Australian Mining Firm Goes For Gold in Mondulkiri

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Australian Mining Firm Goes For Gold in Mondulkiri

Post by CEOCambodiaNews » Sun Nov 11, 2018 12:40 am

First large-scale gold project in the Kingdom in early 2020
05 November 2018 | 09:33 ICT
Emerald Resources, the Australian-listed mining firm behind Cambodia’s Okvau gold project in Mondulkiri province, will start its first large-scale gold project in the Kingdom in early 2020.

Ministry of Mines and Energy spokesman Yos Monirath who said this, added that the firm obtained an industrial mining licence in July and actively raised funding to develop the project.

Emerald Resources, which is listed on the Australian Securities Exchange (ASX), said in an ASX filling last Thursday that it has raised A$27 million ($19.5 million) to fund development activities at its Okvau operations.

Monirath said on Sunday that Emerald Resources received an industrial mining licence in July. The firm is actively raising funding to develop its production infrastructure, and that it will presumably extract its first gold nuggets in early 2020.

He said the project would provide jobs, generate economic activities and revenue for the government. “We will earn revenue from royalties, taxes, and rental fees from the land needed for this project,” he said.

Emerald Resources, Monirath said, is the first large-scale company to obtain an industrial mining licence from the ministry. So far, he said the ministry had provided 50 exploring licenses for mining.

The company released its definitive feasibility study (DFS) in May last year and revealed that the Okvau gold project could produce 106,000 ounces of gold a year on average.

It estimated that the mine will initially be active for seven years, while capital investment amounted to $98 million.
https://www.phnompenhpost.com/business/ ... early-2020
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Re: Australian Mining Firm Goes For Gold in Mondulkiri

Post by CEOCambodiaNews » Sun Nov 11, 2018 8:58 am

Emerald Resource, owner of Okvau Gold Project, received environmental approval from the Cambodian government in November 2017:
http://www.emeraldresources.com.au/site ... 131117.pdf

The mining license was then grated in July 2018:
PERTH (miningweekly.com) – ASX-listed Emerald Resources has been granted a mining licence for its Okvau gold project, in Cambodia.

The mining licence has an initial 15-year term, with the right of two renewals of up to ten years each.

“We are excited by the grant of the mining licence as it is a significant achievement on the path forward to the development of the Okvau gold project later this year, and transition into a 100 000 oz/y gold production,” said Emerald MD Morgan Hart.

“Importantly, the Okvau gold project development has received strong endorsement from the Cambodian Prime Minister, following the Royal Government’s diligent approach to the environmental permitting, allowing for the grant of the mining licence.”

The Okvau project is expected to require a capital investment of $98-million to develop a two-million-tonne-a-year operation delivering about 106 000 oz of gold, over an initial mine life of seven years.
http://www.miningweekly.com/article/eme ... 2018-07-10
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Re: Australian Mining Firm Goes For Gold in Mondulkiri

Post by Joker Poker » Sun Nov 11, 2018 10:03 am

Nice one - hopefully that is the bottom. Bit of buying this week.

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