Reserves and resources

DRDGOLD’s attributable Mineral Resources increased by 3% from 54.7 million ounces (Moz) in 2008 to 56.4Moz in 2009. Attributable Ore Reserves decreased by 24% from 7.9Moz in 2008 to 6.0Moz in 2009.

The rise in attributable Mineral Resources reflected the company’s acquisition of the remaining 50% of ErgoGold which added 1.9Moz to the group’s total. Ergo’s Mineral Resources increased by 86%, from 2.2Moz in 2008 to 4.1Moz in 2009. Depletion and adjustments to geological models were the reasons for the minor changes recorded at DRDGOLD’s other operations. Mineral Resources decreased at Blyvoor by 7% to 18.9Moz (2008: 20.4Moz) and at Crown by 3% to 3.0Moz (2008: 3.1Moz), while at ERPM they went up by 5% to 30.4Moz (2008: 29.0Moz).

The decrease in DRDGOLD’s Ore Reserves was primarily because of ERPM’s underground operations being placed on care and maintenance (as discussed in other sections of this report). Although various options are being considered for the future of this mine, as things stand at present its underground resources cannot be converted to reserves. The result is that Ore Reserves at ERPM declined by 42%, from 2.6Moz in 2008 to 1.5Moz in 2009. They also decreased by 10% at Blyvoor – from 4.8Moz in 2008 to 4.3Moz in 2009 – because of depletion and adjustments to geological models. Depletion is the reason for the 50% reduction in Crown’s Ore Reserves, from 0.4Moz in 2008 to 0.2Moz in 2009.

Reserves and resources statements as at 30 June 2009

• Mineral Ore Reserves and Resources statements
• Ore Reserves and Mineral Resources statements (PDF - 433KB)

Total reserves vs gold price sensitivity year on year

Total resource variance year on year

Total reserve variance year on year