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Friday, 12th March 2004 (4503 views)

The takeover of Fiji's largest gold mine will see a rise in production to meet the global demand for gold, according to the firm bidding for its rights.<BR/><BR/>South African firm Durban Roodepoort Deep, which is embarking on a $135 million takeover of the Vatukoula mine, says a takeover would boost productivity.<BR/><BR/>The company has made an offer for the operator of the mine, Australian-registered Emperor Gold Mine (EGM), and expects the buyout would improve work at the facility.<BR/><BR/>IDRD chief executive Ian Murray told AFP: "We have five mines in South Africa and two in Papua New Guinea and through this merger we believe the employees as well as the company could learn more about the industry." <BR/><BR/>EGM managing director Greg Starr said that the Vatukoula mine was already in the middle of a major $50 million expansion programme, with the total output of gold set to rise.

 

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