- Gov’t allows export of gold concentrates even though GRML do not produce gold bar
- Goldridge has low average of 1.1 or 1.2 grams per tonne
Gold Ridge Mining Limited (GRML) has exported a net weight of 501.46 tonnes at 33 grams per tonne of gold, valued at more than 6 million last year but not in a form of gold bars.
This was confirmed by Dr Chris Vehe, Permanent Secretary for the Ministry of Energy and Rural Electrification, during a press conference last Friday.
He said based on review on visibility study undertaken by Geo mining in Australia it presents two scenarios. One is the viability of the project is on gold concentrates.
He said gold concentrates come as a form of sand, so what that means is, if we push to produce gold bars as used to be, we will experience a similar situation left by St Barbra mining.
When there is too much rain, they left the mining abandoned.
In actual fact, they are making a loss because the processing cost is too high and they can’t make a profit.
For gold concentrates, it gives us an advantage to keep the project for many years.
“These formulate the basis for the government to allow gold concentrates to be produced there even though they don’t produce gold bars,” he said.
To manage that, all concentrates produced are put into containers and assessed by a team from the ministry to ensure the composition and percentage of metal contained are recorded.
“So yes, gold concentrates have already been made last year and just to give you facts, a net weight of 501.46 tones, 33 grams of gold was exported in November last year, with calculated values of USD 813,748, which is equivalent to SBD$6 million.
He said there were two shipments that had been made.
The other scenario is gold dor’es.
It refers to a bar composed of a mixture of precious metals, though these bars generally contain gold and silver.
He said on January 23-29 this year there was an export of 131682 grams of gold with a value of USD6,671392, equivalent to SBD$55 million.
“So, there is a lot we are trying to improve in the mining sector.
“I think the potential in the mining sector is on the rise.
“As we speak, they are preparing for the third or fourth export so far.
He said by allowing the export of gold concentrates and gold dor’es, the life of mining would go on for fifteen years.
He also confirmed there were major discoveries being made at Goodridge and they might go underground.
He said the other reason the government allows the semi-process of gold concentrates when they do not produce gold bar is that Goldridge has a low average of 1.1 or 1.2 grams per tonne compared to high grade mines, for example in Papua New Guinea.
PNG mining has an average of 20-30 grams of gold per tonne.
He said all these issues have to be considered.
Meanwhile, GRML is owned by Wanguo International Mining Group (70%), AXF Resources (20%) and Gold Ridge Landowners through the investment company Goldridge Communities Investment Ltd (GCIL) (10%).
GRML is committed to ensuring that landowners and communities realise benefits from the mine, and donates money towards schools and other social infrastructure in the area.
BY CHARLES KADAMANA
