Exhibit 4.123
 
 Execution VersionISL/HD291007
 Term Sheet for Funding, Equity and Related Matters
 in connection with NEWCO 1, NEWCO 2 and NEWCO 3
 as hereafter defined
 1.
 Parties
    ACORN
    DRDGOLD
    DRD
     NEWCO 3
    GEOTORM
      NEWCO 2


MMRS
    MINTAILS SA
    WEST WITS
    WEST WITS HOLDINGS
    LISTCO
     NEWCO 1
  Recordal
    DRD new order rights
 new order rights
  MPRDA
  DRD DRD
 ASSETS


new order rights DRD
 DRD ASSETS
  DME
 marked
 “A” DRD
  MPRDA
 NEWCO 2
  DRD
 MINTAILS SA
 ACORN
   MINTAILS SA viz-a-viz
 ACORN
 DRD
 ACORN
     DRDGOLD
      KHUMO


WEST WITS HOLDINGS
  WEST WITS HOLDINGS
 WEST WITS
 WEST WITS old order rights
 old order rights MPRDA
  Westrand Cons
 Luipaardsvlei WEST WITS
 ASSETS DME
 new order rights
 MPRDA NEWCO
 3
  NEWCO 2 DRD ASSETS
 DRD
  DRD MINTAILS SA
 NEWCO 1
  NEWCO 2
  DRDGOLD
 WEST WITS HOLDINGS
  NEWCO 2
 MMRS old order rights
 MPRDA
   new order rights
 Annexe “B” MMRS ASSETS
  DRDGOLD GEOTORM LISTCO MINTAILS SA


DRD ASSETS MMRS ASSETS WEST WITS ASSETS
 CONSOLIDATED ASSETS
 NEWCO 1
  NEWCO 2
   MMRS
 MMRS ASSETS
 DRD ASSETS
  NEWCO 1
 NEWCO 3
 KHUMO BEEco1
 WEST WITS ASSETS
  DRDGOLD GEOTORM MINTAILS SA
    NEWCO 1
  Implementation
  inter alia
    NEWCO 1


MINTAILS SA
   NEWCO 2
     NEWCO 1
   NEWCO 3
     NEWCO 1
   ACORN
  NEWCO 2
  MINTAILS SA
  NEWCO 1
  NEWCO 1
 NEWCO 3 ACORN
 ACORN
 TRANSACTION
  BEEco1 DRDGOLD
 NEWCO 1


NEWCO 1
 BEEco1
   NEWCO 2 DRD ASSETS
   NEWCO 3 DRDGOLD WEST
 WITS HOLDINGS WEST WITS WEST
 WITS ASSETS
 MPRDA
  ACORN
  GEOTORM
 MMRS
   MMRS
   EQUITY ACORN
 EQUITY NEWCO 2
 quid pro quo
 NEWCO 2 ACORN
 GEOTORM EQUITY
   ACORN NEWCO 2


GEOTORM
 MMRS
 NEWCO 2 quid pro
 quo
 NEWCO 1
 NEWCO 2
  MINTAILS SA
     NEWCO 1
  DRDGOLD
   GEOTORM
   MINTAILS SA
  NEWCO 1
 NEWCO 2
 NEWCO 3
  NEWCO 2
  NEWCO 1
   ACORN
 NEWCO 2 DRD
 ASSETS
 MMRS MMRS ASSETS
 MMRS


NEWCO 3 NEWCO 1
 ACORN BEEco1
 NEWCO 3
 WEST WITS ASSETS
 marked
 “C1”
  NEWCO 1
  DRDGOLD NEWCO 1
  NEWCO 1
 DRDGOLD GEOTORM
 MINTAILS SA
   NEWCO 1
     DRDGOLD
  LISTCO
  GEOTORM
   MINTAILS SA


LISTCO
 ASX
    NEWCO 1
 NEWCO 1
  Annexes “C2” and
 “C3”
    TRANSACTION
 TRANSACTION
       New Companies
  NEWCO 1 NEWCO 2 NEWCO 3


DRDGOLD
 NEWCO
 1
 NEWCO 1
   LISTCO
 NEWCO 1
  NEWCO 1
  Existing Assets and/or Acquisitions
  Existing Assets
 MMRS ASSETS
 MMRS
 NEWCO 2
  DRD ASSETS
  NEWCO 2
 MMRS
 inter alia DRD ASSETS


WEST WITS ASSETS
  Acquisition of WEST WITS ASSETS
 NEWCO 3 WEST WITS
 WEST WITS ASSETS
      DRDGOLD
 WEST WITS
 NEWCO 1
  Indemnity in connection with the WEST WITS ASSETS
      WEST WITS
  DRDGOLD WEST WITS
 ASSETS
  WEST WITS
  DWAF
  DRDGOLD
 WEST WITS ASSETS


DRDGOLD
   WEST WITS ASSETS
 DWAF
   DRDGOLD
   DWAF
  NEWCO 3 DRDGOLD WEST
 WITS
 DWAF
 DWAF
 DWAF
 DRDGOLD
 WEST WITS WEST WITS
 ASSETS DWAF
 DRDGOLD WEST WITS
   NEWCO 3
 DWAF WEST WITS
 ASSETS
 DWAF
  Conditions Precedent
  TRANSACTION


NEWCO 1 TRANSACTION
    LISTCO
  DRDGOLD inter
 alia
    DME MPRDA
  TRANSACTION NEWCO 1
 NEWCO 2 NEWCO 3
      TRANSACTION
 inter alia
     TRANSACTION
    TRANSACTION
   inter alia


LISTCO
    inter alia
    NEWCO 1 LISTCO
  NEWCO 1
     DRDGOLD GEOTORM
 MINTAILS SA
   ipso facto
 DRDGOLD WEST WITS WEST WITS HOLDINGS
  conditions per se
 undertakings
     GEOTORM MINTAILS SA
  TRANSACTION ab initio


7.
 Dual Listing on approved stock exchanges
  DRDGOLD GEOTORM LISTCO
 MINTAILS SA LISTCO
 ASX
           LISTCO
      DRDGOLD GEOTORM
 MINTAILS SA
  inter alia
           DRDGOLD GEOTORM LISTCO MINTAILS SA
 modus operandi


CONSOLIDATED ASSETS NEWCO 1
 NEWCO 2 NEWCO 3
    DRD ASSETS MMRS ASSETS WEST WITS ASSETS
    Ancillary Matters
  TRANSACTION
  WEST WITS NEWCO 1
 MPRDA
 old order rights
  ACORN
 WEST WITS ASSETS
 BEEco2 DRDGOLD
 WEST WITS
   NEWCO 1
 BEEco2


9.
 Definitive Agreements
    TRANSACTION
       DRDGOLD GEOTORM MINTAILS SA
        Binding Agreement
  TRANSACTION
   TRANSACTION
  Change in Control / Take Over
 DRDGOLD


MINTAILS SA
     Values
      mala fides
 Signature of Documents
      DME MPRDA
     DRDGOLD
  MINTAILS SA
   DRDGOLD
 MINTAILS SA


14.      
  Timing
      Good Faith
   TRANSACTION
 Governing Laws
 TRANSACTION
  domiciled
 Domicilia
 domicilia citandi et
 executandi
  DRDGOLD WEST WITS WEST WITS HOLDINGS
    ACORN, DRD MMRS MINTAILS SA
 st
     GEOTORM
 th


LISTCO
   NEWCO 1 NEWCO 2 NEWCO 3
 st
   DRDGOLD
  Jurisdiction
     Announcements/Confidentiality
  TRANSACTION
     TRANSACTION
  LISTCO


20.      
  Counterparts
           As Witnesses:-                                                                                                 
  __________________________________
 -  director, who by his signature warrants that he is duly authorised hereto  -
 1.  ___________________________                                                                                                 
  Place:
   
  
  
   -  director, who by his signature warrants that he is duly authorised hereto  -
 
  2.  ___________________________


For:  Durban Roodepoort Deep (Proprietary) Limited
 As Witnesses:-
   -  director, who by his signature warrants that he is duly authorised hereto  -
 1.  ___________________________
  
  
  
   -  director, who by his signature warrants that he is duly authorised hereto  -
 
  
  
  
   -  director, who by his signature warrants that he is duly authorised hereto  -
 
  
  
 For:  Kgosi Resource Management (Proprietary) Limited
 
   -  director, who by his signature warrants that he is duly authorised hereto  -
 2.  ___________________________


For:  Mineral and Mining Reclamation Services (Proprietary) Limited
 As Witnesses:-
   -  director, who by his signature warrants that he is duly authorised hereto  -
 1.  ___________________________
  
  
  
   -  director, who by his signature warrants that he is duly authorised hereto  -
 
  
  
 For:  West Witwatersrand Gold Mines Limited
 
   -  director, who by his signature warrants that he is duly authorised hereto  -
 
  
  
 For:  West Witwatersrand Holdings Limited
 
 /s/ D Pretorius -  director, who by his signature warrants that he is duly authorised hereto  -
 
  2.  ___________________________


As Witnesses:-                                                                                                
  __________________________________
 -  director, who by his signature warrants that he is duly authorised hereto  -
 1.  ___________________________                                                                                                  
  Place:
   
  
 For:  West Wits Mining SA (Proprietary) Limited
 
   -  director, who by his signature warrants that he is duly authorised hereto  -
 2.  ___________________________


Annexe “A”
 
 Copy of letter from the DME dated 6 July 2007
  vide


Annexe “B”
 
 Copy of letter from the DME dated 6 July 2007
 vide


Annexe “C1”
 
 Organogram
 vide


Annexe “C2”
 
 Organogram
 vide


Annexe “C3”
 
 Organogram
 vide