Tuesday, 29 June 2010 7:35 AM

Gold Ridge Mining Gets Support

The Solomon Islands Gold Ridge Mining Limited will be getting a 35-million US dollar loan from the International Finance Corporation - a member of the World Bank Group to help restart.

The mine, located in Central Guadalcanal had shut down during the ethnic unrest 10 years ago.

A statement from the IFC says the mine which is scheduled to re-open in March 2011 will provide jobs, government revenues and local community development in Solomon Islands.

The IFC loan, together with equity funding from project partner Allied Gold, will be used to rebuild and refurbished plant and mining equipment.

IFC says it will work with the company to ensure that mine development and operations are carried out in an environmentally and socially sustainable manner.

Allied Gold's Chairman, Mark Caruso says the company looks forward to draw on the global mining expertise of IFC.

Gold Ridge Mine is the largest private sector investment in Solomon Islands and a key part of the Solomon Islands government's plan for growing the country's economy.

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