Mineral resources sector reaps benefits

Investments in the mineral resources sector is already reaping the benefits as the Prime Minister and Minister for Lands and Mineral Resources yesterday received the first royalty and export tax payment since 1995.

Commodore Bainimarama received the payments from Fiji’s second operating mine in Wainivesi, Waimaro in Tailevu yesterday which was the first royalty and export tax paid to Government from Vatukoula Gold Mine since 1995.

Asia Pacific Resources Limited Managing Director Mr Matthew Huggan says the handing over of the payment to Government is a big occasion for the mining company.

The exploration in Wainivesi began in the 1930s and 1950s and was closed in 1955 due to environmental legacies.

He said they applied for a mining lease in 2002, which was granted on July 4, 2006 and the mine has a potential of 20 year life or more and has invested more than FJD$65million in Fiji already.

According to Huggan the first pour of gold and silver undertaken at Wainivesi was shipped to an overseas refinery for final processing several weeks ago and yesterday marked the beginning of production from the mine.

Huggan said Wainivesi is expected to deliver more than $72 million in tax and royalties and spend more than $150 million locally on operation and reinvestment in Fiji in the next four years.

Story by: Roneel Lal