Home Business Huge potential in mining sector after $55m export in January

Huge potential in mining sector after $55m export in January

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Gold Ridge site. Photo: ABC
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By Timothy Inifiri Jr.

The Permanent Secretary of the Ministry of Mines, Energy and Rural Electrification (MMERE) Dr Chris Vehe told the media that the potential on the mining sector is on the rise and it can hugely contribute to the economy in the coming years.

This comes after a total of 131,682 grams of Gold dorés  from Gold Ridge with calculated value over USD 6 million (SBD 55 million) were exported in January.

“There’s a lot that we are trying to improve in the mining sector and also the mineral resource ability that we are trying to get through, to really accommodate some of the gaps that we have identified.”

“But I think the potential on the mining sector is on the rise, in the market as well gold prices are going up so we think we can contribute to the economy in the next years to come”, said Vehe.

Last year also saw a net weight of 501.46 tonnes at 33 grams per tonne of gold with calculated of USD $813,748 (over SBD 6 million) were exported in November 2022.

“As our part, we were instructed by the Government to at least try and keep the economy afloat so we were doing our best, maybe not properly as maybe the public have expected but we did what we can”, said the PS.

PS Vehe also highlighted that the Gold Ridge project is now also preparing for next exports, its third and fourth shipment since its commissioning last year.

“Major discoveries were made known, they could go underground and we are continuing to assess the situation”.

“So if they go underground it could be a huge revenue generating potential for the country”, he added.

PS Vehe also highlighted that the Government is also in the process of facilitating exports of nickel from Isabel Province while there are also discoveries made in Choiseul and Western Province also investors interested in Renbel Province.

 

 

 

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