Australia-listed Emerald Resources NL has signed a $230 million mining contract with Mining and Civil Australia (Maca) for its Okvau Gold Project in Cambodia.
Emerald Resources NL, the parent company of Renaissance Minerals (Cambodia) Ltd, expects to extract gold from the Okvau Gold Project in the second quarter of 2021.
The companies signed a seven-year contract, which includes the supply of earthmoving equipment and mining services for the Cambodian gold project. It also covers load, haul, drill and blast services.
Emerald Resources NL said the mobilisation to the Okvau Gold Project is expected to begin in August, with operations due to start in October.
Emerald Resources NL managing director Morgan Hart said: “The signing of the mining contract follows a thorough and collaborative process with both teams in finalising the mining schedule for the development and operations of the Okvau Gold Project.
“The signing of the mining contract gives us greater confidence to achieve our goal of becoming the first modern large-scale Cambodian gold producer by Q2 2021.”
Quoted in an NS Energy report, Maca operations director Geoff Baker said: “Maca looks forward to continuing the strong working relationship we have developed over many years and across many quality successful projects with the board and management of Emerald.
“The award of the mining contract allows Maca to draw on overseas experience gained in Brazil and adds further to Maca’s work in the gold sector.”
The company released its definitive feasibility study in May 2017 and revealed that the project could produce 106,000 ounces of gold per year on average.
It estimated that the mine will initially be active for seven years, with capital investment amounting to A$98 million ($60.5 million).
Department of Mineral Resources director-general Yos Monirath told The Post in February that the government granted the company an industrial mining licence in July 2018. The licence covers 11.5sq km at the Okvau Gold Project.
The licence is valid for 15 years and can be extended twice for 10 additional years, Monirath said.
The ministry has issued such licences to 37 companies, which are exploring areas in Mondulkiri, Ratanakkiri, Kratie and Stung Treng provinces.