DRDGOLD Ltd. (NYSE:DRD) Q4 2020 Earnings Conference Call - Final Transcript
Sep 01, 2020 • 04:30 am ET
All right. Good morning, everybody, and welcome to our results webcast. Thank you for taking the time to come and listen. It's our first time that we're broadcasting or releasing our results using this medium. So hopefully, it will go okay.
I need to bring to your attention just some number of rules that apply. [Operator Instructions] Either myself or my two colleagues who are joining me on the panel are Riaan Davel, our CFO; and Jaco Schoeman, who's our Head of Operations, they can assist in answering those questions. There's also a handout stab, which you can click on. And then there, you'll see the three documents that accompany this presentation. So you'll be able to also follow the presentation as we go along. We'll be clicking from slide to slide and hopefully, the computer will listen.
So, to get straight into it. Thank you very much. I've introduced the two other panelists, Jaco and Riaan, joining me on the presentation. For us, this has really been a year of contrast. I think anybody will know what I'm talking about when I say that it's been a year of unprecedented challenge, having to deal with something that was really unknown. The extension of impact, very difficult to gauge upfront. A year of great uncertainty as to where the COVID pandemic, and our response to it was going to take both the country and also our business. Businesses were tested like never before when lockdown started and also now with the restart. And I think it was also a time when the values and the priorities of business leaders and leaders generally were tested with a list of priorities of where the health was prioritized above profit. And we saw the manifestation of both the best and the used -- and the worst in the human kind. We saw greed. We saw opportunity, empathy, awareness, care and equal measure, I suppose.
In terms of DRDGOLD, amidst all of these challenges, I think my two colleagues on the panel will agree with me that the employees of DRDGOLD during this time really stepped up, and they came through admirably. We saw wholesale [Phonetic] buy-in in terms of the health protocols that we implemented and the de-densification procedures that we implemented, keeping -- staying safe was high on the priority of every single employee when we restarted operations initially with between 30% and 50% of total staff. We relied exclusively on volunteers in the first few weeks, and we were oversubscribed, so to speak. We had more volunteers than we had positions at the time. Obviously, because of the performance of the business, we were in a position to pay all of our employees their basic salaries during this time, but we were very encouraged with the response from our entire staff.
In addition to that, our operating model is such that it showed itself to be resilient and flexible, which meant that we could get back into business quite quickly. The features