Solomons gold mine a multi-million dollar disaster

Strong words: local landowners group chairman Walton Naezon is highly critical of Australian company St Barbara. Photo: Penny Stephens

Local landowners group chairman Walton Naezon is highly critical of Australian company St Barbara. Photo: Penny Stephens

Radio New Zealand

The new owner of Solomon Islands Gold Ridge gold mine claims the previous owner left behind a $US29 million dollar environmental disaster.

It says Melbourne’s St Barbara should have been shut down by Australian regulators long before it negotiated the sale for a nominal amount to local landowning company, Gold Ridge Community Investments Ltd.

The Chairperson of GCIL, Walter Naezon, says the sale transferred all liability for the mine to the new company and the full extent of this has just been quantified.

“Because they got away from the government that is the previous government who failed to pin them according to their regulations. And since it is an Australian company and it was listed in the stock exchange in Australia we think that the Australian stock exchange needs to know about it.”

Walton Naezon says Gold Ridge Community Investments Ltd has a 3 year plan to get the mine back on its feet and says talks are being held with companies in Australia and China to take on the mine operation.

 

1 Comment

Filed under Environmental impact, Human rights, Solomon Islands

One response to “Solomons gold mine a multi-million dollar disaster

  1. Robert Barrie

    Anybody that investment where Naeson is involved in a leadership role should be aware of the potential loss. He as one of the key persons must take the blame for the closure of the mine and that st Barbara moved out. Typical 4th world greed approach where they make it difficult for foreign investors to work and earn a return for the shareowners

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