Dual-listed DRDGold’s output increased by 5% quarter-on-quarter to 48 001 oz for the quarter ended September 30, primarily owing to a 4% increase in tonnage throughput at Far West Gold Recoveries (FWGR), which achieved the planned throughput of 500 000 t a month from Phase 1.

FWGR also successfully started operating its mills at the start of September, which resulted in a 3% and 2% decrease in cash operating cost per kilogram of gold sold and cash operating cost per ton of material processed, respectively.

Overall yield increased by 1% compared with the previous quarter, mainly as a result of the improved head grade at Ergo Mining.

Adjusted earnings before interest, taxes, depreciation and amortisation more than doubled to R326.1-million for the quarter, mainly as a result of the 15% increase in gold price received and a 6% increase in gold sold, the debt-free company reported on Monday.

All-in sustaining costs per kilogram and all-in costs per kilogram for the quarter, meanwhile, were 11% and 9% higher respectively, owing to the positive impact of the change in estimate of environmental rehabilitation recognised in profit or loss, which lowered the comparative unit costs of the previous quarter.

Cash and cash equivalents increased to R333.6-million at quarter-end, after DRD paid a cash dividend of R136.4-million and increased working capital lockup by R133.9-million for the quarter.

The JSE- and NYSE-listed company’s board will consider the payment of a dividend once the half-year results have been finalised.

Meanwhile, the gold miner also reported that the police have recovered “a large part of the gold-containing concentrate” that had been stolen from the Ergo operation in an armed robbery last week.

Chief security officer Bart Coetzee was killed and the gang made off with a quantity of calcine concentrate that was estimated to contain about 17 kg of gold.