Brokerage firm JP Morgan Downgrades its rating on DRDGOLD Ltd. (ADR)(NYSE:DRD). The shares have been rated Underweight. Previously, the analysts had a Neutral rating on the shares. The rating by JP Morgan was issued on Jul 12, 2016.
DRDGOLD Ltd. (ADR) (DRD) shares turned negative on Fridays trading session with the shares closing down -0.1 points or -1.33% at a volume of 4,45,402. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $7.59. The peak price level was also seen at $7.59 while the days lowest was $7.25. Finally the shares closed at $7.43. The 52-week high of the shares is $9.03 while the 52-week low is $1.1. According to the latest information available, the market cap of the company is $316 M.
DRDGOLD Limited is a surface gold tailings retreatment company. The Company operates in the central Witwatersrand (Wits) basin in Gauteng province and recovers gold from tailings. Ergo Mining Proprietary Limited (Ergo) is the Company’s operating entity. Ergo is a surface retreatment operator. Ergo’s assets cover an area approximately 62 kilometers from east to west and 25 kilometers from north to south. The Company operates approximately two metallurgical plants two milling and pump stations a network of pipelines and the Brakpan tailings facility (BTF). The Ergo plant has a total retreatment capacity of 1.8 million tons per month. The Company’s product is dore bars. Ergo beneficiates its crude bullion (approximately 85% gold 7% to 8% silver some copper and other elements) at its smelter. Ergo is wholly owned by Ergo Mining Operations Proprietary Limited (EMO).