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Emperor to sell mine in Papua New Guinea - are they running away???

September 10 2007 at 10:54 PM
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Are they running away????
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http://economictimes.indiatimes.com/International__Business/Emperor_to_sell_mine_in_Papua_New_Guinea/articleshow/2355056.cms

Emperor to sell mine in Papua New Guinea
10 Sep, 2007, 1500 hrs IST, REUTERS

JOHANNESBURG: Emperor Mines, a unit of South African gold miner DRDGOLD plans to divest the Tolukuma Gold Mine in Papua New Guinea, it said on Monday.

Tolukuma was acquired by Emperor from DRDGOLD in April 2006, together with a 20 per cent stake in the Porgera gold mine, but Emperor now said Tolukuma does not fit with its newly developed strategy for future plans. Gryphon Partners is advising Emperor on the sale process.

Emperor's assets comprise the 100 per cent interest in Tolukuma, an earn-in interest in the Tujuh Bukit gold and copper project in Indonesia and cash resources of some $70 million. Emperor Chief Executive Brad Gordon said he believes the sale of Tolukuma will free up management and other resources to concentrate on the growth strategy he outlined in July.

DRDGOLD, South Africa's fourth largest gold producer, owns 78.72 percent of Emperor.


 
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