A company owned by Gold Ridge landowners says it is investing in government bonds to build sources of income beyond mining.
Gold Ridge Community Investment Limited (GCIL) holds a 10 percent stake in Gold Ridge Mining Limited, which operates the mine on Guadalcanal.
The company says it has received dividend payments over the past two years and wants to use those returns to explore other investments.
Its chairman, Chief Walton Naezon, told Tavuli News the aim was to generate benefits for the landowners who own the company.
“Investment will bring benefits for landowners,” he said.
GCIL acquired the Gold Ridge operation from Australian miner St Barbara in 2015 before bringing in an investment partner to help redevelop the mine. It retained a 10 percent share under the subsequent ownership arrangement.
Naezon said the company had spoken to about 20 prospective investors before settling on a partner for the mining project.
GCIL says its participation in the Government’s bond initiative forms part of a wider plan to diversify its investments.
Government bonds allow investors to lend money to the Government under agreed terms governing repayment and returns.
The company says it is also exploring opportunities involving Credit Corporation, BRED Bank, the Solomon Islands National Provident Fund and South Pacific Oil.
GCIL’s stated longer-term goal is to build an investment portfolio that can generate income beyond its share in the mine.
