Logo of Phnom Penh Post newspaper Phnom Penh Post - Okvau yields total 1,500kg of dore bars, minister says

Okvau yields total 1,500kg of dore bars, minister says

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

Okvau yields total 1,500kg of dore bars, minister says

Australian-owned Renaissance Minerals (Cambodia) Ltd has produced 110 dore bars with 90 per cent gold solution weighing a total of about 1,500kg since June 21 at the Okvau Gold Project in the northeastern province of Mondulkiri, according to Minister of Mines and Energy Suy Sem on January 14.

The minister was speaking at a ceremony to hand over the former Ministry of Mines and Energy building to the National Committee for Disaster Management.

Renaissance is a subsidiary of Australia-listed Perth-based Emerald Resources NL. The gold project is located in the Okvau area in the eastern corridor of Chung Phlas commune of southwestern Mondulkiri province’s Keo Seima district.

The minister noted that Renaissance began the commercial operation of the project in June 21, and plans to produce an annual average of three tonnes of dore bars.

“The company will expand operations after the first eight years, and the gold exported to refineries such as Singapore and Australia,” Sem said.

Royal Academy of Cambodia economics researcher Ky Sereyvath told The Post on January 16 that the project would be an important source of non-tax revenue for the government to build infrastructure and public goods such as hospitals, as well as educational and Covid-related facilities.

During an inspection of the site last month, Australian ambassador to Cambodia Pablo Kang noted that the project was the island nation’s largest investment in the Kingdom, with a budget of $140 million over 15 years.

He said Renaissance, in collaboration with the environmental and wildlife conservation community, is conducting a number of environmental impact assessments to minimise negative effects from mining operations, and is working with local communities to formulate corporate social responsibility policy.

“It’s a good example of what we hope is the future for Cambodia, where sustainable, environmentally and commercially responsible mining investment according to these calculations, depending on the price of gold provided by the government is at least $30 million a year in royalties and taxes, which leads to Cambodia’s continued development,” Kang said.

“It is a great example of Australian trade operations working here in the Kingdom.”

Cambodia expects the Okvau Gold Project to generate $185 million per annum in pre-tax cashflow, with $40 million from royalties and taxes transferred to the national budget.

This year, three Chinese-invested companies are set to start mining gold in Preah Vihear, Kratie and Mondulkiri provinces, and another Indian-invested firm in Ratanakkiri.

MOST VIEWED

  • Research key to Kanitha’s rep for expertise

    Sok Kanitha is used to weighing in on controversial issues using a confident approach that signals expertise and authority, and a recent video she made was no exception. Her “Episode 342: The History of NATO” video went live on January 16, 2023 and immediately shot to 30,000 likes and 3,500

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Knockout! Kun Khmer replaces ‘Muay’ for Phnom Penh Games

    Cambodia has decided to officially remove the word Muay from the programme of the 32nd Southeast Asian (SEA) Games 2023 in May. “Kun Khmer” will instead be used to represent the Southeast Asian sport of kickboxing, in accordance with the wishes of the Cambodian people. Vath

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • New int’l airport nearly half complete as travel industry returns to life

    Construction of a new airport that is slated to serve the capital has passed the 43 per cent completion mark, raising prospects for a proper recovery in the civil aviation and tourism sectors as international travellers return to the Kingdom in increasingly large numbers. The figure

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,