PERTH (miningweekly.com) – ASX-listed Southern Gold on Monday told shareholders that the South Korean Ministry of Trade, Industry and Energy had approved the permit to develop the Gubong gold mine.
Southern Gold, which holds a 50% stake in the project alongside joint venture (JV) partner Bluebird Merchant Ventures, said the permit to develop marked the next important milestone in the project development, and was subject to several conditions related to safety and environmental management.
Bluebird told its own shareholders that the permit meant the JV partners were free to engage in a full-scale operation to reopen the mine and bring it back into production.
Gubong was South Korea’s largest gold producer between 1930 and 1943, with the project area hosting five historical underground mines.