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Friday, 10th June 2005 (3703 views)

Australian gold miner, Emperor Mines has unveiled a A$15 million plan to <br/>return its troubled Fiji gold mine to profitability<br/><br/>The company previously reported problems at the Vatukoula mine, including <br/>long delays in shaft deepening, poor vehicle availability, lower mining <br/>grades, high employee absence, flooding, high fuel prices and equipment <br/>failure.<br/><br/>Managing Director Mark Wellesley-Wood announced the new 12 month plan to <br/>improve the mine's efficiency and said that the project would require A$15 <br/>million capital expenditure but hopes to cut annual operating costs by A$10 <br/>million.<br/><br/>Speaking of the Fijian mine's previously uncertain fate, Mr Wellesley-Wood <br/>said: "I think Emperor could have quite a proud position as a Pacific Rim <br/>consolidator, it probably makes sense."<br/><br/>The plan involves speeding mine development, addressing the impact of high <br/>fuel costs and restructuring work practices.<br/><br/>The company forecasts financial year 2006 production of about 650,000 tonnes <br/>of ore at an average grade of eight grams per tonne of gold, delivering <br/>145,000 ounces.<br/><br/>Emperor is 45.33 per cent owned by South Africa's Durban Roodepoort Deep <br/>Ltd., with Netherlands-based Arduina Holdings BV having a 14.99 per cent <br/>stake, according to Emperor's website.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8712926"/>

 

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