Cambodia kicks off first commercial gold production
Shortly after it turned out that Cambodia’s dream of becoming an oil-producing nation won’t fulfil in the foreseeable future, the country entered the ranks of the world’s gold producers with the operational start of its first commercial gold mine, Khmer Times wrote.
The precious metal is extracted from the Okvau Gold Project located in Mondulkiri province in eastern Cambodia, approximately 275 kilometers northeast of the capital Phnom Penh, by Australian mining company Renaissance Minerals after intense exploration and research.
Renaissance’s Cambodian subsidiary aims to produce three tonnes of pure gold a year over an eight-year agreement with the Cambodian government. The mine employs 462 workers, 427 of whom are Cambodians.
Government promises investment in social development
The operation should earn Cambodia $185 million per year in national income, including at least $40 million in royalties and tax revenue, which will be used for social development and be invested in public services such as education, health and other development initiatives, the country’s minister of mines and energy, Suy Sem, said.
He added that parts of the proceeds would also be used for local communities living adjacent to the mining development areas whose livelihoods are negatively impacted by the mining operations.
At the mine, semi-finished gold bars are produced from a 90 percent gold solution. After, the refined gold will be purified to 99.9 per cent at specialised companies in Singapore and Australia.
Prime Minister Hun Sen says the start of gold production should open Cambodia up to other mining companies, but he noted that Cambodia does not yet have adequate infrastructure for transportation and processing of minerals at a larger scale.
Shortly after it turned out that Cambodia’s dream of becoming an oil-producing nation won’t fulfil in the foreseeable future, the country entered the ranks of the world’s gold producers with the operational start of its first commercial gold mine, Khmer Times wrote. The precious metal is extracted from the Okvau Gold Project located in Mondulkiri province in eastern Cambodia, approximately 275 kilometers northeast of the capital Phnom Penh, by Australian mining company Renaissance Minerals after intense exploration and research. Renaissance’s Cambodian subsidiary aims to produce three tonnes of pure gold a year over an eight-year agreement with the Cambodian government....
Shortly after it turned out that Cambodia’s dream of becoming an oil-producing nation won’t fulfil in the foreseeable future, the country entered the ranks of the world’s gold producers with the operational start of its first commercial gold mine, Khmer Times wrote.
The precious metal is extracted from the Okvau Gold Project located in Mondulkiri province in eastern Cambodia, approximately 275 kilometers northeast of the capital Phnom Penh, by Australian mining company Renaissance Minerals after intense exploration and research.
Renaissance’s Cambodian subsidiary aims to produce three tonnes of pure gold a year over an eight-year agreement with the Cambodian government. The mine employs 462 workers, 427 of whom are Cambodians.
Government promises investment in social development
The operation should earn Cambodia $185 million per year in national income, including at least $40 million in royalties and tax revenue, which will be used for social development and be invested in public services such as education, health and other development initiatives, the country’s minister of mines and energy, Suy Sem, said.
He added that parts of the proceeds would also be used for local communities living adjacent to the mining development areas whose livelihoods are negatively impacted by the mining operations.
At the mine, semi-finished gold bars are produced from a 90 percent gold solution. After, the refined gold will be purified to 99.9 per cent at specialised companies in Singapore and Australia.
Prime Minister Hun Sen says the start of gold production should open Cambodia up to other mining companies, but he noted that Cambodia does not yet have adequate infrastructure for transportation and processing of minerals at a larger scale.
