Earnings Labs

DRDGOLD Limited (DRD)

Q2 2014 Earnings Call· Tue, Feb 11, 2014

$26.66

-2.81%

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Transcript

Transcript

Operator

Niël Pretorius: Good morning, everybody. Thank you very much again for taking the time to come and listen to our interim quarterly report for the last six and three months respectively. It’s the first one that Francois will be attending with me. I’m hoping that you’ve written down a whole set of complicated financial questions that you could poster him off to it, he’s burning to get stuck into the thick of things. Our disclaimer is the normal disclaimer we do have a number of assumptions based upon which we’ll be talking. So if you’ll just take regard of those. So, we’ll lead with the key features for the two quarters, the two successive quarters, the reason being that we are in the process of commissioning our new fine-grind and floatation circuits. And I think the things at this stage tell the story of how we’ve been doing and getting this put in place. So we’re leading with the gold production quarter-on-quarter, the floatation fine-grind gold production, that’s in fact the gold that was smelted. And it’s a fairly decent one, just over 20 kilos of the three days of production exclusively coming out of the fine-grind. And we’re also using the fine-grind elusion circuits that we now have a very definite high-grade and low-grade section in our plant. And we’ll also see what’s been happening with the operating cost quarter-on-quarter and also the operating profit. As we get deeper into the presentation, you will see that these numbers are pretty much lagging than the numbers of the previous financial year. So, these numbers are of a low-base, it’s really our recovery from the previous quarter hopefully encouraging retaining in the right direction. But still a long way away from where we are targeting production and especially profit. We’re only…