Debt-free Emperor has buffer cash of
over A$125m

PEMPEROR is debt free and has free cash in excess of A$125 million (K346 million) after the sale of its 20% interest in the Porgera Joint Venture to Barrick Gold Corp was completed last Aug 17.
Emperor announced on the Australian Stock Exchange (ASX) it had later retired all its debt facilities, leaving the company debt and hedge free.
Subsequent to the completion of the capital return (A$0.05 per share distributed last Sept 3), the company had cash on hand in excess of A$70 million (K194 million).
Emperor also announced its intention to divest the Tolukuma gold mine as it did not fit with Emperor’s “newly-developed plans”.
Accordingly, the company had initiated a divestment process for the mine and a portfolio of associated exploration tenements.
Emperor mines chief executive Brad Gordon said he believed the sale of Tolukuma would free up management and other resources to concentrate on implementing the growth strategy outlined last July.