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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: quasi-geezer who wrote (27124)	12/5/2006 5:43:07 PM
From: RealMuLan	Respond to of 78410

[Looks pretty bad, although in a long run, this is good for DROOY, since they plugged the bleeding hole for good<g>]--Reuters article on drooy--JOHANNESBURG (Reuters) - South Africa's DRDGOLD has closed its Vatukoula mine in Fiji because it was no longer profitable, the firm said on Tuesday. Its Australian-listed unit Emperor Mines Ltd had undertaken a detailed study of the mine before taking the decision, a statement said. "After an extensive three-month review of Vatukoula Mine it had determined that continued mining operations were no longer economically viable and therefore the mine would cease production today," the statement said. DRDGOLD owns 79 percent of Emperor, which has gold mines in Papua New Guinea and Fiji. The fact that the military took power in Fiji on Tuesday in the fourth coup on the South Pacific island in 20 years had nothing to do with the decision to close the mine, DRD spokesman Ilja Graulich said. "The coup is purely coincidental," he said. "You just look at the history of Vakukoula and the announcements and the losses they've been making, I think this is not a surprise. All the other operations in South Africa and offshore are all doing very nicely and this thing was just burning cash." The statement said the Vatukoula mine would be placed on "care and maintenance", under which infrastructure was maintained so that the mine could be reopened in the future. messages.finance.yahoo.com