Logo of Phnom Penh Post newspaper Phnom Penh Post - Window closes for deal on mine project in Kratie

Window closes for deal on mine project in Kratie

Window closes for deal on mine project in Kratie

A deadline for an earn-in agreement involving Australian-listed Medusa Mining and Sea Resources to explore the Prek Kampi region of Kratie province passed on Thursday with no deal being reached, according to a UK-based news website.

The two companies signed a memorandum of understanding in January to open up the possibility of Medusa earning a 70 percent stake by investing $3 million over the next four years; however, a March 1 deadline for such a deal was not met, according to the Proactive Investors website.

In its initial announcement, Medusa said it planned to look for copper, gold and oil in the region. Sea Resources was granted exclusive mining rights to the Prek Kampi region in June last year.

The area is home to the endangered Irrawady River Dolphin, although Medusa Mining CEO Boyd Timler previously said a potential mine would be unlikely to affect the dolphins, which reside in a stretch of the Mekong River about 35 kilometres west of the exploration area.

Representatives for Medusa Mining could not be reached yesterday.

MOST VIEWED

  • First Khmer woman to pass out of West Point

    The life of a soldier certainly isn’t for everyone. The training is gruelling, the hours long and there’s no room for excuses. On top of that, soldiers must be ready to respond to sudden threats at a moment’s notice. Just ask Sithyka

  • Tourists urged not to skip trip

    The Ministry of Tourism has called on international tourists not to cancel trips to Cambodia, but urged them to adhere to several dos and don’ts when arriving in the Kingdom during the Covid-19 pandemic. The ministry released an eight-point instruction manual on Wednesday published

  • The taxman cometh – Cambodia’s capital gains tax casts the net on individual taxpayers

    In a country where only limited personal income tax existed, the new taxation law beginning January 1, 2021, will make taxpayers out of Cambodians, whether they are ready for it or not About two years ago, a little known amendment was made to Article 7 of the Law

  • Cambodian-American gets Star Trek treatment

    Kevin Ung, a Cambodian-American whose family escaped genocide during the Khmer Rouge’s reign of terror, was recently selected from thousands of applicants to participate in the Television Academy Foundation’s inaugural 2020 Star Trek Command Training Programme, a course intended to give hands-on filmmaking experience

  • Cambodia seeks to be transport hub

    Cambodia is working on several fronts to modernise its transport infrastructure and services, concentrating on opening new international gates to relieve and balance traffic congestion at its borders, Minister of Public Works and Transport Sun Chanthol said on Thursday. This is part of the Kingdom’

  • Deminers unearth ancient lion statue

    Cambodia Mine Action Centre (CMAC) director-general Heng Ratana told The Post on Tuesday that a statue of a lion was found by mine clearance experts while they were digging for a development project. It was sent to the Ministry of Culture and Fine Arts last