Fiji Mineral Potential To Take Country Forward

Fiji is witnessing a rare occurrence in the history of the resources industry, private mineral exploration and mining company Asia Pacific Resources has said.

The rare occurrence, according to company chairman David Busch is when several key positive factors line up at the same time.

He said: “Together with the application of substantial advances in exploration techniques to discover hidden treasure in the renowned Pacific Ring of Fire, we believe we have a winning combination for our shareholders, new investors, and for the nation of Fiji.”

Asia Pacific Resources Limited holds the Wainivesi special prospecting license, just past the village of Naivicula in the Naloto District of Tailevu.

The company has proposed to recommence its Fiji operations by as late as next year, with projected initial net returns of $90 million a year.

Of that, the Government can expect $3 million in annual royalties, said Mr Busch.

The new board, appointed on October 15, 2019, expects to clean up the company records before it meets with shareholders for approval outlining the way forward.

Asia Pacific Resources said it was Fiji’s only mining company with a majority of Fijian shareholders.

According to the company’s website, its owners are superannuation funds, industry professionals and small investors.

Asia Pacific Resources chairman David Busch, Asia Pacific Resources executive director Timothy Daniel and Asia Pacific Resources technical expert Kevin Fisk.

Investor appetite 

“A lack of adequate investor appetite from potential investors is what has held back the company historically, resulting in continued reliance on its predominantly Australian group of family and friends investors who have faithfully and patiently spared their private savings over almost 20 years,” Mr Busch said.

“This will all change with the new board’s fresh start.”

Asia Pacific Resources will implement its work plan, designed to upgrade the company’s approach to international best practice, and reporting to the standard respected by international investors and regulators.

“The board has indigenous representation through its managing director, Timothy Daniel,” Mr Busch said.

Asia Pacific Resources has a 27 year licence for its Wainivesi mine and its Taunovo projects, in Tailevu.

Seven years remain on the licence.

The company’s special prospecting licence for Wainivesi expires in 2023.

Its mining licence was issued for the period 2006 to 2028.

Wainivesi deposit, located 13 kilometres North West of Korovou, was discovered in 1935.

Samples 

Samples containing high gold and silver were obtained, but extensive mining was regarded as uneconomic, Mr Busch said.

“Later work concentrated on base metals where from 1965 to 1961 a local miner extracted 1500 tonnes of ore, which is understood to have been focused on zinc and copper for direct ship ore (DSO) to Japan,” he said.

“There are no details available, though.”

Explorers 

Historical Wainivesi explorers included:

• Rewa Prospecting Syndicate (1935),
• Pacific Gold Mining Limited (to 1937),
• Mount Kasi Gold Mining Company (1943),
• South Pacific Mining Company (a subsidiary of Pioneer Gold Mines of Columbia) in 1946,
• Emperor Gold Mines (1957),
• the Geological Survey (1961),
• CSR (1968-71),
• Nord (1978-80), and
• Solpac/Paragon (1987-1993).

Asia Pacific Resources took over the project in July 2001as part of a wide area exploration licence (SPL1421) covering approximately 81 square kilometres.

The Wainivesi mine is located 60 kilometres by road, north of Suva.

Initial goal 

“A key initial goal of the board is to become a substantial Fiji producer of gold, silver and base metals,” Mr Busch said.

Speaking from Australia, he said the cost of production would translate into employment, wages and taxes.

He said the Fijian Government considered Asia Pacific Resources a forerunner with potential for a tremendous impact on the nation.

“The Government sees Asia Pacific Resources as a catalyst for locally managed mining company growth,” he said.

The company has plans to list on the Australian Stock Exchange...to read the full story, subscribe to the Fiji Sun e-edition. 

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