<PAGE>

                                                                    EXHIBIT 4.73

THIS TERMINATION AGREEMENT is made as of this 24th day of June, 2004 among:

(A)   Durban Roodepoort Deep Limited ("DURBAN");

(B)   Eskom Holdings Limited (the "ESKOM"); and

(C)   Investec Bank Limited (the "INVESTEC").

(1)   Investec and Durban have entered into one or more transactions the terms
      of which are recorded in Investec's Confirmations dated 4th February 2004,
      6th February 2004, 6th February 2004, 10th February 2004, 11th February
      2004 and 12th February 2004 respectively bearing reference CD71288,
      CD71567, CD71679, CD72430, CD72431 and CD72432. Copies of these
      Confirmations are attached hereto marked "A", "B", "C", "D", "E" and "F"
      respectively (the "INVESTEC-DURBAN Transactions").

(2)   Eskom and Durban have entered into one or more transactions the terms of
      which are recorded in Eskom's Confirmation dated 18 September 2000 and an
      amendment thereto dated 22 November 2000. Copies of these Confirmations
      are attached hereto marked "G" and "H". The transactions which are the
      subject of this agreement may be identified in TABLE I of annexure H as
      those transactions having 'Calculation Period Start Dates' of 01 July 2004
      to and including 01 December 2004 (the "ESKOM-DURBAN TRANSACTIONS").

(3)   Investec, Eskom and J Aron & Company propose to enter into a Novation
      Agreement (the "NOVATION AGREEMENT") in respect of one or more
      transactions identified in the Annex thereto (the "NOVATED TRANSACTIONS").
      A copy of the proposed Novation Agreement is attached hereto marked "I".

(4)   With effect from and including the date of the novation, intended by the
      execution of the Novation Agreement, and in consideration for Investec and
      Eskom entering into the Novation Agreement, Durban, and Investec wish to
      terminate the Investec-Durban Transactions and Eskom and Durban wish to
      terminate the Eskom-Durban Transactions.

(5)   Each of Investec, Eskom and Durban wish to be simultaneously released and
      discharged of their respective obligations under and in respect of their
      rights and obligations under the Investec-Durban Transactions and the
      Eskom-Durban Transactions.

Accordingly, the parties agree as follows:

1.    DEFINITIONS.

<PAGE>

      Terms defined herein are used herein as so defined, unless otherwise
      provided herein.

2.    TRANSFER, RELEASE, DISCHARGE AND UNDERTAKINGS.

      With effect from and including the Novation Date and in consideration of
      the mutual representations, warranties and covenants contained in this
      Termination Agreement and other good and valuable consideration (the
      receipt and sufficiency of which are hereby acknowledged by each of the
      parties):

            (a)   Investec and Durban are each released and discharged from
                  further obligations to each other with respect to the
                  Investec-Durban Transactions and their respective rights
                  against each other thereunder are cancelled.

            (b)   Eskom and Durban are each released and discharged from further
                  obligations to each other with respect to the Eskom-Durban
                  Transactions and their respective rights against each other
                  thereunder are cancelled. Such release and discharge shall not
                  affect any rights, liabilities, or obligations of Eskom or
                  Durban recorded and confirmed in annexure "H", other than the
                  Eskom-Durban Transactions,

3.    COUNTERPARTS.

      This Termination Agreement (and each amendment, modification and waiver in
      respect of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

4.    COSTS AND EXPENSES.

      The parties will each pay their own costs and expenses (including legal
      fees) incurred in connection with this Termination Agreement and as a
      result of the negotiation, preparation and execution of this Termination
      Agreement.

5.    AMENDMENTS.

      No amendment, modification or waiver in respect of this Termination
      Agreement will be effective unless in writing (including a writing
      evidenced by a facsimile transmission) and executed by each of the parties
      or confirmed by an exchange of telexes or electronic messages on an
      electronic messaging system.

6.    GOVERNING LAW.

      This Termination Agreement will be governed by and construed in accordance
      with the laws of South Africa.

                                        2
<PAGE>

IN WITNESS WHEREOF the parties have executed this Termination Agreement on the
respective dates specified below with effect from the date specified on the
first page of this Termination Agreement.

ESKOM HOLDINGS LIMITED                              INVESTEC BANK LIMITED

By: ______________________________                  By: ________________________
    Name:                                               Name:
    Title:                                              Title:
    Date:                                               Date:

DURBAN ROODEPOORT DEEP LIMITED

By: /s/Mark Wellesley-Wood
    ------------------------------
    Name: Mark Wellesley-Wood
    Title: Chairman
    Date: 24 July 04

By: /s/Wayne Gregory Koonin
    ------------------------------
    Name: Wayne Gregory Koonin
    Title: Divisional Director: Group Finance
    Date: 24 July 2004

                                        3
<PAGE>

                                                                             "A"

[Investec logo]

                                  CONFIRMATION

DATE:       4th February 2004

TO:         Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:       Lucy McLean

FAX:        +27-11-3741060

FROM:       Investec Bank Limited

SUBJECT:    Forward Bullion Transaction

REF No.:    CD7I288

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1987 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th of February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 8(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered to
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         4th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     F2192/oz
Value Date:                         30th July 2004
Settlement Date:                    16th August 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,176,209
Cash Payment Date:                  12th March 2004
Reset Dates:                        Daily each business day during July 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 71288 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to confirm knowledge of the terms
      and conditions of the ISDA Agreement by

                                        5
<PAGE>

      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                        6
<PAGE>

                                                                             "B"

[Investec logo]

                                  CONFIRMATION

DATE:        6th February 2004

TO:          Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:        Lucy McLean

FAX:         +27-11-3741060

FROM:        Investec Bank Limited

SUBJECT:     Forward Bullion Transaction

REF No.:     CD71567

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th of February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(a)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         6th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Additional Payment:                 On 12th March 2004 Counterparty shall pay to
                                    Investec R10,325,695
Contract Price:                     R2192/oz
Value Date:                         31st August 2004
Settlement Date:                    15th September 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Reset Dates:                        Daily each Business Day during August 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 71587 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to confirm knowledge of the terms
      and conditions of the ISDA Agreement by

                                        8
<PAGE>

      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                        9
<PAGE>

                                                                             "C"

[Investec logo]

                                  CONFIRMATION

DATE:        6th February 2004

TO:          Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:        Lucy McLean

FAX:         +27-11-3741060

FROM:        Investec Bank Limited

SUBJECT:     Forward Bullion Transaction

REF No.:     CD71679

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th of February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         6th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Additional Payment:                 On 12th March 2004 Counterparty shall pay to
                                    Investec R11,123,754.
Contract Price:                     R2192/oz
Value Date:                         30th September 2004
Settlement Date:                    15th October 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Reset Dates:                        Daily each Business Day during September
                                    2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 71679 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to confirm knowledge of the terms
      and conditions of the ISDA Agreement by

`                                       11
<PAGE>

      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       12
<PAGE>

                                                                             "D"

[Investec logo]

                                  CONFIRMATION

DATE:        10th February 2004

TO:          Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:        Lucy McLean

FAX:         +27-11-3741060

FROM:        Investec Bank Limited

SUBJECT:     Forward Bullion Transaction

REF No.:     CD72430

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         10th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     R2256/oz
Value Date:                         29th October 2004
Settlement Date:                    15th November 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,898,617
Cash Payment Date:                  12th March 2004
Cash Payer:                         Counterparty
Reset Dates:                        Daily each business day during October 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 72430 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to

                                       14
<PAGE>

      confirm knowledge of the terms and conditions of the ISDA Agreement by
      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       15
<PAGE>

                                                                             "E"

[Investec logo]

                                  CONFIRMATION

DATE:        11th February 2004

TO:          Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:        Lucy McLean

FAX:         +27-11-3741060

FROM:        Investec Bank Limited

SUBJECT:     Forward Bullion Transaction

REF No.:     CD72431

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         11th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     R2256/oz
Value Date:                         30th November 2004
Settlement Date:                    15th December 2004
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,851,298
Cash Payment Date:                  12th March 2004
Cash Payer:                         Counterparty
Reset Dates:                        Daily each business day during November 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 72431 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to

                                       17
<PAGE>

      confirm knowledge of the terms and conditions of the ISDA Agreement by
      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L. McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       18
<PAGE>

                                                                             "F"

[Investec logo]

                                  CONFIRMATION

DATE:        12th February 2004

TO:          Andisa Treasury Solutions - favour of Durban Roodepoort Deep

ATTN:        Lucy McLean

FAX:         +27-11-3741060

FROM:        Investec Bank Limited

SUBJECT:     Forward Bullion Transaction

REF No.:     CD72432

1.    The purpose of this communication is to set forth the terms and conditions
      of the transaction referred to above and entered into on the Trade Date
      specified below (the "Transaction") between Investec Bank Limited
      ("Investec") and Durban Roodepoort Deep ("Counterparty"). This
      communication constitutes a Confirmation as referred to in the Agreement
      specified below.

2.    This Confirmation is subject to, and incorporates, the 2000 ISDA
      Definitions and the 1997 ISDA Bullion Definitions (the "Definitions") as
      published by the International Swaps and Derivatives Association, Inc.
      ("ISDA"). In the event of any inconsistency between the Definitions and
      this Confirmation, this Confirmation will prevail.

3.    If Investec and Counterparty are parties to the 1992 ISDA Master
      Agreement, (the "Agreement"), this Transaction and Confirmation
      supplements, forms part of and is subject to such Agreement. If Investec
      and Counterparty are not yet parties to the Agreement, both parties agree
      to use best efforts to promptly negotiate, execute and deliver the
      Agreement, including a standard form of Schedule and any addenda that may
      from time to time be required by the 26th February 2004. Upon execution
      and delivery of the Agreement this Transaction and Confirmation shall
      supplement, form part of and be subject to such Agreement and will
      constitute a single agreement between the parties. Until such Agreement
      has been executed and delivered, this Transaction and Confirmation
      (together with all other Transactions and Confirmations previously entered
      into between us, notwithstanding anything to the contrary therein) shall
      supplement, form part of and be subject to the 1992 ISDA Master Agreement,
      as if, on the Trade Date of the first such Transaction between the
      parties, the parties had executed that

<PAGE>

      agreement (without any Schedule thereto) and specified that the Automatic
      Early Termination provisions contained in Section 6(a) of such agreement
      would not apply and that in the event of an Early Termination Date being
      designated a net payment amount in respect of the Terminated Transactions
      will be determined in accordance with the early termination payment
      calculation provisions of Section 6(e)(i) based on a payment measure of
      Market Quotation and a payment method of Second Method.

4.    Investec and Counterparty represent to each other that it has entered into
      this Transaction in reliance upon such tax, accounting, regulatory, legal
      and financial advice as it deemed necessary and not upon any view
      expressed by the other party.

5.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

Trade Date:                         12th February 2004
Purchaser of Bullion:               Counterparty
Seller of Bullion:                  Investec
Bullion:                            Gold
Number of Ounces:                   15,000
Contract Price:                     R2256/oz
Value Date:                         31st December 2004
Settlement Date:                    17th January 2005
Settlement Price:                   The arithmetic average Rand Gold Spot Price.
Rand Gold Spot Price:               The product of GOLD-FIX-AM and the USD/ZAR
                                    spot rate, as shown on the Reuters page
                                    "GOFO" at approximately 11am London time on
                                    each Reset Date. Should this rate be
                                    unavailable, the Calculation Agent will
                                    determine such rates, in a commercially
                                    reasonably manner.
Cash Payment:                       R10,499,582
Cash Payment Date:                  12th March 2004
Cash Payer:                         Counterparty
Reset Dates:                        Daily each business day during December 2004
Consequences of Settlement
Disruption Events:                  Negotiation
Business Days:                      London and Johannesburg
Calculation Agent:                  Investec
Governing Law:                      Governed by and construed in accordance with
                                    the laws in force in South Africa unless
                                    otherwise agreed in the Agreement

6.    Counterparty hereby agrees (a) to check this Confirmation (Reference No:
      CD 72432 carefully and immediately upon receipt so that errors and
      discrepancies can be promptly identified and rectified, (b) to confirm
      that the foregoing correctly sets forth the terms of the agreement between
      Investec and Counterparty with respect to the particular Transaction to
      which this Confirmation relates and (c) to

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<PAGE>

      confirm knowledge of the terms and conditions of the ISDA Agreement by
      manually signing this Confirmation and providing the other information
      requested herein and immediately returning an executed copy to Investec,
      facsimile, 0027 11 291 1020.

Yours,

Investec Bank Limited

Signed: ____________________________
Title: _____________________________
Date: ______________________________

Agreed and Accepted By:
Durban Roodepoort Deep

Signed: /s/ L McClean
        ----------------------------
Title: _____________________________
Date: ______________________________

                                       21
<PAGE>

                                                                             "G"

ESKOM LETTERHEAD

Durban Roodepoort Deep Ltd
Attention: I L Murray / Alet Beyers
PO Box 390
Fax (011) 482 4643
MARAISBURG
1700

Date/Datum      Your Ref./ U Verw.    Our Ref./Ons Verw.         Enquiries/Navre
18 September 2000                                                Colin McIntyre
                                                                 Tel 011 8002947
                                                                 Fax 011 8004499

Dear Sir

CONFIRMATION OF TRANSACTION UNDER ISDA

ESKOM is pleased to confirm the following Transaction concluded on 14 September
2000 (the "Trade Date") with Durban Roodepoort Deep Ltd. ("Durban"). This
confirmation is intended to be a "Confirmation" as such term is used in the
Master Form defined below.

PART I FORWARD SALE OF ELECTRICITY

Buyer:                              Durban Group (Consisting of Buffelsfontein
                                    Gold Mines Limited [including its division
                                    of Hartebeestfontein Gold Mining Company
                                    Limited], Blyvooruitzicht Gold Mining
                                    Company Limited [including its division of
                                    Doornfontein Gold Mining Company Limited],
                                    Crown Gold Recoveries (Pty) Limited). The
                                    listing is for convenience to both parties
                                    and that it is DRD which is contracting as
                                    principal with ESKOM on behalf of the above
                                    listed companies.

Seller:                             ESKOM

Commodity:                          Electricity

Effective Date:                     1 October, 2000

Termination Date:                   30 September, 2006

Calculation Periods:                60 consecutive monthly period from and
                                    including the month beginning on the
                                    Effective Date to and including the month
                                    ending on the Termination Date.

<PAGE>

Minimum Offtake:                    75 GWh/mth

Price:                              For each Calculation Period an amount equal
                                    to the ESKOM Standard Tariff in effect
                                    during such calculation period.

Payment Dates:                      15th day of the calendar month next
                                    following the end of each Calculation Period
                                    during the term of the Transaction.

Settlement:                         Cash settlement in ZAR on each Payment Date,
                                    provided, however, that if such date is not
                                    a Business Day the applicable Payment Date
                                    shall be the immediately following Business
                                    Day.

PART II  GOLD PRICE ADJUSTMENT TO STANDARD TARIFF LEVIED UPON ESKOM GROUP

Effective Date:                     1 October, 2000

Termination Date:                   30 September, 2005

Calculation Periods:                64 consecutive monthly periods from and
                                    including the month beginning on the
                                    Effective Date to and including the month
                                    ending on the Termination Date

Commodity:                          Gold (minimum 0.995 fine, London good
                                    delivery form)

Gold Price Adjustment:              15,000* Gold Price Adjustment Mechanism

Gold Price Adjustment               The difference between:
Mechanism:

                                    (i)   (A) ZAR 2505/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2000 to and including the
                                          September 2001 Calculation Period;

                                          (B) ZAR 2569/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2001 to and including the
                                          September 2002 Calculation Period;

                                          (C) ZAR 2128/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2002 to and including the
                                          September 2003 Calculation Period;

                                          (D) ZAR 2192/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2003 to and including the
                                          September 2004 Calculation Period;

                                          (E) ZAR 2256/oz/FTO for each
                                          Calculation Period from and including
                                          the October 2004 to and including the
                                          September 2005 Calculation Period; and

                                       23
<PAGE>

                                    (ii)  for the applicable Calculation Period
                                          an amount equal to the arithmetic
                                          average of the London PM fix for each
                                          Business Day in such Calculation
                                          Period.

Payment Instruction:                On each Payment Date, the Gold Price
                                    Adjustment will be cash settled in ZAR.

                                    For clarity, a positive gold price
                                    adjustment (i.e. where (i) > (ii) in the
                                    aforementioned gold price adjustment
                                    mechanism) will result in a gold price
                                    adjustment in Durban Group's favour. A
                                    negative gold price adjustment (ie. where
                                    (i) < or = (ii) in the aforementioned gold
                                    price adjustment mechanism) will result in a
                                    gold price adjustment in Eskom's favour.

Payment Dates:                      15th day of the calendar month next
                                    following the end of each Calculation Period
                                    during the term of the Transaction

Settlement:                         Cash settlement in ZAR on each Payment Date,
                                    provided, however, that if such date is not
                                    a Business Day the applicable Payment Date
                                    shall be the immediately following Business
                                    Day.

OTHER PROVISIONS

Calculation Agent:                  J. Aron & Company

Fallback Prices/Rate:               If any rate or price referenced above is
                                    unavailable as of the applicable time on a
                                    Business Day or would not produce a
                                    commercial reasonable result then such rate
                                    shall be determined by ESKOM in a
                                    commercially reasonable manner.

Payment Netting:                    If the payment dates for this transaction
                                    and any other forward, swap or option
                                    transaction entered into between the
                                    parties shall fall on the same day and if
                                    the payment obligations thereof shall be
                                    denominated in the same currency, such
                                    payments shall be made on a net basis so
                                    that the party obligated to pay the larger
                                    amount shall day the other party an amount
                                    equal to the excess of the larger aggregate
                                    amount over the smaller aggregate amount or
                                    if such amounts are equal, no payment shall
                                    be made.

Representations:                    ESKOM shall have the option to terminate
                                    this Transaction upon 5 Business Days
                                    written notice if at any time the
                                    transaction between ESKOM and J. Aron &
                                    Company dated the date hereof (the "Related
                                    Hedge") shall be closed out

                                       24
<PAGE>

                                    and terminated, provided, however, that no
                                    payment of Termination Value shall be due
                                    under this Transaction until any termination
                                    value payment under the Related Hedge is
                                    due. ESKOM and Durban agree that the
                                    Termination Value of this Transaction shall
                                    equal the Termination Value of the Related
                                    Hedge, provided that the obligations
                                    incurred by Eskom under the related hedge
                                    are based on this transaction. ESKOM agrees
                                    it shall give Durban prompt written notice
                                    of the occurrence of any Termination Event
                                    with respect to the Related Hedge.

General:                            This Confirmation shall be governed by and
                                    construed in accordance with South African
                                    law without regard to conflicts of law
                                    rules.

                                    Upon execution of a master agreement, this
                                    confirmation shall constitute a supplement
                                    to, form a part of and be subject to such
                                    master agreement. This confirmation,
                                    together with any other confirmations
                                    entered into by the parties and together
                                    with such master agreement, if and when
                                    executed, shall constitute a single
                                    agreement between the parties.

Banking instructions:               1.    For Eskom: Standard Corporate &
                                          Merchant International Division Eskom
                                          Account number 7330005

                                    2.    For Durban Roodepoort Deep DRD
                                          TREASURY Absa Main Street Branch
                                          Account number 01007611923

This Confirmation evidences a complete and binding agreement between you and us
as to the terms of the Transaction to which this Confirmation relates. In
addition, this Confirmation will supplement, form a part of, and be subject to
our ISDA Master Agreement of 13 September 2000 ("the Master Agreement"). All
provisions contained in or incorporated by reference in the Master Agreement
upon its execution will govern this Confirmation.

This Confirmation is subject to the 1991 ISDA Definitions and the 1993 ISDA
Commodity Derivatives Definitions, as published by the International Swaps and
Derivatives Association, Inc. ("ISDA") as amended, supplemented, updated, and
superseded from time to time (together, the "Definitions"), and will be governed
in all respects by the Definitions (except that references to "Swap
Transactions" in the Definitions will be deemed to be references to
"Transactions").

                                       25
<PAGE>

The Definitions, as so modified, are incorporated by reference in, and made part
of, this Confirmation as if set forth in full herein. Subject to Section 1(b) of
the Master Agreement, in the event of any inconsistency between the provisions
of this Confirmation, and the Definitions, this Confirmation will prevail for
the purpose of the Transaction.

Please sign below indicating your agreement to the above and return to fax
number +27 11 800-4499.

Many thanks for this business.

Regards,

ESKOM

_____________________________                      _____________________________
Signature                                          Print Name

                                       26
<PAGE>

                                                                             "H"

ESKOM LETTERHEAD

Durban Roodepoort Deep Ltd
Attention: I L Murray / Alet Beyers
PO Box 390
Fax (011) 482 4643
MARAISBURG
1700

Date                                                            Enquiries
22 November 2000                                                Colin McIntyre
                                                                Tel 011 8002947
                                                                Fax 011 8004499

Dear Sir

AMENDMENT AGREEMENT TO CONFIRMATION OF TRANSACTION UNDER ISDA

Reference is made to the confirmation of 18 September 2000 between Eskom and
Durban Roodepoort Deep Ltd.

For the sake of clarity, amendment is made to Part II, "Calculation Periods"
definition thereof, to include the following breakdown as Table I:

TABLE I

<TABLE>
<CAPTION>
CALCULATION PERIOD               CALCULATION PERIOD
    START DATE                        END DATE              PAYMENT DATE
------------------               ------------------         ------------
<S>                              <C>                        <C>
   02 Oct 2000                      31 Oct 2000              15 Nov 2000
   01 Nov 2000                      30 Nov 2000              15 Dec 2000
   01 Dec 2000                      29 Dec 2000              16 Jan 2001
   01 Jan 2001                      31 Jan 2001              15 Feb 2001
   01 Feb 2001                      28 Feb 2001              15 Mar 2001
   01 Mar 2001                      30 Mar 2001              17 Apr 2001
   02 Apr 2001                      30 Apr 2001              15 May 2001
   01 May 2001                      31 May 2001              15 Jun 2001
   01 Jun 2001                      29 Jun 2001              16 Jul 2001
   02 Jul 2001                      31 Jul 2001              15 Aug 2001
   01 Aug 2001                      31 Aug 2001              17 Sep 2001
   03 Sep 2001                      28 Sep 2001              15 Oct 2001
   01 Oct 2001                      31 Oct 2001              15 Nov 2001
   01 Nov 2001                      30 Nov 2001              18 Dec 2001
   03 Dec 2001                      31 Dec 2001              15 Jan 2002
   01 Jan 2002                      31 Jan 2002              15 Feb 2002
   01 Feb 2002                      28 Feb 2002              15 Mar 2002
</TABLE>

                                       27
<PAGE>

<TABLE>
<CAPTION>
CALCULATION PERIOD               CALCULATION PERIOD
    START DATE                        END DATE              PAYMENT DATE
------------------               ------------------         ------------
<S>                              <C>                        <C>
   01 Mar 2002                      29 Mar 2002              15 Apr 2002
   01 Apr 2002                      30 Apr 2002              15 May 2002
   01 May 2002                      31 May 2002              18 Jun 2002
   03 Jun 2002                      28 Jun 2002              15 Jul 2002
   01 Jul 2002                      31 Jul 2002              15 Aug 2002
   01 Aug 2002                      30 Aug 2002              16 Sep 2002
   02 Sep 2002                      30 Sep 2002              15 Oct 2002
   01 Oct 2002                      31 Oct 2002              15 Nov 2002
   01 Nov 2002                      29 Nov 2002              17 Dec 2002
   02 Dec 2002                      31 Dec 2002              15 Jan 2002
   01 Jan 2003                      31 Jan 2003              18 Feb 2003
   03 Feb 2003                      28 Feb 2003              17 Mar 2003
   03 Mar 2003                      31 Mar 2003              15 Apr 2003
   01 Apr 2003                      30 Apr 2003              15 May 2003
   01 May 2003                      30 May 2003              17 Jun 2003
   02 Jun 2003                      30 Jun 2003              15 Jul 2003
   01 Jul 2003                      31 Jul 2003              15 Aug 2003
   01 Aug 2003                      29 Aug 2003              15 Sep 2003
   01 Sep 2003                      30 Sep 2003              15 Oct 2003
   01 Oct 2003                      31 Oct 2003              17 Nov 2003
   03 Nov 2003                      28 Nov 2003              15 Dec 2003
   01 Dec 2003                      31 Dec 2003              15 Jan 2004
   01 Jan 2004                      30 Jan 2004              17 Feb 2004
   02 Feb 2004                      27 Feb 2004              15 Mar 2004
   01 Mar 2004                      31 Mar 2004              15 Apr 2004
   01 Apr 2004                      30 Apr 2004              17 May 2004
   03 May 2004                      31 May 2004              15 Jun 2004
   01 Jun 2004                      30 Jun 2004              15 Jul 2004
   01 Jul 2004                      30 Jul 2004              16 Aug 2004
   02 Aug 2004                      31 Aug 2004              15 Sep 2004
   01 Sep 2004                      30 Sep 2004              15 Oct 2004
   01 Oct 2004                      29 Oct 2004              15 Nov 2004
   01 Nov 2004                      30 Nov 2004              15 Dec 2004
   01 Dec 2004                      31 Dec 2004              18 Jan 2005
   03 Jan 2005                      31 Jan 2005              15 Feb 2005
   01 Feb 2005                      28 Feb 2005              15 Mar 2005
   01 Mar 2005                      31 Mar 2005              15 Apr 2005
   01 Apr 2005                      29 Apr 2005              16 May 2005
   02 May 2005                      31 May 2005              15 Jun 2005
   01 Jun 2005                      30 Jun 2005              15 Jul 2005
   01 Jul 2005                      29 Jul 2005              15 Aug 2005
   01 Aug 2005                      31 Aug 2005              15 Sep 2005
   01 Sep 2005                      30 Sep 2005              17 Oct 2005
</TABLE>

                                       28
<PAGE>

This amendment and the above table will supplement and form part of the said
Confirmation and subject to the ISDA Master Agreement between the parties.

Please counter sign below to signify your agreement to the above and return to
fax number +27 11 800-4499.

Regards

/s/ W.J. Kok
----------------------------
Dr W J Kok
EXECUTIVE DIRECTOR (FINANCE)

ESKOM

________________________________                  ______________________________
Signature                                         Print name

                                       29