Australian Solomons Gold CEO David Roach (pictured) says he remains positive the Gold Ridge mine will gain vital finance and insurance, despite further delays and a deepening credit crisis.
When ISLANDS BUSINESS spoke with another company head in the Solomon Islands last March, he was confident of obtaining political risk insurance for the mine.
But Roach pointed out that the recession and international credit crisis had inevitably affected the company's ability to secure capital but he remained positive, however.
"We're talking to financiers about the project moving forward. I'm positive, but in this market it's difficult to be extremely optimistic.  I do hope we can go forward in a positive light," Roach admitted.
Roach also said he was "optimistic" that "in the near future" the Australian Government's Export Finance and Insurance Corporation (EFIC) would approve the political risk insurance for the Solomon Islands mine.
However, Roach would not comment when asked whether he expected EFIC to issue that necessary approval within the next few months.
Roach was not willing to talk in terms of "time limits".
Roach met with the Solomon Islands cabinet last year to discuss the project and the mine's general manager Keith Neilsen has also formed productive working relationship with government and landowners.
The Solomon Islands government has enthusiastically supported the project since Prime Minister Dr Derek Sikua took office in 2007. Sikua has discussed the project with his Australian counterpart Kevin Rudd on several occasions.
Gold Ridge is expected to initially employ 600-800 Solomon Islands workers and tradesmen. When operational, the workforce would number about 400.
Former central bank governor of the Solomon Islands, Rick Hou had heralded the mine as vital to restoring investor confidence in the economy.