Vietnam-New Zealand JV gets nod to mine gold
A Vietnam-New Zealand mining company obtained a license Thursday to mine for gold in Vietnam’s central Binh Dinh province.
The Binh Dinh New Zealand Gold Company Limited is set to invest US$15 million in developing the Tan Thuan gold mine in Tay Son district.
New Zealand’s KS Mining Limited (KSML) will contribute 45 percent and the Binh Dinh Biotan Minerals Joint Stock Company the rest.
The venture also plans to scale up capital to $100 million if the initial exploration proves successful.
According to experts, the Tan Thuan mine has huge reserve of gold but they undisclosed the proven figures.
KSML New Zealand is a subsidiary of Zedex Mineral Ltd., the largest shareholder in Canada’s Olympus Pacific Minerals, which has a gold mining project in the central province of Quang Nam’s mountainous Phu Ninh district.
Olympus Pacific Minerals has also just teamed up with two local partners, Mineral Development Co. and Quang Nam Mineral JS Co., to build a $45 million gold processing facility in Quang Nam.
Vietnamese gold demand for jewelry and other purposes is estimated at 60 tons this year, 20 percent higher then last year.
Reported by Cao Nguyen – Compiled by Dong Ha
Vietnam-New Zealand JV gets nod to mine gold A Vietnam-New...
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