$60m gold investment
23 December, 2014, 12:00 am
CANADIAN company Lion Metal One Ltd says it will invest up to $60million once its application for a mining licence is approved.
Site manager and project geologist Sevanaia Bulu said so far discussions looked positive.
The company hopes to extract about a million ounces of gold from the Tuvatu Gold Mine in the hills of Sabeto, having conducted exploration works over the past six years, and in the process investing about $20m.
“We hope to start next year but we are still waiting on our mining licence to be approved from the Mineral Resources Department.
Acting Commissioner Western Luke Moroivalu said the project would generate employment for neighbouring villages.
“I think these types of projects will bring about a lot of income for neighbouring communities,” Mr Moroivalu said.
“These come in the form of lease payments, of jobs and in time people will be earning money and improving their livelihoods.”
Tuvatu Gold Mine field geologist Waisale Kuruisaravai said the company was looking at extracting minerals in other parts of the country.
“We also have projects in other areas as well, one in Nasau and the other in Vanua Levu.”