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Chinese firm gives promised funding to Fiji’s Vatukoula Gold Mine

Staff Reporter | 5:38 AM | |||
Radio New Zealand

The Fiji company Vatukoula Gold Mines PLC has received the first quarter of a 40 million US dollar funding package from the Chinese firm Zhongrun International Mining Company Limited.

The Fiji Sun newspaper reports that the first investment of 10 million dollars is expected to allow the company to optimise its operations and increase production in the medium term.

The funding by Zhongrun is part of a long-term strategy to reposition Vatukoula Gold Mine and to assist the mine in achieving its long-term production targets of in excess of 100,000 ounces per annum.

The next 10 million of equity is anticipated to be completed by the end of the month and the remaining 20 million will be completed by the end of January.