Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Liberty to continue gold search after sale

Liberty to continue gold search after sale

Liberty to continue gold search after sale

LIBERTY Mining’s operations in Cambodia will continue as normal despite being sold to as yet unnamed Canadian investors, Managing Director Richard Stanger said yesterday. 

ASX-listed Transol announced in March the sale of its Liberty subsidiary, which operates joint mining exploration ventures with Canada-based Prairie Pacific Mining at four sites in Ratanakkiri province, to “non-related Canadian private interests” in a cash and stock deal. The deal’s due diligence was announced completed last week.

But the ownership change has not resulted in a strategy shift.

“There won’t be any change at all. It’s business as usual,” said Stanger yesterday, which included “continuing exploration in the field and looking for resources.”

He said Transol’s sale of Liberty was a question of being fit for the Australian conglomerate.

Transol focuses mainly on the technology business, meaning “mining and exploration doesn’t really fit in the strategy at the moment,” he said.

“It’s a good move. Liberty will be fully funded and going forward it will be focused on mining exploration in Cambodia,” he said.

Stanger also serves as President of the Cambodian Association for Mining and Exploration Companies, which represents more than 20 industry players presently operating in the Kingdom.

CAMEC, which received approval in February 2010, is in an ongoing process of consultation with government officials over a variety of issues.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all