the company's North West operation and power failure and consequent 11-day interruption of pumping and production at Buffels' Pioneer Shaft".
Last month, DRD said the strength of the rand versus the dollar and a fire at a subsidiary would affect its earnings for the three months to March.
The rand strengthened by 40% against the dollar in 2002, eating into profits at most mining houses, which pay costs in rand and draw earnings abroad. It has remained one of the world's best performing currencies in 2003.
The results were released prematurely due to what DRD called "public speculation that the gold production of Durban Roodepoort Deep...may be substantially below par".
It said it would release its full operating and financial results on April 29. – Reuters.
http://www.miningweekly.co.za/min/news/breaking/?show=34555