FOR IMMEDIATE RELEASE
DRD ANNOUNCES TAKEOVER OFFER FOR EMPEROR MINES LTD
Johannesburg, South Africa – 8 March 2004 – Durban Roodepoort Deep, Limited (JSE:DUR;
NASDAQ:DROOY; ASX:DRD) is pleased to announce its intention to merge with Emperor Mines Limited
(ASX: EMP). The proposal follows weekend discussions between the two parties. The merger will be
implemented by DRD making a scrip takeover offer at a premium for all the shares it does not own in Emperor.
DRD currently holds 19.78% of Emperor.
Under the merger, DRD will offer one DRD share for every five Emperor shares on the terms and conditions set
out in Appendix A (attached). Based on the closing prices of DRD and Emperor on Friday, 5 March, the offer
represents a 32% premium for Emperor shareholders and values Emperor at A$105 million (US$79.7 million),
A$6 million (US$4.5 million) net debt.
If accepted, the offer will allow Emperor shareholders to become part of a A$1.1 billion (US$ 834 million),
international gold company with:
• eight mines with reserves of 18 million ounces and more than 1 million ounces of annual gold production,
including 385,000 ounces from Australasia;
• gold production from three countries (South Africa, Papua New Guinea [PNG] and Fiji) with a
diversified risk profile;
• highly liquid shares with a broad international shareholder base and annual turnover in excess of 500% of
• significant leverage to the gold price;
• an international growth strategy that includes the recent US$73 million acquisition of an interest in the
Porgera Gold Mine in PNG; and
• a solid financial base with which to fund its continuing growth strategy.
Commenting on the transaction, DRD Chief Executive Officer Ian Murray said: “This merger will complete the
establishment of a sustainable Australasian