News

May 13, 2009

Olympus Pacific Has Ambitious Targets For Its Gold Production In Vietnam Over The Next Four Years

By Charles Wyatt

Olympus Pacific Resources, the company that describes itself as Vietnam’s first modern gold mining company, gave a mighty leap in price at the beginning of this month from C20 cents to C30cents. It’s certainly the first foreign company to commission a modern gold mine in the country for the last 68 years and the leap in share price followed an announcement by David Seaton, chairman and chief executive, that his company had completed the commissioning of the plant modifications at the Bong Mieu gold project ahead of schedule and below budget, allowing the company to begin ramping up its production.

During the last six months the company has installed a series of shaking tables, a second intensive leach reactor and an additional float bank to increase the capacity of the existing plant. Now it is reaping the benefits. Output has been further enhanced by the daily transportation of high grade ore from the Phuoc Son mine which is about 70 kilometres away. The results are clear to see in the monthly production figures which showed March as a record month with 1,013 ounces. After that Olympus...