Pangea Gold Mining Company Invests in Vatukoula
Tavua. Pangea Gold Capital Ltd reprocesses tailings containing gold accumulated from years of previous mining at Vatukoula.
The Pangea Fiji branch also manages the mineral retreatment plant on the surface of Vatukoula Gold Mine.
Growing strong
For Pangea to grow, it requires them to develop their infrastructure and technology that finds more ores but enables extraction and processing in ways that are less disruptive to the environment. This Chinese company is investing millions of dollars developing the Vatukoula Gold Mines projects. They not only bring investment but they also bring the expertise and create local employment.
In its tailings process, the company uses the carbon-in-pulp (CIP) method that is the continuous processes of gold recovery by adsorption on activated carbon in agitated tanks. So far the company has been able to ship more than two shipments to Australia via Vatukoula Gold Mines Ltd.
There are about 96 staff in the Pangea Fiji branch, 20 being Chinese nationals with 73 locals currently employed at the mines. As part of the company’s expansion plan, Pangea Fiji branch had recently advertised for 23 administration and technical job vacancies.
Since the inception of Pangea at Vatukoula, quite a number of skilled tradesmen were brought in from China as they possessed skill and expertise to commence the multi-million dollar project. Of course they were able to transfer some skills to the locals.
The private entity has invested heavily in its capital infrastructure development within the domains of Vatukoula Gold Mines. Vatukoula Gold Mines is benefitting right now from the hike in gold prices.
Vatukoula Mine is more than 84-years-old and over the years the mine has seen the easiest part of its gold extracted.
Vatukoula Gold Mines is digging deeper underground to get the much-needed ore for gold extraction. That is costly.
Mining is an investment intense activity.
As Minister for Lands and Mineral Resources, Jone Usamate said investors in this industry are looking for big returns on their investment.
Hence, investors are increasingly rethinking where they can deploy capital.
With Pangea they are consistently looking at ways to use capital in terms of environmental, social, and governance measures.
With a resilient industry like mining, it currently employs people throughout the year and stimulates the economy, even in light of the COVID-19 pandemic.
Two new Pangea projects are visible at Vatukoula are:
which
■The construction of a new tailings dam at a cost of $10 million.
■The construction of a new Carbon in Pulp plant at a cost of $12 million.
This plant would be used to extract gold from tailings from the mines and is still under construction.
In the future, with maturity, these companies will be able to see the benefits of their collaboration as gold stay high.