18 Nov 2005

Fiji's Emperor Mines seeks share in PNG gold mine

9:41 am on 18 November 2005

Emperor Mines Limited, owner of Fiji's Vatukoula gold mine, has announced its intention to buy two gold projects in Papua New Guinea, making it one of the region's biggest gold mining companies.

The Fiji Times reports that the transaction will require Emperor's shareholders to approve a proposal to buy a 20 per cent share of the Porgera Gold Mine - recognised as on of the most profitable gold mines in the world - and 100 per cent of the Tolukuma Gold Mine in PNG.

If approved, the transaction will make Emperor the third largest gold mining company listed on the Australian Stock Exchange, producing nearly 375,000 ounces of gold a year from the three mines.

Both PNG mines are owned by DRDGold Limited, Emperor's largest shareholder with over 45 per cent shares in the company.