Chinese companies will build and control power and port facilities, roads, rail ...
SYDNEY - Chinese companies will build and control power and port facilities, roads, rail and bridges on Guadalcanal, in the Solomon Islands, as part of an $825 million deal to revive an abandoned gold mine, according to new contract details.
While locals initially expressed fears the Gold Ridge mine deal would saddle the island nation with debt, those attending a weekend ceremony at the mine site were told the Solomons will not pay for the project infrastructure, according to a recording of proceedings reviewed by Reuters.
“Only China, proceeding from the friendship and wellbeing of the local people, is ready to overcome all obstacles to undertake this project by planning to build roads, bridges mining facilities and a hydropower station,” said Xue, according to the recording.The infrastructure will be built in and around Honiara on the island of Guadalcanal, a strategic Pacific location that saw fierce fighting in World War Two.
“This is not only a new beginning of the Gold Ridge mine; but also a very important early harvest of the friendly cooperation between China and Solomon Islands which established diplomatic relations just 35 days ago,” said Xue, who is the Chinese ambassador to the nearby Papua New Guinea. Wanguo did not immediately respond to questions. The Solomons government, which did not immediately respond to questions on Wednesday, has previously said it was a private sector deal and was not privy to the commercial arrangements.
At its peak it was the source of 30% of GDP in the Solomons, which is largely reliant on timber exports. Solomons GDP was at $1.4 billion last year, according to World Bank data, making it one of the world’s smallest economies.The previous owner, Australian-listed St. Barbara, sold the mine for a nominal A$100 to a landowner group in 2015, which went on to secure interest from Australian-based Chinese company AXF Resources, and then Wanguo.
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