Modern Mining April 2024

DRDGOLD reports a 12% revenue increase on the back of a higher gold price Gold miner, DRDGOLD’s revenue increased to R2 974.2 million for the six months ended 31 December 2023 (HY1 FY2024) on the back of a 22% increase in Rand gold price to R1 173 245/kg. The company returned an operating profit of R909.3 million (15% increase) with cash operating costs of R2 097.1 million. A total of R1 074.7 million was reinvested in capital infrastructure, with cash and cash equivalents reduced to R1 529.4 million (30 June 2023: R2 471.4 million). Gold production was 7% lower on the back of a 13% drop in throughput, the result of delays in the commissioning of two high volume sites due to community issues and delays in obtaining regulatory approvals respectively, with the company hav ing to make up tonnes from several legacy and clean-up sites. Looking ahead, the company expects to complete the 60MW solar plant by the end of March 2024 and the accompanying battery storage system by end of October 2024. Its next big capital investment project is Phase II of Far West Gold

Eastport Ventures Inc. appoints Robin Birchall as CEO Eastport Ventures is an inno vative Canadian Mining House focused on developing mineral interests spanning Copper, Uranium, REEs, Nickel, and Diamonds in Botswana. The company has appointed Robin Birchall as CEO with immedi ate effect. Birchall, who brings over 20 years of experience including over a decade at leading Investment Banking Institutions (BMO and Canaccord Genuity), has successfully led junior min ing companies on Recognised Investment Exchanges, including, but not limited to, TSX-V and LSE, with these companies having operational mineral interests in Botswana, West Africa and Russia, the company said. Over the past seven years, Eastport acquired six mineral projects that have benefitted from, in aggregate (historic and Eastport), exploration and development expenditures in excess of $17 million. In addition, to complement the company’s strategy, Eastport has developed a multi-million-dollar investment arm that has amassed a portfolio of both marketable and pri vate securities. 

Recoveries to double plant capac ity and build the 800 million tonne Regional Tailings Storage Facility for which regulatory approvals are imminent. The company still expects output within its guided range of between 165 000 ounces and 175 000 ounces for FY2024 albeit to the lower end of the range. 

The higher gold price is a boon for DRDGOLD.

April 2024  MODERN MINING  5