Cambodia joins gold-producing countries list

The production of yellow metal at the first mining enterprise in the Kingdom officially began on June 21 of this year. The industrial mine is located in the province of Mondolkiri. The right to mine precious metal was obtained by the Australian company Renaissance Minerals Cambodia Ltd, which for 14 years conducted exploration and research of the area. It is a subsidiary of Emerald Resources NL, a Perth-based corporation. The construction of the plant and key infrastructure began in mid-2020.

According to preliminary estimates, the total gold reserves in the mine are 1.14 million ounces. It is expected that its life will be 8 years with the extraction of 3 tons of gold ore per year. Since the launch of the mine, 210 kg of ore has already been recovered. The company produces semi-finished products from an alloy consisting of gold by 90%, in accordance with international standards. In August of this year, the shipment of the first batch of gold ore abroad began for additional refining.

Josa Monirata, Director of Mineral Resources and a representative of the Department of Mining and Energy, noted that the company sent 59 kg of semi-refined yellow metal to Australia. Gold needs additional refining to reach the four-nine test required for sale on the international market. The second batch weighing 100 kg will be exported at the end of August.

The project is expected to generate $185 million in profit per year before tax. Due to the work of the gold mine, the Cambodian budget will receive $40 million a year in royalties and taxes.

Hun Sen, Prime Minister of Cambodia, noted that 462 workers - 427 Cambodians and 35 foreigners - were employed in official gold mining. All work at the site is carried out in accordance with international environmental standards. He urged people not to engage in illegal gold mining. Official mining of gold ore requires a license, special technical knowledge from employees and related equipment.