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-->8 March 2004
EMPEROR RECEIVES TAKEOVER OFFER FROM DRD
Following discussions over the weekend in relation to a merger of Emperor Mines Limited
(“Emperor”) (ASX: EMP) and Durban Roodepoort Deep, Limited of South Africa (“DRD”),
Emperor has received notice of an intention from DRD, its major shareholder, to make a scrip
takeover offer for Emperor. DRD has a current market capitalisation of circa US$700 million
and produces around 1 million ounces of gold per annum.
The offer is 1 (one) DRD share for every 5 (five) Emperor shares.
The DRD shares offered will be registered for trading on the Australian Stock Exchange
(“ASX”). Based on DRD’s share price at the close of trade on Friday 5 March 2004, on the
Nasdaq Stock Exchange of US$3.35 per share, the offer implies an offer price of A$0.88 per
Emperor share compared to Emperor’s closing price on ASX of A$0.67 per Emperor share on
the same day.
The offer premium is 32% to Emperor’s closing share price on Friday 5 March 2004 and a
31% premium based on the 30 day volume weighted average closing share prices of both
companies. Emperor notes that the DRD scrip offered under this offer may trade at varying
prices during the period the offer is open, and is likely to be influenced by a number of market
conditions including the prevailing gold price and foreign exchange rates.
Emperor and DRD have enjoyed a close collaborative relationship since DRD joined the
Emperor shareholder register in January 2003, including technical exchanges and joint
initiatives. Two DRD directors sit on Emperor’s board.
Mr Jim Wall, Emperor’s Chairman said:
“DRD has been a supportive shareholder during our capital programme to
optimise production from our Vatukoula operations in Fiji. This offer recognises
the excellent progress that has been made in relation to the production expansion
plan and cost reduction strategies.”
“DRD have been growing in the region, most recently acquiring an interest in the
Porgera gold mine in PNG. Through this offer, Emperor shareholders will have
the opportunity to participate in DRD’s future growth strategy.”

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-->Die Goldproduktion in Südafrika ist nach Angaben der Bergbaukammer dort im vergangenen Jahr um 4,9 Prozent auf rund 375 Tonnen gesunken. Damit lag sie zuletzt um fast zwei Drittel unter dem Niveau des Jahres 1970.(www.taurosweb.de)

damit dürfte es bald wieder aufwärts gehen....