Document:

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                                                                   EXHIBIT 4.48

                                    AGREEMENT

                                     Amongst

                         DURBAN ROODEPOORT DEEP, LIMITED

                                       and

                      WEST WITWATERSRAND GOLD MINES LIMITED

                                       and

                      BOPHELO TRADING (PROPRIETARY) LIMITED

                                                                    DENEYS REITZ
                                                                       ATTORNEYS

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                                TABLE OF CONTENTS

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1.   PARTIES...................................................................4
2.   INTERPRETATION............................................................5
3.   INTRODUCTION..............................................................8
4.   SALE......................................................................8
5.   PURCHASE CONSIDERATION....................................................8
6.   PERMITS..................................................................10
7.   INTERIM PERIOD...........................................................11
8.   LIABILITIES..............................................................12
9.   DELIVERY.................................................................13
10.   VOETSTOOTS..............................................................14
11.   SALE AS A GOING CONCERN.................................................14
12.   ACKNOWLEDGEMENT BY BT...................................................15
13.   EMPLOYEES...............................................................16
14.   RESOLUTIVE CONDITIONS...................................................17
15.   REHABILITATION..........................................................18
16.   SECURITY................................................................19
17.   WARRANTY................................................................19
18.   BREACH..................................................................20
19.   DOMICILIUM..............................................................21
20.   GOVERNING LAW...........................................................22
21.   WHOLE AGREEMENT.........................................................22
22.   COSTS...................................................................22
23.   TRANSACTIONS INDIVISIBLE................................................23
24.   BOOKS, RECORDS, DOCUMENTS...............................................23
25.   DISPUTES................................................................23
26.   ARBITRATION.............................................................23
27.   CESSION.................................................................25
28.   INSURANCE...............................................................25
29.   INSOLVENCY ACT ADVERTISEMENTS...........................................25
30.   WEST WITS RETAINED RIGHT TO MINE........................................25
31.   AMANZI WATER TREATMENT PROJECT..........................................26
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ANNEX 1   DIAGRAM OF WEST WITS
ANNEX 2   SURFACE RIGHT PERMIT LIST
ANNEX 2A  SURFACE RIGHT PERMIT PLAN
ANNEX 3   EMPLOYEES
ANNEX 4   WEST WITS CADASTRAL PLAN
ANNEX 5   WEST WITS PLANT COMPONENTS

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                                    AGREEMENT

1.   PARTIES

1.1       DURBAN ROODEPOORT DEEP, LIMITED

          (a company duly incorporated in the Republic of South Africa under
          Registration No. 1895/000926/06 and having its principal place of
          business at 45 Empire Road, Parktown, Johannesburg)

                                     ("DRD")

1.2       WEST WITWATERSRAND GOLD MINES LIMITED

          (a company incorporated in the Republic of South Africa under
          Registration No. 1967/013456/06 and having its principal place of
          business at 45 Empire Road, Parktown, Johannesburg)

                                  ("WEST WITS")

1.3       BOPHELO TRADING (PROPRIETARY) LIMITED

          (a private company incorporated in the Republic of South Africa under
          Registration No. 1996/010274/07 and having its principal place of
          business at The Workshop, 1st Floor, North Wing, 70 - 7th Avenue
          Parktown North, Johannesburg)

                                     ("BT')

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2.   INTERPRETATION

2.1       The headnotes to the clauses of this Agreement are inserted for
          reference purposes only and shall in no way govern or effect the
          interpretation hereof.

2.2       Unless inconsistent with the context, the expressions set forth below,
          whether used as verb or a noun, shall bear the following meanings :

          "the Act"                          the Minerals Act, No. 50 of 1991.
                                             of the Republic, as amended;

          "this Agreement"                   this Agreement read with all the
                                             annexes hereto;

          "BT"                               as defined in the description of
                                             the parties above;

          "Day"                              any day other than a Saturday,
                                             Sunday or an official public
                                             holiday;

          "Confidential Information"         all information or data whether
                                             written, oral or in any other form
                                             concerning the West Wits Plant
                                             Enterprise furnished to BT by or on
                                             behalf of DRD or WEST WITS
                                             including any documents and
                                             information prepared or generated
                                             from such information;

          "DRD"                              as defined in the description of
                                             the parties above;

          "Effective Date"                   the date upon which the mining
                                             authorisations referred to in
                                             clause 6 are issued to BT;

          "Effective Date Accounts"          the accounts of the West Wits Plant

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                                             Enterprise as at the Effective
                                             Date, to be prepared in accordance
                                             with clause 7.6;

          "the Interim Period"               the period between the Signature
                                             Date and the Effective Date;

          "the North Sand Dump"              the removable surface material
                                             located on the area on the eastern
                                             side of the boundary line depicted
                                             on Annexe 1 pertaining to Surface
                                             Right Permit A 51 /1957 and the
                                             North plant clean up and
                                             rehabilitation area depicted on
                                             Annexe 1, which areas shall be
                                             surveyed, at the cost of BT as soon
                                             as reasonably possible after the
                                             Signature Date and such surveyed
                                             diagram shall be attached to this
                                             agreement in replacement of Annexe
                                             1;

          "the parties/a party"              shall mean any or all of DRD, WEST
                                             WITS or BT, or any combination of
                                             them as the context may indicate;

          "Republic"                         the Republic of South Africa as
                                             constituted from time to time;

          "Signature Date"                   the date upon which the last party
                                             signs this Agreement;

          "Signature Date Accounts"          the accounts of the West Wits Plant
                                             Enterprise, to be agreed between
                                             the parties as soon as possible
                                             after the Signature Date, as at the
                                             Signature Date;

          "Surface Right Permits"            the Surface Rights Permits listed
                                             in Annexe 2 hereto;

          "Transferring Employees"           the persons employed at the Wesy
                                             Wits

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                                             Plant Enterprise as listed in
                                             Annexe 3 hereto;

          "WEST WITS"                        as defined in the description of
                                             the parties above;

          "West Wits Freehold"               Portion 66 of the Farm Waterval,
                                             Registration Division I.Q., Gauteng
                                             Province, measuring 29,0172
                                             hectares, held under Deed of
                                             Transfer No. T 39468/1992, depicted
                                             in green on the sketch annexed
                                             hereto as Annexe 4;

          "the West Wits Plant"              the movable and removable tangible
                                             assets described in Annexe 5;

          "the West Wits Plant Enterprise"   the enterprise of recovering gold
                                             carried on by WEST WITS, as a going
                                             concern, utilising the West Wits
                                             Plant to process the North Sand
                                             Dump, the West Wits Surface
                                             Materials, the West Wits Freehold,
                                             and the Surface Right Permits;

          "West Wits Surface Materials"      the surface materials being sand,
                                             slime or archive materials and
                                             waste rock, which are not subject
                                             to any third party rights as
                                             disclosed in this Agreement,
                                             located on the surface of the area
                                             of Mining Licence No. 9/2000;

2.3       Unless inconsistent with the context, an expression which denotes :

2.3.1          any gender includes the other genders;

2.3.2          a natural person includes an artificial person and vice versa;

2.3.3          the singular includes the plural and vice versa.

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2.4       Any annexures and schedules to this Agreement form an integral part
          hereof and words and expressions defined in this Agreement shall bear,
          unless the context otherwise requires, the same meaning in such
          annexures and schedules.

3.   INTRODUCTION

3.1       WEST WITS owns the West Wits Plant Enterprise.

3.2       The parties wish to enter into an agreement in terms of which BT
          purchases from WEST WITS the West Wits Plant Enterprise as a going
          concern as set out in clause 11.

4.   SALE

     WEST WITS hereby sells to BT which hereby purchases the West Wits Plant
     Enterprise as a going concern with effect from the Effective Date, subject
     to the terms and conditions set out in this Agreement.

5.   PURCHASE CONSIDERATION

5.1       The purchase consideration payable by BT to WEST WITS in respect of
          the West Wits Plant Enterprise is an amount of R25 000 000,00 (twenty
          five million Rand).

5.2       The purchase consideration referred to in 5.1 shall be paid by BT to
          WEST WITS as follows:

5.2.1          BT has deposited the sum of R2 000 000,00 (two million Rand) with
               Deneys Reitz Inc, which amount has been invested in an interest
               bearing account in terms of section 78(2A) of the Attorneys Act,
               1979, for the benefit of WEST WITS which amount is to be paid to,
               together with the accrued interest thereon, to WEST WITS upon the
               Signature Date. The patties specifically

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               record that this deposit is not refundable to BT irrespective of
               whether the resolutive conditions contained in this Agreement are
               fulfilled or not.

5.2.2          The balance of R23 000 000,00 (twenty three million Rand) shall
               be paid by BT to WEST WITS as follows:

5.2.2.1             the sum of R8 000 000.00 (eight million Rand) on the
                    Signature Date;

5.2.2.2             the sum of R5 000 000.00 (five million Rand) on the 28th of
                    June 2002;

5.2.2.3             the sum of R400 000.00 (four hundred thousand Rand) on the
                    31st of July 2002;

5.2.2.4             the sum of R400 000.00 (four hundred thousand Rand) on the
                    30th of August 2002;

5.2.2.5             the balance of R9 200 000.00 (nine million two hundred
                    thousand Rand) in 10 (ten) equal monthly instalments of
                    R920 000.00 (nine hundred and twenty thousand Rand) each,
                    the first instalment to be paid on the 30th of September
                    2002, and thereafter on the last day of each succeeding
                    month until the balance of the purchase consideration has
                    been paid in full.

5.2.3          The purchase consideration referred to in clause 5.2.2.1 shall be
               paid by BT to WEST WITS by way of a cheque drawn in favour of
               West Wits and the balance of the payments thereafter shall be
               paid free of set off, deduction, exchange and all charges, into
               the following bank account;

5.2.3.1                Bank:            Standard Corporate and Merchant Bank
5.2.3.2                Branch:          Johannesburg
5.2.3.3                Branch Code:     0205
5.2.3.4                Account Number:  00042463
5.2.3.5                Account Name:    DRD Treasury

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5.2.4          No interest shall accrue on the outstanding balance of the
               purchase consideration except in the event of BT failing to pay
               any amount due to WEST WITS on due date, and failing to remedy
               such breach after receipt of a notice in terms of clause 18 in
               which event:

5.2.4.1             the full outstanding balance of the purchase consideration
                    shall immediately become due and payable; and

5.2.4.2             interest shall accrue on the outstanding balance of the
                    purchase consideration from the date of default to the date
                    of payment, both days inclusive, calculated and compounded
                    monthly in arrear at a rate equal to the prime bank
                    overdraft rate charged by Standard Bank of South Africa
                    Limited to its commercial customers from time to time. A
                    certificate signed by any manager of Standard Bank of South
                    Africa Limited, whose authority it shall not be necessary to
                    prove, shall be prima facie evidence of the overdraft rate
                    charged by Standard Bank of South Africa Limited for the
                    purposes of this clause.

6.   PERMITS

6.1       BT shall, as soon as reasonably possible after the Signature Date
          apply for all such mining authorisations required by it for the
          purposes of conducting the West Wits Plant Enterprise with the
          intention that such mining authorisations be obtained by 28 June 2002.
          WEST WITS and DRD do hereby grant their consent to the application by
          BT for the permits and authorisations contemplated in this clause.

6.2       West Wits, in order to effect delivery of the West Wits Plant
          Enterprise in terms of clause 9 shall -

6.2.1          with effect from the Effective Date, abandon its rights in
               respect of the portion indicated as the designated area on Annexe
               2A in respect of the Surface Right Permit numbered 1 on Annexe 2;

6.2.2          with effect from the Effective Date allow BT the free and
               undisturbed use of the pipelines in respect of the Surface Right
               Permits numbered 2, 4 and 5 on

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               Annexe 2, it being agreed that in the event of the rights of BT
               in this regard being suspended or curtailed in any way, the
               parties shall negotiate in good faith and to finality such
               alternative arrangement so as to give effect to the intention of
               the parties set out herein; and

6.2.3          as soon as possible after the Signature Date -

6.2.3.1             apply for the appropriate deduction diagrams to be prepared
                    in respect of the portions of Surface Rights Permits
                    numbered 3 and 6 indicated as the designated areas on Annexe
                    2 (the "Permits") and procure the registration of the
                    Permits in the name of BT, all at the cost of BT; or

6.2.3.2             if the transfer of the Permits are impossible,

6.2.3.2.1              acquire the surface rights or rights to use the surface
                       in respect of the areas covered by the aforesaid
                       deduction diagrams on behalf and in the name of BT and
                       the registration, if applicable, of such rights in the
                       name of BT; and

6.2.3.2.2              abandon its rights in respect of the said areas held
                       under the Permits against such acquisition and
                       registration, if applicable.

7.   INTERIM PERIOD

7.1       For the Interim Period BT shall conduct the business of the West Wits
          Plant Enterprise as an independent contractor under the DRD Mining
          Licence 9/2000.

7.2       All income earned by the West Wits Plant Enterprise during the Interim
          Period shall be paid to BT in its capacity as independent contractor
          as a fee for conducting the business of the West Wits Plant Enterprise
          for and on behalf of DRD.

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7.3       The disposal of all gold and silver won by the West Wits Plant
          Enterprise during the Interim Period shall be sold to Rand Refinery
          through the DRD account and DRD shall account to BT for BT's fee
          referred to in clause 7.2 within 2 (two) business days of the receipt
          of payment from Rand Refinery.

7.4       All expenses and costs to be incurred in respect of the West Wits
          Plant Enterprise during the Interim Period shall be controlled and be
          ratified by a joint administration committee consisting of 1 (one)
          representative of DRD and 1 (one) representative of BT (such committee
          to be constituted on the Signature Date), prior to any such
          disbursements by DRD. In the absence of agreement in the committee the
          matter shall be referred to an auditor of KPMG for resolution within
          48 (forty eight) hours of referral, and the decision of the auditor
          shall be final and binding on the parties.

7.5       All income received by DRD and due as a fee to BT pursuant to clause
          7.3 and all expenses incurred by DRD pursuant to clause 7.4 shall be
          set off and the net proceeds, or expenses shall be paid to BT, or by
          BT, as the case may be to or by WEST WITS, within 2 (two) days of
          receipt of each payment from Rand Refinery.

7.6       DRD shall be responsible for preparing the Effective Date Accounts and
          delivering the same to BT within 30 (thirty) days of the Effective
          Date.

7.7       It is recorded that the purpose of the Signature Date Accounts and the
          Effective Date Accounts will be to provide a record for the
          reconciliation of the financial conduct of the West Wits Plant
          Enterprise for the Interim Period.

7.8       BT shall be entitled, in terms of the existing authorities held by
          WEST WITS to deposit sand and slime produced as a by product of the
          West Wits Plant Enterprise into the WEST WITS pit for the duration of
          the Interim Period, whereafter BT shall apply for its own
          authorisations for the deposits of its waste materials.

8.   LIABILITIES

8.1       WEST WITS and DRD, to the extent applicable, (the "Guarantors") shall
          remain liable for all liabilities of the West Wits Plant Enterprise up
          to and including the Signature Date. Accordingly the Guarantors hereby
          indemnify BT against all loss,

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          damage or expense which BT may suffer as a result of or which may be
          attributable to any liability of the West Wits Plant Enterprise,
          whether actual or contingent, the cause of which arose prior to the
          Signature Date.

8.2       BT shall notify the Guarantors of any claim which may be made against
          BT in respect of any of the matters referred to in clause 8.1 within a
          reasonable time of BT becoming aware thereof, to enable the Guarantors
          to take appropriate steps in respect of such claim.

8.3       The Guarantors shall be entitled to contest the claim concerned and
          shall be entitled to control the proceedings in regard thereto,
          provided that the Guarantors indemnify BT against all costs (including
          attorney and own client costs and any other costs not recoverable on
          taxation) which may be incurred as a consequence of such steps and BT
          shall be entitled to require the Guarantors to:

8.3.1          give reasonable security against such costs;

8.3.2          procure the release of any of the assets comprising the West Wits
               Plant Enterprise in the event of the attachment of such assets.

8.4       BT shall render reasonable assistance to the Guarantors (at the
          expense of the Guarantors ) in regard to the steps taken by the
          Guarantors in opposing such claim.

9.   DELIVERY

     At the close of business on the Effective Date the West Wits Plant
     Enterprise shall be deemed to have been delivered by WEST WITS to BT at the
     West Wits Plant Enterprise location. Risk in and benefit to the West Wits
     Plant Enterprise shall vest in BT with effect from the close of business on
     the Effective Date.

9.1       BT shall be liable, at its own cost, for the conduct of any stock
          taking by its own employees or auditors for the purposes of verifying
          the physical presence of the West Wits Plant, within 2 (two) days of
          the Signature Date. In the absence of such stock taking, and in the
          absence of any written notification by BT to WEST WITS that any item
          covered by the West Wits Plant description in Annexe 5 is not

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          present, BT shall be deemed to have received all of the West Wits
          Plant described in Annexe 5.

9.2       Notwithstanding the delivery of the West Wits Plant Enterprise and
          transfer of the risk and benefit, ownership shall only pass against
          payment of the final instalment of the purchase consideration in terms
          of clause 5.2.

9.3       Transfer of the West Wits Freehold into the name of BT shall be
          registered by Deneys Reitz Inc, upon payment of the final instalment
          of the purchase consideration, in terms of clause 5.2.

10.  VOETSTOOTS

     The West Wits Plant Enterprise is sold to BT voetstoots and in the
     condition which it exists, subject to all rights, obligations, terms and
     conditions applicable thereto and to existing conditions of title, as at
     the Effective Date. BT acknowledges that the Confidential Information was
     made available to BT by DRD and WEST WITS prior to the Effective Date to
     enable BT to assess and determine whether it wished to purchase the West
     Wits Plant Enterprise in terms of this Agreement. BT further acknowledges
     that neither DRD nor WEST WITS nor any of their advisors have made any
     representations or warranties, express or implied, as to the accuracy,
     reliability or completeness of the Confidential Information at any time, it
     being recorded that BT has relied on its own judgement to purchase the West
     Wits Plant Enterprise.

11.  SALE AS A GOING CONCERN

11.1      It is recorded and agreed that

11.1.1         the sale of the West Wits Plant Enterprise is the sale of an
               enterprise as a going concern;

11.1.2         the West Wits Plant Enterprise will be an income earning activity
               on the Effective Date;

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11.1.3         all the assets which are necessary for carrying on the West Wits
               Plant Enterprise are being disposed of by WEST WITS to BT in
               terms of this Agreement;

11.1.4         both WEST WITS and BT are registered vendors in terms of the
               Value-Added Tax Act.

     Accordingly the parties intend that this transaction will be zero-rated
     pursuant to the provisions of section 11(1)(e) of the Value-Added Tax Act,
     1991. The Sellers will, on this basis, issue a zero-rated tax invoice to
     BT. The purchase consideration set out in clause 5 is exclusive of
     value-added tax (if any) which may be payable in respect of this
     transaction. To the extent that value-added tax may be payable on all or
     any part or parts of the West Wits Plant Enterprise WEST WITS shall issue a
     credit note for the zero-rated tax invoice and issue a new tax invoice,
     appropriately revised, and payment of the value-added tax shall be the sole
     liability of BT.

12.  ACKNOWLEDGEMENT BY BT

     Without limiting the generality of clause 10, BT acknowledges being aware
     that:

12.1      Alpha (Proprietary) Limited has rights as referred to in the
          agreements as disclosed to BT relating to the rock dump which is
          situated on Portion 136 Luipaardsvlei 246 I.Q;

12.2      There are registered third party business stands and Surface Rights
          Permits on the surface of the area of Mining Licence No. 9/2000 which
          will enure against BT;

12.3      Instant Concrete Products (Proprietary) Limited trading as Rockklip
          has the right to the rock dump situated to the north of the northern
          part of Portion 66 of the Farm Waterval 174 I.Q. and accordingly that
          rock dump is excluded from this sale;

12.4      The supply of water and electricity required by the West Wits Plant
          Enterprise are provided by Eskom and the Rand Water Board,
          respectively, at supply points on the WEST WITS properties. WEST WITS
          has employed the services of C and G Engineering to read the meters
          and issue monthly statements reflecting the

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          consumption of water and electricity in respect of the West Wits Plant
          Enterprise. Accordingly BT shall reimburse WEST WITS for the costs of
          all electricity and water consumed by the West Wits Plant Enterprise
          with effect from the Signature Date until such time as BT secures its
          own supply of water and electricity to the West Wits Plant Enterprise;

12.5      The West Wits Surface Materials exclude all materials excavated by DRD
          or WEST WITS from the WEST WITS open pit and deposited on the pit
          side;

12.6      Third party consents are required for the cession and delegation of
          DRD's rights and obligations under certain lease and rental agreements
          referred to in the accounts of DRD to BT. If such consents are not
          obtained DRD shall maintain such contracts in force for the benefit of
          BT, provided that BT shall reimburse DRD for payments made in respect
          thereof.

13.  EMPLOYEES

13.1      The parties agree that with effect from the Effective Date, section
          197(2) of the Labour Relations Act, 66 of 1995 ("LRA") shall be
          applicable to the Transferring Employees and that accordingly the
          employment of each Transferring Employee will continue in force with
          BT as the new employer in terms of the LRA. Accordingly, and given the
          absence of, agreement as referred to in section 197(2) of LRA:

13.1.1         all the rights and obligations between WEST WITS as the "OLD
               EMPLOYER" and each Transferring Employee of the West Wits Plant
               Enterprise as at the Effective Date will continue in force as if
               there were rights, and obligations between BT, as the new
               employer and each such Transferring Employee;

13.1.2         anything done before the Effective Date by or in relation to the
               "OLD EMPLOYER" will be considered to have been done by or in
               relation to the "NEW EMPLOYER".

13.2      BT irrevocably indemnifies and holds WEST WITS harmless against any
          claim of whatsoever nature that may arise as a result of BT's failure
          to give effect to the provisions of 13.1, including costs and expenses
          incurred by WEST WITS in defending such claims.

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13.3      WEST WITS warrants that all levies and similar amounts due by WEST
          WITS in respect of the Transferring Employees relating to UIF, PAYE,
          SITE, Workmens Compensation Levies, pension contributions and medical
          aid contributions shall be paid by WEST WITS up to and including the
          Effective Date. WEST WITS shall remain liable for normal accumulated
          leave pay in respect of the Transferring Employees up to and including
          the Effective Date. WEST WITS shall not be liable for any retrenchment
          compensation in respect of any of the transferring Employees.

14.  RESOLUTIVE CONDITIONS

14.1      This entire Agreement, save for this clause and clauses 2, 5.2.1,
          5.2.2, 18, 19, 20, 21, 22, 25 and 26, is subject to the fulfilment of
          the following conditions namely that within a period of 30 (thirty)
          days from the Effective Date:

14.1.1         Alpha (Pty) Ltd shall agree to the cession by DRD of all DRD's
               rights and obligations under the Agreement referred to in clause
               12.1 to BT, and BT shall agree to pay to Alpha (Proprietary)
               Limited a royalty of R2.75 per ton of material removed from the
               rock dump on Portion 136 Luipaardsvlei 246 I.Q.;

14.1.2         BT shall obtain the approval of the Director: Mineral Development
               in terms of the Act for the transfer of all liabilities and
               obligations of whatsoever nature and howsoever arising relating
               or incidental to the rehabilitation and pollution control of the
               North Sand Dump and the West Wits Plant Enterprise from DRD and
               WEST WITS to BT;

14.1.3         BT shall deliver guarantees or other security, to the
               satisfaction of the Director: Mineral Development, for the
               anticipated costs of complying with its obligations under clause
               14.1.2, and the concomitant release of DRD and WEST WITS from
               that liability; and

14.1.4         the Permits (as defined in clause 6.2.3) being registered in the
               name of BT or West Wits having abandoned its rights in terms of
               clause 6.2.3.2.2.

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14.2      The following provisions shall apply in regard to the resolutive
          conditions in clause 14.1:

14.2.1         the parties will use their best endeavours to procure the
               fulfilment of the resolutive conditions timeously;

14.2.2         DRD and/or WEST WITS shall be entitled from time to time to
               consent in writing (which consent shall not unreasonably be
               withheld), at the request of BT, to the extension of the date for
               the fulfilment of the whole or any part or parts of the
               resolutive conditions;

14.2.3         unless the resolutive conditions are fulfilled within the period
               allowed therefor or such extended period or periods as DRD and/or
               WEST WITS may from time to time notify in terms of clause 14.2.2
               above, this Agreement shall lapse and be of no further force or
               effect and each party shall as far as possible be restored to the
               status quo ante, save that WEST WITS shall be entitled to retain
               payment of the amount referred to in clause 5.2.1 and shall not
               be accountable to BT therefor.

15.  REHABILITATION

15.1      BT shall comply with the environmental management program submitted by
          DRD and WEST WITS to the Director: Mineral Development in respect of
          or incidental to the rehabilitation and pollution control of the West
          Wits Plant Enterprise, and specifically the footprint of the West Wits
          Surface Materials removed by BT in the conduct of the West Wits Plant
          Enterprise.

15.2      BT shall advise WEST WITS within 12 (twelve) months of the Signature
          Date which of the WEST WITS Surface Materials it wishes to process for
          the recovery of gold. Upon the date of such notification the
          obligation to rehabilitate the surface area under the identified
          surface materials to be processed by BT, shall pass to BT. Should BT
          fail to notify WEST WITS of the areas it wishes to process in terms of
          this clause WEST WITS and DRD shall be entitled to proceed with the
          rehabilitation of the entire area, or those areas not covered by the
          notification referred to in this clause in such manner and at such
          time as WEST WITS and/or DRD may in their

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          sole discretion determine, without further reference to BT, and BT
          shall have no claim against DRD or WEST WITS arising out of such
          rehabilitation.

15.3      In relation to the transfer of all liabilities and obligations
          relating to or incidental to the rehabilitation and pollution control
          of the North Sand Dump and the West Wits Plant Enterprise BT shall
          comply with the following acts and the regulations promulgated in
          terms thereof all as amended or substituted from time to time, namely,
          the Act, the National Water Act of 1998, the Atmospheric Pollution
          Prevention Act 45 of 1956, the National Environment Management Act of
          1998, and all other laws, regulations, ordinances, by-laws, rules,
          lawful directives of State Officials, which are applicable from time
          to time, and all conditions subject to which relevant permits,
          licences, permissions and other authorisations are granted in respect
          of the West Wits Plant Enterprise irrespective of whether such
          liabilities and obligations accrued before, on or after the Signature
          Date.

15.4      BT hereby indemnifies and holds DRD and WEST WITS and their directors,
          officers and employees harmless from and against all loss, damages and
          claims of whatsoever nature and howsoever arising which may be
          suffered or incurred by or made against one of the indemnified parties
          directly or indirectly relating or incidental to the failure by BT to
          comply with its obligations in terms of 15.3.

16.  SECURITY

     It is recorded that at the close of business on the Effective Date WEST
     WITS will withdraw all of their security personnel on or about the West
     Wits Plant Enterprise and thus the obligation to secure the West Wits Plant
     Enterprise shall vest in BT with effect from the close of business on the
     Effective Date.

17.  WARRANTY

17.1      Without limiting the generality of clause 10 WEST WITS warrants to BT
          that:

17.1.1         WEST WITS shall obtain the consent of BOE Limited for the sale
               herein contemplated;

<Page>

                                                                         Page 20

17.1.2         WEST WITS shall obtain the release of the notarial bond granted
               to Chase Manhattan Bank Limited over the West Wits Plant;

17.1.3         WEST WITS shall obtain the release of the surety mortgage bond
               registered in favour of Chase Manhattan Bank Limited over the
               West Wits Freehold,

          on or before the 31st of August 2002.

17.2      West Wits and DRD warrants to BT that all of the assets described as
          and forming part of the West Wits Plant Enterprise are beneficially
          owned by WEST WITS.

18.  BREACH

18.1      If at any time any party commits any material breach of the terms and
          conditions of this Agreement and fails to remedy such breach within 5
          (five) days after the receipt of written notice from the other party
          or parties requiring it to remedy such default or such longer period
          as may reasonably be required to remedy such default, the aggrieved
          party or parties shall have the right at their option, but without
          detracting from their further or alternative rights and remedies and
          without prejudice to any claim which they may have for damages for
          breach of contract or otherwise, to terminate this Agreement, or any
          part thereof.

18.2      If the party in breach is BT, and BT fails to remedy its breach within
          the 5 (five) day period referred to in clause 18.1 WEST WITS shall be
          entitled, without prejudice to any of its rights in terns of clause
          18.1, to terminate this Agreement, retain all payments received by it
          from BT and retake possession of the West Wits Plant Enterprise.

18.3      Notwithstanding the provisions of 18.1, no party shall be entitled to
          exercise or enforce any remedy against another party in relation to
          any breach of the terms and conditions of this Agreement:

18.3.1         if this Agreement specifies the steps to be taken in the event of
               such breach, unless it takes such steps;

<Page>

                                                                         Page 21

18.3.2         if this Agreement specifies an alternative remedy for such
               breach;

18.3.3         unless the said breach is fundamental, material, and goes to the
               root of this Agreement or relates to non-payment of monies.

19.  DOMICILIUM

19.1      The parties to this Agreement respectively choose DOMICILIUM CITANDI
          ET EXECUTANDI for all purposes of and in connection with this
          Agreement as follows

19.1.1         DRD       45 Empire Road
                         PARKTOWN
                         2193;

19.1.2         WEST WITS 45 Empire Road
                         PARKTOWN
                         2193;

19.1.3         BT        c/o Export Venture Capital Corporation
                         (Proprietary) Limited
                         The Workshop
                         1st Floor, North Wing
                         70 - 7th Avenue
                         Parktown North
                         2196

19.2      The parties shall be entitled to change their domicilium from time to
          time, provided that any such change shall only be effective upon
          receipt of notice in writing by the other party of such change.

19.3      Save as otherwise provided in this Agreement, all notices, demands or
          communications intended for either party, shall be made or given at
          such party's domicilium for the time being by telex, telefax, telegram
          or hand delivery to a responsible employee of the party, and, if by
          hand delivery the party to whom such

<Page>

                                                                         Page 22

          notice, demand or communication is addressed will not refuse delivery,
          and in the event the delivery is so refused, delivery shall be deemed
          to have been made, given and received on the day delivery was so
          tendered.

20.  GOVERNING LAW

     This Agreement shall be governed by the laws of the Republic of South
     Africa.

21.  WHOLE AGREEMENT

21.1      This Agreement and the annexures hereto shall constitute the whole
          agreement between the parties hereto.

21.2      No variation, modification or waiver or cancellation of any provisions
          of this Agreement, or consent to any departure therefrom, shall in any
          event be of any force or effect unless confirmed in writing and signed
          by the parties, and then such variation, modification, waiver,
          cancellation or consent shall be effective only in the specific
          instance and for the purpose and to the extent for which it was made
          or given.

21.3      The parties confirm that, save as specifically set out herein, no
          undertakings, representations or warranties have been made by or on
          behalf of the other party hereto, relating to this Agreement.

21.4      It is recorded that no oral or written agreement has or will come into
          being relating to the matters herein contained, save as herein
          contained and signed by the respective parties.

22.  COSTS

22.1      All costs relating to the negotiation, preparation, conclusion and
          implementation of this Agreement shall be borne and paid by BT.

<Page>

                                                                         Page 23

22.2      All brokers fees payable upon the conclusion of this transaction shall
          be paid by BT on Signature Date.

22.3      All charges incurred in the registration of the transfer of the West
          Wits Freehold into the name of BT, including the conveyancing charges
          of Deneys Reitz Inc at the recommended conveyancing tariff, shall be
          borne by BT.

23.  TRANSACTIONS INDIVISIBLE

     The transactions contemplated herein are all indivisibly linked so that if
     one is incapable of being implemented the others will also be incapable of
     being implemented save to the extent recorded in this Agreement.

24.  BOOKS, RECORDS, DOCUMENTS

     As soon as is reasonably possible after the Signature Date DRD and WEST
     WITS shall deliver to BT all books, records and documents relating to the
     West Wits Plant Enterprise sold in terms of this Agreement.

25.  DISPUTES

     The parties shall use their reasonable endeavours to resolve, amongst
     themselves any dispute arising out of or in connection with this Agreement,
     (including any question regarding its existence, validity, implementation
     or termination), failing which the dispute shall be referred to and finally
     resolved by arbitration in Johannesburg, in accordance with the provisions
     of clause 26.

26.  ARBITRATION

     Any dispute arising from or in connection with this Agreement shall be
     finally resolved in accordance with the Rules of the Arbitration Foundation
     of Southern Africa by an arbitrator

<Page>

                                                                         Page 24

     or arbitrators agreed by the parties, and failing such agreement within 10
     days of the date of declaration of the dispute, appointed by the
     Foundation.

<Page>

                                                                         Page 25

27.  CESSION

     None of the parties shall be entitled to cede, assign or otherwise transfer
     all or any of its rights, interest or obligations under and in terms of
     this Agreement to any person, without the prior written consent of the
     other parties, which consents may not be unreasonably withheld.

28.  INSURANCE

     DRD shall continue to insure the West Wits Plant Enterprise at its cost up
     to 31 March 2003, whereafter the obligation to insure the West Wits Plant
     Enterprise shall pass to BT with effect from 1 April 2003.

29.  INSOLVENCY ACT ADVERTISEMENTS

     The parties agree that notice of the sale of the West Wits Plant Enterprise
     will not be published as contemplated in section 34 of the Insolvency Act,
     No. 24 of 1936 (as amended). Accordingly, each party indemnifies and holds
     the other parties harmless from and against any and all loss which each of
     the parties may suffer as a result of or arising out of the failure so to
     advertise.

30.  WEST WITS RETAINED RIGHT TO MINE

30.1      WEST WITS hereby retains the right to mine underground by virtue of
          its mining titles and mining authorisations held by it on the property
          covered by the West Wits Plant Enterprise. WEST WITS shall use its
          Surface Right Permits which pertain to the surface area of the West
          Wits Plant Enterprise for the purposes of access to its underground
          structures only. In exercising its rights in terms of this Agreement
          BT shall at all times not do anything on or about the surface area of
          the West Wits Plant Enterprise which would unreasonably restrict WEST
          WITS's right to access of its underground mining activities.

<Page>

                                                                         Page 26

30.2      It is further recorded that WEST WITS has and will retain certain
          rehabilitation liabilities in respect of its underground activities on
          the areas covered by the shaft equipment areas as depicted on the plan
          and sketches on Annexe 2 in respect of the shafts. BT in exercising
          its rights in terms hereof shall not do anything which will prejudice
          WEST WITS's ability to fulfil its rehabilitation obligations as set
          out in its approved environmental management programme.

31.  AMANZI WATER TREATMENT PROJECT

     DRD shall make available to BT information relating to the Amanzi Water
     Treatment Project undertaken by it, provided that such information shall be
     deemed to be Confidential Information and shall not be used by BT without
     the prior written approval of DRD.

THUS DONE AND SIGNED at JOHANNESBURG on this 12th of June 2002 and in the
presence of the undersigned witnesses:

AS WITNESSES

  1.   /s/ B. Morton

  2.   /s/ D. Van den Bergh      /s/  Mark Wellesley-Wood
                                 --------------------------------
                                 For and on behalf of DURBAN ROODEPOORT
                                 DEEP, LIMITED
                                 Director
                                 who warrants that he is duly authorised hereto.

<Page>

                                                                         Page 27

THUS DONE AND SIGNED at JOHANNESBURG on this 12th of June 2002 and in the
presence of the undersigned witnesses:

AS WITNESSES

1.   /s/ B. Morton

2.   /s/ D. Van den Bergh        /s/ Mark Wellesley-Wood
                                 --------------------------------
                                 For and on behalf of WEST WITWATERSRAND
                                 GOLD MINES LIMITED
                                 Director
                                 who warrants that he is duly authorised hereto.

THUS DONE AND SIGNED at JOHANNESBURG on this 12th of June 2002 and in the
presence of the undersigned witnesses:

AS WITNESSES

  1.  /s/ B. Morton

  2.  /s/ Frik Blaauw            /s/ P. Wesselink
                                 --------------------------------
                                 For and on behalf of BOPHELO TRADING
                                 (PROPRIETARY) LIMITED
                                 Director
                                 who warrants that he is duly authorised hereto.

[AGREEMENT LAST SIGNED ON 12 JUNE 2002]

<Page>

                                                                         Page 28

ANNEX 1
(DIAGRAM)

ANNEX 2
(DIAGRAM)

ANNEX 2A
(DIAGRAM)

<Page>

                                                                         Page 29

ANNEXE 3

PAYROLL SYSTEM PRINTED ON 2002/05/27 55 WEST WITS GOLD MINE (PTY) LTD 55 FOR
PERIOD ENDING 2002/05/31                                          PAGE 1

                                                                  ANNEX 3

<Table>
<Caption>
                                                       BASIC           LEAVE         START
NAME                               ID NUMBER           SALARY          ENT           DTE          EMP NO
<S>                                <C>                 <C>             <C>           <C>          <C>
Mitchell Jacobus Hercules          7106135020067        7848.00         24.000       95/05/02     00000034
Lettao Henry Frank Ferreira        5703055099003       16842.00        53.5000       82/10/26     00000095
Meyer Frans Johannes               6506085076081        7113.00                      28.9900      00000104
Janse Van Vuuren Pieter Carel      440302031008        10934.00        39.1300       85/01/15     00000105
Matanane Molahleyi                 7006275336089        5725.00        26.0000       90/10/01     00000112
Coetzee Dirk Gustavus              6909125045084        7643.00        25.0000       98/10/01     00000266
Steinman Johannes Christiaan       4702215042083       10700.00        32.4100       90/02/19     00000476
Dykman Kennith Vivian J            5912095209004        7838.00        40.0700       98/03/01     00000500
Havenga Hendrik Frederick          580131518081        10800.00        86.8300       91/06/24     00000535
Jordaan Johannes Jacobus           5902115051080       12750.00        29.2000       92/02/01     00000576
Lee Marthinus Christoffel          5001065407006        7838.00        39.0000       92/10/01     00000626
Danielsen Kieth Dallas             4609025156005       11858.00        29.0500       96/01/29     00000681
De Bruyn Pieter Albert             7108225020084        6806.00        23.0300       90/03/09     00001010
Sudja Guidione                     6804145938188        1113.00        40.2500       91/01/15     00003043
Simango Johan Thousand                                  1113.00        16.2500       95/10/11     00003211
Khoza Lawrence                     6708175453085        2506.00        25.7500       93/01/05     00003281
Nuvunga Elias Frenque                                   2506.00        46.2500       93/01/29     00003297
</Table>

<Page>

                                                                         Page 30

<Table>
<Caption>
                                                       BASIC           LEAVE         START
NAME                               ID NUMBER           SALARY          ENT           DTE          EMP NO
<S>                                <C>                  <C>            <C>           <C>          <C>
Sechele Mathews                    7010045427087        1184.00        27.0300       93/02/05     00003335
Shogole Lupwick Majimetja          5712255973088        2414.00        31.4100       93/03/04     00003338
Ugueio Sabado Luis                                      1113.00        32.2500       00/09/21     00003344
Qothelo Mzingisi Nicholass         6703165874085        1113.00        22.0700       93/06/03     00003358
Simango Januario Vasco                                  2506.00        18.2500       94/06/06     00003417
Ndou Lufuno Wilson                 6011285321080        1184.00        36.8500       94/01/31     00003460
Mabe Jappie Tshokolo               6703085691080        2506.00        10.9300       94/03/15     00003462
Molise Abednigo Mokoto             6804036182086        1185.00        36.8500       94/02/02     00003463
Nhamusse Joao Raimundo                                  1113.00        13.2500       84/03/24     00003491
Sithole Samuel Eric                7208235773183        2506.00        62.2500       98/09/29     00003495
Mokobane Isaac Tuki                4601105236088        1113.00        23.0900       94/05/13     00003511
Chivile Antonio Luiza              6208155179180        1113.00        24.1700       94/06/09     00003580
Mathebula Simon                    6904015379081        1113.00        14.1700       94/06/10     00003584
Seeri Tatolo Saul                  6609015577085        1113.00        28.2500       94/06/28     00003596
Sithole Jerry Phillip              7506235927162        1113.00        22.2500       94/09/06     00003621
Chaya Moises Watche                6707015220183        1113.00        14.5000       94/09/19     00003637
Nyaunda Nelson                     6906255766182        2506.00        53.2500       94/10/04     00003650
Sitoe Salvador Sebastiao           6202165151180        1113.00        14.5000       94/11/17     00003698
Simango Zacaria Matheus            6804265344183        1232.00         8.0000       94/11/23     00003723
Gwenzi Paul                        7203106625162        1113.00        22.2500       94/12/12     00003785
Mapsanghe Augusto Silvestre                             2506.00        27.2500       94/12/19     00003790
Menyuku Malesela Johannes          5811115766086        1184.00         2.2500       98/10/15     00003928
Legoabe Shadrack                   7301036270085        1184.00        29.2500       98/11/30     00003960
Ubisse Daniel Isaias               4902105686086        1184.00        34.2500       98/11/30     00003961
Ngxawo Zwelijikile                 6002205998081        1113.00         4.2500       99/11/26     00003968
</Table>

<Page>

                                                                         Page 31

<Table>
<Caption>
                                                       BASIC           LEAVE         START
NAME                               ID NUMBER           SALARY          ENT           DTE          EMP NO
<S>                                <C>                  <C>            <C>           <C>          <C>
Ntloko Phumlani                    7201145915085        1113.00        36.2500       99/01/28     00003996
Nyhata George Gladson              4906055692184        1184.00        42.2500       99/02/10     00004005
Chichava Jose Castigo              6602155340182        1113.00        17.2500       99/01/07     00004014
Shila Edward Ngwashena             7401106506184        1113.00        18.2500       99/12/02     00004064
Fiosso Armando                                          1184.00        70.2500       99/06/29     00004088
Mosheya Simon                      6507295337081        1184.00        26.2500       99/03/02     00004119
Tshebi Launcelot                   5812075942089        1184.00        12.2500       99/05/10     00004201
Mapsanganhe Santos Armando         6702255431186        1113.00        32.2500       99/11/26     00004210
Mucuacua Andre                                          1231.00         8.2500       99/07/06     00004299
Chivavele Elias Lassi              5608155212181        1113.00        28.2500       00/01/06     00004308
Lukhelo Joseph Louis               5705195836084        2613.00        44.7700       81/01/09     00005010
Sathekge Johannes                  6112015413088        2511.00        36.2500       83/11/07     00005028
Nhambe Amosse                      4601255523186        1456.00        34.7600       84/01/04     00005204
Sikhiti Magubane                   4606066006081        1113.00         8.0400       88/08/08     00005817
Malepe James                       6409105783085        1113.00         22.300       82/07/15     00005860
Sibanda Mica Manaisse              4901155681187        1113.00        19.7500       00/08/29     00005872
Simango Matiguitie Johane                               1113.00         8.2500       83/10/11     00005891
Sithole Jonas Samuel               5002025984189        1113.00        18.5400       87/09/18     00005897
Sithole Simon Joane                4802225155188        1113.00        24.2500       98/11/12     00005928
Phote Mntongaka                    5807125933088        1113.00        44.0600       90/03/23     00005939
Phaswana Alpheus                   5509185740086        1521.00         6.2500       88/01/26     00005987
Nobatana Edward Vuyani             5806266041081        1113.00        42.2500       92/03/05     00006045
Ginela Armindo                                          1113.00         2.2500       89/05/18     00006540
Mmola Phillemon                    6602125489085        7306.00        26.0000       87/12/31     00006660
Mokgatle Petrus                    6308156010085        1112.00        38.4800       89/02/02     00006667
Manava Adam Manuel                 6206205147181        2486.00         4.7600       86/01/02     00006838
Mahl Rampube Samuelakwana          6704225366088        1113.00         4.2600       87/01/16     00008128
</Table>

<Page>

                                                                         Page 32

<Table>
<Caption>
                                                       BASIC           LEAVE         START
NAME                               ID NUMBER           SALARY          ENT           DTE          EMP NO
<S>                                <C>                  <C>            <C>           <C>          <C>
Mahulana Eliatasse Mazazene        3705015114185        1584.00        32.2600       87/10/17     00009009
Maningue Manuel                                         1113.00        14.2500       90/11/09     00009111
Mkuzo Mbuyiselo                    6506156031080        1113.00        20.7600       88/01/15     00009189
Mudende Langton                    6404035140183        1113.00        23.7600       88/01/15     00009191
Masemola Oupa Isaac                6206165715084        1113.00        40.0000       00/09/27     00009251
Rasikkhinya Amos                   6301065883080        1184.00        34.5400       92/04/22     00009256
Muleya Elia                        6206156023084        1113.00        61.0300       89/11/17     00009296
Zunguze Alexandre Paulo                                 1113.00        40.2500       85/10/14     00009566
Nogola Zithobile                   6306106205085        2506.00        17.0300       08/11/29     00009663
Chivambo Manuel Antonio                                 1113.00         8.2500       89/11/30     00009794
Maebane Ngwato Pinaas              6401165641089        1113.00        21.4900       91/10/30     00009823
Simango Joaquim Mabuco                                  1113.00        21.2500       89/01/17     00009854
Noalowa Virginia                   5708100785081        1113.00        11.0600       89/03/20     00009954
Wagner Carel Willem Pieter         7208275146084        7573.00         2.5000       02/05/01     00019576
Jansen Van Nieuwenhuizen Gysbe     5807255149083        7573.00         2.5000       02/05/01     00019577
Lange Andre Wilhelem               5910135065089        7573.00         2.5000       02/05/01     00019579
Van Wyk Johannes Marthinus         7008195009085        6955.00         1.2500       02/05/01     00019579
Da Silva Francisco George          5110185076082        6955.00         2.5000       02/05/01     00019581
Erasmus Daniel Johannes            4212015116087        7037.00         2.5000       02/05/01     00019582
Herbst Petrus Albertus             5902045029081        7573.00         2.5000       02/05/01     00019584
Malungane Alexandre Mazinane                            1113.00         6.2500       85/05/13     00061060
Erasmus Daan                       42120151116004           .00        25.6200       98/07/01     00000085
Thwala Willy Lomimiza              5611095585088        5603.86         3.5000       87/11/85     00000232
</Table>

<Page>

                                                                         Page 33

<Table>
<Caption>
                                                       BASIC           LEAVE         START
NAME                               ID NUMBER           SALARY          ENT           DTE          EMP NO
<S>                                <C>                  <C>            <C>           <C>          <C>
Wagner Carel Willem Pieter         7208275146084            .00        14.2500       96/08/12     00000C10
Van Wyk Johannes Marthinus         7008195009085            .00          .0000       98/12/19     00000C24
Da Silva Francisco George          5110185076082            .00        16.2500       99/07/29     00000C46
Scheepers Leon                     5406195666080        7300.00         4.7500       02/04/11     00000C76
Jansen Van Vuuren Michael          7409075269080        7077.00          .0000       01/07/01     0000C107
Jansen Van Nieuwenhuizen Gysbe     5807255149000            .00         5.7500       01/07/01     0000C108
Wagner James Cornelius             3611075029083        7077.00        10.7500       01/07/01     0000C109
Labuschagne Petrus Josefus Mat     5406275131088        7077.00         2.7500       01/07/01     000C112
Mongalo Omphentse                  5710015920084        1040.00        13.7500       01/07/01     0000C113
Matsinhe Luis Rafael               5202227806184        1040.00        13.7500       01/07/01     0000C114
Herbst Petrus Albertus             5902045029081            .00        10.5000       01/08/02     0000C118
Lange Andre Wilhelm                5910135065089            .00         4.0000       01/09/24     0000C144
Moloko Lesiba Sydney               6012305746082        6500.00         6.2500       02/01/07     0000C161
Motingoe Bethuel Ramokebe          6402075451080        6500.00         5.0000       02/01/28     0000C173
Muxchunga Jacob Arone              MP095185             1040.00         5.0000       02/02/01     0000C192
Sadiki Robert                      50031857640809       1040.00         5.0000       02/02/01     0000C193
Gumede Richard Baba                6211135637087        1040.00         5.0000       02/02/01     0000C194
Muianga Figuerido                  AA077012             1040.00         5.0000       02/02/01     0000C195
Cossa Domingo                      5610295209184        1040.00         5.0000       02/02/01     0000C196
Munjovo Amosse Watch               AA267519             1040.00         5.0000       02/02/01     0000C197
Simango Filipe Manhiea             AA282304             1040.00         5.0000       02/02/01     0000C198
Machava Themba Solomoni            6310215110187        1040.00         5.0000       02/02/01     0000C199
</Table>

<Page>

                                                                         Page 34

<Table>
<Caption>
                                                       BASIC           LEAVE         START
NAME                               ID NUMBER           SALARY          ENT           DTE          EMP NO
<S>                                <C>                 <C>              <C>          <C>          <C>
Zukelwa Mzwandile Wellington       6205295672082        1040.00         5.0000       02/02/01     0000C200
Mbawala John Chiwota               5206225761087        1040.00         5.0000       02/02/01     0000C201
Simango Johannes Filimon           7201156632181        1040.00         5.0000       02/02/01     0000C202
Sitoe Antonio Fabian               AA271746             1040.00         5.0000       02/02/01     0000C203
Selebalo Abel Buti                 5906066152086        1040.00         5.0000       02/02/01     0000C204
Botha Gerrit                       6410235092082        6500.00         2.5000       02/03/25     0000C221
Mokanda Zacaria Pencil             6808165092180        1040.00         2.5000       02/04/01     0000C225
Muhlanga Jossia Jonas              6912095446183        1040.00         2.5000       02/04/01     0000C226
Zitha Salvadore                    5010106018181        1040.00         2.5000       02/04/01     0000C227
Lemani Sanyai                      5002155696082        1040.00         2.5000       02/04/01     0000C228
Shongwe Pipi Amos                  5801075452082        1040.00         2.5000       02/04/01     0000C229
Conradie Jacoba Elizabeth          5911130115085       10065.00         5.0000       01/05/21     25
Grundeling Deon                    5111025120080            .00          .0000       00/11/28     37
</Table>

<Page>

                                                                         Page 35

ANNEX 4

(DIAGRAM)

ANNEXE 5

                    SCHEDULE OF COMPONENTS OF WEST WITS PLANT

   1. Sand Plant - with feeder crusher, screens, silos, spirals, electrics and
      accessories

   2. Spiral plant - cyclones, spiral banks, agitator, pumps, compressors,
      milling plant, thickeners and lime plant, electrics and accessories.

   3. Carbon in leach plant - tank banks with agitators, screens, carbon tanks
      (holding and settling), furnace, acid tanks, carbon column, reagents,
      electrics and accessories.

   4. Administration stores, offices, workshops, electric sub-stations and
      accessories.

   5. Generally, without limiting the provisions of 1,2,3 and 4 above,
      everything constructed to process gold bearing rocks so as to extract gold
      and its by products, sited on the West Wits Freehold and the adjacent
      Surface Right Permits. This broadly includes the concentrator plant, the
      carbon in leach plant, the smelt plant, the workshops and the offices,
      their contents and support systems. Further included are the associated
      equipment yards, and inventory stores containing components, scrap or
      otherwise; The vehicles owned by WEST WITS used for transport and
      supervision purposes on the West Wits Plant Enterprise; The slurry feed
      pipelines, water lines and slime disposal lines, power supply lines to and
      from the West Wits Plant.<Page>

                                                                    EXHIBIT 4.49

SCMB
                                 CORPORATE BANKING DIVISION

 PRIVATE AND CONFIDENTIAL        Standard Bank Centre              P O Box 61344
                                 3 Simmonds Street             Marshalltown 2107
                                 Johannesburg 2001
 The Directors                                              S.W.I.F.T SBZA ZA JJ
 Durban Roodepoort Deep Limited                          Telegrams "STANMERBANK"
 PO Box 82291                                             Telex 4-87620, 4-87629
 Southdale                                                   Fax  (011) 636-2371
 2135                                                                  Telephone
                                                      Switchboard (011) 636-9115

ATTENTION : MR IAN MURRAY

Date             Direct telephone number  In reply please quote   Your reference
                                          our reference
07 October 2002  (011) 636-3527           WVDM/tdj

Dear Sirs

BANKING FACILITIES

The Standard Bank of South Africa Limited (including alt of its divisions
hereinafter referred to as "the Bank") represented by its Standard Corporate and
Merchant Bank Division, confirms having granted certain banking facilities ("the
facilities") to Durban Roodepoort Deep Limited ("the Customer"). The facilities
shall upon signature hereof by the Customer and any other signatories hereto,
and fulfilment or waiver of any conditions precedent mentioned herein, be
subject to the revised terms and conditions (including but not limited to any
revised limits) contained in this letter and in Annexures "A" and "B" hereto.

1.       THE FACILITIES

<Table>
<Caption>
         --------------------------------------------------------------------
         NATURE OF FACILITY                        MAXIMUM AGGREGATE LIMIT

         --------------------------------------------------------------------
         <S>                                       <C>
         General  Short  Term  Banking   Facility  R 60 000 000
         ("GSTBF")
         --------------------------------------------------------------------
         Business Mastercard                       R     30 000
         --------------------------------------------------------------------
</Table>

<Page>

                                                                               2

<Table>
<S>                                                                <C>
--------------------------------------------------------------------------------
STANNIC
Liquidating Credit Line                                            R     250 000
Fleet Management Service                                           R      12 000

--------------------------------------------------------------------------------
GUARANTEES BY BANK
Performance Guarantees                                             R   6 000 000
--------------------------------------------------------------------------------
DERIVATIVE PRODUCTS
Forward Exchange Contracts                                         R 110 000 000
(Maturities within 370 days)
--------------------------------------------------------------------------------
ELECTRONIC BANKING TRANSACTIONAL LIMITS
   -     CORPORATE ACCESS TERMINAL SYSTEM (CATS)
   -     Own Accounts                                              R  21 000 000
   -     Same Day Soonest Value Services (SSVS)                    R  92 700 000
   -     ELECTRONIC FUNDS TRANSFER SERVICE (EFTS)
   -     Monthly                                                   R  17 800 000
   -     December                                                  R  17 800 000
--------------------------------------------------------------------------------
</Table>

2.       CONDITIONS PRECEDENT

2.1          The facilities shall be subject to the revised terms and conditions
             in this letter and any annexures hereto upon fulfilment, to the
             satisfaction of the Bank of the following conditions precedent:

2.1.1              that all the securities referred to under the heading
                   "Security" in this facility letter have been properly
                   furnished to the Bank together with such supporting
                   resolutions as the Bank may require;

2.1.2              that all formalities referred to in this facility letter have
                   been duly completed.

2.2          The above conditions are inserted for the benefit of the Bank, who
             may waive any of the said conditions in its sole discretion.

2.3          Notwithstanding anything to the contrary in this letter, until such
             time as the said conditions precedent have been fulfilled or
             waived, the facilities shall continue to be

<Page>

                                                                               3

             subject to the terms and conditions currently pertaining thereto
             and should any of the facilities be withdrawn or repayment thereof
             be demanded by the Bank during such period, this letter shall be of
             no further farce or effect (even if the conditions precedent are
             subsequently met) and the facilities shall be governed by the
             current terms and conditions pertaining thereto.

3.       SECURITY

3.1          Any security currently held by the Bank shall also constitute
             security for the facilities.

3.2          In addition and without prejudice to any security already held by
             the Bank, the Bank requires the following as security for all the
             Customer's indebtedness to the Bank from time to time, howsoever
             arising:

3.2.1              cross suretyships in favour of the Bank and on terms and
                   conditions acceptable to the Bank, between the Customer and
                   Crown Consolidated Gold Recoveries Limited.

3.3          The security referred to in this paragraph is in addition to and
             not in substitution for any security arrangements made in terms of
             any separate terms and conditions of specific facilities.

4.       ADDITIONAL TERMS

4.1          ADDITIONAL PARTIES

4.1.1              The parties listed in the facilities schedule attached to
                   this letter and any other parties requested by the Customer
                   from time to time and agreed to by the Bank in its sole
                   discretion ("the Additional Parties"), are hereby expressly
                   authorised by the Customer, and shall consequently be
                   entitled, to utilise the facilities together with the
                   Customer, in accordance with the details set out in the said
                   facilities schedule, or otherwise as the Bank may with
                   respect to both the Customer and the Additional Parties, from
                   time to time in its sole discretion allow. Any amounts which
                   may at any time be or become owing to

<Page>

                                                                               4

                   the Bank in respect of the facilities so utilised by any
                   Additional Party and not discharged on due date by such
                   Additional Party, shall be discharged in full by the
                   Customer, forthwith upon receipt by the Customer of the
                   Bank's written demand. Any such utilisation by an Additional
                   Party shall be subject to the terms and conditions contained
                   in this letter and any annexures hereto, and shall further be
                   subject to:

4.1.1.1                   all the conditions precedent contained in this letter
                          having been fulfilled or waived;

4.1.1.2                   the aggregate amount of the utilisation of the
                          facilities by the Customer and the Additional Parties
                          not at any time exceeding the maximum aggregate limit
                          for each facility except to the extent the Bank, may
                          in its sole discretion allow;

4.1.1.3                   the Additional Parties not being entitled to utilise
                          such facilities in the event the facilities are
                          terminated by the Bank, by notice to the Customer, or
                          otherwise in terms of this letter;

4.1.1.4                   the Additional Parties having signed this letter and
                          any separate documentation pertaining to any facility,
                          should the Bank so require.

4.1.2              Should the Bank offer (or have offered) its cash management
                   service to the Customer, any parties ("the Participating
                   Parties") which from time to time participate in the
                   Customer's cash management arrangement shall also be entitled
                   to utilise the Customer's overdraft facility subject to the
                   provisions of this letter. The Participating Parties shall
                   consequently be deemed to be included in the definition of
                   "the Additional Parties" for purposes of this paragraph 4.1.

4.1.3              Without derogating from the provisions of 4.1.1 above, the
                   following further parties listed below shall, subject to the
                   provisions of this letter, also be entitled to use the
                   Customer's Electronic Banking Transactional Limits in such
                   amounts as the Bank may from time to time in its sole
                   discretion allow, and such parties shall accordingly be
                   deemed to be included in the definition of "Additional
                   Parties" for the purposes of this paragraph 4.1:

<Page>

                                                                               5

4.1.3.1                   Crown Gold Recoveries Limited.

4.1.4              Without prejudice to the Bank's rights in terms of any other
                   provisions of this paragraph 4.1. the Customer hereby
                   indemnifies and holds the Bank harmless, against any loss or
                   damage of whatsoever nature, which the Bank may suffer or
                   sustain, arising from, or relating to the utilisation of the
                   facilities by any Additional Party in terms of this letter.

4.2      PROVISION OF INFORMATION

         The Bank requires the Customer, and the Customer undertakes by its
         signature hereto, to furnish the Bank with:

4.2.1              signed copies of annual audited financial statements in
                   respect of such parties as the Bank may require, as soon as
                   those financial statements are ready and available, but in
                   any event within a period of 90 days from the end of THE
                   financial year to which they relate;

4.2.2              such further information as the Bank may require, from time
                   to time.

4.3      MATTERS REQUIRING THE BANK'S CONSENT

         The Customer by its signature hereto, undertakes to the Bank that it
         will not and it will procure that its subsidiaries do not, without the
         Bank's prior written consent:

4.3.1              incur any further borrowings.

4.4      FURTHER UNDERTAKINGS

         The Customer by its signature hereto, undertakes to the Bank:

4.4.1              that it will approach the Bank first (unless it wishes to
                   approach a bank which is not situated in the Republic OF
                   South Africa) for the financing of any facility, to settle
                   the GSTBF, notwithstanding that the Bank has no obligation to
                   offer the aforesaid facility to the relevant party/ies, that
                   it will furnish the Bank with all the information which it
                   may request in regard to the above and that it will

<Page>

                                                                               6

                   give the Bank a reasonable time within which to make the
                   above offer, whereafter the Customer, may approach another
                   financier in respect thereof.

4.5          REDUCTION IN GSTBF

             Without prejudice to any of the Bank's right in terms of paragraph
             2 of Annexure A the Maximum Aggregate Limit in respect of the GSTBF
             shall automatically reduce to Nil on 7 April 2003, on which date
             all amounts in excess of the reduced Maximum Aggregate Limit shall
             be immediately due and payable to the Bank.

5.       ACCEPTANCE

         To indicate your acceptance of the aforegoing, kindly initial each page
         of the attached duplicate of this letter (including any annexures
         hereto), sign the acknowledgement on the final page of the letter as
         acceptance of the terms and conditions of the facilities and return
         same to the bank before 30 November 2002, in which event the Bank shall
         require (and the Customer by its signature hereto undertakes to provide
         to the Bank):

5.1          a certified copy of the memorandum and articles of association of
             the Customer, the Additional Parties, and all parties required to
             furnish the Bank with security in terms of this letter, as well as
             any special resolutions registered to date and/or any founding
             statements, association agreements, trust deeds, letters of
             authority or other documents as the Bank may request;

5.2          a certified copy of a supporting resolution in relation to this
             facility letter along the lines of the enclosed specimen.

6.       CONFLICT

6.1          The terms and conditions of this letter, any annexures to this
             letter and any separate terms and conditions (embodied in writing)
             or written agreements relating to a facility, shall be read
             together, provided that should a conflict exist or arise:

6.1.1              the separate terms and conditions relating to a particular
                   facility shall prevail; and

6.1.2              the contents of this letter shall prevail over any annexures
                   hereto.

<Page>

                                                                               7

6.2                To the extent there are any undertakings, warranties or the
                   like by the Customer or any other party, contained in this
                   letter or any of its annexures, such undertakings, warranties
                   or the like do not in any way prejudice or detract from the
                   Bank's rights with respect to facilities that are repayable
                   or terminable in terms of paragraph 2 of annexure A.

Yours faithfully
/s/ David Austen p.p.
W. Van Der Merwe
ACCOUNT EXECUTIVE

 TERMS AND CONDITIONS ACCEPTED

SIGNED AT    JOHANNESBURG              ON                7 OCTOBER

For:     Durban Roodepoort Deep, Limited (Registration Number:  1895/000926/06)

Signature:   /s/ Ian Murray                     IAN MURRAY
             --------------

Physical
Address:     45 Empire Road
             PARKTOWN
Tel:         381-7807
Fax:         482-4643

             Signature Verified
             For The Standard Bank of South Africa

             (Signed) Manager Sale Support

[LAST SIGNED ON 7 OCTOBER 2002]

##
<Page>
                                                                               8

[PICTURE OMITTED]

<Page>
                                                                               9

GENERAL TERMS AND CONDITIONS

1.       DEFINITIONS

1.1      In this annexure, words and phrases shall, unless the context indicates
         otherwise, or the relevant word or phrase is defined separately in this
         annexure, bear the meanings assigned to them in the letter of offer
         ("the offer letter") to which this document forms an annexure.

1.2      The offer letter together with all annexures thereto is referred to as
         "the facility letter".

2.       DURATION AND REPAYMENT OF FACILITIES

         Subject to any contrary provisions with respect to a particular
         facility (or a particular instrument) contained in the offer letter, or
         in any other annexures to the offer letter or in any other written
         agreement:

2.1      each facility may be terminated by the Bank BY notice to the Customer
         to that effect in which event the relevant facility/ies shall either be
         cancelled forthwith or from any subsequent date stated in that notice:
         and/or

2.2      the Bank may, by notice to the Customer, require all amounts
         outstanding under all or a particular facility/ies (or instrument/s) to
         be repaid immediately or by any later date stated in such notice;
         and/or

2.3      the aggregate maximum limit for each facility may be reduced by the
         Bank by notice to that effect to the Customer, in which event all
         amounts in excess of the limit/s so reduced shall become immediately
         repayable.

3.       INTEREST

3.1      Interest shall be:

3.1.1    payable at a rate which shall initially be determined and may
         subsequently be altered from time to time by the Bank;

3.1.2    calculated on the daily balance owing under a facility, notwithstanding
         that such balance may have been increased by the debiting of interest
         to such balance;

3.1.3    calculated on the basis of a 365 day year factor, irrespective of
         whether or not the year in question is a leap year.

3.2      Any excess availment above the agreed limit for a facility, shall
         without prejudice to any outer rights the Bank may have, attract
         additional interest at a rate of 2.5% p.a.

4.       EXCHANGE CONTROL

         Should the Customer (or any Additional Party) become subject to the
         provisions of Exchange Control Regulation 3(1)(f) the Customer warrants
         that the facilities will be duly reported in the Exchange Control
         questionnaire (Form MP79(a)) submitted annually by the Customer (or
         Additional Party, as the case may be).

 5.      CERTIFICATE

         A certificate signed by any manager of the Bank (whose appointment or
         authority need not be proved) as to any amount owing to the Bank under
         the facility letter, the rates of interest and any other fact stated
         therein, shall be prima facie proof of the content of such certificate.

 6.      PENALTY INTEREST

         All amounts payable to the Bank in terms of the facility letter which
         are not paid on the due date thereof shall with effect from that date
         bear interest at the rate of 2,5% (two comma five per cent) per annum
         above "Prime" which is defined below, compounded monthly in arrears,
         without prejudice to any right which the Bank may otherwise have as a
         result of that non-payment. "Prime" is the publicly quoted basic rate
         of interest per annum ruling from time to time (as certified by any
         general manager or director of the Bank, whose appointment it shall not
         be necessary to prove) at which the Bank lends on overdraft.

7.       FREE OF DEDUCTION

         All amount paid to the Bank under the facility letter shall be made
         free of deduction or set-off. Should the Customer (or any Additional
         Party) be compelled by law to withhold or deduct any taxes or other
         charges from any amounts payable to the Bank, the amounts payable to
         the Bank shall be increased to the extent necessary to ensure that the
         Bank receives the amounts payable, free of such withhold or deduction.

8.       ALLOCATION OF PAYMENTS

         The Bank will be entitled to allocate any payments received under the
         facility letter to any indebtedness of the Customer (or any Additional
         party) to the Bank and the Customer waives any rights it may have to
         name the debt in respect of which payment is made.

9.       WARRANTIES

         The Customer by its signature hereto, represents and warrants to the
         Bank throughout the currency of the facility letter that:

9.1      it is a corporation duly registered and existing under the laws of the
         Republic of South Africa (if the Customer is cited as a corporation in
         this letter):

9.2      it has full power to enter into and perform in terms of the facility
         letter and has taken all necessary corporate and other actions to
         authorize the borrowings hereunder, including such steps as may be
         necessary to comply with the provisions of Article 60 of Table A or
         Article 61 of Table B of the Companies Act 1973 (as amended) if
         applicable;

9.3      the facilities constitute legal, valid, binding and enforceable
         obligations of the Customer;

9.4      no litigation, arbitration or administrative proceeding is presently in
         progress or, to the knowledge of the Customer, pending or threatened
         against it, or any of its assets or assets to be acquired which relate
         to the facilities or which would have a materially

<Page>
                                                                              10

         adverse effect on the financial condition of the Customer;

9.5      it has disclosed to the Bank any and all material information which may
         have affected the Bank's decision to grant the facilities.

10.      CHANGE IN CIRCUMSTANCES/COMMITMENT FEE

10.1     Notwithstanding anything contained in the facility letter to the
         contrary, if any change in or introduction of any law, regulation,
         ruling, directive, policy and/or guidelines or any other similar event
         with which the Bank or any of its divisions is obliged to comply and/or
         which is in accordance with the practice of a responsible banker, or
         any interpretation or administration thereof, results in any increase
         to the Bank in the cost of maintaining and/or providing any of the
         facility options or any unutilized portions thereof, the Bank reserves
         the right to recover such additional costs from the Customer on demand.

10.2     As the Bank is obliged in terms of current legislation to observe
         reserving requirements for maintaining unutilized facilities where
         commission is payable funds is for periods in excess of 365 days, the
         Bank reserve the right to levy a commitment fee at its usual rates
         prevailing from time to time and in accordance with normal banking
         practice, for keeping any unused portion of the facilities at the
         Customer's disposal.

11       LEGAL CHARGES

         All legal costs/fees (on the attorney and own client scale) and other
         charges and expenses in connection with the facilities including but
         not limited to all costs incurred by the Bank in the enforcement of any
         of its rights under the facility letter, the preparation of the
         facility letter or any other documentation in relation hereto, the
         registration and eventual cancellation of any mortgage bonds referred
         to in the facility letter, and the premiums on any insurance
         policy/ies) which may be ceded to the Bank together with the stamp duty
         due on the required security documents, will be for the account of the
         Customer and payable on demand.

12.      WHOLE AGREEMENT,. VARIATION OF TERMS, NO INDULGENCE

12.1     The agreement created upon acceptance of the facility letter by the
         Customer shall constitute the whole agreement between the Bank and the
         Customer relating to the subject matter of the facility letter.

12.2     Save for an amendment referred to in the paragraph headed 'Switching
         between Facilities' no variation or amendment or consensual
         cancellation of any of the terms contained in the facility letter shall
         be of any force or effect unless it is recorded in writing and is
         signed on behalf of the Bank by one of its authorised officials and
         accepted by the Customer.

12.3     No indulgence shown or extension of time given by the Bank shall
         operate as an estoppel against the Bank or waiver of any of the Bank's
         rights unless recorded in writing and signed by the Bank.

12.4     The Bank shall not be bound by any express or implied term.
         representation, warranty, promise or the like not recorded herein,
         whether it induced the conclusion of any agreement and/or whether it
         was negligent or not.

13.      SEVERABILITY

         Each provision of the facility letter is severable, the one from the
         other and, if at any time any provision is or becomes or is found to be
         illegal, invalid, defective or unenforceable for any reason by any
         competent court, the remaining provisions shall be of full force and
         effect and shall continue to be of full force and effect.

14.      GOVERNING LAW

         The terms of the facility letter shall be governed by and interpreted
         in accordance with the laws of the Republic of South Africa.

15.      DOMICILIUM AND NOTICES

15.1     The Customer chooses as its domicilium citandi et executandi for all
         purposes in connection with the facility letter at the address set out
         under its acceptance of the facility letter. Such domicilium may be
         changed to another physical address within the Republic of South Africa
         upon 14 days written notice to the Bank,

15.2     Any notices sent/delivered to the Customer shall be deemed to have been
         received, if sent/ delivered to this paragraph:

15.2.1   by hand, on the date of delivery;

15.2.2   by prepaid post, 7 days after the date of posting;

15.2.3   by telex or telefacsimile, on the first business day (being a day which
         is not a Saturday, Sunday or Public Holiday in the Republic OF South
         Africa) following transmission

15.3     notwithstanding anything to the contrary in this paragraph a written
         notice or other communication actually received by any party shall be
         adequate written notice or communication to it notwithstanding that the
         notice was not sent to or delivered at its chosen address.

16.      CESSION

         Neither the Customer nor any Additional Parties shall be entitled to
         cede or delegate their rights and/or obligations in terms of the
         facility letter to any party without the prior written consent of the
         Bank.

<Page>
                                                                              11

17.      ARBITRATION

         If any claim by the Bank in connection with the facilities or
         indebtedness to the Bank should be disputed, the matter in dispute may
         at the Bank's option be referred to arbitration in accordance with the
         arbitration laws of the Republic OF South Africa.

18.      DISCLOSURE OF INFORMATION

         The Customer authorises the Bank to furnish Standard Bank Investment
         Corporation Limited, any other subsidiary or associate company of
         Standard Bank Investment Corporation Limited, and any cessionary of the
         Bank's rights in terms hereof with any information/documentation they
         may request regarding the facilities, the Additional Parties or the
         Customer.

19.      SWITCHING BETWEEN FACILITIES

         The Customer shall be entitled to request that all or part of any
         unutilised portions of the maximum aggregate limit for a particular
         facility be allocated to another facility. Should the Bank agree to
         such request and whether such agreement is notified to the Customer or
         not, the maximum aggregate limits for the facilities in question shall
         be deemed to be amended accordingly. If a re-allocation is made in
         terms of this clause to a type of facility not previously granted, such
         new facility will be deemed to have been incorporated in the offer
         letter and accordingly in the definition of "the facilities", and the
         maximum aggregate limit for such facility shall be the amount allocated
         thereto.

         In the event of the maximum aggregate limit ('the limit") of any of the
         facilities being exceeded at any time, the Bank may without notice and
         without prejudice to any of its other rights as a result of such
         breach, in its sole discretion elect to eliminate such excess by
         appropriating the whole or any portion of the limit/s allocated to the
         remaining facilities which are not utilised to increase the limit of
         the facility which is in excess.

20.      EVENTS OF DEFAULT

20.1     For the purposes of the facility letter each of trio following events
         shall be regarded as an event of default:

20.1.1   if the Customer fails to pay any sum due by it to the Bank or to
         Standard Bonk investment Corporation Limited or any other subsidiary or
         associate company of Standard Bank Investment Corporation Limited, on
         the due date therefor,

20.1.2   if the Customer defaults in the due and punctual performance of my
         other obligation under the facility fetter or under any other written
         agreement between the Customer and the Bank or between the Customer and
         Standard Bank Investment Corporation Limited or any other subsidiary of
         associate company of Standard Bank Investment Corporation Limited;

20.1.3   if any representation, or warranty or undertaking made or represented
         either in respect of the Customer in or pursuant to the facility letter
         or in any documents delivered under the facility letter, is not
         complied with or is incorrect in any respect;

20.1.4   if the Customer is deemed to be unable to pay its debts in accordance
         with the provisions of section 345 of the Companies Act, 1973 (as
         amended) or otherwise defaults generally in the payment of its
         liabilities;

20.1.5   if a resolution is taken by the members or shareholders of the Customer
         or the members or shareholders of any surety/guarantor for the
         Customer's indebtedness to the Bank, to voluntarily wind-up any of the
         said parties or if any of the said parties or any of their assets
         become subject to any sequestration, liquidation or judicial management
         order, whether provisional or final, or if any trustee, liquidator.
         curator, judicial manager or any similar officer is appointed in
         respect of any of the said parties or any of their assets;

20.1.6   if the Customer or any surety/guarantor for the Customer's indebtedness
         to the Bank, is unable to pay its debts. suspends or threatens to
         suspend payment of all or a material part of (or of a particular type
         of) its indebtedness to any other creditors, commences negotiations or
         takes any other step with the view to the deferral, rescheduling or
         other readjustment of all of (or alt of a particular type of) its
         indebtedness to creditors (or of any part of such indebtedness which it
         will or might otherwise be unable to pay when due), proposes or makes a
         general assignment or an arrangement or composition with or for the
         benefit of its creditors or a moratorium is agreed or declared in
         respect of or affecting all or a part of the indebtedness of the
         Customer or of any surety/guarantor for the Customers indebtedness to
         the Bank (as the case may be):

20.1.7   if an attachment, execution or other legal process is levied, enforced,
         issued or sued out on or against any assets of the Customer or of any
         surety/guarantor for the Customers Indebtedness to the Bank, and is not
         discharged or stayed within 30 (thirty) days;

20.1.8   if at any time, the amount outstanding under a facility granted to the
         Customer exceeds the maximum aggregate limit for that facility, or the
         total amounts outstanding under all of the facilities exceed the total
         of the maximum aggregate limits for each facility;

20.1.9   if any sureties in respect of the Customer's indebtedness; to the Bank
         deliver a valid and effective notice of termination of liability under
         such suretyship;

20.1.10  if the auditors of the Customer in any financial statements of the
         Customer published after the signature of the Customer to the facility
         letter materially qualifies that annual statement in

<Page>
                                                                              12

         any respects or inserts a note in the supporting documents to that
         financial statement relating to any material irregularity;

20.1.11  if there is a material deterioration in the Customer's financial
         position. "Material deterioration" shall mean material deterioration In
         the Bank's, reasonable opinion.

20.1.12  if the Customer embarks on any process or concludes any transaction in
         terms of which the Customer acquires or wilt acquire its own shares, or
         in terms of which the Customer assists or proposes to assist one of its
         subsidiaries to purchase shares in 'the Customer or in terms of which a
         payment will be made to shareholders in terms of S90 of the Companies
         Act 61 of 1973, as amended, without the prior written consent of the
         Bank;

20.1.13  if the Customer embarks on any process or concludes any transaction in
         terms of which the Customer assists, or proposes to assist its holding
         company to acquire its own (i.e. the holding company's) shares or where
         the Customer acquires shares in its holding company;

20.1.14  should the Bank become aware, at any time, of a fact or circumstance
         (whether same was present at or before the time of acceptance of this
         facility letter by the Customer or arose thereafter), which in the
         reasonably exercised opinion of the Bank has, or could in the future
         have, an adverse effect on the Customer's ability to perform any of Its
         obligations to the Bank in terms of the facility letter, or prejudice
         the Bank's position with respect to the facilities in any other way;

20.1.15  any of the above paragraphs apply to any Additional Party.

20.2     The Bank may without prejudice to any other rights hereunder or at law,
         at any time after the happening of an event of default, by written
         notice to the Customer:

20.2.1  decline any request by the Customer (or any Additional Party) to draw
        down any further monies under the facilities (or any one or more of
        them) or to further utilize / or avail of any of the facilities (or any
        one or more of them); and/or

20.2.2   require on demand payment of all indebtedness under the facilities (or
         any one or more of them) which is then outstanding and whether or not
         it is then due for payment, and upon any such demand all that
         indebtedness shall immediately become due and payable; and/or

20.2.3   require on demand cash security for any contingent liabilities under
         the facilities to the Bank. 20.2.4 The Bank's rights under this
         paragraph shall not be exhaustive but shall be in addition to and
         without prejudice to any other rights which it may have under the
         facility letter or law.

20.4     The contents of this paragraph shall not derogate from the Bank's
         rights in relation to any facilities which are repayable and/or
         terminable on demand.

TERMS AND CONDITIONS OF SPECIFIC FACILITIES

1.       DEFINITIONS

1.       In this annexure, words and phrases shall unless the context indicates
         otherwise, or the relevant word or phrase is defined separately in this
         annexure, bear the meanings assigned to them in the offer letter ('the
         offer letter") to which this document forms an annexure.

1.1      The offer letter together with all annexures thereto is referred to as
         "the facility letter'.

2.       AVAILMENT OF SPECIFIC FACILITIES

         The Customer shall only be entitled to avail of those facilities
         referred to in the offer letter, which facilities shall in addition to
         the terms and conditions contained in the offer letter and any other
         annexures thereto and arty separate agreement pertaining to such
         facilities, be subject to the relevant terms and conditions for each
         facility as set out in this annexure.

3.       GSTBF

3.1      AVAILABILITY

3.1.1    Subject to the availability of a particular instrument at a particular
         time and any contrary indication in the offer letter or thereafter, any
         of the instruments referred to below may be utilised provided that the
         aggregate amount outstanding at any point In time, under such
         instruments together with any limit afforded to the Customer for a
         Revolving Credit Facility, shall not exceed the aggregate maximum limit
         granted to the Customer for GSTBF and, neither the Customer nor any of
         the Additional Parties shall be entitled to utilise an Instrument to
         the extent that such utilisation would result in the said aggregate
         maximum limit being exceeded.

3.1.2    Should:

3.1.2.1  there be any change in legislation or in the departmental practice of
         arty authority, and in particular without limiting the generality of
         the aforegoing, any change it the Income Tax Act 1962 (as amended) or
         the Banks Act 1990 (as amended) or any regulations made in terms
         thereof, or in the interpretation or application of any such
         legislation or departmental practice, by any court or competent
         official; or

3.1.2.2  there be any change in banking practice as it affects or is applied by
         the Bank and any other financial institution registered in terms of the
         Banks Act 1980 (as amended); or

3.1.2.3  any other event occurs which is beyond the control of the Bank;
         with the result that an instrument offered in terms hereof is no longer
         made available, the Bank may notify the Customer in writing that the
         affected instrument will no longer be made available and the Customer
         shall, within 5 (five) days of the despatch of such notice elect (or
         procure that any Additional Party Wising an affected instrument under
         the provisions of the facility letter elects):

3.1.2.3.1 to utilize one or more of the other instruments offered under the
         GSTBF;

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                                                                              13

3.1.2.3.2 or to settle the amount owing under the affected instrument.

3.2      INSTRUMENTS COMPRISING GSTBF

3.2.1    OVERDRAFT
         INTEREST

         The initial rate of interest on the overdraft shall be the Bank's Prime
         overdraft interest rate, which is the publicly quoted basic rate of
         interest per annum (as certified by any manager of the Bank, whose
         appointment it shall not be necessary to prove) at which the Bank lends
         on overdraft. Such interest will be payable monthly in arrears and be
         debited to the relevant current account or, a day convenient to the
         Bank, once in each calendar month in arrears.

3.2.2    CALL LOANS
         INTEREST
         The rate applicable to each call loan, shall be the rate quoted to the
         Customer (or an Additional Party) by the Bank prior to the availment of
         each such call loan and the Bank shall be entitled to adjust the rate
         at its discretion on a daily balls. Interest shall be payable monthly
         in swears on dates convenient to the Bank in each calendar month and an
         the date of repayment of a call loan.

3.2.3    SHORT TERM LOANS
         INTEREST
         The rate applicable to each short term loan shall be the rate quoted by
         the Bank to the Customer (or an Additional Party) prior to the
         availment of each such short term loan. Interest shall be payable on
         the due date for repayment of a short term loan unless otherwise agreed
         between the Bank and the Customer (or an Additional Party). REPAYMENT
         Subject to the Bank's rights in terms of the paragraph headed "Duration
         and Repayment of Facilities" in the facility fetter, all amounts
         outstanding under each short term loan shall be repayable at the end of
         a period as stated by the Bank to the Customer (or any Additional
         Party) for each short term loan prior to the advance of each short term
         loan.

3.2.4    REVOLVING ACCEPTANCE CREDIT FACILITY AND FOREIGN CURRENCY FINANCE
         FACILITY The availment of the revolving acceptance credit facility and
         the Foreign Currency Finance Facility shall be subject to the Customer
         (or any Additional Party) having agreed to the Bank's separate terms
         and conditions pertaining to each of these particular facilities.

3.2.5    OFFSHORE TRADE AND WORKING CAPITAL LOANS

3.2.5.1  OFFSHORE LOAN PROVIDED BY STANDARD FINANCE ISLE OF MAN) LIMITED ("SFL")
         OR STANDARD BANK LONDON LIMITED ("SBL"): The availment of this facility
         shall be subject to SFL or SBL having agreed to grant the Customer (or
         Additional Party) such facility and the Customer (or the Additional
         Party, as the case may be) having accepted SFL's or SBL's separate
         terms and conditions pertaining to such facility (as the case may be).

         For the purposes of calculating the amount outstanding under the GSTBF,
         amounts owed to SFL or SBL under this facility shall also be taken into
         account and the equivalent rand amount utilised under this facility
         shall be calculated by nationally converting the balance outstanding
         under this facility on a daily basis, to the rand equivalent using the
         Bank's daily spot rate of exchange or the rate specified in an
         applicable forward exchange contract, as the Bank may in its sole
         discretion decide.

3.2.5.2  Offshore Loans provided by the Bank:
         Interest
         The rate applicable to each loan advanced by the Bank under this
         facility, shall be the rate quoted by the Bank to the Customer (or any
         Additional Party) prior to the advance of each such loan. Interest will
         be calculated on each loan on the basis of actual days elapsed on a 350
         day period (or 365 days for certain currencies determined by the Bank,
         such as [original unreadable] of each consecutive interest period (the
         duration of which will be the period agreed upon by the Bank and the
         Customer (or any Additional Party ) prior to the advance of each' loan)
         and on the date of repayment of the loan. unless otherwise agreed by
         the Bank.

         REPAYMENT

         All amounts outstanding under each offshore loan granted under this
         facility shall be repayable in the currency in which such loan was
         made.

         Should the Bank terminate this facility and require repayment of all
         amounts outstanding thereunder, the Bank shall be entitled, but not
         obliged, in its sole discretion, to advance funds under one of the
         other instruments made available under the GSTBF and to utilise the
         funds so advanced to settle or reduce the amounts owed to the Bank
         under this facility. Any funds advanced by the Bank in terms of this
         paragraph will be converted to the currency in which the offshore loans
         were made available, at the Bank's spot rate of exchange on the day on
         which the funds are used to settle or reduce the amounts outstanding
         under this facility or in the Bank's sole discretion the forward
         exchange rate provided for in any forward exchange contract which may
         he in force at the relevant point in time.

         CALCULATION OF RAND AMOUNT UTILISED

         For the purposes of calculating the total rand amount utilised under
         the GSTBF, the balance outstanding under this facility shall be
         notionally converted on a daily basis to the rand equivalent using the
         Bank's daily spot rate of exchange.

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                                                                              14

         EXCHANGE CONTROL APPROVAL

         This facility may only be utilised to the extent that such exchange
         control approval as may be required, has been obtained (proof of which
         has been furnished to the Bank).

3.2.6    OTHER INSTRUMENTS

         Any other instruments offered by the Bank as a GSTBF may be utilised,
         provided that the Bank has agreed thereto and that the Customer (or the
         relevant Additional Party, as the case may be) has executed any
         additional documentation which the Bank may require (failing any such
         requirements, the facility letter and the Bank's usual terms and
         conditions relating to such instrument, shall be applicable).

4.       DERIVATIVE PRODUCTS

4.1      The maximum aggregate amount of the value (or nominal value, as the
         case may be) of alt contracts which may be concluded under each
         derivative product shall not exceed the maximum aggregate limit
         recorded for each product in the offer letter.

4.2      It is recorded that to the extent such an - agreement has not already
         been concluded, the Bank and the Customer and any Additional Parties
         allowed to utilise the derivative products, intend negotiating the
         terms of a master agreement which is to be entered into between them in
         due course in relation to the derivative products. Such agreement will
         comprise the 1992 ISDA Master Agreement (Multicurrency Cross Border) as
         published by the International Swaps and Derivatives Association
         CISDA"), the schedule to be attached thereto, and any addenda which.
         may be attached, (collectively 'the Master Agreement'). Until such time
         as the said parties have finally agreed to the terms to be inserted in
         the aforesaid schedule and prior to the Master Agreement

         Parties who sign the facility letter, agree to be bound by and that the
         derivative products shall be subject to the Master Agreement, excluding
         addenda but including a schedule which shall be deemed to contain the
         following terms only:

4.2.1    for purposes of "Payments on Early Termination" under section 6(e) of
         the Master Agreement "Market Quotation" and "the Second Method", will
         apply;

4.2.2    the addresses referred to in clause to in clause 12(a) of the Master
         Agreement shall be:

4.2.2.1      in respect of the Bank:
             Attention : Legal Manager, Risk Management
             Division, Treasury Operations
             Standard Bank Centre
             Entrance 2
             3rd Floor
             3 Simmonds Street
             Johannesburg
             2001
             Telephone No. (011) 636-9773
             Fax No. (011) 636-1792

4.2.2.2  in respect of the Customer and the Additional Parties, the addresses
         set out under their acceptance of this facility letter;

4.2.3    the Governing Law in terms of clause 13(a) of the Master Agreement is
         South African Law;

4.2.4    the "Termination Currency" referred to in clause 14 of the Master
         Agreement means South African Rands.

         The Master Agreement and any confirmations issued in terms thereof
         shall, in the case only of the derivative products, prevail over the
         terms of the facility letter to the extent that a conflict exists
         between the two.

5.       GUARANTEES AND LETTER OF CREDIT FACILITIES

5.1      The aggregate amount of any and all guarantees and letters of credit
         issued by the Bank under guarantee and letter of credit facilities
         respectively shall at no time exceed the maximum aggregate limits for
         the respective facilities.

5.2      The rate of commission applicable to each guarantee/letter of credit
         issued shall be agreed upon at the time the request to issue a
         guarantee is made, or alternately, in the absence of such agreement,
         the Bank's usual rates of commission shall apply and shall be paid on
         demand by the customer.

5.3      Guarantees and letter of credit will only be issued by the Bank under
         the guarantee facility/letter of credit facility (as the case may be)
         in formats which are approved of by the Bank and upon the signature on
         behalf of the Customer (or the relevant additional party, as the case
         may be) of the Bank's usual form of application for the issue of a
         guarantee/letter of credit.

6.       BUSINESS MASTER CARD / CHEQUES MARKED / ELECTRONIC BANKING FACILITIES /
         STANNIC/TERM LOAN / PREFERENCE SHARE FACILITY / STRUCTURED FINANCE
         FACILITY / ANY FACILITY NOT SPECIFICALLY REFERRED TO IN THIS ANNEXURE
         AND WHICH IS OFFERED BY THE BANK TO THE CUSTOMER NO OR IN THE FUTURE

         Utilisation of the above facilities is subject to the Bank's usual
         terms and conditions pertaining thereto or, if so required by the Bank,
         to the Customer (or such Additional Parties, as the Bank may require)
         having accepted the Bank's or other entity's separate terms and
         conditions pertaining to the facility in question.

                                     ------

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                                                                              15

                         DURBAN ROODEPOORT DEEP, LIMITED
                                 ("the Company")

                  EXTRACT FROM A RESOLUTION OF THE DIRECTORS OF
                         DURBAN ROODEPOORT DEEP, LIMITED
                            PASSED ON 7 OCTOBER 2002

RESOLVED

1.       THAT the Company accepts banking facilities offered to it by The
         Standard Bank of South Africa Limited ("the Bank") as set out in the
         Bank's letter dated 7 October 2002 and which has been laid before and
         approved by this meeting. (Annexure A); and

2.       THAT Mr I.L. Murray, in his capacity as chief financial officer of the
         Company be and he is hereby authorised and empowered to accept on
         behalf of the Company the terms and conditions of the above facilities.

IT IS CERTIFIED THAT:

The borrowings contemplated in the facilities letter are within the borrowing
powers of the Company and its directors;

The proceeds of the facilities will be utilised for purposes falling within the
capacity of the Company; and

The specimen signature of the authorised signatory in terms of the above
resolutions is as follows:

(Signed)
I L MURRAY
CERTIFIED A TRUE COPY

                                                             7 - 10 - 2002
-----------------------                                      -------------
COMPANY SECRETARY                                            DATE

[LAST SIGNED 7 OCTOBER 2002]

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