Gold Mine Extraction Expected This Year; More Than 40 Exploration Licences Issued
AKP Phnom Penh, April 22, 2020 --
Extraction of the first gold mines in Cambodia has been confirmed to be made within this year, as more than 40 exploration licences on non-mantel mines including gold have been issued to private companies.
The confirmation of gold mine extraction was made after the novel coronavirus (COVID-19) pandemic has shutdown businesses and made other investment projects delayed.
H.E. Yos Monirath, Director General of Mines under the Ministry of Mines and Energy, said that the company – Renaissance Minerals, a subsidiary of Australia-listed Emerald Resources – has prepared well infrastructure at the mine extraction sites, located in Mondulkiri province.
“As planned, the company will start the gold extraction in 2020,” he said in a press conference held on April 21 at the Office of Council of the Ministers.
According to H.E. Yos Monirath, registered investment capital by both foreign and local investors in the mining sector has been valued at US$1.157 billion with about 40 companies having mining exploration licences in Cambodia.
Cambodia earned some 86,983 trillion Riel (approximately US$21 million) as non-tax revenue from mine sector in 2019.
By Chea Vannak