Logo of Phnom Penh Post newspaper Phnom Penh Post - Investment in mining operations falls sharply

Investment in mining operations falls sharply

Investment in mining operations falls sharply

Guangxi Nonferrous Metal Group invested $21.95 million in the construction of a steel processing plant, the data shows. The Chinese company planned to invest as much as  $500 million in Preah Vihear province, China’s state-owned Xinhua news agency reported in November.

China’s Xing Yuan Kang Yeak Co invested about $8.5 million in gold mining and Phu Yang Co, a Cambodian-Vietnamese joint venture, invested $800,000, according the data, which does not reveal the location of the projects.

New mining investment in Cambodia fell more than 71 per cent year over year in 2011, according to the data.

A $75 million investment in copper mining from Nim Meng Group, a Taiwanese-Cambodian joint venture, buoyed the 2010 figures.

Richard Stanger, president of the Cambodian Association for Mining and Exploration Companies, confirmed yesterday that international companies had reduced exploration in Cambodia as they developed other projects.

“There was a drop-off in exploration activity last year. Some companies were focusing on exploration in other countries,” Stanger said, adding that he expected signs of a  turnaround this year. 

MOST VIEWED

  • Serious flooding across country

    The Kampong Speu provincial Committee for Disaster Management on Wednesday issued an alert after non-stop heavy rain caused widespread flooding. In Koh Kong province, authorities are working with the disaster committee and the Cambodian Red Cross to assist those affected after more than 350 homes were

  • CNRP points to King in call for vote boycott

    Leaders of the former Cambodia National Rescue Party (CNRP) have taken a new tack in their call for a boycott of the national elections later this month. They are now claiming that the people should follow the King, who is expected to abide by tradition

  • Malaysian MP calls on his government to take stand on Cambodian elections

    A Malaysian parliamentarian raised concerns in his country on Wednesday about Cambodia’s July 29 national elections and urged his government to clarify its position on the subject, the Asean Parliamentarians for Human Rights (APHR) said on Thursday. Wong Chen, a member of the People’s

  • Troop moves ‘won’t worry people’

    Senior officials at the Ministry of Defence and National Police said on Tuesday that riot training provided to the country’s police forces were aimed at preventing unexpected demonstrations and strikes before and after the July 29 national elections. The troop mobilisation, they said, would not