Tuesday, 28 July 2009 10:04 AM

Investors Eye Solomons Mine

The International Finance Corporation is considering a major investment in the Gold Ridge mine in Solomon Islands.

The Gold Ridge Mine shut-down during the ethnic trouble in Solomon Islands early this decade and has struggled to re-open.

International Finance Corporation Vice President Rachael Kyte says the mine has the potential to add a number of percentage points to Solomon Islands economic growth.

The mine owner Australian Solomons Gold has found it difficult to obtain finance for the project in the wake of the global financial crisis.

Ms Kyte says the IFC is willing to invest but that the company will have to meet strict sustainability guidelines.

"It has to abide by our environmental and social standards, and it has to adhere to best practice in corporate governance again a standard that we set that other institutions use," she said.

The IFC is expected to make a final decision in October.


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