Logo of Phnom Penh Post newspaper Phnom Penh Post - OZ reports progress at Cambodia prospects

OZ reports progress at Cambodia prospects

OZ reports progress at Cambodia prospects

AUSTRALIAN firm OZ Minerals is “moving towards an initial gold resource” in Cambodia, it said Thursday in a statement announcing results for the third quarter.

The company had completed about 60 percent of a “significant drilling campaign” during the period at its Okvau prospect in western Mondulkiri province, with nine holes drilled by the end of September, it added.

“The aim of this programme is to expand on previous encouraging drilling results,” the OZ Minerals statement said, adding that an initial resources estimate would be finalised during the first quarter of 2010.

Acting Chief Executive Bruce Loveday said in July that OZ Minerals had “done enough work now to believe that there may well be a gold system there that is of interest”.

Thursday’s announcement also said drilling had started at its Area 6 prospect outside of Okvau that had produced “high-grade gold mineralisation”.

OZ Minerals’ third-quarter results, which showed that the firm’s Australian gold production was unchanged during the period, prompted its share price to close 0.76 percent up at A$1.32 (US$1.22) on the Sydney stock exchange Thursday.

Gold prices have hit repeated record highs since last week as the dollar rate has crashed, but early trading Thursday in London saw a dip in prices, Bloomberg reported, as traders began to sell to cash in on recent high prices.

In Cambodia, gold was selling at a new high of $1,290 per damlung Wednesday, according to prices at Phnom Penh’s Ly Hour Exchange, representing a 1.57 percent rise on the previous day’s price.

MOST VIEWED

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman

  • China-Cambodia tourism forum held

    The Cambodian tourism sector must be prepared to welcome a growing number of Chinese tourists, as they lead the globe in the number of outbound travellers and were responsible for the most visitors to the Kingdom last year, the country’s tourism minister said on