Consultation with NITTETSU Mining Co Ltd (Japan): Potentials for Expansion of Mining Exploration in Fiji’s Mining Sector (19 April, 2011)

The consultation was convened for an update on exploration works on copper and gold resources currently undertaken in Namosi, Fiji by NITTETSU and its subsidiaries since 2001. Under a joint venture arrangement with Mitsubishi Materials Corporation and Newcrest (Fiji) Ltd, exploration works have since identified high potentials of minerals within the Namosi Basin. The joint venture is expected to complete its pre-feasibility work later this year. Future prospects of the Mining Sector in Fiji were provided to NITTETSU in particular the upcoming conference in Suva, Fiji this year for a full overview of Fiji’s Mining Sector and related potentials for investment. A brief on land leasing arrangements under the Land Bank system now adopted by Fiji was also provided. Leasing arrangements under the Land Bank system will ensure full benefits for all parties involved.

NITTETSU noting the attractiveness of Fiji Land policies will consider expansion of exploration to other potential spots in Fiji. NITTETSU Mining Co maintains that Fiji remains as an attractive investment destination for Japanese investors. The company will also be attending the proposed conference on Fiji’s Mining Sector to be held in Suva, Fiji.

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