Monday, 29th November 2004 (3031 views)

The only gold mine on the Solomon Islands is set to be bought back into production by an Australian based group.

According to AAP, the mine abandoned in 2000, could even be up and running within the next 18 months.

Situated 40 kilometres from the capital, the Gold Ridge open pit mine is thought to still contain around 2.3 million ounces of gold.

According to one company, which has a stake in the Solomons Gold consortium, the islands' government and Gold Ridge landowners are all in support of current plans to reopen the site.

Whilst still in operation, operators at the mine claimed it had the potential to provide over 30 per cent of the islands' gross domestic product over the next ten years.

Up to $90 million will be spent by the new buyer on acquiring the mine from American Home Assurance and redeveloping it.

 

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