A Canadian zinc mining company has bought part of Fiji's Vatukoula Gold Mines.
Toronto-listed Canadian Zinc Corporation announced this week it had entered into a private agreement to acquire more than 300-million ordinary shares of Vatukoula Gold Mines or VGM for a consideration of more than 3 million US Dollars.
In a statement the corporations says the shares acquired represent approximately 18.25 percent of the issued shares of VGM.
Canadian Zinc Corporation's principal focus is its efforts to advance the Prairie Creek Mine, a zinc/lead/silver property located in the Northwest Territories of Canada, towards production.
FijiLive reports while indicating the shares were purchased for investment purposes, Canadian Zinc said further purchase to increase shareholding was not ruled out.