Win Win says it exported $48M worth of gold

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WINWIN Investment Solomon Limited has exported a total of 3,258.47 ounce of gold from its last 6th shipment from January to June 2021.

This is worth around $48 million (USD$6million) base on the market price of US$1,853 per ounce.

The export of gold shipment came from its operation at Turarana in Central Guadalcanal.

However, the company could not make any gold shipment from July 2019 to December 2020 as stated in the monthly report released on July 10, 2021.

According to the report, the trial mining period commenced at the start of July 2019.

The trial mining commenced at the Mamasa alluvial flat deposit but was later shifted upstream to the Turarana Area (Kavahambe) after very low gold recoveries (0.15g/cubic metre(cu.m)) were experienced at the Mamasa alluvial flats deposit which is well below break even levels.

After heavy floods that left the Turarana wash plant inundated in October 2019; alluvial mining operations were shifted back to the Mamasa area in November, 2019 while reconstruction of the Turarana wash plant was progressing.

Mining operations were shifted back again to the Turarana wash plant in December 2019 due to improved gold recoveries experienced there.

Up to present time only the Turarana wash plant is currently being worked.

The first export consignment was made through the Government arranged direct flight to China at the end of January.

This sixth consignment was again sent to its arranged buyer in Hong Kong who will assay the gold for its purity before its final value is paid to Win Win company.

In the previous months and even up to now, export of gold overseas has been extremely difficult due to the restrictions on overseas flights to and from Honiara due to the COVID-19 pandemic.

The current gold export consignment arrangement is being made through the arranged weekly airline freight services from Honiara.

The export of any gold related commodities must be approved and signed off by the Director of Mines Department.