Lease for Tuvatu Alkaline Gold Project extended for another 11 years

Minister for Economy Aiyaz Sayed-Khaiyum says the mine has invested $200 million dollars altogether just to get the first gold out of the ground, so people who invest in the mine need to have long term security and know there will be a long term lease and only then they can raise the money.

He says this extension of lease will now give them confidence to go out and get investors to invest and start getting the gold.

Sayed-Khaiyum says with the lease money, the landowners will also get an 80% share of government’s royalty so it is in everyone’s interest to ensure the mine does well.

Lion One Metals CEO, Walter Berukoff says the lease extension sends a very clear message to the world that Fiji has and continues to be open to public market which can access critical capital to enable responsible mining project to be build.

He says almost all their staff are Fijians and they will continue to employ locally.

Berukoff adds they take every measure in Fiji to be environmentally responsible and hopes to lead the way for future mining in Fiji.