JOHANNESBURG (miningweekly.com) – Asia-focused Bluebird Merchant Ventures last week executed a formal joint venture (JV) agreement with Southern Gold for the Gubong mine, in South Korea.
This follows the completion of the required farm-in expenditure of $500 000 at the mine.
Bluebird said on Tuesday that the final requirement for the start of the JV was to complete a report on the feasibility of reopening the Gubong mine, which was shut down decades ago when the gold price was about $140/oz.
The report, the company stated, would be finalised in July. Thereafter, the costs of the JV would be shared on a 50:50 basis and Bluebird would act as the JV manager.