An estimated 1500 people are expected to be employed by the new owners of the Vatukoula gold mines over the next few months and the interim government says it is pleased that the mines are now set to reopen.

In a statement this afternoon, Interim Minister for Lands and Mineral Resources Tevita Vuibau confirms that Westec Gold Property Limited which entered into a joint venture with Red Lion Management Limited from Canada and River Diamonds from the UK have invested in reopening the mine and also further pursue prospecting in Tuvatu.

Vuibau highlights that the centerpiece of the deed entered into with Westec is the reimbursement of all costs which the interim government has incurred in funding the care of the mines since May this year as well as the setting up of a $6 million Rehabilitation Fund.

The Deed also provides for royalty payments and concessions on a time limited basis for export tax, import duty on automotive diesel and import for mine related plant and machinery.

Westec Director Brian Wesson confirms the Interim Government will be paid back over $2.6 million this week which they spent so far in maintaining the mines as they prepare to start operations by the end of the week.