SOLOMON ISLANDS’ TO GAIN IN GOLD PRICE RISE

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SOLOMON ISLANDS’ TO GAIN IN GOLD PRICE RISE

HONIARA, Solomon Islands (September 30, 1999 – Radio Australia)---The General Manager of the Solomon Islands' Gold Ridge Mine, Ron Hanson, says landowners stand to gain from the improving price of gold over the past two weeks.

However, Mr. Hanson suggested that the price rise will not be enough to offset the low production experienced following months of ethnic violence throughout Guadalcanal province.

He said the gold price rise is a welcome and positive development for the economy of the Solomon Islands because landowners, the national government and the province all receive a share of the price earned on royalties, taxes and other payments.

Worldwide gold prices have surged following an announcement by European central banks that they will stop the sales of gold reserves for the next five years.

For additional reports from Radio Australia, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio Australia.

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