Embattled gold producer DRDGold, which has almost completely swung its focus to South Africa, said on Friday that it was a very different company and, for the first time in a long while, could set its eyes on “serious growth options”.

“It's a whole new kettle of fish,” CEO John Sayers said of its restructured balance sheet, speaking at a Johannesburg presentation of the firm’s results for the year ended June 30.

The group now had no debt, with cash and cash equivalents of R947,2-million.

"We are in a position to look at serious growth opportunities, particularly in South Africa," enthused Sayers. "Going forward, we have no dirt and we are liquid."

"Our current ratio has gone to 3,2 from a negative", he said.

"It's a very different DRDGold to what it was a year ago."

Sayers stated that there was "no doubt that our stabilisation strategy at DRDGold South Africa is working".

In the quarter ended June 30, the company boosted gold production in the country by 7%, to 80 505 oz.

Sayers noted that adjustment problems were inevitable, as a result of its strategy change in the country, but there had been a definite improvement in the last couple of months.

DRDGold eyes 400 000 oz from sa in FY '08

In an interview after the presentation, DRDGold South Africa CEO Niel Pretorius said that the group was looking to boost its gold production in the country by one-fifth, to 400 000 oz, in the coming year.

Its production for the past year was 334 000 oz.

Pretorius was hoping that the firm's stabilisation strategy would facilitate this.

It was also increasing production at its Crown Gold Recoveries surface operations, and swinging production to the eastern long-wall at its ERPM underground mine.

During the past few months DRDGold had also signed two joint-venture agreements with surface retreatment firm Mintails to exploit dumps and slimes dams on both the East Rand and West Rand of Johannesburg.

Uranium potential encouraging, but only as 'attractive byproduct'

Sayers noted that DRDGold had "encouraging uranium potential", particularly at its Blyvoor operations, but Pretorius was reluctant to define what the company had, until it had firmed up its resources.

However, he did say that the potential seemed to be better than that which some other producers were getting funding from banks for.

Interestingly, Sayers said that the company could also make about R100-million from selling properties that it did not need, including a golf course, and had appointed a manager to oversee the disposals.

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