I think the worst (barring some unseen sovereign risk factor) is...

I think the worst (barring some unseen sovereign risk factor) is behind EMP:

- the upgrade and expansion at EMP's 100% owned Vatukoula mine is well underway. For years this mine has been a "profitablity problem" for EMP. With the $US14.7m loan from the ANZ, the "phase two" expansion and upgrade will increase mine ouput to the mill capacity of 800,000 tonnes within 3 years. During this time gold production is expected to increase some 35% to 180,000 oz p/a.

In other words, new life will be breathed into the old Vatukoula mine as the effects of the current recaptalisation become manifest.

The large South African miner, DRD has increased its pressence on EMP's share register and now owns 17.6% of the stock.

If you believe, as I do, that the bull market in gold has years to run .... them EMP is a stock with the "legs" to run the distance and return a substantial capital gain to long term holders.