Logo of Phnom Penh Post newspaper Phnom Penh Post - Trading halted for Emerald Resources

Trading halted for Emerald Resources

A visitor looks at an electronic display at the Australian Securities Exchange (ASX) showing stocks gains during opening trading in Sydney last year. Peter Parks/AFP
A visitor looks at an electronic display at the Australian Securities Exchange (ASX) showing stocks gains during opening trading in Sydney last year. Peter Parks/AFP

Trading halted for Emerald Resources

The Australian Securities Exchange (ASX) approved a share trading halt for the mining firm Emerald Resources until May 2, the date that the company is expected to release a definitive feasibility study (DFS) for its Okvau gold project in Mondulkiri province, according to a Friday announcement.

The trading halt could end sooner if Emerald Resources releases its study before then, the ASX announcement added.

In a quarterly report released on the same day, the mining firm said it had submitted an environmental and social impact assessment (ESIA) for the Okvau gold project to the Ministry of Environment.

The company added that it was taking part in ongoing discussions with the Ministry of Mines and Energy (MME) to obtain a mining licence for the Okvau project.

Emerald Resources obtained both the Okvau and the adjacent O’Chhung exploration licenses, which cover approximately 400 square kilometres in Mondulkiri province, when it merged with the original license holder Renaissance Minerals in July 2016 for $71 million.

A 2015 pre-feasibility study conducted by Renaissance Minerals estimated that the Okvau project could produce around 91,500 ounces of gold a year for eight years with a capital investment of $120 million. Renaissance previously reported that the Okvau held a total of 1.13 million ounces of gold.

“It is anticipated that the final DFS will demonstrate enhanced project economics when compared to the Renaissance Minerals Pre-Feasibility Study, primarily due to lower waste to ore strip ratio driven by improved geotechnical parameters, slight increase to ‘in pit ounces’ and reduced capital costs,” Emerald Resources said in a statement earlier this month.

According to its latest quarterly report, the firm had a consolidated cash position of $10.7 million as of March 31. A day before the halt was announced, Emerald’s share price was trading at only A$0.047 with a trading volume of over 400,000 shares.

MOST VIEWED

  • Ministry issues warning over coronavirus outbreak

    The Ministry of Health on Wednesday asked the public to be on “high alert” as a new virus wreaks havoc across Asia. However, no cases have been reported in the Kingdom thus far. The 2019 Novel Coronavirus (2019-nCoV) has raised the alarm for its similarity to

  • Call for boycott of Angkor unacceptable

    Dear Editor, I wish to express my strong disagreement on the article published by Traveller for their website with the title Best places to go in 2020: 12 destinations you should avoid. Below is my opinion of the article. It is obviously free for the Traveller to

  • Probe underway after wreckage of drone with Chinese characters found

    Air Force Command spokesman Prak Sokha said on Sunday that investigations are underway regarding the wreckage of a drone that was recovered in Koh Kong province’s Koh Sdech commune in Kiri Sakor district. The wreckage has been taken to the capital for further examination,

  • Gov’t slams UN rapporteurs over Sokha trial statement

    The Ministry of Foreign Affairs and International Cooperation and the Permanent Mission of the Kingdom of Cambodia to the UN Office in Geneva deplored the statement of three UN special rapporteurs who claimed that Kem Sokha’s trial was “tainted” due to irregularities. The reaction

  • No power shortages next dry season, says energy minister

    Minister of Mines and Energy Suy Sem has assured the public that Cambodia will not suffer power shortages during the next dry season. Speaking on local TV on Tuesday, Sem projected a rise in power demand during 2020’s dry season – which starts in November and

  • Gov’t takes steps to lower logistics, transport costs

    With the threat of losing trade privileges in the EU drawing closer, the government is taking measures to reduce logistics and transportation costs to safeguard the Kingdom’s competitiveness. The EU is due to decide whether or not to withdraw the Kingdom’s trade privileges