Document:

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                                                                    EXHIBIT 4.72

                            (1) INVESTEC BANK LIMITED

                       (2) DURBAN ROODEPOORT DEEP LIMITED

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                                 LOAN AGREEMENT

                           (REFERENCE NUMBER: DRD001)

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THIS LOAN AGREEMENT is dated 24 June 2004

BETWEEN

(1)   INVESTEC BANK LIMITED (incorporated in South Africa with registered
      number: 1969/004763/06) whose registered office is at 100 Grayston Drive,
      Sandown, Sandton ("IBL")

(2)   DURBAN ROODEPOORT DEEP LIMITED (incorporated in South Africa with
      registered number: 1895/000926/06) whose registered office is at 45 Empire
      Road, Parktown, Johannesburg ("DRD")

WHEREAS

IBL has agreed to make a loan of ZAR 100,000,000.00 (One Hundred Million Rand)
to DRD subject to the terms and conditions set out in this Loan Agreement.

1.    FACILITY

1.1   IBL agrees to make available a loan facility (the "Facility") to DRD
      subject to the terms and conditions set out in this Loan Agreement.
      Reference to the 'Facility' herein shall be to that part of the Facility
      that is drawn down at any time.

1.2   The total amount of the Facility is ZAR 100,000,000.00 (One Hundred
      Million Rand) which may be drawn down subject to the terms hereof.

2.    PURPOSE

      The Facility shall be used by DRD for general funding purposes.

3.    CONDITIONS PRECEDENT

      DRD shall not be entitled to draw down any part of the Facility until IBL
      has received as conditions precedent, in each case in the form and
      substance satisfactory to it, the documents, items and evidence specified
      in the Schedule to this Loan Agreement.

4.    DRAWDOWN

4.1   Subject to the satisfaction of the conditions precedent specified in
      Clause 3, DRD may draw down up to ZAR20,000,000.00 (Twenty Million Rand)
      of the Facility

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      on the day after signature hereof or any time thereafter but not later
      than the third day following signature hereof provided that DRD has given
      to IBL on the Business Day before the date of the proposed drawdown,
      notice of the proposed drawdown, such notice to be irrevocable and in a
      form acceptable to IBL.

4.2   The balance of the Facility may be drawn down at IBL's discretion. Any
      draw down notice shall be given in the form referred to in clause 4.1.

4.3   IBL may refuse to honour any draw down notice in its sole discretion.

5.    REPAYMENT

5.1   IBL shall be entitled at any time to call for repayment of such portion of
      the Facility as is drawn down at the time, by delivering a notice (the
      "Repayment Notice") to this effect in accordance with the terms hereof.
      The date of delivery of this notice shall be the 'Recall Date' for the
      purposes of this Loan Agreement.

5.2   Upon receipt of the Repayment Notice DRD may elect to repay the Facility
      in cash or by the issue of Shares (as defined below) to IBL or DRD may
      elect to repay the Facility partly in cash and partly by the issue of
      Shares. This election shall be exercised by the delivery of a notice (the
      "Election Notice") to IBL within one business day of the Recall Date. A
      failure to deliver an Election Notice shall be deemed by IBL to be an
      election by DRD to repay the Facility in cash.

5.3   In the case of a repayment of the Facility in cash or any part repayment
      in cash such repayment shall be made together with accrued interest
      thereon within 3 Business Days of the Repayment Notice.

5.4   The delivery of an Election Notice that the Facility shall be redeemed by
      the issue of Shares or partly by the issue of Shares shall be irrevocable.

5.5   In the case of a repayment by the issue of Shares, the provisions relating
      to interest shall not apply. Where repayment is partly in cash and partly
      by the issue of Shares the provisions relating to interest shall apply
      solely to that part of the Facility repaid in cash.

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6.    PREPAYMENT

6.1   DRD may prepay the Facility without premium or penalty in whole or in part
      (but if in part, any prepayment shall be in integral multiples of Five
      Million Rand) and shall be paid solely on the last day of any Interest
      Period: Provided that DRD shall have given IBL not less than 3 Business
      Days' prior notice (which shall be irrevocable and binding). Such
      prepayment shall be made together with accrued interest on the amount
      prepaid.

6.2   DRD may not make any prepayment except in accordance with this Clause.

7.    INTEREST PERIODS

7.1   The period during which the Facility is outstanding will be divided into
      successive periods (each an "Interest Period"). The first Interest Period
      relating to the Facility shall commence on the drawdown date and each
      subsequent Interest Period shall commence on the expiry of the preceding
      Interest Period. Each Interest Period will be of a duration of one month
      provided that:

      7.1.1 if any Interest Period ends on a day which is not a Business Day,
            such Interest Period shall be extended to the next Business Day
            unless that would extend that Interest Period into the next
            following calendar month, in which event that Interest Period shall
            be shortened so as to end on the immediately preceding Business Day.

8.    INTEREST

8.1   Subject to Clause 9 below the rate of interest applicable to the Facility
      during each Interest Period shall be the rate per annum determined by the
      Calculation Agent to be the:

      8.1.1 Three month - JIBAR - Reference Banks plus 300 interest basis points

8.2   Interest is payable in arrears on the last day of each Interest Period and
      is calculated on the basis of the actual number of days elapsed and a 365
      day year.

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8.3   Any certificate or determination by IBL as to any rate of interest payable
      in respect of the Facility shall (save for manifest error) be prima facie
      proof of the amount owing.

9.    ADDITIONAL INTEREST

      If DRD fails to pay any sum payable under this Loan Agreement on its due
      date, it will pay to IBL interest on such sum from the date of such
      failure to the date of actual payment (both before and after judgement) at
      3 per cent per annum over the cost of funds to IBL for such period as it
      remains in default. Such interest shall be payable at any time on demand.

10.   FEE

      DRD shall pay to IBL a fee determined to be 4.5% of the Facility which is
      drawn at any time and from time to time. This Fee shall be payable upon
      draw down of the respective portion of the Facility.

11.   REPAYMENT BY THE ISSUE OF SHARES

11.1  Any issue of Shares under these terms shall be subject to and in
      compliance with the shareholder approval requirements of the Nasdaq
      Marketplace Rules 4350 (i)(B), C and (D).

11.2  All Shares to be issued in repayment of the Facility or part of the
      Facility shall become issuable no later than the 60th calendar day
      following the Recall Date. For the purposes hereof, the period from the
      Recall Date to and including the 60th calendar day following the Recall
      Date shall be referred to as the 'Redemption Period' and the final day of
      this period shall be referred to as the 'Final Redemption Day'.

11.3  IBL may elect to have the Facility redeemed in tranches (each a
      "Redemption Tranche"), subject to each Redemption Tranche representing a
      repayment of at least Five Million Rand.

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11.4  During the Redemption Period IBL shall telephonically notify DRD of the
      terms of a Redemption Tranche and confirm this notification by facsimile
      (the "Redemption Notification"). The date of any such telephonic
      notification shall be a 'Redemption Notification Date'.

11.5  Upon the delivery of a Redemption Notification the number of Shares
      determined in accordance with 11.6 shall be immediately issuable and be
      issued and delivered to IBL within 10 days of the Redemption Notification
      Date.

11.6  The number of Shares to be issued in respect of any Redemption Tranche
      shall be determined by dividing the Rand Facility Redemption Amount by the
      Rand Purchase Price, where;

      "Rand Facility Redemption Amount" means the amount of the Facility being
      redeemed in any Redemption Tranche as specified in the Redemption
      Notification relating thereto.

      " Rand Purchase Price" means an amount in Rand equal to the simple average
      of the Daily Volume Weighted Average Price of DRD on the Exchange for the
      10 Exchange Business Days immediately preceding the Redemption
      Notification Date.

      "Daily Volume Weighted Average Price" means an amount in Rand , calculated
      to the 4th decimal place, determined to be the total daily value of all
      main board trades on the Exchange divided by the total daily volume of all
      main board trades on the Exchange.

      "DRD" means the Durban Roodepoort Deep Limited fully paid ordinary share
      (Bloomberg Code: DUR SJ) on the Exchange.

11.7  Any part of the Facility remaining to be repaid on the Final Redemption
      Date shall be deemed to be the subject to a Redemption Notification deemed
      to be delivered on the Final Redemption Day.

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12.   FEES AND EXPENSES

12.1  DRD will pay to IBL on demand all expenses (including legal and
      out-of-pocket expenses and together with Value Added Tax if any thereon)
      on a full indemnity basis incurred by IBL in connection with the
      enforcement of or preservation of any rights under this Loan Agreement or
      otherwise in respect of any monies owing hereunder.

12.2  DRD will pay all stamp, documentary registration and other similar duties
      (including any payable by IBL) in connection with this Loan Agreement
      and/or any document entered into pursuant hereto.

12.3  Each party shall bear its own expenses in connection with the preparation
      and finalisation of this Loan Agreement.

13.   PAYMENTS

13.1  DRD will make all payments and deliveries under or in respect of this Loan
      Agreement on the due date for value and immediately available funds to IBL
      at such account as IBL may from time to time instruct DRD.

13.2  If any payment becomes due on a day which is not a Business Day, the due
      date of such payment will be extended to the next Business Day unless such
      business day is in a new calendar month in which case such payment shall
      be made on the immediately preceding Business Day.

13.3  DRD will make all payments under the Facility without set-off or
      counter-claim and free and clear of any withholding or deduction (save as
      required by law) for any present or future taxes, Levies, duties or other
      charges. If DRD is obliged by law to make any such withholding or
      deduction, DRD will pay to IBL in the same manner and at the same time
      additional amounts to ensure that IBL receives a net amount equal to the
      full amount which it would have received if no such deduction or
      withholding had been required. DRD shall deliver to IBL on

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      demand a certificate of deduction or other evidence satisfactory to IBL
      that any amount withheld or deducted has been paid to the appropriate
      authority.

13.4  IBL will maintain an account or accounts evidencing the amounts from time
      to time owing to it under the Facility. Such account or accounts shall
      (save for manifest error) be prima facie evidence of the amounts from time
      to time owing by DRD hereunder.

14.   REPRESENTATIONS AND WARRANTIES BY DRD

      DRD represents and warrants to IBL on the date of this Loan Agreement and
      on each date that the Facility is available or outstanding (with reference
      to the facts and circumstances then existing), as follows:

14.1  DRD is duly incorporated and validly existing under the laws of South
      Africa and has power to enter into this Loan Agreement;

14.2  all necessary corporate and other action to authorise the entry into and
      performance of this Loan Agreement has been taken by DRD, except for the
      shareholder approvals that may be required under the Nasdaq Market Place
      Rules 4350 (i)(B), (C) and (D) and the regulation of any Shares issued
      pursuant to this Loan Agreement under the US Securities Act of 1933, as
      amended, or the state securities laws of any US State;

14.3  this Loan Agreement constitutes its legal, valid and binding obligations
      in accordance with its terms, has been duly authorised and executed by it
      and does not and will not breach its Memorandum and Articles of
      Association or other relevant constitutional documents or any agreement or
      obligation by which it is bound or violate any applicable law;

14.4  its obligations under this Loan Agreement are its unconditional and
      unsubordinated obligations and rank at least pari passu with all other of
      its unsecured and unsubordinated indebtedness; and

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14.5   all approvals, authorisations, consents, licenses, permissions and
       registrations which is necessary or advisable to obtain from any
       governmental public or other authority or without limitation any third
       party for the purpose of or relating to the Facility have been obtained
       and all provisions and conditions thereof have been complied with.

14.6   Neither DRD, any of DRD's affiliates nor any persons acting on behalf of
       them have engaged, or will engage in any directed selling efforts with
       respect to the Shares issued under this Loan Agreement (it being
       acknowledged that DRD is not making this representation and warranty with
       respect to actions of IBL or its affiliates).

15.    REPRESENTATIONS AND WARRANTIES BY IBL IN THE CASE OF ANY REPAYMENT BY THE
       ISSUE OF SHARES

       Terms used in this section 15 have the meaning given to them by
       Regulation S under the U.S. Securities Act of 1933, as amended (the
       "Securities Act").

15.1   IBL represents and warrants to DRD as follows:

15.1.1 IBL is not a U.S. person and if DRD issues Shares to IBL under this Loan
       Agreement, IBL will acquire those Shares in an offshore transaction
       pursuant to Regulation S. If IBL decides to offer, resell or otherwise
       transfer the Shares issued under this Loan Agreement during the
       Distribution Compliance Period it will only do so in an offshore
       transaction in accordance with the provisions of Rule 903 of Regulation
       S.

15.1.2 No sale, pledge, resale or other transfer of the Shares which may be
       delivered hereunder has been or will be made so as to transfer the Shares
       issued under this Loan Agreement into the United States or to or for the
       account or benefit of a U.S. person;

15.1.3 Neither IBL, any of IBL's affiliates nor any persons acting on behalf of
       them have engaged, or will engage in any directed selling efforts with
       respect to the Shares (it being acknowledged that IBL is not making this
       representation and warranty

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       with respect to actions of DRD or its affiliates). IBL, each of IBL's
       affiliates and any person acting on their behalf have complied and will
       comply with the offering restriction requirements of Regulation S; and

15.1.4 IBL understands that the Shares issued under this Loan Agreement have not
       been and will not be registered under the Securities Act and may not be
       offered or sold within the United States or to, or for the account or
       benefit of, U.S. persons except in accordance with-Regulation S under the
       Securities Act or pursuant to an exemption from the registration
       requirements of the Securities Act. IBL represents and agrees that it
       will offer and sell Shares issued under this Loan Agreement (i) as part
       of their distribution, at any time and (ii) otherwise, until after the
       end of the Distribution Compliance Period, only in accordance with Rule
       903 of Regulation S, under the Securities Act or another applicable
       exemption from the registration requirements of the Securities Act (it
       being acknowledged that the Shares are not eligible for resale pursuant
       to Rule 144A under the Securities Act).

15.1.5 IBL shall, at or prior to confirmation of a sale of Shares issued under
       this Loan Agreement and pursuant to Regulation S, have sent to each
       distributor, dealer or person receiving a selling concession, fee or
       other remuneration that purchases Shares from it or through it, or up
       until expiration of the Distribution Compliance Period a confirmation or
       notice to substantially the following effect:

       "The Shares covered by this notice have not been registered under the
       United States Securities Act of 1933 (the "Securities Act") and may not
       be offered or sold or transferred within the United States or to or for
       the account or benefit of US. persons (i) as part of their distribution,
       at any time and (ii) otherwise, until after the period 40 days from
       whichever is the later of completion of the distribution of the Shares
       issued under this Loan Agreement as determined by IBC and the Final
       Redemption Date under the Loan Agreement pursuant to which the Shares
       have been issued, except in either case in accordance with Regulation S
       under the Securities Act and, in the case of (ii), in accordance with
       applicable United States

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       federal and state and securities laws. The Shares covered by this notice
       many not be deposited in any unrestricted American Depository Receipt
       Program relating to the Shares. You must not directly or indirectly
       engage in any short selling or hedging transaction with regard to the
       Shares, except as permitted by the Securities Act. Terms used above have
       meaning given to them by Regulation S.

15.1.6 IBL agrees that it will not directly or indirectly engage in any
       shortselling or hedging transactions with regard to the Shares issued
       under this Loan Agreement except as permitted under the Securities Act.

15.2   Distribution Compliance Period. "Distribution Compliance Period" means a
       period that begins when the Ordinary Shares are first issued by DRD under
       this Loan Agreement during a Redemption Period and continues until the
       expiration of the period 40 days from whichever is the later of
       completion of the distribution of the Ordinary Shares as determined by
       IBL and certified to DRD and the Final Redemption Date. IBL will give DRD
       written notices of the beginning of the 40 day Distribution Compliance
       Period at least 3 Business Days before the beginning of the Distribution
       Compliance Period.

15.3   Delivery of Shares. IBM hereby acknowledges and agrees that:

15.3.1 It and any distributor of the Shares issued under this Loan Agreement
       will not take delivery, in whole or in part, until it provides DRD with:

       (A) (i) a written certification that it is not a U.S. person and that the
       Loan Agreement has not being executed on behalf of a U.S. person; or (ii)
       a written opinion of counsel, reasonably acceptable to DRD, to the effect
       that the Loan Agreement and the Shares deliverable thereunder have been
       registered under the Securities Act (it being acknowledged that DRD has
       no obligation to register the Shares issued under this Loan Agreement) or
       are exempt from registration thereunder (it being acknowledged that the
       Shares issued under this Loan Agreement are not eligible for resale under
       Rule 144A under the Securities Act); and

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       (B) a written certification that IBL is not executing the Loan Agreement
       within the United States and that the Shares issued under this Loan
       Agreement are not to be delivered within the United States, except as
       otherwise permitted by Rule 903 of Regulation S, unless the Shares issued
       under this Loan Agreement are registered under the Securities Act or an
       exemption from such registration is available (it being acknowledged that
       the Shares issued under this Loan Agreement are not eligible for resale
       under Rule 144A under the Securities Act).

15.3.2 If the Shares issued under this Loan Agreement may be delivered in one or
       more parts, IBL will provide DRD with the items specified in
       sub-paragraph (a) above prior to each delivery.

15.4   Legend.

15.4.1 If the Shares issued under this Loan Agreement are issued in certificated
       form, any certificate representing the Shares, in whole or in part, shall
       bear the following legend:

       "The securities evidenced hereby have not been registered under the
       United States Securities Act of 1933, as amended (the "Securities Act"),
       and, accordingly, may not be offered, sold pledged or otherwise
       transferred within the United States or to, or for the account or benefit
       of, U.S. persons except as set forth in the following sentence. By its
       acquisition hereof, the holder (1) represents that it is not a U.S.
       person and is acquiring this security in an offshore transaction in
       compliance with Regulation S under the Securities Act, (2) agrees that it
       will not offer, sell, pledge or otherwise transfer this security except
       (a) to Durban Roodepoort Deep, Limited ("DRD") or any subsidiary thereof,
       (b) outside of the United States to a non-U.S. person in an offshore
       transaction in accordance with Rule 903 or Rule 904 of Regulation S, (c)
       pursuant to a registration statement which has been declared effective
       under the Securities Act (and the holder understands that DRD has no
       obligation to cause such a registration statement to become effective) or
       (d) pursuant to an exemption from registration under the Securities Act
       (and the holder understands that the security is not eligible for resale
       pursuant to Rule

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       144A under the Securities Act), in each case in accordance with any
       applicable securities laws of any state of the United States, (3) agrees
       that this security may not be deposited in any unrestricted American
       Depositary Receipt Program relating to the security (a) as part of the
       distribution of this security at any time (b) otherwise, until after the
       applicable Distribution Compliance Period and, in the case of (b) in
       accordance with applicable United States federal and state securities
       laws and will deliver such certificates and legal opinions as may be
       requested by the issuer or the issuer's ADR depositary, to confirm that
       the deposit complies with the foregoing restrictions, (4) agrees that it
       will deliver to each person to whom this security or an interest therein
       is transferred a notice substantially to the effect of this legend, and
       (5) agrees that is will not directly or indirectly, engage in any hedging
       transaction with regard to this security or any American Depositary
       Receipt relating to this security except as permitted by the Securities
       Act. As used herein, the terms "offshore transaction, "United States" and
       "U.S. person" have the meanings given to them by Regulation S under the
       Securities Act.

15.4.2 If the Ordinary Shares are issued by DRD in uncertificated form, DRD will
       instruct The Bank of New York (the "Depositary") as depositary appointed
       under the Deposit Agreement, dated as of August 12, 1996, between DRD and
       the Depositary, as amended and restated on October 2, 1996 and as further
       amended and restated on August 6, 1998 (as so amended and restated, the
       "Deposit Agreement") to establish and administer DRD's unrestricted
       American Depositary Receipts facility (the "ADR Facility"), and the
       Depositary's custodians to refuse to accept any Shares for deposit in the
       ADR Facility until the expiration of the 40 day distribution compliance
       period identified in the following paragraph if the person depositing the
       Shares cannot give the Depositary or custodian a certificate to the
       effect of either paragraph (A) or (B) below.

       "Pursuant to a loan agreement dated June _24_, 2004 between Durban
       Roodepoort Deep, Limited ("DRD") and Investec Bank Limited ("IBL") and in
       reliance upon Regulation S under the U.S. Securities Act of 1933, as
       amended

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       (the "Securities Act"), DRD has issued ______ ordinary shares of DRD (the
       "Ordinary Shares") to IBL (the "Reg. S Placement"). [Insert anything that
       identifies these Ordinary Shares.] The Ordinary Shares have not been
       registered under the Securities Act and may not be offered, sold or
       pledged or otherwise transferred in the United States or to or for the
       account or benefit of any U.S. persons or deposited in any unrestricted
       ADR Program relating to the Shares (i) as part of a distribution, at any
       time and (ii) otherwise, until forty days after the date whichever is the
       later of completion of the distribution of the Ordinary Shares as
       determined by IBL and certified to DRD and [insert the Final Redemption
       Date], except in either case in accordance with Regulation S under the
       Securities Act, pursuant to registration of the Shares under the
       Securities Act or pursuant to an exemption from registration in
       accordance with applicable United States federal and state securities
       laws.

15.4.3 Before DRD's Shares can be deposited into the ADR Facility, you must
       certify that either paragraph (A) or (B) is true, accurate and complete.

       (A)    That person is the beneficial owner of the Shares to be deposited
              and:

       (1)    that person did not acquire, did not agree to acquire and will not
              have acquired the Shares in the Reg. S Placement; and

       (2)    the Shares to be deposited are not among those Shares issued in
              the Reg. S Placement.

       (B)    That person is a broker/dealer acting on behalf of its
       client/customer and that person advises that its client/customer has
       confirmed to it that:

       (1)    the client/customer is the beneficial owner of the Shares to be
              deposited;

       (2)    the client/customer did not acquire, did not agree to acquire and
              will not have acquired the Shares in the Reg. S Placement; and

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       (3)    the Shares to be deposited are not among those Shares issued in
              the Reg. S Placement."

15.4.4 In addition to the legend set forth in sub-paragraph (a) above, any
       certificate representing the rights and obligations under this Loan
       Agreement, in whole or in part, shall also bear the following legend:

       "The securities to be issued upon the execution of this Loan Agreement
       have not been registered under the Securities Act and the rights and
       obligations under this Loan Agreement may not be exercised in the United
       States or by or on behalf of any U.S. person unless registered under the
       Securities Act or unless an exemption from such registration is
       available."

15.4.5 IBL understands that the Shares issued under this Loan Agreement will be
       issued to it in reliance on specific exemptions from the registration
       requirements of United States federal and state securities laws, that the
       Shares issued under this Loan Agreement have not been registered with any
       state or federal securities commissions and that DRD is relying upon the
       truth and accuracy of the representations, warranties, acknowledgments
       and agreements of IBM set forth herein in order to determine the
       applicability of such exemptions,

15.4.6 IBL acknowledges for itself and each of its affiliates and any person
       acting on behalf of any of them that in connection with this Loan
       Agreement, the Shares or the American Depositary Receipts evidenced by
       the Shares it has not and will not, directly or indirectly, engage in any
       transaction or series of transactions that, although in technical
       compliance with Regulation S (a) is part of a plan or scheme to evade the
       registration provisions of the Securities Act, or (b) would require
       registration of the Ordinary Shares under the Securities Act.

15.5   In respect of Transfers and Subsequent Purchasers. DRD and IBL agree that
       neither party may transfer the rights and obligations conferred by this
       Loan Agreement, in whole or in part, without the prior written consent of
       the non-transferring party and that any transfer of the rights and
       obligations conferred by

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       this Loan Agreement, in whole or in part, will be made in accordance with
       Regulation S. IBL agrees that, in addition to the restrictions on resale
       contained herein and before the expiration of the applicable Distribution
       Compliance Period, it may not transfer any portion of the Shares issued
       under this Loan Agreement to any party unless such party enters into an
       agreement with DRD containing representations, warranties and
       restrictions on resale substantially similar to those contained herein.

16.    RECORDAL

       Any Adjustment by the Calculation Agent for the purposes of this Loan
       Agreement shall be interpreted in accordance with the provisions
       contained in the Definitions. In this regard, DRD is referred, inter
       alia, to the definition of Potential Adjustment Event therein which,
       amongst others, includes any event that has a diluting or concentrative
       effect on the theoretical value of the Share. Where a Potential
       Adjustment Event has been declared the Calculation Agent shall make an
       adjustment to the terms of this Loan Agreement to reflect the extent to
       which the theoretical value of the Share is affected by the Potential
       Adjustment Event. This provision is not intended to amend the Definitions
       but is intended to record the effect that a Potential Adjustment Event
       may have to the terms of this Loan Agreement.

17.    UNDERTAKINGS

       DRD will provide to IBL such financial and other information relating to
       DRD as IBL may from time to time request.

18.    ADDITIONAL COSTS

       DRD will pay to IBL on demand any amount (not exceeding an amount
       calculated on the basis of market practice at the relevant time as
       certified by IBL) which IBL may from time to time certify to be necessary
       to compensate it for any increased costs or reduction in return resulting
       from compliance of any change in, or in the interpretation of, any law or
       regulation or any official directive or request

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       (whether or not having the force of law) including without limitation any
       relating to mandatory liquid asset and special deposit requirements.

19.    ILLEGALITY

       If at any time it is unlawful, or contrary to any requests from or
       requirement of any central bank or other fiscal monetary or other
       regulatory authority, for IBL to make, fund or allow to remain
       outstanding all or any part of the Facility, then IBL will promptly after
       becoming aware of the same deliver to DRD a certificate to that effect
       and DRD shall on such date as IBL specify repay the Facility together
       with accrued interest and any other amounts then due to IBL hereunder.
       Where such illegality relates to the repayment of the Facility by the
       issue of Shares then DRD shall be obligated to repay the Facility in
       cash.

20.    EVENTS OF DEFAULT

       20.1   Each of the following events will constitute an Event of Default:

       20.1.1 DRD fails to pay any sum payable under this Loan Agreement on the
              due date; or

       20.1.2 DRD fails to observe and perform any other obligations under this
              Loan Agreement or is in breach or becomes in breach of any
              representation or warranty given by it in this Loan Agreement in
              any respect; or

       20.1.3 any financial obligations of DRD become prematurely payable or any
              creditor in respect thereof becomes entitled to declare any such
              obligation prematurely payable or any such obligation is not paid
              when due or any security therefor becomes enforceable; or

       20.1.4 a receiver or other similar officer is appointed of or in relation
              to DRD or the whole or any part of its undertaking, assets, rights
              or revenues; or

                                       17
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       20.1.5 any encumbrancer takes possession of or a distress, execution,
              sequestration or other similar process is levied or enforced upon
              the whole or any part of its undertaking, assets, rights or
              revenues; or

       20.1.6 DRD ceases to carry on the whole or a substantial part of its
              business or stops or suspends payment of its debts or proposes or
              enters into any composition, scheme, compromise arrangement with
              or for the benefit of its creditors generally or any class of
              them; or

       20.1.7 DRD becomes insolvent or any petition or other action is presented
              or taken and any order is made by any court or any meeting is
              convened for the purpose of considering any resolution or any
              resolution is passed for the winding-up, liquidation or
              dissolution of DRD.

20.2   At any time after the occurrence of an Event of Default IBL may by
       written notice to DRD terminate its obligations under this Loan Agreement
       and/or demand immediate repayment of the Facility together with accrued
       interest and all other sums due hereunder and DRD will comply with such
       demand forthwith.

21.    WAIVERS

21.1   No failure or delay on the part of IBL to exercise any power, right or
       remedy under this Loan Agreement shall operate as a waiver thereof nor
       shall any single or partial exercise by it of any power, right or remedy
       preclude any other or further exercise thereof or the exercise of any
       other power, right or remedy.

21.2   The remedies provided in this Loan Agreement are cumulative and not
       exclusive of any remedies provided by law.

22.    SET-OFF

22.1   IBL may, without prior notice to DRD, apply any credit balance (whether
       or not then due and in whatever currency) which is at any time held by
       any office or branch of IBL for the account of IBL in or towards
       satisfaction of any sum then

                                       18
<PAGE>

       due and payable from DRD under this Loan Agreement and in respect of
       which a default in payment has occurred.

22.2   For the purposes of exercising any rights under this Clause, or any
       rights under the general law, IBL may convert or translate all or any
       part of any such a credit balance into another currency applying a rate
       which in its opinion fairly reflects prevailing rates of exchange.

22.3   IBL is not obliged to exercise any of its rights under this Clause, which
       shall be without prejudice and in addition to any rights under the
       general law.

22.4   In this Clause "rights under the general law" means any right of set-off,
       combination or consolidation of accounts, lien or similar right which IBL
       has under any applicable law.

23.    INDEMNITIES

       DRD shall on demand indemnify IBL against any liability, loss or expense
       which IBL shall certify as incurred by it as a consequence of a default
       in payment by DRD of any sum under this Loan Agreement when due, any
       repayment or prepayment of the Facility or part thereof being received
       otherwise and on the last day of an Interest Period Facility; the early
       breaking, termination or reversing (in whole or in part) of any agreement
       or arrangement entered into by DRD with IBL or any third party for the
       purpose of or in connection with fixing, capping the rate of or otherwise
       hedging interest payable under this Loan Agreement or the Facility not
       being drawndown for any reason after a drawdown notice has been given
       including in any such case, but not limited to, any loss of profit and
       any loss or expense incurred in maintaining or funding the Facility or
       any sum or in liquidating or redeploying deposits from third parties
       acquired are contracted for in order to effect or maintain the same.

                                       19
<PAGE>

24.    CURRENCY

       If , under any applicable law or regulation or pursuant to a judgment or
       order being made or registered against or the liquidation of DRD or
       without limitation for any other reason, any payment under or in
       connection with this Loan Agreement is made or falls to be satisfied in a
       currency ("the payment currency") other than the currency which such
       payment is expressed to be due under or in connection with this Loan
       Agreement ("the contractual currency") then, to the extent that the
       amount of such payment is actually received by IBL, when converted into
       the contractual currency at the applicable rate of exchange, falls short
       of the amount due under or in connection with this Loan Agreement DRD as
       a separate and independent obligation shall indemnify and hold harmless
       IBL against the amount of such shortfall. For the purposes of this
       Clause, the "applicable rate of exchange" means the rate at which IBL is
       able on or about the date of such payment to purchase, in accordance with
       its normal practice, the contractual currency with the payment currency
       and shall take into account (and DRD shall be liable for) any premium or
       other costs of exchange including any taxes incurred by reason of any
       such exchange.

25.    COUNTERPARTS

       This Loan Agreement may be executed in any number of counterparts in
       which case this Loan Agreement will be as effective if all signatures on
       the counterparts were on a single copy of this Loan Agreement.

26.    ASSIGNMENT

26.1   DRD may not assign or transfer any of its rights or obligations under
       this Loan Agreement.

26.2   Subject to the provisions of Clause 15 hereof IBL may assign or transfer
       all or any of its rights and obligations under this Loan Agreement to any
       party. DRD will enter into all documents specified by IBL to be necessary
       to effect any such assignment or transfer.

                                       20
<PAGE>

27.    NOTICES

27.1   Every notice or other communication under this Loan Agreement shall be in
       writing and may be delivered by letter or facsimile transmission
       despatched to the other party at its address or facsimile number stated
       below or such other address or facsimile number as may from time to time
       be notified to the other party for this purpose.

       INVESTEC BANK LIMITED

       All notices to be addressed for the attention of Milton Samios, Investec
       Bank Limited, 100 Grayston Drive, Sandown Sandton.

       Facsimile Number: (011) 286 7371

       DURBAN ROODEPOORT DEEP LIMITED

       Address: 45 Empire Road, Parktown, Johannesburg/ For the attention of
       Anton Lubbe.......

       Facsimile Number: +27 (11) 482 1022.......

27.2   Every notice or other communication shall, unless otherwise provided for
       in this Loan Agreement, be deemed to have been received (if sent by post)
       72 hours after despatch and (if delivered by facsimile transmission) at
       the time of delivery or despatch if during normal business hours in the
       place of intended receipt on a working day in that place and otherwise at
       the opening of business in that place on the next such working day,
       provided that any notice or communication to be made or delivered shall
       only be effective when actually received.

28.    LAW

28.1   This Loan Agreement shall be governed by and construed in accordance with
       South African law.

                                       21
<PAGE>

28.2   The parties irrevocably agree that the courts of South Africa shall have
       jurisdiction to hear and determine a suit, action or proceeding, and to
       settle any disputes, which may arise out of or in connection with this
       Loan Agreement and for such purposes hereby irrevocably submit to the
       jurisdiction of such courts.

28.3   Nothing contained in this clause shall limit the right of IBL to take
       proceedings against DRD in any other court of competent jurisdiction, nor
       shall the taking of any such proceedings in one or more jurisdictions
       preclude the taking of proceedings in any other jurisdiction, whether
       concurrently or not (unless precluded by applicable law).

29.    INTERPRETATION

       In this Agreement:

29.1   This agreement is referred to herein as the "Loan Agreement"

29.2   This Loan Agreement incorporates and is subject to the terms of the ISDA
       Master Agreement between the parties which is executed and delivered as a
       condition precedent hereto (the "ISDA Agreement").

29.3   This Loan Agreement is subject to and incorporates the 2000 ISDA
       Definitions and the 2002 Equity Derivative Definitions (the
       "Definitions") as published by the International Swaps and Derivatives
       Association, Inc. ("ISDA").

29.4   In the event of any inconsistency between the Loan Agreement and the ISDA
       Agreement, the Loan Agreement shall prevail. In the event of any
       inconsistency between the Definitions and the Loan Agreement, the Loan
       Agreement shall prevail.

29.5   The Loan Agreement constitutes a Confirmation as defined and referred to
       in the ISDA Agreement.

29.6   "Business Day" means a day on which banks are open for business in South
       Africa and New York;

                                       22
<PAGE>

29.7   "Share" and "Shares" means ordinary fully paid shares of Durban
       Roodepoort Deep Limited which are listed on the JSE Securities Exchange
       South Africa ("JSE") and which may be identified by the JSE code "DUR";
       and

29.8   For the purposes of this Loan Agreement the following elections shall be
       made in respect of terms defined in the Definitions;

       "Exchange" means the JSE Securities Exchange of South Africa.

       "Business Day Convention" means "Following".

       "Related Exchange(s)" means "All Exchanges" as defined in the
       Definitions.

       "Calculation Agent" means Investec Bank Limited.

       "Clearance System" means STRATE.

       For the purposed of "Adjustments", "Method of Adjustment" shall be
       "Calculation Agent Adjustment".

       For the purpose of "Extraordinary Events", the following elections are
       made:

              in respect of "Consequences of Merger Events", "Modified
              calculation Agent Adjustment" in the case of "Share-for-Share",
              "Share-for-Other" and "Share for Combined",

              and in respect of "Consequences of Tender Offers" "Modified
              calculation Agent Adjustment" in the case of "Share-for-Share",
              "Share-for-Other" and "Share for Combined",

              "Composition of Combined Consideration" shall be "Not Applicable",
              and

              Calculation Agent Adjustment shall apply in respect of
              "Nationalisation, Insolvency or Delisting".

       "Non Reliance" shall be "Applicable".

                                       23
<PAGE>

       "Agreements and Acknowledgements regarding Hedging Activities" shall be

       "Applicable".

       Additional Acknowledgements shall be "Applicable".

IN WITNESS whereof this Loan Agreement has been executed on the date stated
above.

                                       24
<PAGE>

                                    SCHEDULE

                              CONDITIONS PRECEDENT

1.     The execution and delivery of the ISDA Master Agreement referred to
       herein together with the documents referred to in Part 3 of the Schedule
       thereto.

2.     Certified Copy of the resolution of the Board of Directors of DRD
       approving the execution of this Loan Agreement and the terms hereof.

3.     DRD to deliver an instruction to IBL to direct the first ZAR
       60,000,000.00 drawn down directly to IBL in settlement of certain
       obligations under a gold forward transaction between IBL and DRD.

4.     DRD shall procure that its rights under Transactions in existence between
       it and Eskom Holdings Limited which are governed by the terms of an ISDA
       Master Agreement, as at the date of signature hereof, are ceded to IBL as
       security for the performance by DRD of all of its obligations to IBL.

                                       25
<PAGE>

Signed by   /s/ M.M. Wellesley-Wood

for and on behalf of
DURBAN ROODEPOORT DEEP, LIMITED
in the presence of:

Signed by
for and on behalf of
INVESTEC BANK LIMITED
in the presence of:

                                       26<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

                                       20
<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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}]]