Any ideas on how this will impact DRD.AX? seems it couldn't hurt too much given the history of this company over the past two years. Methinks if gold breaks 500 decisively it could fly. It has doné well the past two months.
DRDGOLD offshore unit to list in Toronto
Charlotte Mathews
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DRDGOLD is planning to use its 45,3%-held Australian subsidiary, Emperor Mines, as a vehicle to list its Australasian assets separately in Toronto, says a report on industry website miningmx.com.
DRDGOLD has primary listings in Australia and SA, and secondary listings on the Nasdaq, London and Port Moresby stock exchanges. Emperor Mines, which is listed on the Australian Stock Exchange, operates the Vatukoula gold mine in Fiji.
In Papua New Guinea, DRDGOLD also has 100% of Tolukuma and a 20% stake in the Porgera Joint Venture. The Australasian mines produced half of the group’s gold output last year.
According to miningmx.com, DRDGOLD CEO Mark Wellesley-Wood said once the company took its stake in Emperor above 50% through conversion of an outstanding A$10m (about $7,53m) convertible loan, Emperor would make an offer for DRDGOLD’s mines in Fiji and Papua New Guinea.
These proposals were currently being reviewed by regulators, including the Reserve Bank, he told miningmx.com.
DRDGOLD spokesman Ilja Graulich said yesterday that the proposals would see the company split into two entities.
JSE-listed DRDGOLD would have a majority stake in a separately-listed company holding the Australasian assets.
The proposals were similar to those of African Rainbow Minerals, which has said it has filed a preliminary prospectus to list its non-South African assets on the Toronto Stock Exchange, with a secondary listing on the JSE.
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