Home Business PM OPENS GOLD RIDGE MINING OPERATION

PM OPENS GOLD RIDGE MINING OPERATION

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Group photo after the speeches ceremony. In front at the center was PM Sogavare and Mr Gao Mingqing of Wanguo International Mining Group who owns the majority shares of Goldridge Mining Limited..jpg
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The Democratic Coalition Government for Advancement (DCGA) under the leadership of Prime Minister Manasseh Sogavare is proud to finally realize one of its flagship policies, the reopening of the Goldridge mine.

In the opening ceremony of the mine today, Prime Minister Sogavare took to the podium to emphasize that with the reopening of the mine, it will help in the recovery of the national economy.

Addressing guests at an official program at the mine site this morning, Prime Minister Sogavare stated, gold export from the mining operation should fetch much needed revenue for the country.

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“That said, the investments that has already been injected into this project is deeply appreciated. I note the employment and training opportunities for the locals that are currently employed here, not to mention technological information transfer. That in itself is an investment in our human resources. I must acknowledge the contribution that the Gold Ridge Mining Limited has done in improving infrastructures such as, roads, bridges, schools and clinics.”

The Prime Minister said, the re-opening of Gold Ridge Mine has always been a priority for successive governments since the operation was halted in 2014. The marking of the commencement of operation today speaks of the level of commitment by the Cabinet sub-committee and the different partner involved overcoming the challenges encountered- including the cancellation of the previous mining lease.

Prime Minister Sogavare recognise and acknowledge the GCIL and its partner AXF Group for re-starting Gold Ridge despite challenges faced including COVID 19…. “but I must say that the resilience and determination demonstrated by all parties is truly admirable. We will not be standing here today if it was not for your resilience and determination.”

In Economic projection terms, according to 2018 FS, Gold Ridge epithermal gold deposit is estimated to contain 1.434 million ounces of gold. The new method used, enables concentrate production. This utilizes low-grade deposit, which in previous operations was not done. The benefit is that there will be more gold pour out of this new mining method.

Gold Ridge Mining Limited has been assured of the government’s continued support.

“Up to now, GRML has received more than $90 million in exemptions and under the Tax Memorandum of Understanding signed in 13 July 2021, it will continue to receive exemptions on the list of items under that MoU,” the Prime Minister assured.

The Prime Minister believes, political stability in the government is a very important factor in timely delivery of major investments and projects. Progress will be hampered minus political instability.

“I must thank all ministers and Members of Parliament in the Democratic Coalition Government for Advancement for your support, unity and commitment to our beloved country. Let us continue to provide political stability to instil confidence in our investors. We must all work together for a better, safe and secure future for our children and country.”

The Prime Minister reiterated the need for all parties to work together. GRML, the government and landowners must never stop working together even in the face of disagreements.

A satisfied PM Sogavare said, seeing one of the government’s main flagship policy achieved is very fulfilling. The government looks forward to building on current relationship with GRML.

Ends///.

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