Volume 9 Edition 2 2012 - The ASIA Miner

Vietnam
First ore from Bai Go deposit expected by May
OLYMPUS Pacific Minerals is continuing development of the Bai Go
deposit at its Phuoc Son Gold Project in central Vietnam and expects
to be on first ore by May with planned capacity reached by August.
The mill at Phuoc Son, which began producing during 2011, is continuing
to operate at its current daily design capacity of 500 tonnes.
Although the company expects lower combined first quarter gold
production from its Phuoc Son and Bong Mieu operations this is not
likely to adversely affect the 2012 production forecast. Production
was expected to be lower during this quarter owing to scheduled general
plant maintenance and the Vietnamese Lunar New Year Holiday
which began on January 23 and lasted two weeks.
Consolidated production for the year ended December 31, 2011,
represented the fifth consecutive year the company has expanded production
with a 29% increase compared to 2010. The company produced
42,868 ounces from its Vietnam operations during 2011, up
from 33,234 ounces in 2010. This exceeded the forecast of 40,000
ounces despite the commissioning of the Phuoc Son plant being delayed
by several months due to record-breaking monsoon rain.
The company expects to substantially expand its combined gold
production capacity by 2014 with its Bau project in East Malaysia expected
to be the major contributor. The first phase of the Bau Central
project is now in full feasibility phase. Vietnam’s production and development
activities will provide cash to assist in funding a portion of
future development expenditures.
Late last year Olympus Pacific’s Phuoc Son operating body, Phuoc
Son Gold Company (PSGC), received the Certificate of Merit for social
and economic development by the People’s Committee of Quang Nam
Province, Vietnam, for completion of the Phuoc Son Gold Plant. Olympus
Pacific completed construction of the plant in the first quarter of
2011 and commissioned the state-of-the-art facility in June. It is the
company’s second gold production facility built in Vietnam since 2005.
The Certificate of Merit is the highest provincial award a company can
receive for its contribution to social and economic development. Quang
Nam People’s Committee chairman Le Phuoc Thanh presented the
award on December 19 to PSGC’s general director Le Minh Kha.
The processing facilities at Olympus Pacific Minerals’ Phuoc Son Gold Project in Central Vietnam.
March/April 2012 | ASIA Miner | 47