Friday, 10th June 2005 (2697 views)

Australian gold miner, Emperor Mines has unveiled a A$15 million plan to
return its troubled Fiji gold mine to profitability

The company previously reported problems at the Vatukoula mine, including
long delays in shaft deepening, poor vehicle availability, lower mining
grades, high employee absence, flooding, high fuel prices and equipment
failure.

Managing Director Mark Wellesley-Wood announced the new 12 month plan to
improve the mine's efficiency and said that the project would require A$15
million capital expenditure but hopes to cut annual operating costs by A$10
million.

Speaking of the Fijian mine's previously uncertain fate, Mr Wellesley-Wood
said: "I think Emperor could have quite a proud position as a Pacific Rim
consolidator, it probably makes sense."

The plan involves speeding mine development, addressing the impact of high
fuel costs and restructuring work practices.

The company forecasts financial year 2006 production of about 650,000 tonnes
of ore at an average grade of eight grams per tonne of gold, delivering
145,000 ounces.

Emperor is 45.33 per cent owned by South Africa's Durban Roodepoort Deep
Ltd., with Netherlands-based Arduina Holdings BV having a 14.99 per cent
stake, according to Emperor's website.

 

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