Gold mining company sees great potential in Bau
Posted on September 15, 2012, Saturday
KUCHING: Based on drilling results, the Bau area has an estimated total identified reserve of about 3.2 million troy oz (about 100,000kg) valued at RM17 billion at the current market price.
Olympus Pacific Minerals Inc chief operations officer Darin Lee told The Borneo Post for the past few months his team had been drilling several areas in Bau including the Jugan Hill concession as part of the company’s survey and feasibility study.
“We are pleased with the results and further study will take as short as nine months and stretch up to three years”
Disclosing that Olympus now had around 100 workers working on the project, Lee envisioned that when the mine was in full operation it would create about 700 direct jobs and 10,000 indirect jobs.
“We are committed to ensuring that the community shares in the economic benefits of a sustainable mining operation.
“Olympus’ biggest holding in South East Asia is in Malaysia with other mines in Vietnam and The Philippines. We have been holding a minority interest in Bau gold project as early as 2006. Now we own 88 pct and would make it up to 93 pct soon,” he disclosed.
When asked about the environmental impact of the mine, Lee said as modern miner protecting the environment was always his top priority.
“In Canada it takes 15 years to get a permit to operate a mine. Sustainable economy issues, community and local affairs are our concern and care. The whole concept is to not leave behind a mess. So it is my job to ensure standard operations, returns to our shareholders and that we leave behind the land leased by the host country in decent shape.”
On Thursday, state director of Minerals and Geoscience Department Alex Unya confirmed that there was great potential that Bau would see another gold boom as the initial outcome of the feasibility study conducted there was encouraging.