Kochang JV approved for restart
PERTH (miningweekly.com) – ASX-listed Southern Gold and its joint venture (JV) partner, London-listed Bluebird Merchant Ventures, have been granted a permit to develop at the Kochang gold mine, in South Korea.
The approval is subject to several conditions, largely in relation to physical development requirements regarding safety and environmental management, with Southern Gold saying on Wednesday that Bluebird would now present the approval to the local County government prior to starting any site work.
Southern Gold noted that since the proposed development at Kochang was essentially a re-opening of a historical mine with substantial underground workings already in place, the next stage of work would entail modest capital cost, with Bluebird currently estimated around $2.2-million would need to be spent, of which Southern Gold would be responsible for 50%.
Southern Gold told shareholders that the company was exploring various finding options that will be non-dilutive to shareholders.
The JV partners each hold a 50% interest in Singapore-based Kochang Project, which in turn holds the South Korean company Geochang Project, which holds the Kochang gold development project.
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