AUREUS Mining, a mineral company prospecting for gold in Grand Cape Mount County, is expected to begin full production in July next year, the company’s Chief Executive Officer (CEO) David Reading said.
Giving the assurance on October 27, at the Lands, Mines and Energy Ministry during a press briefing, Mr. Reading disclosed that from what it has discovered, Aureus Mining will be producing 120,000 ounces of gold each year and providing employment opportunities for 300 Liberians.
Mr. Reading said he is impressed by the level of progress made and emphasized that the mine will be the largest commercial gold mine in Liberia.
Mr. Reading added that though impressive progress is being made, there are logistical challenges that his company needs to overcome such as poor infrastructure that creates difficulty in moving logistics to the site.
Mr Reed said he looks forward to the level of cooperation that would ensure that the country benefits from the proceeds of this valuable resource.
He appealed for the cooperation of Liberians as well as the government to overcome additional challenges moving in of logistics and people into the country safely.
Regarding the expected revenue intake, Mr. Reading said an ounce of gold may be sold for US$150, underscoring that more revenue generation could be derived from the price of the commodity.
He disclosed that the company obtained a loan of US$250 million for its investment in Grand Cape Mount County. Mr. Reed did not name the bank providing the loan facility.
Speaking earlier, Lands, Mines and Energy Minister Patrick Sendolo said the gold mine will be the first commercial gold mine in the country.
He said this development has for a long time been going on and significant progress has been made there to ensure the mine will be in full operation soon.
He indicated that despite the health crisis the Liberian Government is trying to do all it can in the mining sector so that Liberians will not lose hope.