Australia-backed gold mining boosts Cambodia’s revenue

Cambodia has signed two new agreements with Australian firm Renaissance Minerals to expand gold mining operations in Mondulkiri and Tbong Khmum provinces, in a move projected to generate $1.5 billion in state revenue.

On 17 November, Minister of Mines and Energy Keo Ratanak and Morgan Hart, Managing Director of Emerald Resources NL, formalised the deals. The Mondulkiri project will add an underground mine at O Khvao, expected to produce 10 tonnes of gold alongside an existing 34‑tonne deposit. In Tbong Khmum’s Choam Tamao area, a seven‑year open‑pit mine is forecast to yield 26 tonnes.

According to ministry figures, the Mondulkiri expansion could contribute $1 billion in royalties and taxes, while the Tbong Khmum project is expected to add $583 million and create around 500 jobs. Since operations began in 2021, Renaissance Minerals has already produced 16 tonnes of gold, generating $126 million in state revenue and employing nearly 700 people, most of them Cambodian.

Chey Tech, a socio‑economic analyst, welcomed the investment, noting the company’s transparent procedures and compliance with environmental and social standards. He contrasted this with past unlicensed operators who damaged natural resources and provided no clear benefit to the state. “We want more companies to invest in the mineral sector in Cambodia, like this company, which is transparent and generates revenue for the national budget,” he said.

The government sees gold mining as a cornerstone of future economic growth, with revenues earmarked for social programmes and infrastructure. Renaissance Minerals remains Cambodia’s first large‑scale commercial gold miner, and its expansion signals confidence in the country’s mineral sector.

-2025-11-19