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                                                                    EXHIBIT 4.69


SERVICE AGREEMENT

between

DRD (ISLE OF MAN) LIMITED

and

IAN LOUIS MURRAY

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                                                                               .
                                                                               .
                                                                               .

CONTENTS

<TABLE>
<CAPTION>
NO   CLAUSE                                                                                         PAGE NO
<S>  <C>                                                                                            <C>
1    RECORDAL...............................................................................           3
2    DEFINITIONS............................................................................           3
3    TERM OF EMPLOYMENT.....................................................................           5
4    DUTIES.................................................................................           5
5    REMUNERATION PACKAGE...................................................................           6
6    EXPENSES AND REIMBURSEMENTS............................................................           6
7    BONUS AND INCENTIVES...................................................................           6
8    INSURANCE COVER........................................................................           9
9    LEAVE..................................................................................          10
10   TERMINATION............................................................................          11
11   ELIGIBLE TRANSACTIONS..................................................................          12
12   SHARE OPTIONS..........................................................................          13
13   BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION...........................................          14
14   NOTICES................................................................................          14
15   THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT......................................          15
16   DISCIPLINARY RULES AND GRIEVANCE PROCEDURE.............................................          15
17   DISPUTES...............................................................................          15
18   GENERAL................................................................................          15
</TABLE>

ANNEXURES:

Annexure A:     Executive's Duties and Responsibilities

Annexure B:     Executive's Account Particulars

Annexure C:     Disciplinary Rules

Annexure D:     Grievance Procedure

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SERVICE AGREEMENT

between

DRD (ISLE OF MAN) LIMITED
(a company duly incorporated under the company laws of the Isle of Man under
Registration Number 94445C)
("the Company")

and

IAN LOUIS MURRAY
(Identity Number 6608185124009)
("the Executive")

1        RECORDAL

         1.1      The parties record that -

                  1.1.1    the Executive commenced employment with the Company
                           on the Engagement date and has been continuously
                           employed by the Company since that date;

                  1.1.2    the Executive is currently employed by the Company in
                           terms of a contract of employment dated 26 March 2002
                           ("the Previous Agreement");

                  1.1.3    the parties hereby enter into this Agreement to
                           replace the Previous Agreement; and

                  1.1.4    the Executive has been appointed as an alternative
                           Director of the Company which appointment shall
                           continue in effect.

2        DEFINITIONS

         For the purposes of this Agreement unless the context indicates
         otherwise, the Parties defined in the heading of this Agreement shall
         retain such definitions and the words and expressions set out below
         shall have the meanings assigned to them and cognate expressions shall
         have a corresponding meaning, namely:

         2.1   "this Agreement"     means this agreement and all its Annexures;

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         2.2   "Auditors"           means the auditors of the Company for the
                                    time being;

         2.3   "Board"              means the board of directors of the Company
                                    for the time being;

         2.4   "Code"               means the Securities Regulation Code
                                    promulgated in terms of section 440(C)(5) of
                                    the South African Companies Act, 1973, as
                                    amended from time to time;

         2.5   "Commencement        means 26 March 2002;
               Date"

         2.6   "Documents"          means documents of any nature, disks,
                                    notebooks, tapes or any medium whether or
                                    not eye-readable on which information may be
                                    recorded from time to time;

         2.7   "Engagement Date"    means the date on which the Executive
                                    commenced his employment and from which he
                                    has had continuous service with the Group,
                                    namely 1 October 1997;

         2.8   "Group"              means Durban Roodepoort Deep, Limited, a
                                    company incorporated in the Republic of
                                    South Africa and all its subsidiaries and
                                    affiliated companies;

         2.9   "Group Remuneration  means the committee of directors of the
               Committee"           Company or of Companies within the Group
                                    which considers and determines the
                                    remuneration payable to executives employed
                                    by companies within the group;

         2.10  "Parties"            means the Parties to this Agreement;

         2.11  "Remuneration        means the remuneration package as set out
               Package"             in CLAUSE 5.1; and

         2.12  "Share Option        means the Durban Roodepoort Deep (1996)
               Scheme"              Share Option Scheme or any other scheme of
                                    the same or similar kind in which the
                                    Executive is, or may be, an eligible
                                    participant.

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3        TERM OF EMPLOYMENT

         3.1      This Agreement shall be deemed to have commenced on the
                  Commencement Date and, subject to CLAUSE 10, shall continue in
                  force for a further period of two years, which period shall be
                  deemed to have commenced on 1 December 2003 and will terminate
                  on 30 November 2005.

         3.2      On the expiry of this Agreement on 30 November 2005, the
                  Executive shall be paid an amount equal to half his
                  Remuneration Package calculated on the basis of the
                  Remuneration Package payable to the Executive on the date of
                  termination of employment.

         3.3      The parties envisage the possibility that this Agreement may
                  be extended for a further period of time, or that a new
                  agreement may be entered into between them in terms of which
                  the Executive continues to be employed by the Company. Should
                  this Agreement be extended or should a new agreement be
                  entered into, the payment referred to in CLAUSE 3.2 shall not
                  be made but shall be made on the termination of the new
                  agreement or on the termination of the extended period.

4        DUTIES

         4.1      The Executive is appointed as Chief Executive Officer and
                  shall:

                  4.1.1    perform such duties and exercise such
                           responsibilities as set out in Annexure A hereto as
                           amended from time to time and such other duties as
                           are determined from time to time by the Board;

                  4.1.2    comply with all reasonable instructions given to him
                           from time to time by the Board;

                  4.1.3    carry out his duties in a proper, loyal and efficient
                           manner and use his best endeavors to properly
                           conduct, improve, extend, develop, promote, protect
                           and preserve the business interests, reputation and
                           goodwill of the Company and the Group;

                  4.1.4    comply with all the Company's reasonable rules,
                           regulations, policies, practices and procedures laid
                           down and amended from time to time for the efficient
                           and harmonious operation of the Company's business;
                           and

                  4.1.5    not be in the employment of any other employer other
                           than within the Group throughout the duration of this
                           Agreement.

         4.2      Unless otherwise agreed, the Executive's normal hours of work
                  will be from 9h00 until 17h00, Mondays to Fridays. However, as
                  senior member

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                  of management the Executive shall be required to work such
                  additional hours as are necessary to perform his duties
                  effectively.

         4.3      The Executive shall not, either during his employment by the
                  Company or thereafter, use or disclose to any third parties,
                  or attempt to use or disclose to any third parties, any
                  Confidential Information. For the purposes of this Agreement
                  confidential information includes information, which is of a
                  confidential nature relating to the Company and the Group,
                  including without being limited to, business plans, trade
                  secrets, financial information, technical information and/or
                  commercial information.

         4.4      Upon the termination of his employment with the Company, and
                  if so requested by the Company during employment, the
                  Executive shall deliver to the Company all lists of clients or
                  customers, correspondence and all other Documents, papers and
                  records which may have been prepared by him or have come into
                  his possession in the course of his employment with the
                  Company, and the Executive shall not be entitled to retain any
                  copies thereof. The Executive acknowledges that all title and
                  copyright in the Confidential Information and Documents shall
                  vest in the Company.

5        REMUNERATION PACKAGE

         5.1      The Executive shall be paid an annual all-inclusive
                  Remuneration Package amounting to US$200 000.00 (two hundred
                  thousand United States dollars) paid in 12 equal amounts.

         5.2      Payment shall be made monthly in arrears by bank credit
                  transfer into the Executive's Account, which Account
                  Particulars are more fully set out in Annexure B hereto, on or
                  about the 24 day of each month.

         5.3      The Executive will be responsible for all personal tax
                  obligations.

         5.4      The Remuneration Package referred to in CLAUSE 5.1 shall
                  include contributions made to a retirement fund of the
                  Executor's choice.

6        EXPENSES AND REIMBURSEMENTS

         The Company will refund, or will procure the refunding, to the
         Executive of all reasonable expenses properly incurred by him in
         performing his duties under this Agreement in accordance with Company
         policy. This will include expenses relating to entertainment and
         traveling. The Company requires the Executive to submit official
         receipts or other documents as proof that he has incurred any expenses
         he claims.

7        BONUS AND INCENTIVES

         7.1      In addition to the Executive's Remuneration Package and other
                  benefits stipulated in this Agreement, the Executive shall be
                  entitled to the bonuses

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                  and incentives set out in this clause, subject to the
                  conditions set out herein.

         7.2      The Executive shall be entitled to bonuses to be determined
                  with reference to targets set in terms of key performance
                  indicators as agreed between the Executive and the Group
                  Remuneration Committee.

                  7.2.1    Bonuses shall be calculated and be payable in respect
                           of 4 (four) bonus cycles. The first cycle shall be
                           deemed to have commenced on 1 January 2004 and shall
                           terminate on 30 June 2004. The second bonus cycle
                           shall commence on 1 July 2004 and shall terminate on
                           31 December 2004. The third bonus cycle shall
                           commence on 1 January 2005 and terminate on 30 June
                           2005. The fourth bonus cycle shall commence on 1 July
                           2005 and terminate on 30 November 2005. Should the
                           Executive _____________ indicators agreed to in
                           respect of a specific bonus cycle he shall be
                           entitled to a bonus of 50 (fifty) per cent of his
                           Remuneration Package. Should the Executive not fully
                           meet all the targets set in terms of the key
                           performance indicators as agreed, he shall be
                           entitled to such lesser bonus as determined by the
                           Group Remuneration Committee. This bonus will be
                           determined with reference to the extent that the
                           targets have been met.

                  7.2.2    The bonuses referred in CLAUSE 7.2.1 will be paid to
                           the Executive by the Company within 30 (thirty)
                           business days of the end of each bonus cycle.

                  7.2.3    The bonuses referred to in CLAUSE 7.2.1 will be paid
                           in the following manner:

                           7.2.3.1  the Company shall pay to the Executive the
                                    amount due to the Executive in terms of
                                    clause 7.2.1 less 25% (twenty five per cent)
                                    of that amount;

                           7.2.3.2  an amount equivalent to the amount deducted
                                    in terms of CLAUSE 7.2.3.1 shall be retained
                                    by the Company for the benefit of the
                                    Executive (excluding interest);

                           7.2.3.3  the Executive shall, provided that the
                                    Executive meets the performance criteria
                                    determined by the Group Remuneration
                                    Committee and accordingly qualifies for a
                                    bonus during the next bonus cycle, be
                                    entitled to receive payment of the amount
                                    retained by the Company during the previous
                                    bonus cycle.

                  7.2.4    Notwithstanding the above, if this Agreement is not
                           extended, or a further agreement is not entered into
                           as envisaged in CLAUSE 3.3,

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                           any bonus payable in respect of the final bonus cycle
                           shall be payable in full within 30 (thirty) business
                           days of the end of the final bonus cycle.

                  7.2.5    The provisions of this CLAUSE 7.2 shall be applicable
                           to each bonus cycle.

                  7.2.6    Any bonus payable in terms of the Previous Agreement
                           shall continue to accrue and be payable in terms of
                           the Previous Agreement.

         7.3      Subject to the provisions set out below, and as consideration
                  for agreeing to remain in the employment of the Company for
                  the periods set out below, the Executive shall be issued or
                  provided with up to 168 000 (one hundred and sixty-eight
                  thousand) ordinary shares in Durban Roodepoort Deep, Limited
                  in the tranches set out below. The 168 000 (one hundred and
                  sixty-eight) thousand shares represent an amount equal to 240
                  (two hundred and forty) per cent of the Executive's
                  Remuneration Package based on the closing price of the
                  Company's shares as quoted on NASDAQ on 1 December 2003. If
                  the Executive becomes entitled to shares in terms of this
                  CLAUSE 7.3, the Company shall procure that these shares are
                  issued to the Executive by Durban Roodepoort Deep, Limited or
                  shall take all such other steps as are necessary, at its own
                  cost, to provide the Executive with these shares. If these
                  shares are not issued or provided, the Company shall pay the
                  Executive the monetary value thereof.

                  7.3.1    The shares shall be issued or provided to the
                           Executive in four equal tranches. The Executive shall
                           become entitled to, and shall be issued or provided
                           with, the first tranche on 30 November 2004, provided
                           that he is still in the employment of the Company on
                           this date.

                  7.3.2    The Executive shall become entitled to, and shall be
                           issued or provided with, the second tranche on 30
                           November 2005, provided that he is still in the
                           employment of the Company on this date.

                  7.3.3    The Executive shall become entitled to, and shall be
                           issued or provided with, the third tranche on 30
                           November 2006, provided that he is still in the
                           employment of the Company on this date.

                  7.3.4    The Executive shall become entitled to, and shall be
                           issued or provided with the final tranche on 30
                           November 2007 provided that he is still in the
                           employment of the Company on this date.

                  7.3.5    Should this Agreement automatically terminate in
                           accordance with the provisions of CLAUSE 3.1 read
                           with CLAUSE 10.1.1, and should there be no extension
                           of this Agreement or the conclusion of

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                           another agreement as envisaged in CLAUSE 3.3, the
                           Board may, at its discretion, award the Executive all
                           or some of the shares to which the Executive would
                           have become entitled in terms of CLAUSE 7.3.3 and
                           CLAUSE 7.3.4 if he had remained in the employment of
                           the Company. In this event the Company shall procure
                           that these shares are issued to the Executive by
                           Durban Roodepoort Deep, Ltd or shall take all such
                           other steps as are necessary to provide the Executive
                           with these shares.

                  7.3.6    The Executive shall be entitled to elect not to be
                           issued a portion of any of the shares to which he
                           becomes entitled in terms of CLAUSES 7.3.1, 7.3.2,
                           7.3.3, 7.3.4 OR 7.3.5, but rather to receive a
                           monetary amount in lieu of such shares from the
                           Company, calculated at the share price as set out in
                           CLAUSE 7.3 above.

                  7.3.7    If, on a date that shares should be issued or
                           provided in terms of this clause, the Executive is
                           prohibited, in terms any legal provision and/or any
                           rule or directive of any applicable Stock Exchange or
                           Securities Regulation Authority, from being issued or
                           provided with these shares, these shares shall be
                           issued or provided on the first date on which such
                           prohibition is no longer in effect.

                  7.3.8    The parties record that the coming into effect of
                           CLAUSE 7.3 is subject to the shareholders of Durban
                           Roodepoort Deep, Limited granting the necessary
                           approval in terms of the South African Companies Act,
                           1973, (if applicable) and the Isle of Man Companies
                           Legislation (if applicable). The parties further
                           record that if such approval is not granted, the
                           Executive shall be eligible for shares in terms of
                           the

8        INSURANCE COVER

         8.1      The Company shall apply for and maintain a reasonable level of
                  Directors' and Officers' Liability Insurance, with the
                  Executive covered as an insured and the Company will maintain
                  at its expense the same cover for the Executive for a period
                  of 7 (seven) years after termination of this Agreement by
                  either party for any reason whatsoever.

         8.2      The Company undertakes to pay the premiums payable in respect
                  of the Executive under the Group Life Scheme of the Company.
                  The cover under the Group Life Scheme shall include temporary
                  and permanent disability and trauma insurance. The life
                  assurance cover for the Executive will be an amount equivalent
                  to 4 (four) years of the gross annual Remuneration Package
                  paid to the Executive calculated on the basis of the
                  Remuneration Package payable to the Executive at the date of
                  his death.

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         8.3      On termination of this Agreement by either party for any
                  reason whatsoever, the Executive shall, subject to the rules
                  of the Group Life Scheme, be entitled to remain a member of
                  the Group Life Scheme and to enjoy the same benefits and
                  coverage as those he enjoyed immediately prior to the
                  termination of employment. The benefits and coverage shall be
                  based on the Remuneration Package the Executive was entitled
                  to immediately prior to the date of termination of employment.
                  The Company shall pay all premiums and contributions payable
                  to maintain such membership and coverage for a period of 5
                  (five) years calculated from the date of termination of
                  employment. Should the Executive, as a result of the
                  termination of his employment, not be entitled to retain the
                  benefits and coverage contained in the Group Life Scheme, and
                  he decides to exercise the right to effect whole life or
                  endowment insurance as envisaged in Clause 4 of the Group Life
                  Scheme, all premiums and contributions for such benefits and
                  coverage shall be borne by the Company for a period of 5
                  (five) years calculated from the date of the termination of
                  his employment. The Company shall take all such steps, and
                  provide all such assistance, as may be necessary to ensure
                  that the Executive is entitled to exercise his rights in terms
                  of this clause. ____________________ Sanlam Scheme No 18740
                  (Policy No. 18681100X6) or any other similar scheme that is in
                  effect at the date of termination of employment.

9        LEAVE

         9.1      The Executive shall be entitled to 30 (thirty) working days'
                  paid leave in each successive period of 12 (twelve) months of
                  work commencing on the Commencement Date and thereafter
                  commencing on 1 July of each following year.

         9.2      The Executive shall be entitled to an additional 21
                  (twenty-one) working days' paid leave during the period of the
                  60 (sixty) months commencing on the Engagement Date and an
                  additional 21 (twenty-one) working days' paid leave every
                  successive cycle of 60 (sixty) months thereafter.

         9.3      The Executive shall not be entitled to accumulate any leave
                  set out in CLAUSE 9.1 which has not been taken, unless the
                  Board has specifically requested the Executive in writing not
                  to take leave in such year. Any leave not taken will be
                  converted into cash annually on 1 July each year and be
                  payable to the Executive.

         9.4      Leave provided for in CLAUSE 9.2, which is not taken in a
                  particular cycle of 60 (sixty) months will not be forfeited
                  but must be taken in the next cycle of 60 (sixty) months.

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10       TERMINATION

         10.1     This agreement will terminate in the circumstances set out
                  below.

                  10.1.1   This Agreement will terminate automatically on 30
                           November 2005 when the 2-year period referred to in
                           CLAUSE 3.1 expires.

                  10.1.2   The Company may terminate this Agreement with or
                           without notice if the Executive -

                           10.1.2.1 commits any serious or persistent breach of
                                    any of the provisions contained in this
                                    Agreement, provided that the inability of
                                    the Executive to perform his duties due to
                                    incapacity shall not constitute a breach of
                                    contract for the purposes of this Agreement;

                           10.1.2.2 is found guilty of theft, fraud or any gross
                                    irregularity; or

                           10.1.2.3 is found guilty of gross misconduct, serious
                                    malperformance, or willful neglect in the
                                    discharge of his duties.

                  10.1.3   If the Executive is at any time prevented by illness,
                           injury, accident or any other circumstances beyond
                           his control from discharging his full duties under
                           this Agreement (hereafter referred to as
                           "incapacity") for a total of 180 (one hundred and
                           eighty) or more days in any 12 (twelve) consecutive
                           calendar months' cycle commencing at the Commencement
                           Date, the Company may, by giving one month's written
                           notice of termination to the Executive, terminate
                           this Agreement, in which event he shall be paid an
                           amount equal to half his Remuneration Package
                           calculated on the basis of the Remuneration Package
                           payable to the Executive on the date of termination
                           of employment. Notwithstanding the incapacity and
                           absence from work, the Company shall be required to
                           pay the Executive his full remuneration during any
                           period of absence from work prior to termination of
                           employment in terms of this clause.

                  10.1.4   The Executive may terminate this Agreement by reason
                           of an Eligible Transaction in accordance with the
                           provisions of CLAUSE 11 below.

         10.2     Should this Agreement terminate in terms of any of the
                  provisions thereof, the Executive shall resign his
                  directorship within 2 days of the termination of this
                  Agreement unless the Board agrees in writing to the Executive
                  continuing to act as a director.

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         10.3     Nothing contained in this Agreement shall be construed as
                  according the Executive any entitlement to compensation for
                  loss of office as a director of the Company or any company
                  within the Group.

11       ELIGIBLE TRANSACTIONS

         11.1     For the purposes of this Agreement an "Eligible Transaction"
                  means any agreement, including any agreement forming part of a
                  series of other agreements, which either by itself or together
                  with any of the other agreements, constitutes or results in a
                  transaction involving a change of control of Durban Roodepoort
                  Deep, Limited of a kind which falls within the ambit of clause
                  (a) of the definition of "affected transaction" in Section B
                  of the Code, read with clause 5 of the same Section of the
                  Code.

         11.2     If an Eligible Transaction is entered into, the Executive
                  shall be entitled to terminate this Agreement, subject to the
                  following provisions:

                  11.2.1   the Executive may exercise this right of termination
                           by giving written notice to this effect to the
                           Company at any time from the date on which the
                           announcement of a firm intention to make an offer in
                           respect of the Eligible Transaction, as contemplated
                           in Rule 2.3 of Section D of the Code ("the
                           Announcement Date"), is made in accordance with the
                           requirements of the Code, until the Closing Date of
                           that Eligible Transaction;

                  11.2.2   if the Executive gives written notice of termination
                           in terms of CLAUSE 11.2.1 he may at the same time, or
                           at anytime before the Closing Date, or in the
                           circumstances envisaged in CLAUSE 11.2.6, any time
                           before the extended date as defined in CLAUSE 11.2.6,
                           and notwithstanding the rules of the Share Option
                           Scheme or any other directive of the Board, exercise
                           all options granted to him in terms of the Share
                           Option Scheme, read with CLAUSE 12.2.

                  11.2.3   if the Executive gives written notice of termination
                           in terms of CLAUSE 11.2.1 he shall become entitled
                           to, and shall be issued, all the shares referred to
                           in CLAUSE 7.3 which have not yet been issued to the
                           Executive in terms _______ in CLAUSES 7.3.1, 7.3.2,
                           7.3.3 and 7.3.4 have not yet arrived. The Company
                           shall procure that these shares are issued by Durban
                           Roodepoort Deep, Limited, or shall take all such
                           other steps as are necessary to provide the Executive
                           with these shares. If the shares are not issued or
                           are not provided the Executive shall be paid the full
                           value of the shares by the Company;

                  11.2.4   any notice of termination given by the Executive in
                           terms of CLAUSE 11.2.1, any exercise of his rights
                           under the Share Option Scheme in terms of CLAUSE
                           11.2.2, and any right to be issued shares in terms of

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                           CLAUSE 11.2.3 shall be conditional upon, and shall
                           therefore take effect only if, the Eligible
                           Transaction itself becomes wholly unconditional and
                           is actually carried into effect and implemented in
                           accordance with its terms and accordingly ceases to
                           be executory;

                  11.2.5   any notice of termination given in terms of CLAUSE
                           11.2.1, any rights exercised in terms of CLAUSE
                           11.2.2 and any entitlement to shares in terms of
                           CLAUSE 11.2.3 may not be withdrawn or revoked by the
                           Executive, without the written consent of the
                           Company; and

                  11.2.6   if any notice of termination given by the Executive
                           in terms of CLAUSE 11.2.1 takes effect in terms of
                           CLAUSE 11.2.4, this Agreement shall terminate on the
                           Closing Date of the Eligible Transaction; provided
                           that if the Executive is prohibited, in terms any
                           legal provision, and/or rule or directive of any
                           applicable Stock Exchange or Security Regulation
                           Authority, from exercising any right under the Share
                           Option Scheme, or from being issued with shares in
                           terms of CLAUSE 11.2.3, for any period of time during
                           the period between the Announcement Date and the
                           Closing Date, this Agreement will not terminate on
                           the Closing Date but will continue in existence until
                           a period of 30 days has elapsed, calculated from the
                           date on which the prohibition ceased to be of effect
                           (the "extended date"), provided further that if the
                           Closing Date is a date later than the Extended Date
                           this Agreement shall terminate on the Closing Date.

12       SHARE OPTIONS

         12.1     All existing share options granted to the Executive in terms
                  of the Share Option Scheme will be honored and the Company
                  shall procure, as far as is necessary, that they are so
                  honored.

         12.2     In the event of the Executive giving notice of termination of
                  employment in terms of CLAUSE 11.2.1 the Company shall procure
                  that all shares allocated to the Executive in terms of the
                  Share Option eme will not lapse but shall become exercisable
                  by him within the time periods set out in CLAUSE 11.2.1 or
                  11.2.6 whichever is applicable.

         12.3     In the event that the Company is unable to procure that the
                  shares become exercisable, the Company shall indemnify the
                  Executive for any losses suffered as a result thereof.

         12.4     Notwithstanding anything to the contrary in this Agreement,
                  the Company shall be entitled to suspend the Executive during
                  the periods referred to in CLAUSES 11.2.1 or 11.2.6, provided
                  that all amounts and benefits which

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                  otherwise accrue to the Executive during those periods shall
                  continue to accrue as if he were not suspended.

13       BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION

         13.1     In the event of the Executive giving notice of termination of
                  employment in terms of CLAUSE 11.2.1 the Executive shall,
                  subject to compliance with the relevant company laws, be
                  entitled to receive payment from the Company as a termination
                  benefit an amount equal to:

                                     TS x TE
                                     -------
                                       12

         Where:

         TS   =         means the period (in completed calendar months) served
                        by the Executive as an employee of the Group from the
                        Engagement Date to the date of termination of this
                        Agreement, provided that such period shall not be less
                        than 12 (twelve) calendar months nor more than 48
                        (forty-eight) calendar months; and

         TE   =         means the remuneration package as set out in CLAUSE 5.1.

         13.2     The total amount which becomes payable to the Executive in
                  terms of this clause shall accrue to him on the date on which
                  the termination takes effect, and be payable to him within 30
                  (thirty) days after the amount has been determined by the
                  Auditors in accordance with CLAUSE 13.3.

         13.3     The total amount and all the separate amounts making up the
                  total amount payable to the Executive in terms of CLAUSE 13.1
                  including any pro-rata adjustments made, shall be determined
                  by the Auditors as soon as possible after the date of
                  termination, and their certificate as to each of those amounts
                  shall, in the absence of manifest or clerical error, be final
                  and binding on all the Parties.

14       NOTICES

         14.1     Any notices given under this Agreement must be given by letter
                  or fax. Notices to the Company must be addressed to its
                  registered office at the time the notice is given. Notices to
                  the Executive must be given to him personally or sent to his
                  last known address.

         14.2     Except for notices given by hand, notices will be deemed to
                  have been given at the time at which the letter or fax would
                  be delivered in the ordinary course of post or transmission.

                                       14

<PAGE>

15       THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT

         15.1     The Company shall be entitled, without the consent of the
                  Executive, to assign all its rights and all its obligations
                  under this Agreement to any company, which, at the time of the
                  assignment, is a member of the Group.

         15.2     For the avoidance of any doubt it is expressly recorded that
                  the provisions of CLAUSE 15.1 shall apply mutatis mutandis to
                  any succeeding assignee of this Agreement.

16       DISCIPLINARY RULES AND GRIEVANCE PROCEDURE

         16.1     The Disciplinary Rules attached hereto as Annexure C shall
                  apply to the Executive's Employment. These rules constitute
                  guidelines as to the Executive's Conduct rather than binding
                  contractual obligations. In the event of disciplinary action
                  being taken against the Executive he shall be entitled to take
                  the matter up with the Board.

         16.2     The Grievance Procedure attached hereto as Annexure D shall
                  apply to the Executive. This procedure sets out guidelines
                  rather than binding contractual obligations. In the event of a
                  grievance arising, the Executive shall be entitled to approach
                  the Board to deal with the issue.

         16.3     In the event of a conflict between the provisions of this
                  Agreement on the one hand and the disciplinary rules and
                  grievance procedure on the other, this agreement shall take
                  precedence.

17       DISPUTES

         17.1     In the event of any dispute arising out of this agreement the
                  matter shall be referred to a single arbitrator agreed to by
                  the parties and in the absence of any such agreement such
                  arbitrator shall be appointed by the President for the time
                  being, or in his absence the Vice President for the time
                  being, of the Isle of Man Law Society.

         17.2     This agreement shall be governed by and construed in
                  accordance with the law of the Isle of Man.

18       GENERAL

         18.1     This document contains the entire agreement between the
                  Parties in regard to its subject matter.

         18.2     No Party shall have any claim or right of action arising from
                  any undertaking, representation or warranty not included in
                  this Agreement.

         18.3     No failure by a Party to enforce any provision of this
                  Agreement shall constitute a waiver of such provision or
                  affect in any way a Party's right to

                                       15

<PAGE>

                  require performance of any such provision at any time in the
                  future, nor shall the waiver of any subsequent breach nullify
                  the effectiveness of the provision itself.

         18.4     No agreement to vary, add to or cancel this Agreement shall be
                  of any force or effect unless reduced to writing and signed by
                  or on behalf of the Parties to this Agreement.

   SIGNED at                   on                                      2004

                                For: DRD (ISLE OF MAN) LIMITED

                                /s/ P.F. Mathews
                                ------------------------------------
                                Signatory:
                                Capacity:
                                Authority:

SIGNED at                      on                                     2004

                                /s/ I.L.Murray
                                -------------------------------------
                                IAN LOUIS MURRAY

                                       16

<PAGE>

                         DURBAN ROODEPOORT DEEP, LIMITED

                             (Reg No 1895/000926/06)

                                     [LOGO]

            ROLE AND FUNCTION OF THE CHAIRPERSON (EXECUTIVE CHAIRMAN)

In accordance with King II, the Chairperson's primary function is to preside
over meetings of the directors and to ensure the smooth functioning of the Board
in the interest of good corporate governance.

The role of the Chairperson is influenced by such matters as the size of the
company, the complexity of its operations, the qualities of the Chief Executive
Officer, the management team and the skills and experience of each board member.

The core functions performed by the Chairman include:

-        Providing overall leadership to the board without limiting the
         principles of collective responsibility for board decisions;

-        Actively participating in the selection of board members as well as
         overseeing a formal succession plan for the board, Chief Executive
         Officer and senior management;

-        Arranging for new directors to the board to be property inducted and
         oriented;

-        Addressing the development needs of the board as a whole and individual
         directors;

-        Monitoring and evaluating board and director performance appraisals;

-        Determining the formulation of an annual work plan for the board
         against agreed objectives and goals, as well as playing an active part
         in setting the agenda for board meetings;

-        Acting as the main information link between the board and management,
         and particularly between the board and the Chief Executive Officer;

-        Assist in maintaining relations with the company's shareowners and more
         important stakeholders;

-        Ensuring that all directors play a fun and constructive role in the
         affairs of the company and taking a leading role in removing
         non-performing or unsuitable directors from the board;

<PAGE>

-        Ensuring that all relevant information and facts, objectively speaking,
         are placed before the board to enable directors to reach informed
         decisions;

-        Upholds the highest standards of integrity and probity;

-        Sets the agenda style and tone of board discussions to promote
         effective decision-making and constructive debate;

-        Ensuring that the board has sufficient time to discuss issues;

-        Promotes effective relationships and open communication, both inside
         and outside the boardroom, between non-executive directors and the
         executive team;

-        Promotes the highest standards of corporate governance and seeks
         compliance with the provisions of the Code wherever possible;

-        Ensures a clear structure for and the effective running of board
         committees;

-        Ensures effective implementation of board decisions;

-        Establishes a close relationship of trust with the chief executive,
         providing support and advice while respecting executive responsibility;
         and

-        Provides coherent leadership of the company, including representing the
         company and understanding the view of the shareholders.

                ROLE AND FUNCTION OF THE CHIEF EXECUTIVE OFFICER

In accordance with King II, the Chief Executive Officers primary function is to
run the business and to implement the policies and strategies adopted by the
board. The Chief Executive Officer also provides leadership, strategic
provision, high-level business judgment and wisdom, and the ability to meet
immediate performance targets without neglecting longer-term growth
opportunities. The Chief Executive Officer therefore plays a critical and
strategic role in the operational success of the company's business.

The core functions performed by the Chief Executive Officer:

-        Develop and recommend to the board the long-term strategy and vision
         for the company that will generate satisfactory levels of shareowner
         value and positive, reciprocal relations with relevant stakeholders;

-        Develop and recommend to the board annual business plans and budgets
         that support the company's long-term strategy;

-        Strive consistently to achieve the company's financial and operating
         goals and objectives, and ensure that the day-to-day business affairs
         of the company are appropriately monitored and managed;

                                       2

<PAGE>

-        Ensure continuous improvement in the quality and value of the products
         and services provided by the company, and that the company achieves and
         maintains a satisfactory competitive position within its industry;

-        Ensure that the company has an effective management team that actively
         participate in the development of management and succession planning;

-        Formulate and oversee the implementation of major corporate policies;

-        Serve as the chief spokesperson for the company;

-        Maintain a positive and ethical work climate that is conducive to
         attracting, retaining and motivating a diverse group of employees at
         all levels of the company; and

-        Foster a corporate culture that promotes ethical practices, encourages
         individual integrity and fulfils social responsibility objectives and
         imperatives.

                                       3

<PAGE>

                                                                      ANNEXURE B

BANKING DETAILS - I L MURRAY
<PAGE>

                                   ANNEXURE C
                             DISCIPLINARY PROCEDURE

         This disciplinary procedure provides for warnings to be given for
failure to meet the Company's standards of job performance, conduct (whether
during working hours or not) and attendance, or for breach of any of the terms
and conditions of employment. The procedure is not contractual but applies to
the Executive as an employee of the Company and the Executive should
familiarizes himself with its provisions.

1. In the first instance the Senior Independent Non Executive Director (Geoffrey
Campbell) ("Senior Independent Non Executive Director") will establish the facts
surrounding the complaint if necessary taking into account the statements of any
available witnesses.

2. If the Senior Independent Non Executive Director considers that it is not
necessary to resort to the formal warning procedure, he will discuss the matter
with the Executive suggesting areas for improvement. The discussion will,
insofar as is possible, be in private and the Executive will be informed that no
formal disciplinary action is being taken.

3. If the Senior Independent Non Executive Director considers that it is
necessary to invoke the formal warning procedure they will inform the Executive.
The following procedure will then apply, but, depending upon the seriousness of
the offence, may be invoked at any level including summary dismissal.

                  3.1      IN THE CASE OF MINOR OFFENCES THE EXECUTIVE WILL BE
                           GIVEN A FORMAL ORAL WARNING. THE EXECUTIVE WILL BE
                           ADVISED THAT THE WARNING CONSTITUTES THE FIRST FORMAL
                           STAGE OF THE DISCIPLINARY PROCEDURE AND THAT A NOTE
                           WILL BE PLACED ON HIS PERSONAL FILE. THE NATURE OF
                           THE OFFENCE AND THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES OR A FAILURE TO IMPROVE WILL BE EXPLAINED TO
                           THE EXECUTIVE.

                  3.2      IN THE CASE OF SERIOUS OFFENCES OR A REPETITION OF
                           EARLIER MINOR OFFENCES THE EXECUTIVE WILL BE GIVEN A
                           WRITTEN WARNING, SETTING OUT THE PRECISE NATURE OF
                           THE OFFENCE, THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES AND SPECIFYING, IF APPROPRIATE, THE
                           IMPROVEMENT REQUIRED AND OVER WHAT PERIOD.

                  3.3      IN THE CASE OF A FURTHER REPETITION OF EARLIER
                           OFFENCES, IF THE EXECUTIVE STILL FAILS TO IMPROVE OR
                           IF THE OFFENCE, WHILST FALLING SHORT OF GROSS
                           MISCONDUCT, IS SERIOUS ENOUGH TO WARRANT ONLY ONE
                           WRITTEN WARNING, THE EXECUTIVE WILL BE GIVEN A FINAL
                           WRITTEN WARNING SETTING OUT THE PRECISE NATURE OF THE
                           OFFENCE, CONTAINING A STATEMENT THAT ANY RECURRENCE
                           WILL LEAD TO DISMISSAL OR WHATEVER OTHER PENALTY IS
                           CONSIDERED APPROPRIATE

<PAGE>

                           AND SPECIFYING, IF APPROPRIATE, THE IMPROVEMENT
                           REQUIRED AND OVER WHAT PERIOD.

                  3.4      DEPENDING UPON THE SERIOUSNESS OF THE MATTER AND ALL
                           THE CIRCUMSTANCES, ANY OF THE ABOVE STAGES MAY BE
                           OMITTED.

                  3.5      IN THE CASE OF GROSS MISCONDUCT OR IF ALL OR THE
                           APPROPRIATE STAGES OF THE WARNING PROCEDURE HAVE BEEN
                           EXHAUSTED THE EXECUTIVE WILL NORMALLY BE DISMISSED,
                           BUT ONLY AFTER CONSIDERATION OF OTHER POSSIBLE
                           DISCIPLINARY ACTION INCLUDING (BUT WITHOUT
                           LIMITATION): DEMOTION OR TRANSFER, LOSS OF SENIORITY
                           OR SALARY INCREMENT; SUSPENSION WITH OR WITHOUT PAY.

4. Where the Executive is accused of an act of gross misconduct he may be
suspended from work for on full pay pending the outcome of investigation into
the alleged offence.

5. In all cases before any disciplinary action (including warnings) is taken the
Executive will be interviewed by the Senior Independent Non Executive Director
and will be informed of the allegations made against him. The Executive will be
given the opportunity to state his case and at the interview may be accompanied
by a colleague of his choice. If the complaint is upheld he will be informed of
the disciplinary action to be taken; the stage in the disciplinary procedure to
be adopted depending upon the seriousness of the offence, and of the right to
appeal.

6. If the Executive is dissatisfied with the outcome of any stage of the above
procedure he may appeal either orally or in writing within 7 days to any other
independent Non Executive Director as agreed by the Board from time to time.

7. The following are non-exhaustive examples of the sort of offences which, if
committed, will normally lead to formal disciplinary action being taken:

                  7.1      MINOR OFFENCES (ORAL WARNING): POOR JOB PERFORMANCE
                           INVOLVING SUB-STANDARD WORK, UNPUNCTUALITY,
                           ABSENTEEISM OR ANY MINOR BREACH OF THE COMPANY'S
                           REGULATIONS.

                  7.2      SERIOUS OFFENCES (WRITTEN WARNING): NEGLIGENCE
                           RESULTING IN MINOR LOSS, DAMAGE OR INJURY; FAILURE TO
                           COMPLY WITH A SPECIFIC INSTRUCTION; IRRESPONSIBILITY
                           IN RELATION TO THE COMPANY'S EMPLOYEES, ACTIVITIES OR
                           IMPROPRIETY IN RELATION TO THE EXECUTIVE'S TASKS FOR
                           THE COMPANY, WHETHER OR NOT WITHIN WORKING HOURS,
                           WHICH THE COMPANY REASONABLY CONSIDERS TO BE
                           DETRIMENTAL TO OR CONFLICTING WITH THE INTERESTS OF
                           THE COMPANY OR ITS CLIENTS OR CUSTOMERS, OR LIKELY TO
                           AFFECT THE STANDARD OF WORK; FAILURE TO DISCLOSE ANY
                           PERSONAL INTEREST THE EXECUTIVE HAS WHICH CONFLICTS
                           WITH ANY MATTER OF A CLIENT OR CUSTOMER WITH WHICH HE
                           IS ENGAGED, OR ANY BREACH OF CONFIDENCE RELATING TO
                           THE COMPANY OR ITS CLIENT'S OR CUSTOMER'S AFFAIRS.

                                        2

<PAGE>

                  7.3      GROSS MISCONDUCT (DISMISSAL): NEGLIGENCE RESULTING IN
                           SERIOUS LOSS, DAMAGE OR INJURY; ASSAULT OR ATTEMPTED
                           ASSAULT; THEFT; MALICIOUS DAMAGE TO PROPERTY; WILLFUL
                           DISREGARD OF DUTIES OR OF INSTRUCTIONS RELATING TO
                           THE EMPLOYMENT; DELIBERATE AND SERIOUS BREACH OF
                           CONFIDENCE RELATING TO THE COMPANY'S OR ITS CLIENT'S
                           OR CUSTOMER'S AFFAIRS; THE USE FOR PERSONAL ENDS OF
                           CONFIDENTIAL INFORMATION OBTAINED BY THE EXECUTIVE IN
                           THE COURSE OF HIS EMPLOYMENT; FALSIFICATION OF
                           RECORDS; CONDUCT VIOLATING COMMON DECENCY, OR
                           CONVICTION ON A CRIMINAL CHARGE RELEVANT TO THE
                           EXECUTIVE'S EMPLOYMENT. (IN SERIOUS CASES, DISMISSAL
                           WILL NORMALLY BE WITHOUT NOTICE.)

                                       3

<PAGE>

                                   ANNEXURE D

                             DISCIPLINARY PROCEDURE

         This disciplinary procedure provides for warnings to be given for
failure to meet the Company's standards of job performance. conduct (whether
during working hours or not) and attendance, or for breach of any of the terms
and conditions of employment. The procedure is not contractual but applies to
the Executive as an employee of the Company and the Executive should
familiarizes himself with its provisions.

1. In the first instance the Chairman of the Board (Mark Wellesley Wood) ("the
Chairman") will establish the facts surrounding the complaint if necessary
taking into account the statements of any available witnesses.

2. If the Chairman considers that it is not necessary to resort to the formal
warning procedure, he will discuss the matter with the Executive suggesting
areas for improvement. The discussion will, insofar as is possible, be in
private and the Executive will be informed that no formal disciplinary action is
being taken.

3. If the Chairman considers that it is necessary to invoke the formal warning
procedure they will inform the Executive. The following procedure will then
apply, but. depending upon the seriousness of the offence, may be invoked at any
level including summary dismissal.

                  3.1      IN THE CASE OF MINOR OFFENCES THE EXECUTIVE WILL BE
                           GIVEN A FORMAL ORAL WARNING. THE EXECUTIVE WILL BE
                           ADVISED THAT THE WARNING CONSTITUTES THE FIRST FORMAL
                           STAGE OF THE DISCIPLINARY PROCEDURE AND THAT A NOTE
                           WILL BE PLACED ON HIS PERSONAL FILE. THE NATURE OF
                           THE OFFENCE AND THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES OR A FAILURE TO IMPROVE WILL BE EXPLAINED TO
                           THE EXECUTIVE.

                  3.2      IN THE CASE OF SERIOUS OFFENCES OR A REPETITION OF
                           EARLIER MINOR OFFENCES THE EXECUTIVE WILL BE GIVEN A
                           WRITTEN WARNING, SETTING OUT THE PRECISE NATURE OF
                           THE OFFENCE, THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES AND SPECIFYING, IF APPROPRIATE, THE
                           IMPROVEMENT REQUIRED AND OVER WHAT PERIOD.

                  3.3      IN THE CASE OF A FURTHER REPETITION OF EARLIER
                           OFFENCES, IF THE EXECUTIVE STILL FAILS TO IMPROVE OR
                           IF THE OFFENCE, WHILST FALLING SHORT OF GROSS
                           MISCONDUCT, IS SERIOUS ENOUGH TO WARRANT ONLY ONE
                           WRITTEN WARNING, THE EXECUTIVE WILL BE GIVEN A FINAL
                           WRITTEN WARNING SETTING OUT THE PRECISE NATURE OF THE
                           OFFENCE, CONTAINING A STATEMENT THAT ANY RECURRENCE
                           WILL LEAD TO DISMISSAL OR WHATEVER OTHER PENALTY IS
                           CONSIDERED APPROPRIATE AND SPECIFYING, IF
                           APPROPRIATE, THE IMPROVEMENT REQUIRED AND OVER WHAT
                           PERIOD.

<PAGE>

                  3.4      DEPENDING UPON THE SERIOUSNESS OF THE MATTER AND ALL
                           THE CIRCUMSTANCES, ANY OF THE ABOVE STAGES MAY BE
                           OMITTED.

                  3.5      IN THE CASE OF GROSS MISCONDUCT OR IF ALL OR THE
                           APPROPRIATE STAGES OF THE WARNING PROCEDURE HAVE BEEN
                           EXHAUSTED THE EXECUTIVE WILL NORMALLY BE DISMISSED,
                           BUT ONLY AFTER CONSIDERATION OF OTHER POSSIBLE
                           DISCIPLINARY ACTION INCLUDING (BUT WITHOUT
                           LIMITATION): DEMOTION OR TRANSFER, LOSS OF SENIORITY
                           OR SALARY INCREMENT; SUSPENSION WITH OR WITHOUT PAY.

4. Where the Executive is accused of an act of gross misconduct he may be
suspended from work for on full pay pending the outcome of investigation into
the alleged offence.

5. In all cases before any disciplinary action (including warnings) is taken the
Executive will be interviewed by the Chairman and will be informed of the
allegations made against him. The Executive will be given the opportunity to
state his case and at the interview may be accompanied by a colleague of his
choice. If the complaint is upheld he will be informed of the disciplinary
action to be taken; the stage in the disciplinary procedure to be adopted
depending upon the seriousness of the offence, and of the right to appeal.

6. If the Executive is dissatisfied with the outcome of any stage of the above
procedure he may appeal either orally or in writing within 7 days to Geoffrey
Campbell ("the Senior Independent Non-Executive Director").

7. The following are non-exhaustive examples of the sort of offences which, if
committed, will normally lead to formal disciplinary action being taken:

                  7.1      MINOR OFFENCES (ORAL WARNING): POOR JOB PERFORMANCE
                           INVOLVING SUB-STANDARD WORK, UNPUNCTUALITY,
                           ABSENTEEISM OR ANY MINOR BREACH OF THE COMPANY'S
                           REGULATIONS.

                  7.2      SERIOUS OFFENCES (WRITTEN WARNING): NEGLIGENCE
                           RESULTING IN MINOR LOSS, DAMAGE OR INJURY; FAILURE TO
                           COMPLY WITH A SPECIFIC INSTRUCTION; IRRESPONSIBILITY
                           IN RELATION TO THE COMPANY'S EMPLOYEES, ACTIVITIES OR
                           IMPROPRIETY IN RELATION TO THE EXECUTIVE'S TASKS FOR
                           THE COMPANY, WHETHER OR NOT WITHIN WORKING HOURS,
                           WHICH THE COMPANY REASONABLY CONSIDERS TO BE
                           DETRIMENTAL TO OR CONFLICTING WITH THE INTERESTS OF
                           THE COMPANY OR ITS CLIENTS OR CUSTOMERS, OR LIKELY TO
                           AFFECT THE STANDARD OF WORK; FAILURE TO DISCLOSE ANY
                           PERSONAL INTEREST THE EXECUTIVE HAS WHICH CONFLICTS
                           WITH ANY MATTER OF A CLIENT OR CUSTOMER WITH WHICH HE
                           IS ENGAGED, OR ANY BREACH OF CONFIDENCE RELATING TO
                           THE COMPANY OR ITS CLIENT'S OR CUSTOMER'S AFFAIRS.

                  7.3      GROSS MISCONDUCT (DISMISSAL): NEGLIGENCE RESULTING IN
                           SERIOUS LOSS, DAMAGE OR INJURY; ASSAULT OR ATTEMPTED
                           ASSAULT; THEFT;

                                       2

<PAGE>

                           MALICIOUS DAMAGE TO PROPERTY; WILLFUL DISREGARD OF
                           DUTIES OR OF INSTRUCTIONS RELATING TO THE EMPLOYMENT;
                           DELIBERATE AND SERIOUS BREACH OF CONFIDENCE RELATING
                           TO THE COMPANY'S OR ITS CLIENT'S OR CUSTOMER'S
                           AFFAIRS; THE USE FOR PERSONAL ENDS OF CONFIDENTIAL
                           INFORMATION OBTAINED BY THE EXECUTIVE IN THE COURSE
                           OF HIS EMPLOYMENT; FALSIFICATION OF RECORDS; CONDUCT
                           VIOLATING COMMON DECENCY, OR CONVICTION ON A CRIMINAL
                           CHARGE RELEVANT TO THE EXECUTIVE'S EMPLOYMENT. (IN
                           SERIOUS CASES, DISMISSAL WILL NORMALLY BE WITHOUT
                           NOTICE.)

                                       3

<PAGE>

                                   ANNEXURE E

                            MODEL GRIEVANCE PROCEDURE

1.       PROCEDURE

         If the Executive has any questions or grievances relating to his
employment, he may seek redress orally or in writing in the following manner:

                  1.1 In the first instance should refer the grievance to Mark
Wellesley Wood ("Chairman of the Board") and the matter will be discussed
informally with him.

                  1.2 If the grievance is not thereby resolved or the Executive
considers that he has not been fairly treated, he may apply formally in writing
to the Chairman of the Board within 7 days.

                  1.3 If the grievance is still not resolved or if the Executive
still considers that he has not been fairly treated, he may appeal to Geoffrey
Campbell, Senior Non Executive Director within 7 days.