>> By Matthew Jones
>> Financial Times
>> June 19, 2002
>>
>> Durban Roodepoort Deep, South Africa's fourth-largest
>> gold miner, confirmed on Wednesday it would pay the
>> first dividend in its 107-year history when it reports
>> full-year earnings next month.
>>
>> The statement came as the company said it was
>> seeking a full listing on the Australian stock exchange,
>> raising speculation that it may be planning acquisitions
>> in Australia.
>>
>> Mark Wellesley-Wood, chairman of DRD, told the
>> Financial Times the company was back on track after
>> a"tumultuous year" of sweeping management changes
>> and litigation.
>>
>> The group's intention to pay a dividend was definite
>> and earnings were improving after winding down the
>> gold hedge book and paying down debt.
>>
>>"The dividend is now in the budget and we will be
>> making a statement on future dividend policy next
>> month," he added.
>>
>> DRD has in the past had a reputation for high
>> operating costs, poor gold hedging, and poor
>> corporate governance.....
>>
>> Wellesley-Wood said the group had wound down its
>> hedge book, making it one of the most highly-geared
>> roducers to the gold price. He added that it was expected
>> to gain approval this week for a full listing on the
>> Australian stock exchange, raising expectations that it
>> may be planning paper acquisitions there.
>>
>> Wellesley-Wood declined to confirm whether acquisitions
>> were planned in Australia but said the group was looking
>> to grow through a mixture of mine purchases and the
>> development of existing assets.
>>
>>"We are not aiming to get big for the sake of it but will
>> continue our strategy of buying cheap assets that other
>> producers consider non-core," he added....


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