The Reserve Bank of Fiji (RBF) has clarified that its documentation of Fiji’s gold production has changed ever since Vatukoula Gold Mines Limited (VGML) shifted its production preference to gold concentrates, with data of the two products — gold ore and gold concentrates — now presented separately and neither an indication of Fiji’s total gold production.
VGML, the operator for Fiji’s oldest gold mine in Vatukoula, last week countered perceptions that its gold production last year declined because of its shift to gold concentrates.
“Vatukoula’s gold production in 2025 is up, instead of a 60 per cent drop,” VGML vice president Ian He told this newspaper, following media reports based on RBF’s monthly Economic Review for December.
In clarifying its numbers, RBF said the December Economic Review referred specifically to gold ore production and not total gold production.
“Gold ore production declined by 28.2 per cent, primarily reflecting a 62.4 per cent decrease at VGML, which was partly offset by a 23.1 per cent increase at Tuvatu Gold Mines,” RBF Governor Ariff Ali said in response to clarification sought by this newspaper.
“Historically, when both mines produced gold in ore form, the RBF reported these figures collectively as ‘gold production.’
“However, reporting practices were adjusted following VGML’s transition to the production of gold concentrates.
“Gold ore and gold concentrates represent different stages of processing and therefore cannot be directly aggregated as a single measure of gold production for economic or statistical analysis.
“Accordingly, the Reserve Bank now reports gold ore production and gold concentrate production separately, in line with the physical form of output as reported by mining companies.
“The December Economic Review notes that VGML has produced 12,400 ounces of gold concentrates so far this year.”
Mr He had reached out to The Fiji Times following our report that VGML’s shift to gold concentrates “is being blamed for the decline in Fiji’s overall gold output”, saying that while RBF’s data is based on the gold ore production, gold output at the mine was based on the final products, which increased despite the drop in the gold ore production.
Mr Ali said the broad reference of Fiji’s ‘gold production’ in the article had led to some misunderstanding.
“VGML is correct to state that their overall gold output (measured as net contained gold) has not declined.
“The decline noted in our review pertains only to gold ore and should not be interpreted as a decline in Fiji’s gold production,” Mr Ali said.
Ian He. Picture: FILE
