BUSINESS NEWS
June 14, 2012 12:00:00 AM
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Australian mining company Amex Resources will spend $75 million in Fiji on its iron ore extraction project.

The total investment on the project to extract iron ore from the Ba River delta sand will be close to $150 million.

Fiji’s Prime Minister Commodore Voreqe Bainimarama announced the investent while issuing a new mining lease to Amex Resources Limited today.

Bainimarama said the project will employ an estimated 300 full-time and 50 short-term Fijian workers.

“As Fiji’s economy continues to expand, reviving old industries and developing new ones, it is important to ensure these operations run with the outmost transparency, accountability and an eye towards future development,” he said.

Bainimarama said following the successful launch of Fiji’s first bauxite mining in November 2011 and well maintained management, the decision to welcome Amex onto our shores was made after informed deliberations and tested experience.

As part of the long-term sustainability plan to remove rich deposits of iron sand, Amex will dredge mineral sand from the Ba delta, extract the iron ore content, and put the tailings back into the delta.

The extracted iron sand will be barged to Lautoka, where it will be uploaded, washed and stockpiled.

Bainimarama said in addition to the positive economic impact, the dredging will also help avoid future flooding.

Amex Resources Ltd managing director Kenny Zhang said the issuance of lease will strengthen Fiji and China ties.

By Ropate Valemei

Wiggle


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