Getting Closer To Building A Mine, Says Kalo Gold
Vanua Levu can expect a second gold mine to be built in a few years. It follows revelations that Kalo Gold Exploration had reached progressive levels of its 10 year exploration company at Vatu Aurum project, based outside of Labasa enroute to Udu.
Kalo Gold in-country manager, Michael Nesbitt said it was getting closer everyday to reaching the objective of constructing a mine.
“So the short answer is that we are still a few years away, but getting closer everyday,” Mr Nesbitt said.
The Canadian mineral exploration company only recently listed on the Toronto Stock Exchange’s Venture Exchange.
Mr Nesbitt said the company has paid the Mineral Resources Department a significant sum of money for an annual licence fee over the course of its exploration.
The sum was determined in accordance with the size of the licence area.
“The pace at which a mine can be built depends on a few factors, the most important being the establishment of an economically viable deposit,” Mr Nesbitt said. “That’s what we’re working on right now with our exploration programmes.
“A few other factors that play in are the size of the mine ( a larger mine takes longer to develop), the logistical complexity, regulatory framework and the type of deposit.
“We are situated in a good location, and Fiji has a supportive government and regulatory framework.
In an interview with Metals News last year, Mr Nesbitt said: “I think we’re unlocking a new mineralised region in Fiji that before we came along was largely overlooked.”