Emerald Resources announced its has poured gold at its Okvau Gold Mine – Cambodia’s first commercial gold mine.. The two gold bars weighing a combined 8.6kg were produced during the three-day commissioning of the gold room.
Renaissance Minerals (Cambodia) Limited, which is owned by the Australian Stock Exchange (ASX)-listed company Emerald Resources, has established and will operate the Project.
The company released a presentation which stated that based on the current gold price of $1,700 per oz returns for the mine would be pretax $486 million and post tax $333 million.
Emerald is maintaining its guidance of 100,000-120,000 ounces per annum of production, with average production of 106,000ozpa at all-in sustaining costs of $754/oz, in line with its 2017 definitive feasibility study.
Emerald Resources NL (ASX:EMR) is an explorer and developer of gold projects with its head office in Perth, Western Australia. Shares in the company, which have traded between 48c and $1.11 over the past year were up 3% to 92.5c, valuing the company at AUD$463 million.
Emerald’s Managing Director, Morgan Hart, said: “The first gold pour is a major milestone for both the Company and for Cambodia as the project becomes the first modern large scale mine to operate in the country. This marks the creation of a new industry for Cambodia bringing opportunities and benefits for the people of Cambodia.”
“Construction activities have remained on budget and the first gold pour has remained on schedule despite the logistical challenges brought on by the global pandemic. It is a testament to the skill and experience of the team we have assembled on site throughout this process,” he added.
Emerald Resources NL (ASX:EMR) is an explorer and developer of gold projects with its head office in Perth, Western Australia. Shares in the company, which have traded between 48c and $1.11 over the past year were up 3% to 92.5c, valuing the company at AUD$463 million.
Australian Chargé d’Affaires Luke Arnold said: “The Australian Embassy is pleased that an Australian mining business is helping support the Royal Government of Cambodia’s goal of diversifying its sources of foreign investment,” said “Investments from Australia, like this project, will ultimately assist Cambodia to build a more resilient economy and a balanced strategic outlook in our region.”
The embassy estimates, the Royal Government of Cambodia estimates that the Project will generate tax revenues and royalties of more than $300 million over seven years, which will provide vital funding for public services and help offset the economic impact of COVID-19.
Emerald Resources has committed to applying high environmental, social and governance standards throughout this project, consistent with both the OECD Guidelines for Multinational Enterprises and relevant Cambodian legislation.
