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Emperor PNG buy lifts stakes

EMPEROR Mines Ltd will pay $315 million to acquire the Papua New Guinea gold assets of DRDGold, making it the third largest gold producer in Australia. Emperor will take over DRD’s 20 per cent stake in the Porgera mine, whole ownership of the Tolukuma mine and all of DRD’s exploration tenements in the region. Emperor will issue $US200 million ($A273.71 million) of scrip and $US30 million ($A41.06 million) in cash, funded from a new debt facility with ANZ. DRD already holds 45.3 per cent of Emperor and will move to 90.5 per cent after the deal and before any equity raising.

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