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Gold/Mining/Energy : Precious and Base Metal Investing

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To: russwinter who started this subject	3/7/2004 6:59:54 PM
From: bmccra	of 39344

Durban continues to work towards its intention to grow its production base outside South Africa to 400,000 ounces: Australia's Emperor Receives Bid From Durban Roodepoort Sunday March 7, 5:12 pm ET SYDNEY -(Dow Jones)- Fijian gold miner Emperor Mines Ltd. said Monday it has received a bid from its major shareholder Durban Roodepoort Deep Ltd. (NasdaqSC:DROOY - News) of South Africa. Durban Roodepoort Deep, which has a 19.78% stake in Emperor, said the bid follows talks over the weekend. DRD will offer one share for every five Emperor shares. Based on the closing prices of both stocks on March 5, the offer represents a 32% premium for Emperor shareholders and valued Emperor at A$105 million, which includes A$6 million of net debt. The offer values Emperor at 88 cents a share compared with the last traded price of 67 cents. Emperor shares have traded as high as 88 cents in the last 12 months, with a low of 51 cents. DRD owns 19.78% of Emperor. Emperor chairman Jim Wall said the DRD offer will allow Emperor shareholders to participate in DRD's growth strategy. DRD said it is a A$1.1 billion gold company, with eight mines with reserves of 18 million ounces and more than one million ounces of annual gold production including 385,000 ounces from Australasia. The group sources its gold from South Africa, Papua New Guinea. DRD chief executive Ian Murray said the merger will complete the establishment of a sustainable Australasian base with gold production from Tolukuma and Porgera in PNG and Emperor's Vatukoula mine in Fiji. "These operations offer consistent production, geographical diversification and positive cash flow," Murray said in a statement. The offer is conditional on DRD receiving at least 90% of acceptances and all necessary regulatory approvals. biz.yahoo.com b

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