The Gold Ridge Mining Limited, GRML, announces the commencement of gold production after three years of extensive preparatory ground works and over SBD$700 million in construction cost and capital expenditures on plant and equipment.
During a courtesy call on Prime Minister Hon. Manasseh Sogavare today, Mr. Mingqing Gao, Chairman of Wnguo Mining International, Chairman of GRML Board and current acting General Manager of GRML said, three years of intensive labor is done, it is time to start producing gold.
“Three years ago, we committed to redevelop the site. Today is about good news. Under your care and support, we are now ready to celebrate gold production,” acting General Manager Gao told Prime Minister Sogavare.
He said, GRML is confident to increase gold production in the coming years. “Our mission is to build Gold ridge to a world class mine.”
GRML thank the government, resource owners especially chiefs… without this partnership, nothing will be achieved.
Prime Minister Sogavare meanwhile congratulate GRML saying this is a wonderful partnership “stay the course.”
PM Sogavare further assure GM Gao of the government’s full support towards this very important partnership.
The Prime Minister adds, Solomon Islands is working on improving its investment laws.
“Early next year, the Special Economic Zone and Land Reform legislations will be brought to Parliament. These should assist investors,” he adds.
GRML hopes to export a minimum of 500kg of gold in each of the remaining months of this year. It anticipates full production in the new year.
Royalties are expected to be paid to the Government, Landowners and Guadalcanal Province. The National Government will also benefit from tax and duty.
GRML company anticipates that at its peak, it expects to generate more than SBD$1.6b.
Additional information from the company confirms, GRML currently employs more than 300 locals and around 80 foreigners mostly for the recommissioning phases. A localization process is also in place.
Gold Ridge Mining is the first gold mine in the country and is currently the biggest mining company in the country.
The Gold Ridge project goes back prior to WW2. First serious mining exploration started in 1939.