Durban (DROOY) had a rather disappointing quarter, reporting a small loss of 0.3 cents per share. On the positive side, production problems have been corrected and they spent a big chunk of cash to put a major dent in their hedge book. Hopefully one more quarter of pain and they'll be back on track and hedge-free! "hedge buyback programme resulted in an investment of US$ 5.6 million (R 64.5 million) towards this objective during the quarter. This, together with our normal deliveries has reduced the commitment to less than 400 000 ounces. The "bunching" of hedge deliveries in March, however, meant that our average gold price received was US$ 35 per ounce (R 2 444 per kilogram) lower than for the previous quarter."
DRD Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
