PERTH (miningweekly.com) – The Cambodian Ministry of Environment has granted the Okvau gold project, being developed by ASX-listed Emerald Resources, environmental approval.
With an environmental contract now signed, Emerald is able to progress to the final stages of its application for an industrial mining licence, the company said on Monday.
The final step would be the finalisation of a mineral investment agreement, which Emerald said would provide long-term certainty, although it is not required for the development and operation of the Okvau project.
“The award of the environmental approval and signing of an environmental contract with the Cambodian Ministry of Environment is a significant advancement in the development of the Okvau gold project,” said Emerald MD Morgan Hart.
He noted that under the terms of the environmental contract, Emerald has committed to making various annual contributions to environmental and social funds to benefit local communities, as well as ongoing environmental management.
In addition, the company is required to provide surety to the Cambodian government for rehabilitation of the Okvau project upon closure. This surety will be provided progressively over five years.
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.