Friday, 30th March 2007 (2450 views)

Emperor Mines Limited has confirmed it has sold off the Vatukoula mine to Westech Gold.

The announcement came following the finalisation of the transfer of ownership, with 100 per cent of the shares now with the new buyer after parent company Durban Roodeport Deep – which holds a 78 per cent share in Emperor – agreed the deal.

All assets and liabilities of the Emperor Fijian operations are now under the auspices of Westech Gold.

Emperor Mines chief executive, Brad Gordon, said the firm was pleased to have completed the deal which he said would help with cashflow problems.

"Our team will now focus solely on the restructuring process, with a further announcement on the group restructure due in the coming days," he commented.

Emperor said the costs of care and maintenance at Vatukoula had proved difficult to combat, with the firm set to concentrate on other activities.

 

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