Logo of Phnom Penh Post newspaper Phnom Penh Post - Commercial gold mining commences in Kingdom

Commercial gold mining commences in Kingdom

Content image - Phnom Penh Post
The Okvau Gold Project is in the Okvau area of Mondulkiri province’s Keo Seima district. EMERALD RESOURCES

Commercial gold mining commences in Kingdom

Prime Minister Hun Sen on June 10 announced the commencement of commercial gold mining operations in the Okvau area in southwestern Mondulkiri province’s Keo Seima district from June 21.

The announcement comes after 14 years of exploration and research by Australian miner Renaissance Minerals (Cambodia) Ltd. The company will be the first to commercialise the gold at the Okvau Gold Project.

Reportedly able to produce semi-finished gold alloys containing 90 per cent gold, Renaissance will be in compliance with recognised international standards.

An earlier report outlined an initial Life of Mine (LOM) of eight years, with an average of three tonnes of gold produced each year.

Cambodia expects the project to generate $185 million per annum in pre-tax cashflow, with $40 million from royalties and taxes transferred to the national budget, according to the prime minister.

He noted the untapped potential resting in the gold mining industry, but stressed that investing in the sector requires professionals and advanced technology, as well as long-term commitment, he said in a nod to Renaissance.

“Today’s announcement of the launch of the gold industry is not just an invitation to encourage people to take up gold mining businesses – it is one of the most risky ventures, and requires a lot of capital and specialised skills," Hun Said said.

With the start of the first international small-scale industrial mining business in Cambodia, the Okvau Gold Project will serve as a role model for other would-be miners, and motivate them to comply with sustainable mineral-resource development principles, he claimed.

"The start of operations makes it clear that our past efforts in the mining sector were indeed viable, and we can extract natural resources from underground and reap their benefits for our socio-economic system, with high accountability for the environment and society," he said.

"All mining companies are encouraged to use this model of accountability development at all stages."

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Takeo hand-woven silk items provide local high-quality alternative to imports

    After graduating from university and beginning her career as a civil servant at the the Ministry of Economy and Finance, Khieu Sina found time to establish a business that aligns with her true passion – quality hand-woven Khmer goods. Her product line, known as Banteay Srei,

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • 11th Chaktomuk Short Film Festival draws to close

    Cambodia's 11th Chaktomuk Short Film Festival wrapped up successfully on November 28 after a four-day run, with the film “Voice of the Night” awarded top prize for 2022. Sum Sithen, the organiser of the short film festival, told The Post that the number of attendees to the