Key Developments For DRDGOLD Limited
DRDGOLD Limited (DROOY.O) (Consolidated Issue listed on NASDAQ Capital Market)
DRDGOLD Ltd. Settles with Uasa; NUM Gives Notice of Labour Action
Blyvooruitzicht Gold Mining Company Limited (Blyvoor), East Rand Proprietary Mines Limited (ERPM) and Crown Gold Recoveries (Pty) Limited (Crown), all subsidiaries of DRDGOLD Ltd., have signed a two-year wage settlement with the United Association of South Africa (UASA). In terms of the settlement, employees in the UASA recognition unit at Blyvoor will receive a 6.5% increase, at Crown a 6% increase and at ERPM a 4% increase. The Blyvoor increase is backdated to July 1, 2009. The Crown and ERPM increases are with effect from October 1, 2009. In addition, employees in the UASA recognition unit are eligible for a gold price/profit linked incentive scheme, in terms of which their overall increases can rise to a total of 15%. The National Union of Mineworkers (NUM) has been granted strike certificates in respect of the three operations and strike action is scheduled to begin at the start of the night shift on September 15, 2009. The NUM has rejected the Company's offer of a 7% increase for lowest-category employees at Blyvoor and 6.5% for the balance, a 6.0% across-the-board increase at Crown and a 4% across-the-board increase at ERPM. The NUM also rejected the gold price/profit linked incentive scheme.
DRDGOLD Ltd. And Harmony Gold Mining Company Limited Withdraws Complaint Against ArcelorMittal South Africa Limited
DRDGOLD Ltd. and Harmony Gold Mining Company Limited announced that they have withdrawn their excessive pricing complaint against ArcelorMittal South Africa Limited.
DRDGOLD Ltd. Declares Final Dividend
DRDGOLD Ltd. announced that its Directors have declared a final dividend of ZAR0.05 ordinary share for fiscal 2009. This compares with the final dividend of ZAR0.10 per share for fiscal 2008. The dividend will be paid on October 12, 2009, for the record date October 9, 2009.
DRDGOLD Ltd. Announces Offer To Acquire Mintails Limited's South African Subsidiaries
Mintails Limited announced that it has received and acknowledged receipt of a written offer from DRDGOLD Ltd. to acquire all of the Mintails interests in its South African subsidiaries and thereby all its South African assets (Offer) to the exclusion of the Company’s shareholding in West Wits Mining Limited. The purchase price is proposed to be discharged through the issue of DRD shares at a value also calculated by a 30 trading day Volumed Weighted Average Price to June 24, 2009.
Mintails Limited Completes Sale Of Remaining Interest In The Elsburg Joint Venture With DRDGold Limited
Mintails Limited announced that it has completed sale of the Company’s remaining interest in The Elsburg Joint Venture with DRDGold Limited. The transaction had been subject to the fulfilment of certain conditions precedent, inter alia, regulatory approvals, all of which have been complied with thereby facilitating the completion of the transaction. An amount of approx. AUD16 million was by agreement between the parties initially received in trust, pending the finalisation and exchange of the then remaining execution documentation, leaving the Company with a cash balance as March 31, 2009 of approx. AUD21 million.
