Groupe ONA Wins Gabon Gold Mining License

22 December 2009 (Last Updated December 22nd, 2009 18:30)

Morocco's Groupe ONA's unit in Gabon has won a license to mine gold in the West African country. Groupe ONA's general manager in charge of precious metals Youssef El Hajjian said that recoverable gold reserves would be roughly 1,500kg (52,910oz) and the operation will last at least thre

Morocco's Groupe ONA's unit in Gabon has won a license to mine gold in the West African country.

Groupe ONA's general manager in charge of precious metals Youssef El Hajjian said that recoverable gold reserves would be roughly 1,500kg (52,910oz) and the operation will last at least three years, according to Bloomberg.

Hajjian said the project, of which Groupe ONA has 75% ownership, is significant as it would be the first time that gold would be generated in the West African country.

"The first gold bullion will be delivered in June 2011," Hajjian said.

Groupe ONA is the personal investment fund of Morocco's King Mohammed VI.