18 Dec 2002

South African company to buy into Fiji gold mine

11:44 am on 18 December 2002

A major South African mining company has entered into a share purchase agreement to buy 17 per cent of the issued capital of Emporer Mines which operates the Vatukoula gold mine in Fiji.

The Fiji Sun reports the agreement by Durban Roodepoort Deep Limited is subject to South African Reserve Bank approval.

The price payable is 75 Australian cents a share which represents a nine percent premium on the weighted average share price in the previous thirty day trading period.

Emperor's chief executive officer, Greg Start, says there are numerous similarities between the business strategies and management styles of the two companies and the partnership will offer both significant growth opportunities.