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                                                                    EXHIBIT 4.46

                          AGREEMENT OF LOAN AND PLEDGE

                                     between

                         DURBAN ROODEPOORT DEEP, LIMITED
                                ("the Creditor")

                                       and

                       EAST RAND PROPRIETARY MINES LIMITED
                                 ("the Pledgor")

INTRODUCTION

1.   Pursuant to an agreement between CROWN GOLD RECOVERIES (PROPRIETARY)
     LIMITED ("Crown") and the Pledgor signed on 5 September 2002 providing for
     the acquisition by Crown of the Pledgor company ("the acquisition
     agreement"), the Creditor is about to lend and advance to the Pledgor a
     working capital facility of R10 million (TEN MILLION BAND) against the
     security of the pledge by the Pledgor of certain movable assets. In the
     acquisition agreement such pledge is to be effected by separate agreement
     and perfected prior to any of this sum being advanced. This agreement
     constitutes the separate agreement contemplated.

NOW THEREFORE THE PARTIES AGREE AS FOLLOWS:

2.   As a continuing covering security for the aforesaid loan together with all
     interest to accrue thereon, as well as for all and arty other amounts which
     may in future be loaned by the Creditor to the Pledgor, the Pledgor hereby
     pledges to the Creditor the movable assets ("the Securities") listed and/or
     described in the schedule annexed hereto and initialled by the parties for
     the purposes of identification.

3.   In order to perfect the pledge, the Pledgor shall simultaneously with the
     signing hereof deliver the Securities to the Creditor, whose duty appointed
     agent for this purpose is Crown. In terms of the acquisition agreement
     Crown shall on 9 September

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     2002 assume full management control of the operations of the Pledgor. Crown
     shall thereby take possession of all the Pledgor's assets including the
     Securities, and in doing so, it takes possession of the Securities on
     behalf of and as agent for the Creditor.

4.   The Creditor shall be entitled but not obliged to remove the Securities
     from the premises of the Pledgor at any time this pledge is in force. The
     Creditor may in its discretion leave the Securities at any premises of the
     Pledgor, where it will be and remain, or be deemed to be and remain in the
     possession and under the control of Crown. For this purpose the Pledgor's
     personnel are deemed to be under the control of Crown, and are deemed to
     act as agents of the Creditor.

5.   The Pledgor may from time to time, subject to the prior written approval of
     the Creditor, add to or substitute for the Securities such other securities
     as the Pledgor may have available.

6.   If the value of the Securities ceases to provide a margin of security
     satisfactory to the Creditor, the Pledgor shall provide to the Creditor, on
     demand, additional security to the satisfaction of the Creditor.

7.   The Pledgor warrants to the Creditor (and this agreement is based thereon)
     that:

7.1       it is the beneficial owner and lawful possessor of the Securities;

7.2       the Securities are not subject to any encumbrance and may be pledged
          and delivered by the Pledgor without any limitation;

7.3       no right of pre-emotion or option exists or will exist in respect of
          the Securities for so long as this agreement is in force between the
          parties.

7.4       The Securities do not constitute the major portion of the Pledgor's
          undertaking, and that if they do, then the signatory hereto on behalf
          of the Pledgor shall procure that a shareholders' resolution of the
          Pledgor in general meeting shall be passed ratifying and adopting this
          agreement.

8.   The Pledgor shall bear and pay all costs of and incidental to the holding
     of the Securities including but not limited to, the holding, storage,
     transportation and insurance thereof and the maintenance of the Securities
     in good order and repair.

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                                                                          Page 3

     Any amounts expended by the Creditor in that regard shall be added to the
     amounts owing by the Pledgor to the Creditor and shall bear interest at the
     Prime Rate.

9.   The security provided in terms hereof shall constitute a continuing
     covering security notwithstanding:

9.1       any fluctuation in or temporary extinction of the amount of the
          Pledgor's indebtedness to the Creditor;

9.2       any variation or amendment to any agreement or other undertaking for
          the time being in existence between the Pledgor, the Creditor and/or
          any other person;

9.3       any indulgence shown or given by the Creditor to the Pledgor.

10.  All amounts owing in terms of this agreement together with interest thereon
     shall forthwith become due and payable in the event of the suspensive
     conditions in the acquisition agreement not being fulfilled, or the
     acquisition agreement becoming null and void for any other reason, or
     inchoate or being cancelled or terminated or declared so by the Pledgor or
     the Creditor, in each case for any reason whatsoever.

11.  If the Pledgor breaches any of the terms or conditions of this agreement
     and fails to remedy that breach within 7 (seven) days of despatch of a
     notice calling upon it to do so, the Creditor shall be entitled,
     notwithstanding anything to the contrary contained in any agreement between
     the Pledgor and it, to demand immediate payment of all amounts which the
     Pledgor may then owe to it in terms hereof, together with interest thereon,
     calculated at the Prime Rate, whether or not such amounts are then due,
     without prejudice to any rights which the Creditor may otherwise have as a
     result of that breach.

12.  The Creditor shall be entitled without notice to the Pledgor and without
     first obtaining an order of court to:

12.1      cause all or any of the Securities to be sold either by public auction
          or private treaty, as the Creditor in its sole and absolute discretion
          deems fit; or

12.2      acquire all or any of the Securities (without prejudice to the rights
          of the Creditor to purchase such property at any such sale by public
          auction) at a

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                                                                          Page 4

          price equal to the fair value thereof which, in the absence of
          agreement shall be determined by an expert agreed upon or failing
          agreement, appointed by the chairman of APSA after hearing the
          parties' representations, which experts) shall act as expert(s), and
          not as arbitrators, and their decision shall be final and binding on
          the Pledgor; and/or

12.3      convey valid title In the Securities to any purchaser thereof
          (including the Creditor).

     The Creditor may, in its absolute discretion, apply the net proceeds of
     such sale or the purchase price payable by the Creditor, as the case may
     be, after deducting therefrom all costs and expenses incurred in or about
     the realisation of the Securities and in the exercise by the Creditor of
     its rights in reduction or discharge, as the case may be, of the Pledgor's
     indebtedness to the Creditor. Without prejudice to such other rights as the
     Creditor may have at law, the residue (if any) remaining after the net
     proceeds of such sale or purchase price payable have been applied as
     aforesaid shall be paid to the order of the person legally entitled
     thereto.

THUS DONE AND SIGNED at Johannesburg on this the 16 day of OCTOBER 2002 by the
Creditor in the presence of the undersigned witnesses.

AS WITNESSES

1. /s/ B. Morton

2                                                  /s/ I.L. Murray
                                                   -----------------------------
                                                   DURBAN ROODEPOORT DEEP,
                                                   LIMITED

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                                                                          Page 5

THUS DONE AND SIGNED at Johannesburg by the PLEDGOR  on this 12th day of
SEPTEMBER 2002 in the presence of the undersigned witnesses.

AS WITNESSES

1.

2                                                  /s/ K. Wright
                                                   -----------------------------
                                                   EAST RAND PROPRIETARY MINES
                                                   LIMITED

[LAST SIGNED  SEPTEMBER 2002]

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                                    SCHEDULE

<Table>
<Caption>
                               ASSETS                                           VALUE

<S>                                                                        <C>
A.     THE COMPRESSOR ROOM
       1. 1 X Solzer JHI Compressors                                          1 500 000.00
       2. Winder and existing shaft                                           3 500 000.00
                                                                           R  5 000 000.00

B.     SYMONS CRUSHERS
       1. 2 X 4 Foot Symon's crusher (complete)
       2. 3 X 5 1/2 Symons Crusher (complete)                              R  2 500 000.00

C.     CASON DUMP                                                          R 10 000 000.00

D.     MILL HOUSE
       1. 9 X mill bins (complete with motor and gearbox
       -7     in the Mill House 2 in the Sand Plant                        R  2 700 000.00

       TOTAL                                                               R 25 200 000.00
</Table><Page>

                                                                    EXHIBIT 4.47

                          MANAGEMENT SERVICES AGREEMENT

                                     between

                         DURBAN ROODEPOORT DEEP LIMITED
                        (REGISTRATION NO. 1895/000926/06)
                                     ("DRD")

                                       and

                      KHUMO BATHONG HOLDINGS (PTY) LIMITED
                        (REGISTRATION NO. 1998/007546/07)
                                     ("KBH")

                                       and

                         CROWN GOLD RECOVERIES (PTY) LTD
                         (REGISTRATION NO. 88/05115/07)
                                    ("CROWN")

WHEREAS Crown and DRD entered into a services agreement on 4 May 2000 and wish
to amend the terms and conditions thereof.

AND WHEREAS Crown, DRD and KBH agree to the following new terms and conditions
of the services agreement.

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                                                                          Page 2

1.      DURATION

1.1             This agreement shall commence on 1 July 2002 and endure for an
                initial fixed period of 12 (twelve) months, whereafter it will
                be automatically renewed for further annual periods until
                terminated either:

1.1.1                   by any party on 3 (three) months written notice given
                        prior to the expiry of any annual period;

                        or

1.1.2                   upon the final cessation by Crown of mining and related
                        activities (including, in amplification and not in
                        limitation, reclamation and dump recovery operations and
                        the like, realisation of assets).

1.2             Prior to each annual renewal date, DRD and KBH agree to review
                the specific services and remuneration charges for the following
                year.

2.      NOW THEREFORE IT IS AGREED:

2.1             That DRD and KBH shall provide to Crown the services set out in
                paragraph 3, for which they will be remunerated on the basis of
                this agreement.

2.2             Crown acknowledges that it is aware that DRD acts in the same or
                similar capacity for other companies and agrees that DRD shall
                be entitled to continue to do so and, accordingly, that the
                services will not be available to Crown on an exclusive
                full-time basis.

3.      SPECIFIC SERVICES TO BE RENDERED

        DRD and KBH shall provide Crown with the following specific services:

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<Table>
<Caption>
                DRD                                        KBH
                ---                                        ---
<S>             <C>                                        <C>
3.1             Executive services                         Executive services
                (2 Executives)                             (1 Executive)

3.2             Financial management

3.3             Gold administration and hedging

3.4             Engineering services

3.5             Metallurgical services

3.6                                                        Public relations services

3.7             Mineral resource services

3.8             Critical equipment pool services

3.9             Human resources strategic direction        Human resources strategic
                                                           direction

3.10            Industrial relations, training             Industrial relations, training

3.11            Legal services                             Legal services

3.12            Environmental services

3.13            Payroll administration and consultation

3.14            Contracts and insurance services

3.15            Secretarial services

3.16            Treasury services.
</Table>

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                                                                          Page 4

4.      REMUNERATION CHARGE

4.1             The monthly charge payable by Crown to DRD and KBH for the
                specific services rendered and to be rendered by DRD and KBH to
                Crown in terms of the agreement shall be:

                        R700 000 (seven hundred thousand Rand) per month to DRD
                        R300 000 (three hundred thousand Rand) per month to KBH.

4.2             The charge for each month shall be payable monthly in arrears on
                the last working day of each month. The amounts payable as per
                4.1 are exclusive of VAT.

4.3             Should Crown request DRD or KBH to provide:

4.3.1                   services other than those specifically set out in
                        paragraph 3; or

4.3.2                   services which may fall within the general categories
                        set out in paragraph 3 but which go beyond those
                        required in the ordinary and normal course of Crown's
                        business or are of an extraordinary nature, then the
                        fees payable to DRD or KBH shall be that amount as may
                        be agreed upon between DRD or KBH and Crown when those
                        services are requested.

5.      LIMITATION OF LIABILITY

        Neither DRD nor KBH nor their directors or employees shall be
        responsible for any liability, loss or damage suffered or incurred by
        Crown, its employees, agents, contractors, invitees, guests or any other
        persons whosoever, whether or not such liability, loss or damage is
        caused or incurred through or as a result of any act or omission or the
        negligence of DRD or KBH, their employees or agents, or otherwise
        howsoever, and Crown hereby indemnifies and holds harmless DRD or KBH
        against any claim by any such employee, agent, contractor, invitee,
        guest or other person and all legal costs which may be incurred by or
        awarded against DRD or KBH in respect of or arising out of such claim.

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6.      FORCE MAJEURE

6.1             If either DRD or KBH is rendered unable, wholly or in part, by
                "force majeure" to carry out any obligation under this
                agreement, DRD or KBH shall give prompt notice to Crown of such
                force majeure with full particulars thereof and insofar as known
                the probable extent to which it will be unable to perform or be
                delayed in performing such obligation, whereupon such obligation
                of DRD or KBH shall be suspended so far as it is affected by
                such force majeure during but not longer than the continuance
                thereof. In the event of a substantial and material portion of
                the obligations of DRD or KBH being so suspended for a period
                exceeding 6 (six) months, either party shall be entitled to
                terminate this agreement upon 30 (thirty) days' written notice.

6.2             For the purpose of 6.1, "force majeure" shall mean an act of
                God, strike, lock-out, act of public enemy, war (declared or
                undeclared), blockade, revolution, riot, insurrection, civil
                commotion, lightning, fire, storm, flood, explosion,
                governmental act or restraint, embargo, unavailability of
                equipment or transport and other cause whether of a kind
                specifically set out above or otherwise, which is not reasonably
                within the control of DRD or KBH and whether of a temporary or
                permanent nature.

7.      ARBITRATION

7.1             Any dispute arising out of this Agreement or the interpretation
                thereof, both while in force and after its termination, shall be
                submitted to and determined by arbitration. Any party may demand
                arbitration by notice in writing to the other parties. Such
                arbitration shall be held in Johannesburg unless otherwise
                agreed to in writing and shall be held in summary manner with a
                view to it being completed as soon as possible.

7.2             There shall be 1 (one) arbitrator who shall be, where the
                question and issue is:

7.2.1                   primarily an accounting matter, an independent chartered
                        accountant of 10 (ten) years standing;

7.2.2                   primarily a legal matter, a practising Senior Counsel;
                        or

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7.2.3                   primarily a technical matter, a suitably qualified
                        person.

7.3             The appointment of the arbitrator shall be agreed upon between
                the parties in writing but, failing agreement between them,
                within a period of 14 (fourteen) days after the arbitration has
                been demanded in terms of clause 7.1, any party shall be
                entitled to request the President for the time being of the Law
                Society of the Northern Provinces to make the appointment and,
                in making his appointment, to have regard to the nature of the
                dispute.

7.4             The arbitrator shall have the powers conferred upon an
                arbitrator under the Arbitration Act, 1965 (as amended) but
                shall not be obliged to follow the procedures prescribed in that
                Act and shall be entitled to decide on such procedures as he may
                consider desirable for the speedy determination of the dispute,
                and in particular, he shall have the sole and absolute
                discretion to determine whether and to what extent it shall be
                necessary to file pleadings, make discovery of documents or hear
                oral evidence.

7.5             the decision of the arbitrator shall be final and binding on the
                parties and may be made an order of any court of competent
                jurisdiction. The parties hereby submit themselves to the
                non-exclusive jurisdiction of the Witwatersrand Local Division
                of the High Court of South Africa, or any successor thereto,
                should any Party wish to make the arbitrator's decision an order
                of that Court.

8.      DOMICILIA

        The parties choose as their respective DOMICILIA CITANDI ET EXECUTANDI
        for all purposes connected with this agreement, the following addresses,
        namely:

8.1             DRD:    Physical Address:   DRD Building
                                            45 Empire Road
                                            Parktown
                                            Johannesburg

                        Postal Address:     P O Box 390
                                            Maraisburg, 1700

                        Fax no:             482-1022

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8.2             KBH:    Physical Address:   ERPM Main Office
                                            Corner Main Reef and Pretoria Roads
                                            Boksburg

                        Postal Address:     P O Box 11200
                                            Rynfield
                                            Benoni 1514

                        Fax no:             917-2542

8.3             Crown:  Physical Address:   Off Crownwood Road
                                            Crown Mines

                        Postal Address:     Private Bag X9
                                            Crown Mines 2025

                        Fax no:             835-2922

9.      CONFIDENTIALITY

9.1             No party shall make any announcement or statement regarding this
                agreement or its content without first having obtained the
                others' approval and prior written consent to such announcement
                or statement and its terms.

9.2             The provisions of 9.1 shall not apply in respect of any
                announcement or statement which any of the parties is legally
                obliged to make by virtue of its shares being listed on either
                the JSE Securities Exchange, South Africa or any other exchange,
                provided that the party concerned shall consult with the other
                parties prior to making any announcement or statement
                contemplated in this clause 9.2.

9.3             No party to this agreement shall disclose the contents of this
                agreement to any person other than its bankers and to those of
                its employees who need to have such knowledge for the proper
                performance of their duties.

SIGNED at Johannesburg on this 30th day of August 2002.

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                                    For:  DURBAN ROODEPOORT DEEP, LIMITED

                                          /s/ Mark Wellesley-Wood
                                          --------------------------------------
                                          Director

SIGNED at Johannesburg on this 1st day of October 2002.

                                    For:  KHUMO BATHONG HOLDINGS (PTY) LIMITED

                                          /s/ M.P.M. Ncholo
                                          --------------------------------------
                                          Director

SIGNED at Johannesburg on this the 26th day of September 2002.

                                    For:  CROWN GOLD RECOVERIES (PTY) LTD

                                          /s/ M.P. Ncholo
                                          --------------------------------------
                                          Director

[LAST SIGNED ON 1 OCTOBER 2002]

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