Vatukoula Gold Mine records profit

Timoci Vula
Tuesday, March 23, 2010

VATUKOULA Gold Mine is expected to announce a near doubling of its sales today for its financial year ending February this year.

For the second quarter, the Alternative Investment Market-listed company was to announce that it sold more than 15,000 ounce of gold resources.

In the previous three months, it sold 8826oz of gold.

Attempts to obtain comments from David Paxton, the chief executive of Vatukoula Mines, proved futile.

But The Independent reported that the increase meant the Vatukoula mine in Fiji would have made net earnings of around F$11.8 million (ú4.6m) for the quarter, up from less than F$3.34 million (ú1.3m) in its first quarter.

"Ultimately, the company aims to produce at least 100,000oz a year at its Fijian mine as the result of a major drilling and redevelopment programme," it reported.

The company is valued at more than F$205.7 million (ú80m).