8 Sep 2011

Olympus Pacific says gold fields will lift its production

6:31 am on 8 September 2011

The gold miner Olympus Pacific says it's sitting on lucrative gold fields that will substantially lift its production.

The New Zealand-founded and Toronto-listed company has two producing mines in Vietnam, and promising sites in Malaysia and the Philippines.

With gold prices hovering near record highs due to demand, chief executive John Seton says its site in Malaysia potentially holds more than 5 million ounces.

He says the major producers are struggling to replace what they are mining.

Mr Seton says the company is currently busy in Asia, but New Zealand may be a place to look at in the future.

He says it's only recently that the political will has changed in New Zealand to be in favour of the mining industry but the jury is still out on whether this will be successful.