Bluebird issued 'permit to develop' Gubong mine
South Korea-focused gold developer Bluebird Merchant Ventures has received a “permit to develop” the Gubong mine, which the London-listed company said on Tuesday should pave the way for the formal permit to be issued soon.
The company noted that the Gubong mine’s “permit to develop" is the first to be issued for a gold development project since Ivanhoe Mines were issued a permit in the 1990s.
“In four decades in the mining industry I have never seen a permit issued so quickly to allow a mine to enter the production phase. This is very positive for the company and also for the future of the South Korean mining industry,” said Bluebird CEO Colin Patterson in a statement.
He noted that the rising gold price highlighted how much more attractive it was to reopen old mines, compared with exploring for, and developing, new ones.
The Gubong mine was once the second largest producing gold mine in South Korea until its closure in 1971 when gold prices were US$40/oz. Spot gold traded at $1 491.34/oz on Tuesday, up 16% this year after rising for the past four months.
The Gubong mine, which Bluebird owns in a joint venture with Southern Gold, consists of nine shallow dipping stacked veins. Although production was mainly from vein number six, five other veins were mined from 1928 until its closure. Over 17 000 m of drilling was carried out over the years and there are over 120 km of existing underground development.
Bluebird also owns the Kochang gold/silver mine that operated between 1928 and 1975 and produced over five-million ounces of silver. The mine closed in 1975, when the gold price was $140/oz.
Shares in Bluebird gained 20% to 2.86p a share on Tuesday morning. By midday, the stock traded at 2.53p a share.
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