Gold
Image credit: www.123rf.com

Dual-listed gold from tailings producer DRDGOLD has reported a 9% year-on-year increase in gold production to 5 424 kg for the financial year ended 30 June 2020.

Read more: Creating a positive environmental legacy in Johannesburg

The increase is mainly attributable to a larger contribution from DRDGOLD’s Far West Gold Recoveries operation.

The company had earlier provided production guidance of between 175 000 and 190 000 oz. However, interruptions to its operations as a result of the national lockdown declared by the South African Government in response to the COVID-19 pandemic caused production to come in marginally below the estimated range.

Cash operating costs per kilogram are expected to be in line with the guidance provided of R490 000/kg.

DRDGOLD’s cash and cash equivalents as at 30 June 2020 was R1 715.1 million after paying a cash dividend of R213.8 million in June 2020, and the company remains free of bank debt as at 30 June 2020.

DRDGOLD expects to announce its full operating and financial results for FY2020 on 1 September 2020.