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Headlines February, 2007 Australasian troubles as Fiji awaits Vatukoula decision
Headlines February, 2007 Australasian troubles as Fiji awaits Vatukoula decision
Australasian troubles as Fiji awaits Vatukoula decision
Wednesday 28th 2007f February, 2007
The operating profits and production levels of gold miner DRD Gold fell towards the end of 2006 which indicates that Australasian mining is still experiencing problems.
Fiji's Vatukoula mine in particular has seen problems since being shut in December 2006 by former owner Emperor Mining Company due to the absenteeism of Fijian miners and the mine's uneconomical status.
Cash operating profit fell for DRD Gold by seven per cent during the fourth quarter of 2006 while the group's revenue was five per cent lower during this quarter compared to the previous one.
The company's chief executive officer, John Sayers, has denied rumours that the firm is trying to sell its gold mine assets in South Africa, including Blyvooruitzicht and its East Rand Proprietary Mines.
However the Fijian interim government is keen to find a new owner for the Vatukoula mine and has confirmed that three companies are already interested because they insist that there is enough potential to keep the mine going as well as the mine being important to the livelihood of locals.
Fiji's Vatukoula mine in particular has seen problems since being shut in December 2006 by former owner Emperor Mining Company due to the absenteeism of Fijian miners and the mine's uneconomical status.
Cash operating profit fell for DRD Gold by seven per cent during the fourth quarter of 2006 while the group's revenue was five per cent lower during this quarter compared to the previous one.
The company's chief executive officer, John Sayers, has denied rumours that the firm is trying to sell its gold mine assets in South Africa, including Blyvooruitzicht and its East Rand Proprietary Mines.
However the Fijian interim government is keen to find a new owner for the Vatukoula mine and has confirmed that three companies are already interested because they insist that there is enough potential to keep the mine going as well as the mine being important to the livelihood of locals.
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