Monument Mining says it has broken up an organized gold stealing syndicate at its Selinsing mine in Malaysia which involved company employees. The company has called in the Malaysian police to begin an immediate investigation, as well as engaging the Gold Security Group from Perth to review and increase security measures at the mine site.  1

Malaysian police have made several arrests and the suspects are in custody. Monument says the thefts appear to be organized by staff working in the mine. However, the company’s president Robert Baldock says police have asked Monument not to release any further information about the matter to the public.

In the meantime Monument has executed an action plan to enhance gold security at the Selinsing mine and is conducting its own review of the site’s security system and internal controls.

Robert Baldock says the company is determined this incident won’t impact the production performance for this financial year, ending June 30, 2012.

The Selinsing open pit gold mine is about two hours’ drive from Kuala Lumpur, the capital of Pahang state. Monument acquired the mine in 2007 and began commercial production in 2010. It is estimated to produce 55,000 ounces of gold this financial year.