DRD seeks to boosts local holding

Durban Roodepoort Deep (DRD), which boosted gold production to 170,623 ounces in the June quarter, is pressing ahead with a capital upgrade to expand in South Africa and Australia.

Beside launching a bid to acquire the balance of the shares in Hargraves Resources, DRD is examining synergies with neighbouring operations which could be developed on a joint venture basis.

DRD CEO Mike Prinsloo said the aim was to secure and maintain gold production at current levels and further reduce unit operating costs while establishing a sound base for global growth.