AXF is pursuing growth opportunities in the gold sector and is particularly interested in projects with near-term production potential. The largest of its resource investments to date is in the Gold Ridge Project.
Gold Ridge is located around 30km south-east of the capital Honiara on the island of Guadalcanal in the south-west Pacific nation of Solomon Islands. It is part of the pacific rim of fire that hosts many of the worlds proven gold and copper deposits including Grasberg, OK Tedi, Porgera, Lihir, Misimi and Gold Ridge.
Cyclonic rainfall in April 2014 damaged mine access and resulted in accumulation of excessive water in the tailings storage facility (TSF) ultimately leading to the suspension of mining operations. A new water treatment plant was commissioned in November 2015 and dewatering of the TSF commenced in May 2016.
As announced in August 2017, AXF Gold Ridge has secured additional investor funding to start the recommissioning of the Gold Ridge project. Newest shareholder and Hong Kong publicly listed company Wanguo International Mining Group will provide additional capital and technical expertise to the project. In an unprecedented arrangement, Gold Ridge Community Investment Limited, which comprises the local landowners, owns 10% of Gold Ridge Mining Limited.
Over the next 18 months the site will undergo a complete refurbishment with infrastructure upgrades to improve site access and the construction of a new power station. Community relations activities will ramp up with one of the priorities the establishment of socially inclusive engagement mechanisms with landowners and local communities.