Revenue is expected to rise 26% to R5.27bn in the year to end-June, with the group benefiting from higher prices and sales volumes
The processing facilities and water filtration beds at the Ergo gold recovery plant, run by DRDGold, as seen from the air in Brakpan. Picture: BLOOMBERGone of the world’s largest gold tailings retreatment companies, says it expects revenue to rise by just more than a quarter in its year to end-June, as it cashes in on robust precious metal prices, while also increasing volumes.
Revenue increased 26% to R5.27bn, the group said in a trading update, amid a 20% increase in the rand-gold price received as well as a 7% increase in gold sold. Gold prices were bolstered in 2020 as Covid-19 prompted investors to look to safer assets such as precious metals, with DRDGold saying on Wednesday that it had increased volumes at some of its operations to counteract a decline in yield, having previously reported depletion of available high-grade reserves.
DRDGold, with a market value of R12.3bn, has seen its share rise almost 88% since the beginning of 2020, and is debt free. The group said on Thursday it had R2.18bn in cash at the end of June, up more than a quarter year on year.
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