Newly installed president of the former Natural Resources and Mining Development Corporation (NRMDEC) Oliver Butalid revealed that bidding for the 728 hectares small scale mining area of the 8,100-hectare gold-rush in Mt Diwalwal has been cancelled.
The reason being, because he found it not conducive to Diwalwal mining if left in the hands of investors who might not “have the patience and tenacity to deal with the issues” hounding the gold-rush. The recent rise in gold prices and other metal prices has started and investment rush in Gold Trading as well as investment in the mining of other precious metals.
He agreed that the government might not be as much efficient in handling mining investment compared with private investors but “that is not without exemption.” “Government can go into business for strategic intent,” he explained.
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