Home > ​St Barbara sells embattled Gold Ridge project

​St Barbara sells embattled Gold Ridge project

Editorial
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St Barbara has sold its embattled Gold Ridge project in the Solomon Islands to local landowners.

The mine has seen a series of unfortunate events rock the site, with environmental concerns raised with its tailings dam reportedly close to collapse, after being damaged by Cyclone Ita.

Following this, the mine’s operators raised the possibility of handing the mine back to the Solomon Islands.

Gordon Darcy told the ABC his government is in talks with St Barbara over possible transferal of ownership of the mine.

"St Barbara is a very respected company, but up until recently they have now come to a point where they have decided to negotiate with the government to hand over the investment back to the Solomon Islands Government and we respect that," he said on the ABC's Radio Australia's Pacific Beat program.

The comments were soon confirmed by St Barbara, which stated "constructive negotiations for the mutual benefit of both parties are continuing", adding that in the meantime "operations at the mine remain suspended".

It has now signed a Deed of Sale for the unconditional sale of the Gold Ridge mine to a Solomon Islands company associated with local landowners.

Completion of the sale is set for next week.

The agreement also contains a Deed of Indemnity and Release.

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