Gold boom means more exploration concessions
Thanks to sky-rocketing world gold prices, the government has granted exploration concessions for more than 60 new fields recently, with another 54 applications under consideration.
The price of gold has increased from US$240 (Bt8,352) per ounce in 2001 to $680. Anusorn Nuangpolmak, director-general of the Primary Industries and Mines Department, said it had opened the bidding for concessions to explore and mine gold in five fields with a combined area of 20,000 rai in Prachin Buri. Anusorn said "four or five" local and international investors were interested in the concessions. Local gold-miner Akara Mining is seeking additional concessions for mines on a combined 2,500 rai of land near its current mine in Phichit. The investment required for the new fields is about $100 million. Surapol Udompornwirat, adviser to the company, said that if the department awarded the concessions it would be able to expand its production capacity promptly from 1.8 million tonnes to three million tonnes a year. Though the area is believed to hold less gold than Akara's operating mines, it would be worth mining, as orders can be sold in advance, he said. Watcharapong Thangrung
The Nation
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