Exploration activity expected to start in Udu Point in coming months

Increased exploration activity for potential copper and zinc is expected to start at Udu Point in Vanua Levu in the coming months.

In a statement by Matai Holdings Fiji Limited, this will be made possible after Conto Resources Limited, an Australian Stock Exchange listed company, announced that it will exercise its option to purchase 100% of another Australian company, Dateline Resources Proprietary Limited.

Dateline through its Fiji subsidiary Matai Holdings owns and operates the Udu Polymetallic Exploration project.

Matai Holdings Exploration manager Stewart Capp said the acquisition will be of significant importance to Matai as they will have access to Australian capital markets from which to source funds to continue exploration and facilitate future development of the project.

Meanwhile, Executive Chairman of Conto Mark Johnson said the purchase is a vote of confidence in Fiji as an investment destination.


Story by: Dhanjay Deo