A Vietnam-New Zealand minerals exploitation company has obtained the license from the central Binh Dinh authorities to exploit the Tan Thuan gold mine.

Under the license, the Binh Dinh New Zealand Gold Company Limited will pump US$15 million into developing the Tan Thuan gold mine in Tay Son district.

Of the finances required for the project, New Zealand’s KS Mining Limited (KSML) will contribute 45 percent with the balance supplied by the Binh Dinh Biotan Minerals Joint Stock Company.

The venture also plans to scale up its capital to $100 million if the initial phase returns yields.

According to experts, the Tan Thuan mine has huge reserve of gold but they undisclosed the proven figures.

KSML New Zealand is a subsidiary of Zedex Mineral Ltd., the largest shareholder in Canada’s Olympus Pacific Minerals, which has a gold mining project in the central province of Quang Nam’s mountainous Phu Ninh district.
Olympus Pacific Minerals has also just teamed up with two local partners, Mineral Development Co. and Quang Nam Mineral JS Co., to build a $45 million gold processing facility in Quang Nam.

Vietnamese demand for bullion, used for jewelry and some other purposes, is estimated at some 60 tons this year, up 20 percent over last year. (Thanh Nien, Vietnam Economic Times)