JHB High Court Judge Lewis Goldblatt today dismissed with costs an application by Brett Kebble’s JCI Gold and CAM for leave to appeal against an order to pay Durban Roodepoort Deep, Limited (DRDGOLD) an amount of R35.7 million, plus interest and costs, including the costs of two counsel.
DRD has today announced that subject only to any automatic extension required by the Australian Corporations Act, it will not extend its takeover offer for Emperor Mines Limited beyond its closing date of 30 July 2004.
Chief Executive Officer Ian Murray has welcomed a decision by a majority of the independent directors of the Emperor Mines Limited board to recommend to shareholders that they accept DRD’s final, revised offer for the company.
The Council for Conciliation, Mediation and Arbitration (CCMA) has awarded in Durban Roodepoort Deep, Limited’s (DRD) favour following an application brought by Ms Benita Morton, DRD’s former legal advisor.
DRD Chief Executive Officer Ian Murray said he was “unfazed” by the postponement granted to JCI and CAM in the Johannesburg High Court today (26.03.04) of proceedings by DRD against JCI and CAM for the recovery of some R40 million, including interest.
An outcomes-based incentive scheme for rock drill operators at DRD’s Blyvooruitzicht Mine is the first initiative to emerge from the efforts of a multi-disciplinary task team appointed two weeks ago to “beat the R/kg gold price before it beats us”.
During the course of last year, Roger and Brett Kebble brought an action against DRD and Associated Intelligence Network (Pty) Ltd, claiming punitive constitutional damages arising out of alleged invasion of privacy and constitutional rights. DRD is defending the action.
Durban Roodepoort Deep, Limited‘s Blyvooruitzicht Mine has appointed an eight-person task team, representative of management and organised labour, to urgently investigate the negative impact on the operation’s margins by the effect of Rand strength on costs and revenues, and to propose counter measures.
1. INTRODUCTION QuestCo (Pty) Limited is authorised to announce that, in keeping with its Australasian expansion strategy, DRD will make an offer to acquire all of the outstanding shares in Emperor Mines Limited (“Emperor”). Emperor is a gold mining company listed on the Australian Stock Exchange Limited (“ASX”). Emperor’s main asset is the Vatukoula gold mine, located on the northern coast of Fiji’s largest island, Viti Levu. Emperor also has an advanced stage exploration project, Tuvatu, located on the western coast of Viti Levu.
Johannesburg, South Africa – 8 March 2004 – Durban Roodepoort Deep, Limited (JSE:DUR; NASDAQ:DROOY; ASX:DRD) is pleased to announce its intention to merge with Emperor Mines Limited (ASX: EMP). The proposal follows weekend discussions between the two parties. The merger will be implemented by DRD making a scrip takeover offer at a premium for all the shares it does not own in Emperor. DRD currently holds 19.78% of Emperor.
DRD is pleased to announce that Orogen Minerals (Porgera) Limited, its wholly owned, Papua New Guinea registered subsidiary, which owns 20% of the Porgera Gold Mine mineral
tenements (“tenements”), has concluded a transaction with local land owner, Mineral Resources Enga Limited ("MRE"), to sell a 5% direct interest of the tenements to MRE for a purchase price of US$22.521 million with an effective date of 1 January 2004.
Blyvooruitzicht Mine (Blyvoor) near Carletonville has successfully commissioned a R45 million slimes dam reclamation project, expected to bring in more than 84 kg of gold a month over eight years at a cost of less than $200 an ounce.