Executive Summary
Vatukoula Gold Mines plc (LON:VGM) is a UK based mining and exploration company with gold projects in Fiji and Brazil and a exploratory diamond project in Sierra Leone. The Mine has an operational history of over 70 years and has 680,000 ounces of gold reserves and 4.3 million ounces of gold resources. It is located in Fiji in the South Pacific Ocean, in the north of the Viti Levu island within the Tavua Basin. The company employs c. 700 people based at its operations centre in Fiji and at its London headquarters.
Company History
- In the second half of 2007 the Company was presented with the opportunity to extend its interests in the gold sector and to participate in productive or near productive operations by acquiring an indirect equity interest in the Vatukoula Gold Mine of approximately 19%. The Mine has been producing since 1933 and has to date produced seven million ounces of gold and two million ounces of silver. It was closed in 2006 and reopened by present management in April 2008.
- In March 2008 the Company acquired the remaining share capital of the Vatukoula Gold Mine, enabling it to have full control over its existing investment in the Mine and to expand significantly its interest in the gold sector.
Business Model
- Owns 100% of the Vatukoula Gold Mine in Fiji, a producing gold mine which contains 830,000 ounces of gold reserves and 5.15 million ounces of gold resources.
- Benefits from a strong management team, with many years of global experience in both the investment and operational side of the gold and diamond industry
- Own 100% of the Rio Novo Gold prospect in Brazil, consisting of 4 claims over an area of 30,000 hectares The area is proximate to the producing Palito Gold Mine.
- Owns diamond exploration assets in Sierra Leone which are awaiting renewal of exploration licenses.
- Own 0.46% of Global Diamond Resources Plc which owns 93% owned Kao Diamond Project in Lesotho
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