PERTH (miningweekly.com) – ASX-listed Emerald Resources has been granted a mining licence for its Okvau gold project, in Cambodia.
The mining licence has an initial 15-year term, with the right of two renewals of up to ten years each.
“We are excited by the grant of the mining licence as it is a significant achievement on the path forward to the development of the Okvau gold project later this year, and transition into a 100 000 oz/y gold production,” said Emerald MD Morgan Hart.
“Importantly, the Okvau gold project development has received strong endorsement from the Cambodian Prime Minister, following the Royal Government’s diligent approach to the environmental permitting, allowing for the grant of the mining licence.”
The Okvau project is expected to require a capital investment of $98-million to develop a two-million-tonne-a-year operation delivering about 106 000 oz of gold, over an initial mine life of seven years.
Emerald on Tuesday reported that it has secured an ongoing working capital facility of up to A$3-million while it finalises the development financing for the Okvau project.
Emerald has been working with a potential debt financier which had investment committee approval to proceed with the Okvau project, however, the company said that it was now pursuing alternative financing structures and providers on more favourable terms and flexibility.