https://www.engineeringnews.co.za

Bluebird to inject new life into old South Korean gold veins

19th February 2018

By: Reuters

  

Font size: - +

LONDON – Asia-focused mine developer Bluebird Ventures, with venture partner Southern Gold, plans to reopen South Korean gold mines closed decades ago and is aiming for profits of around $100/t, Bluebird's CEO said.

The mines closed in the late 1960s and 1970s when the gold price was less than $140/oz, making them uneconomic, compared with more than $1 300 now.

Colin Patterson, CEO of Bluebird, said in an interview his focus was on the Gubong and Kochang mines, which are established assets, rather than exploration projects, making them more attractive to risk-averse London investors.

Bluebird's London share price has risen nearly 9 percent this year as it added Kochang to plans which already included the Gubong mine.

Patterson said the company's aim was to report on the feasibility of reopening the mines by the end of the second quarter and the joint venture agreement, making it the operator, would then be concluded.

Bluebird will then build a proof-of-concept plant with a view to a net profit of $100/t, scaling up to 200 tonnes per day and eventually 1 000 t/d.

Four years from now, Patterson said production should be 50 000 oz/y.

"The broader aim is to be the pre-eminent mine developer in South Korea and to bring back to life the towns of Gubong and Kochang," Patterson said.

Southern Gold this month issued a statement saying it was suspected that "much of the mineralisation that was considered waste in the 1970s is now likely economic".

Edited by Reuters

Comments

Latest Multimedia

Magazine video image
Magazine round up | 29 March 2024
Updated 20 minutes ago

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.036 0.083s - 156pq - 2rq
Subscribe Now