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AUSTRALIA'S OIL SEARCH SELLS PNG GOLD INTEREST FOR US$78 MLN.
AsiaPulse News, October, 2003
PERTH, Oct 15 Asia Pulse - South Africa's fourth biggest gold miner, Durban Roodepoort Deep Ltd (ASX:DRD), is to buy Oil Search Ltd's 20 per cent stake in the Porgera gold mine in Papua New Guinea for $US73.8 million ($A107.03 million).
Oil Search will get $US52.7 million ($A76.43 million) in cash and $US21.1 million ($A30.6 million) in shares from the sale of the profitable asset it has been seeking to unload so it can focus on oil and gas.
The deal comes two weeks after Durban Roodepoort Deep (DRD) managing director Ian Murray said the company had up to $US100 million to buy an Australasian asset to take its regional production up to 400,000 ounces of gold a year.
DRD produces about 110,000 ounces a year in Australasia via the Tolukuma gold mine...
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