Cambodia On its Way to Become a Gold Producing Nation

SEATTLE (Scrap Monster): The Cambodian government announced commencement of commercial gold mining operations in the Okvau area in Keo Seima district with effect from from June 21^st. The announcement to this effect was made by Prime Minister Hun Sen. Australian miner Renaissance Minerals (Cambodia) Ltd has been conducting exploration and research activities at the site for the past 14 years.

As per reports, the initial mine life is estimated at around 8 years. The mine is expected to produce an average of 3 tonnes of gold every year. It will produce semi-finished gold alloys with up to 90% gold content. The project is expected to generate $185 million per year in cash flow before tax and will contribute approximately $40 million as royalties and taxes to the country’s budget.

The company has commenced crushing activities and has delivered the first ore feed to the mill. Also, it has already begun wet commissioning of the processing plant, ahead of its first gold pour later this month.

Morgan Hart, Managing Director, Emerald Resources NL-Renaissance’s parent company said that the first ore feed and wet commissioning represents significant milestones for the company. He commended the exceptional efforts by its construction and development team, supported by the excellent support from its contractors and suppliers.

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