Media releases

DRD repays Western Areas advance

Details

Published: Friday, 14 December 2001 02:00

Durban Roodeport Deep, Limited (DRD) announced today (14 December 2001) that it has repaid in full – including interest to date – the Western Areas Limited advance amounting to R149 375 483.11 it received on 21 February 2000. Durban Roodeport Deep, Limited (DRD) announced today (14 December 2001) that it has repaid in full – including interest to date – the Western Areas Limited advance amounting to R149 375 483.11 it received on 21 February 2000.

DRD exercised its options in respect of 16 128 500 shares in CAM, 6 268 100 shares in JCI and 7 187 700 shares in Randgold and Exploration Company Limited, which were offset against the amount due to Western Areas Limited.

DRD has therefore discharged all of its obligations under the original agreement and will realise a profit of approximately R17 million on the transaction.

DRD Chairman and CEO Mark Wellesley-Wood said: “The elimination of these positions marks the end of an era. These shares were non-core and nonstrategic to the company, and we are pleased that we could finally reach a settlement with Western Areas that has resulted in a profit for our shareholders.”

Queries:

Mark Wellesley-Wood
Durban Roodepoort Deep
+27 11 381 7808 (office)
+27 82 415 8998 (mobile)

Ian Murray
Durban Roodepoort Deep
+27 11 381 7807 (office)
+27 82 441 4098 (mobile)