Bluebird Merchant Ventures: advancing gold mines in the Philippines and South Korea
London, UK
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April 16, 2024 03:10 AM Eastern Daylight Time
BlueBird Merchant Ventures Ltd (LSE:BMV) executive director Aidan Bishop updates Proactive's Stephen Gunnion on the three gold mines the development company plans to bring into production.
The company's projects include the Batangas Gold Project in the Philippines, where the company originated, and two historic mines in South Korea, the Kochang and Gubong projects. Currently, these mines are in the permitting process, with feasibility studies completed.
The Gubong project, once South Korea's second-largest gold mine, is notably larger, and discussions are ongoing for a local joint venture partnership to advance this project. Bishop emphasized the critical importance of local partners in navigating permitting processes, understanding local customs and issues, and contributing capital. For the Batangas project, a local partner is funding key milestones towards production, including obtaining an environmental compliance certificate and completing a declaration of mining project feasibility.
Reopening the South Korean mines is viewed as cost-effective, with potential for significant gold reserves. The company aims to become a 100,000-ounce-per-year gold producer, leveraging the reported potential for over a million ounces at Gubong and the upside at Kochang.
Short-term milestones include advancing environmental and mining feasibility studies at Batangas, awaiting the Board of Audit and Inspection's decision for Kochang, and finalizing a joint venture agreement for Gubong.
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