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Angkor Gold approves mining payout scheme

Angkor Gold approves mining payout scheme

Cambodian mining firm Angkor Gold has agreed to accept payment by instalment on Mesco Gold’s final tranche for the purchase of its Phum Syarung gold mine in northeastern Cambodia, the company said in press release.

Mesco has already paid $1.4 million to Angkor for the rights to the mine and has agreed to a net smelter return on future production.

The final payment of $500,000 came due when the Cambodian government issued a mining licence to Mesco last year.

Under a revised agreement announced on Thursday, Mesco will make an initial $50,000 payment to Angkor this month, and pay $30,000 every three months until the tranche is fully paid, or earlier if an amended mining licence is issued or Mesco begins processing ore.

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