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Gold/Mining/Energy : DROOY Durban Deep- Best S. African Mine
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To: Bruce A. Thompson who wrote (717)5/23/2002 1:10:45 PM
From: posthumousone   of 851
 
Found interesting email on yhoo board to drooy IR

Dear XXXXXXXXXXXXXXXX

Thank you for your e-mail. As you well know, the gold price in the current market has a bigger risk to the up side than to the down side. With the SA Rand strengthening down to around R10/$, we have reached the lowest point in the market since November last year. With $35 million of the proceeds of the share placement, we will be able to take out around half of the current revenue hedgebook. This will show an immidiate uplift in free cash after all expenses as well as earnings per share.

The balance of the book will be closed out using a project finance facility, which is currently being arranged by SCMB. Unfortunately this facility takes time to put in place, so the Company runs the risk that the gold price will run. We are still confident that we would be able to close out the rest of the book before our financial year end, which is 30 June 2002.

Going forward, only if value to shareholders can be proved, will shares be issued for any transaction.

Attached please find a copy of the press release that was sent out today by DRD. Please contact me if you have any further questions.

Regards
Alet Beyers
Manager: Treasury
Durban Roodepoort Deep, Limited
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