DRDGold Q3 gold output up 3%
The South African fourth-largest gold miner reported Thursday a 3% rise in its third quarter gold output but said headline earnings dipped as cash operating costs climbed and grades declined.
JOHANNESBURG (REUTERS) -
DRDGold, South Africa's fourth-largest gold producer, said on Thursday its production climbed slightly in the third quarter but headline earnings dipped as cash operating costs climbed and grades declined.
Gold output in the three months to the end of March rose 3 percent to 34,947 ounces. DRDGold's production is focused on surface operations and the extraction of gold still contained in mine dumps surrounding Johannesburg.
Headline earnings per share from continuing operations fell 20 percent to 12 cents in the quarter compared to the previous one. Headline earnings are the main profit gauge in South Africa and strip out certain one-off items.
Chief executive Niel Pretorius said the company is aiming to produce between 140,000 and 150,000 ounces a year.
The company said the disposal of its 74 percent interest in the troubled Blyvoor operations to junior producer Village Main Reef remained on track.
(Writing by Sherilee Lakmidas; Reporting by Ed Stoddard; Editing by Jon Herskovitz)