10/09/07: Emperor Mines announces sale of Tolukuma Mine - Monday 10th September 2007
Australian gold mining company Emperor Mines announced today (September 10th) that it would sell its majority stake in Papua New Guinea's Tolukuma Mine.
The mine has been in use since 1995, having seen completion of a series of successful reserve extensions since. With annual production at around 80,000 ounces per year, and containing over 8,000 square kilometres of exploration tenements, Emperor Mines assured prospective investors of the value of the site.
Chief executive of the mining company, Brad Gordon, said that "Emperor has made good progress in upgrading outdated mining and processing infrastructure at Tolukuma that is essential to increasing mine output".
The company added that sale of the asset was intended to provide more management focus and resource capacity for the implementation of its latest growth strategies.
Emperor Mines is an Australian-listed subsidiary company of South African gold producing firm DRD Gold, the parent company holding a 79 per cent stake and passing the Tolukuma mine to Emperor in early 2006.
Investors looking into the Papua New Guinea mine may be discouraged by disturbances in the country's gold mining trade over recent weeks.
A week-long strike at the Lihir Mine was last week reported to have reduced half-year yield by as much as 17,000 ounces, as workers demanded better conditions and pay for local workers.
The mine has been in use since 1995, having seen completion of a series of successful reserve extensions since. With annual production at around 80,000 ounces per year, and containing over 8,000 square kilometres of exploration tenements, Emperor Mines assured prospective investors of the value of the site.
Chief executive of the mining company, Brad Gordon, said that "Emperor has made good progress in upgrading outdated mining and processing infrastructure at Tolukuma that is essential to increasing mine output".
The company added that sale of the asset was intended to provide more management focus and resource capacity for the implementation of its latest growth strategies.
Emperor Mines is an Australian-listed subsidiary company of South African gold producing firm DRD Gold, the parent company holding a 79 per cent stake and passing the Tolukuma mine to Emperor in early 2006.
Investors looking into the Papua New Guinea mine may be discouraged by disturbances in the country's gold mining trade over recent weeks.
A week-long strike at the Lihir Mine was last week reported to have reduced half-year yield by as much as 17,000 ounces, as workers demanded better conditions and pay for local workers.
Goldbug, 10 Sep '07
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