Logo of Phnom Penh Post newspaper Phnom Penh Post - Oz drills for copper following gold strike

Oz drills for copper following gold strike

Oz drills for copper following gold strike

MINING firm Oz Minerals has completed a shallow drilling programme at a prospective copper deposit in Cambodia, its first-quarter report revealed Thursday.

Around 50 drill holes have been completed at the O Anlong project, in Mondulkiri province, its results stated. Findings from the 2,600 metres of drilling carried out so far are said to be “pending”.

The business is also searching for gold in the Kingdom. Last month, it announced initial inferred gold resources of 8.1 million tonnes at its site in Mondulkiri’s Okvau district.

The company, according to the report, considers the Okvau district interest to be “the asset from which to build its resource base”. Drilling is now planned at another nine regional sites.

Outside of Cambodia, the Melbourne-based company recorded encouraging results. The Q1 report states that the business raised guidelines for its gold output for 2010 to 2012 from 80,000 to 90,000 ounces up to 110,000 to 120,000 ounces, after gold production exceeded expectations at its Prominent Hill site in Australia.

On Tuesday, OZ signed a joint venture agreement with IMX Resource Limited to develop copper and gold projects in Mount Woods, South Australia.

However, the positive results did not affect stock price in Sydney. After an initial price rally of 3.69 percent on the Australian Securities Exchange Thursday, shares slid 2.37 percent to close at AU$1.235 on Friday.

MOST VIEWED

  • EU officials: Ending EBA an 18-month procedure

    EU officials have confirmed that it will take a total of 18 months to complete the procedure if Cambodia’s preferential Everything But Arms (EBA) trade agreement is to be withdrawn. According to EU Agriculture and Rural Development spokesman Daniel Rosario, the formal process has not

  • IPU slams government claim

    The president of the Inter-Parliamentary Union (IPU), Gabriela Cuevas Barron, has refuted a claim by the National Assembly that she “highly appreciated the achievements of Cambodia” in its July national elections with a tweet saying “Of course not!” before adding “No congratulations”. A delegation from

  • Conflict lingers on Paris Accords

    As the Kingdom prepares to commemorate on October 23 the 27th anniversary of the signing of the 1991 Paris Peace Accords, which ushered in an end to nearly two decades of civil war, there is political conflict on whether the tenets of the agreement are still being

  • EU agrees VN trade deal despite rights concerns

    The EU on Wednesday agreed to a free-trade agreement (FTA) with Vietnam, a country described as having a “major rights-abusing government”. This comes amid the 28-nation bloc preparing the procedure for a possible withdrawal of Cambodia’s Everything But Arms (EBA) preferential trade agreement on