For immediate release
DRD BID FOR EMPEROR MOVES AHEAD
Johannesburg, South Africa. 13 April 2004. Durban Roodepoort Deep, Limited’s (JSE:DUR;
NASDAQ:DROOY; ASX: DRD ) bid for Emperor Mines Limited has progressed with the dispatch to
Emperor shareholders of the Bidder’s Statement, confirming the offer of one DRD share for every five of their
Reaction to the DRD offer, announced on 8 March, has been positive for Emperor’s share price, which jumped
32% to A$0.88 when trading in Emperor shares recommenced after the bid was announced. Since the
announcement, shares representing some 20% of Emperor’s current issued capital have changed hands.
DRD currently has a market capitalisation of around A$1 billion and expects to produce more than 1 million
ounces of gold this year from its eight operations in three countries.
DRD Chief Executive Officer, Ian Murray, said Emperor shareholders will receive greater value from being part
of the expanded DRD.
He said benefits to Emperor shareholders from the DRD bid include:
• being part of a major international gold company;
• diversification of geographical and operational risk;
• better liquidity on overseas exchanges;
• direct exposure to the gold price because of DRD’s policy of not hedging gold production; and
• DRD’s specialisation in extending the life and maximising the value of complex underground gold mines.
“Based on the information available, DRD also expects to continue to fund the Phase II expansion program of
Emperor’s Vatukoula gold mine in Fiji,” Mr Murray said.
The Bidder’s Statement was lodged with the Australian Securities and Investment Commission (ASIC) and the
Australian Stock Exchange on 26 March 2004, with the offer dated from today. Unless extended, the offer will
close at 7pm (Sydney time) on 14 May 2004.
Emperor Shareholder Infoline: