Multi-billion dollar gold find in Fiji

By MICHAEL FIELD - Stuff
Last updated 15:15 25/01/2010
Gold
FIND: Details of a major gold find in Fiji are expected to be revealed overnight

Relevant offers

Fiji's only gold producer is expected to announce tonight it has found new "world class size" gold deposits.

The London AIM listed Vatukoula Gold Mines PLC (VGM) said it would announce the find when trading began Monday.

A preliminary resource estimate published last week suggested the find holds US$3 billion (NZ$4.2 billion) worth of gold.

The Vatukoula mine is the middle of Fiji's main island of Viti Levu.

Operating since 1934 it was closed in December 2006 - the day of Commodore Voreqe Bainimarama's military coup - with South African headquartered owners Emperor Mines Ltd saying it was uneconomic.

Most of mine staff were laid off and it went through several new owners until taken over by VGM whose major owners are Canadian Zinc Corporation and Sprott Assett Management Inc.

VGM's share price has recently soared on speculation of a major gold find.

Ad Feedback
IRD - Narrow 1 - 1

How you can get help

Inland Revenue is running Budget Tax Change Seminars especially for businesses throughout New Zealand over the next few months. There are some particularly for small & medium businesses, and for Maori & ethnic businesses.

IRD - Narrow 1 - 4

There are limited spaces so get in quick.

more
Special offers
Opinion poll

Are you happy with your bank?

Yes

No

I keep my money under the bed

Vote Result

Related story: Customers growing happier with banks

Featured Promotions

Sponsored Content