Logo of Phnom Penh Post newspaper Phnom Penh Post - Renaissance says still on track to extract gold in first half 2021

Renaissance says still on track to extract gold in first half 2021

Content image - Phnom Penh Post
Renaissance is on track to begin extracting gold in the first half of next year. Post staff

Renaissance says still on track to extract gold in first half 2021

Renaissance Minerals (Cambodia) Ltd, a subsidiary of Australia-listed Emerald Resources NL, says it has largely weathered the fallout from Covid-19 and is on track to begin extracting gold in the first half of next year.

Renaissance is in the process of developing a gold mine in the Okvau area in Mondulkiri province’s southwestern Keo Seima district.

Renaissance operations manager Bernie Cleary told The Post that the company is importing heavy earthmoving machinery and crushing, milling and gold-extraction equipment for its processing facility.

He said: “This mine is the very first of its kind to be built in Cambodia after many years of exploration. And following rigorous processes, a detailed Environmental and Social Impact Assessment was completed to ensure no net loss to the environment or negative impact on the communities.

“The project obtained full Environmental Permitting from the Ministry of Environment in 2017 and a subsequent Industrial Mining Licence from the Ministry of Mines and Energy in 2018 followed by a Mineral Investment Agreement in late 2019 with the Ministry of Mines and Energy and the Ministry of Economy and Finance.”

In its third quarter financial report, Emerald managing director Morgan Hart said the company continued to advance development activities at the Okvau Gold Project in the period July-September.

He said: “Significant progress [was] made in offsite steel fabrication and key mechanical and electrical components in addition to site infrastructure in line with the project-development timeline.

“The development of the Okvau Gold Mine has been scheduled with regards to the normal seasonal variations in weather. The project development has advanced significantly in line with expectations during the June-October ‘wet season’.

“The balance of construction activities through to commissioning and first gold production will be completed with the added benefit of occurring during the ‘dry season’.

“The exceptional standard our dedicated team are setting in country in relation to suitable protocols to ensure the continued health and wellbeing of staff, contractors and stakeholders during the worldwide challenge of Covid-19, is a key factor to Emerald maintaining our current guidance.”

According to Cleary, the mine will produce “approximately 106,000 ounces of gold per annum on average over seven-plus years from a single open pit”, with taxes and royalties payable to the government.

He said: “Renaissance is proud to not only be building Cambodia’s first large scale mine but also leading the way in establishing a mining industry in Cambodia that we can all be proud of.”

According to the report, the Okvau fully-funded $98 million Gold Mine Development continues “on time, on budget”, with consolidated cash to the tune of about A$109 million (US$82 million) as of September 30.

It said: “Emerald remains fully funded to develop the Okvau Gold Project with additional contingency.”


  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • Pailin longan winery tries to break through to the big time

    Longan aren’t quite as glamorous as some fruits. They don’t have the star-power of mangos or generate the excitement of a pricey seasonal niche fruit like the pungent durian. Unlike bananas or oranges, which are known and loved everywhere, longan remains a decidedly

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’

  • Siem Reap action plan for tourism in motion

    The action plan for the Siem Reap Tourism Development Master Plan (2022-2023), focusing on six priority destinations, has been implemented to boost tourism and regain pre-Covid tourist numbers in the province. The action plan sets out 17 strategies and 37 implementation activities for: Angkor Archaeological Park, Phnom