Emerald takes a new direction with Cambodia gold JV
PERTH (miningweekly.com) – Explorer Emerald Resources would suspend share trading at the end of March as the company shifted its focus from US oil and gas exploration to gold exploration.
ASX-listed Emerald on Wednesday announced that it had signed a farm-in and joint venture (JV) agreement with fellow-listed Renaissance Minerals to earn a majority interest in a Cambodian gold project.
The proposed transaction would constitute a change in the nature and scale of activities for Emerald, and as a result, the company’s shares would be suspended pending shareholder approval of the transaction, and until Emerald complied with ASX listing rules.
Under the terms of the agreement with Renaissance, Emerald would sole fund a bankable feasibility study for the development of the Okvau gold project, to earn a 51% stake in the project.
The company would also be responsible for undertaking an environmental and social impact assessment, and a two-year exploration programme worth $3-million.
Renaissance in July last year completed a prefeasibility study for the development of a 1.5-million-tonne-a-year operation, which estimated that the project would require a capital investment of $120-million to produce about 91 500 oz/y over the mine life of eight years.
The project is currently estimated to host some 15.8-million tonnes of indicated and inferred resource, grading 2.2 g/t gold for 1.13-million ounces of gold.
The JV agreement remained subject to shareholder approval by both camps, as well as Renaissance and Emerald obtaining the necessary approvals and consent from the Cambodian government.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Projects
Latest Multimedia
Latest News
Showroom
The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...
VISIT SHOWROOM
Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
