Vatukoula Gold Mines has made a first payment of $0.77m to a trust set up to support previous mine employees who have been without work since the Vatukoula mine closure in December 2006.
The mining company signed the Vatukoula Trust Deed with the Fiji Minister for Lands and Mineral Resources in December, formalising a number of key concessions and tax exemptions as well as establishing the Social Assistance Trust.
It will provide the trust with a total of $3.23m over five years.
CEO David Paxton said, 'The concessions granted in relation to the Social Assistance Trust are having a favourable impact on the economics of the mine.
'Good progress continues to be made operationally at the mine and we look forward to reporting on our recent activity in the quarterly report due later this month.'
Story provided by Business Financial Newswire
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