A Chinese manganese smelting company will soon carry out exploratory work in Fiji.
China Yunnan Metallurgical Company (CYMCO) will carry out exploration work on on potential manganese deposits in Nasaucoko in the upper-reaches of Navosa on Fiji’s largest island, Viti Levu. The work is expected to cost $5million over the next three years.
The Fijian government has granted a 30-year surface lease to Viti Mining Limited which is exploring in the area. Viti CEO John Sanday said that mining is expected to start next month. Mr Sanday said CYMCO officials were impressed with the manganese ore grade in Fiji during a visit in December. Of CYMCO he said "by the end of the year it will be the biggest manganese smelting company in China and in a couple of years it will be the biggest in the world with an output exceeding one million tonnes of manganese ferroalloy per year," he said.
The manganese ore is expected to be bought by CYMCO at market prices.
Showing posts with label Fiji. Show all posts
Showing posts with label Fiji. Show all posts
Tuesday, February 16, 2010
Tuesday, May 19, 2009
Canadian Zinc Signs Fiji Gold Project Option
Canadian Zinc Corp. said it has entered into an option agreement on the Tuvatu Gold Project in Fiji.
During the option period, Canadian Zinc has agreed to maintain the Tuvatu property in good standing and continue with the current exploration program at an estimated cost of approximately $500 thousand.
Tuvatu is a high grade gold deposit located on the island of Viti Levu, Fiji, in the heart of the Pacific "Rim of Fire" and located approximately 37 kilometres to the southwest of the 11 million ounce Vatukoula gold deposit.
The Tuvatu Gold Project is situated approximately 15 kilometres by road from Nadi International Airport, the main international gateway to Fiji. The Tuvatu project consists of two adjoining Special Prospecting Licences with a total area of approximately 3,265 hectares along with a pending application for a further 7,300 hectares Licence.
Source: RTT News
During the option period, Canadian Zinc has agreed to maintain the Tuvatu property in good standing and continue with the current exploration program at an estimated cost of approximately $500 thousand.
Tuvatu is a high grade gold deposit located on the island of Viti Levu, Fiji, in the heart of the Pacific "Rim of Fire" and located approximately 37 kilometres to the southwest of the 11 million ounce Vatukoula gold deposit.
The Tuvatu Gold Project is situated approximately 15 kilometres by road from Nadi International Airport, the main international gateway to Fiji. The Tuvatu project consists of two adjoining Special Prospecting Licences with a total area of approximately 3,265 hectares along with a pending application for a further 7,300 hectares Licence.
Source: RTT News
Monday, April 20, 2009
Canadian Zinc Takes Stake In Fiji Gold Mine
A Canadian zinc mining company has bought part of Fiji’s Vatukoula Gold Mines.
Toronto-listed Canadian Zinc Corporation announced this week it had entered into a private agreement to acquire 347,669,022 ordinary shares of Vatukoula Gold Mines plc (VGM) for a consideration of around C$455,000 (F$8.3m).
“The shares acquired represent approximately 18.25 percent of the issued shares of VGM,” it said in a statement issued last week.
Canadian Zinc Corporation’s principal focus is its efforts to advance the Prairie Creek Mine, a zinc/lead/silver property located in the Northwest Territories of Canada, towards production.
While indicating the shares were purchased for investment purposes, Canadian Zinc said further purchase to increase shareholding was not ruled out.
The move follows a recent defiance by mining tycoon and 17 percent shareholder Walter Berukoff at the company’s last annual general meeting, where he rejected the board's plan to raise money by issuing 600m new shares.
Berukoff reportedly called for a change of management or the company to be sold to an established mining company.
Comments have been sought from VGM and Canadian Zinc.
VGM is listed on the London Stock Exchange’s Alternate Investment Market, and recently went on a fundraising drive to raise capital equity. In a statement earlier last week, chief executive David Paxton said the company needed up to US$8 million to remove production bottlenecks and enable it to achieve its target.
The Vatukoula Gold Mine has an operational history of over 70 years during which time it is reported to have produced some seven million ounces of gold and over two million ounces of silver from the treatment of around 22,500,000 tonnes of ore.
Paxton announced production for the first quarter this year at 47,571 tonnes of ore mined, a drop from 67, 100 tonnes in the previous quarter. Out of this, a total of 7470 ounces of gold was produced, down from 10, 521 ounces in the previous quarter.
The mine has also concluded negotiations with the Fiji government to remove 25 per cent gross proceeds tax and fuel levy.
Source: Fiji Live
Toronto-listed Canadian Zinc Corporation announced this week it had entered into a private agreement to acquire 347,669,022 ordinary shares of Vatukoula Gold Mines plc (VGM) for a consideration of around C$455,000 (F$8.3m).
“The shares acquired represent approximately 18.25 percent of the issued shares of VGM,” it said in a statement issued last week.
Canadian Zinc Corporation’s principal focus is its efforts to advance the Prairie Creek Mine, a zinc/lead/silver property located in the Northwest Territories of Canada, towards production.
While indicating the shares were purchased for investment purposes, Canadian Zinc said further purchase to increase shareholding was not ruled out.
The move follows a recent defiance by mining tycoon and 17 percent shareholder Walter Berukoff at the company’s last annual general meeting, where he rejected the board's plan to raise money by issuing 600m new shares.
Berukoff reportedly called for a change of management or the company to be sold to an established mining company.
Comments have been sought from VGM and Canadian Zinc.
VGM is listed on the London Stock Exchange’s Alternate Investment Market, and recently went on a fundraising drive to raise capital equity. In a statement earlier last week, chief executive David Paxton said the company needed up to US$8 million to remove production bottlenecks and enable it to achieve its target.
The Vatukoula Gold Mine has an operational history of over 70 years during which time it is reported to have produced some seven million ounces of gold and over two million ounces of silver from the treatment of around 22,500,000 tonnes of ore.
Paxton announced production for the first quarter this year at 47,571 tonnes of ore mined, a drop from 67, 100 tonnes in the previous quarter. Out of this, a total of 7470 ounces of gold was produced, down from 10, 521 ounces in the previous quarter.
The mine has also concluded negotiations with the Fiji government to remove 25 per cent gross proceeds tax and fuel levy.
Source: Fiji Live
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