PHNOM PENH: Prime Minister Hun Sen announced a “new normal” for the Kingdom during the Plenary Meeting of the Council of Ministers on Friday, but he also reported that in the past three months, Cambodia has produced more than 700 kilograms of gold. This was confirmed by the Minister Delegate to the Prime Minister, Phay Siphan.

Renaissance Minerals (Cambodia), an Australian owned mining company in southwestern Mondulkiri province, is the country’s first gold producer. The country is expected to have access to obtaining gold from vein ore, and targets a net gain of about 3 tons per year for the first eight years. The gold mining business will generate an average gross income of $185 million per year.

The Director General of the General Department of Mineral Resources of the Ministry of Mines and Energy, Ing Debula, says that from the start of Renaissance Minerals' gold mining operation of its $120 million Okvau Gold Project on June 21 until 18 October 2021, the company refined 747.31 kilograms of gold. He has added that the company had already applied to export 555.74 kilograms, or 48 bars, to be refined to 99.99% pure gold in Australia. So far, Cambodia has received more than $660,000 in royalties from Renaissance Minerals’ investment.

^{PHOTO: Phal Sophup}