Emperor confirms horror 2006

EMBATTLED Pacific gold producer Emperor Mines has released its half-year report with no surprises, posting a net loss after tax for the period of more than $A216 million.

Emperor Mines Limited is a gold producer focused on the Australasian and Pacific Rim region. Emperor owns interests in 3 gold mines: 20% of the Porgera Joint Venture, one of the world's largest gold mines, 100% of the Vatukoula Gold Mine at Fiji and 100% of the Tolukuma Gold Mine in PNG.

Emperor sells Vatukoula

Thursday, 15 March 2007
Chris Cann

TROUBLED Aussie junior Emperor Mines will be free to concentrate on its mooted restructure and PNG operations once a deal to rid itself of the recently mothballed Vatukoula mine in Fiji is signed later today.

Emperor director of corporate communications Patrick Bindon told PNGIndustryNews.net from Fiji that the deal was 95% complete and an official statement would be released when all parties had signed the relevant paperwork.

He said the interim Fiji Cabinet endorsed the mine sale on Tuesday, with news of the approval leaked to the local media and reported today.

The buyer was reported to be private Australian company Westech International, according to the Fiji Times.

Bindon said Westech would receive the Vatukoula asset in return for taking on all associated obligations and liabilities.

He said Emperor was very happy with the transaction.

"This is all about drawing a line under Fiji and getting on with the restructure in PNG," Bindon said.

The Emperor board was due to meet in Johannesburg when business hours commence today, when a decision on the restructure would "hopefully" be reached.

Westech technical director Brian Wesson said the company expected to recall about 900 of the 1700 previously employed Vatukoula workforce for a targeted underground operation.

Shares in Emperor had put on almost 5% or 0.4c to 9c just before midday today.