Cambodia has approved two new mineral investment agreements with Australian-owned Renaissance Minerals (Cambodia) Limited, deepening gold production in Mondulkiri and Tbong Khmum provinces and reinforcing the mining sector’s growing contribution to the national budget.
The agreements were signed on November 17 between Minister of Mines and Energy Keo Ratanak and Morgan Hart, Managing Director of Emerald Resources NL — the parent company listed on the Australian Securities Exchange under ticker EMR. Emerald Resources is currently priced at approximately AU$5.29 per share, with a market capitalization of around AU$3.5 billion.
The Ministry of Mines and Energy has projected the two new developments to generate roughly $1.5 billion in state revenue over their operational lifetimes through royalties and taxes.
Underground expansion approved for Okvau Gold Mine in Mondulkiri
The first agreement amends Renaissance Minerals’ existing licence in the O Khvao area of Keo Seima district, Mondulkiri province, clearing the way for the company to begin an underground mining phase. The deposit contains an estimated 34 tonnes of gold, with the expansion expected to add approximately 10 tonnes of output.
The ministry estimates that the Mondulkiri phase alone will contribute around $1 billion in state revenue. Renaissance Minerals has produced 16 tonnes of pure gold in Cambodia since its commercial launch in 2021, generating $27.3 million in royalties and $99.1 million in fiscal revenue for the state. Employment across operations currently stands at 697 workers, including 645 Cambodian nationals.
New open-pit project in Tbong Khmum forecast to add 26 tonnes of gold
The second agreement enables a new open-pit gold mine in the Choam Tamao area of Memot district, Tbong Khmum province. The project is expected to yield approximately 26 tonnes of gold over seven years and generate around $583 million in state revenue. An estimated 500 jobs are expected to be created across the development and operational phases.
The ministry views the projects as part of a broader plan to diversify revenue streams and expand investment into extractive industries, particularly as the country seeks to strengthen long-term fiscal resilience.
Industry observers cite transparency and compliance as sector progress indicators
Sector analysts have pointed to the expansion as evidence of improved corporate compliance standards within Cambodia’s mining industry. The company has been recognized for operating under clear environmental, safety and social impact assessments as stipulated by the regulatory framework.
Analysts also note that Renaissance Minerals’ track record contrasts with earlier informal mining activity in Cambodia that frequently led to environmental degradation and unclear benefits for the state. The current approach, built on regulated licensing, fiscal contribution and local employment, is seen as more aligned with the government’s economic development objectives.
Cambodia becomes central to Emerald Resources’ global expansion strategy
For Emerald Resources NL, the new agreements further cement Cambodia as the company’s operational hub. The miner recorded AU$371.1 million in annual revenue and AU$80.7 million in after-tax profit in its latest reporting year, underscoring the financial weight of its Cambodian operations. The company has also increased its exploration footprint in the country from 1,239 km² to 1,639 km² in recent years.
The Okvau Gold Project anchors Emerald’s strategy to transform into a multi-asset mid-tier producer. Renaissance Minerals reports ongoing efforts to build a Cambodian talent pipeline, including technical roles in metallurgy, mining engineering and environmental management.
With both new agreements now finalized, development preparations in Mondulkiri and Tbong Khmum are expected to advance in the coming months. A specific production commencement timeline for the Choam Tamao project has not yet been disclosed.
If projected output and revenue are achieved, gold mining would become a significantly larger contributor to Cambodia’s fiscal position and economic growth over the next decade.
