Gold Mining to Begin

[geovalin]

The Ministry of Mines and Energy has issued the country’s first industrial mining license, which will see Indian-owned Mesco Gold soon start operating an underground gold mine in Rattanakiri province. Angkor Gold Corp., a Canadian-based mineral exploration company, announced on Monday that the license had been granted for the 12 square kilometer Phum Syarung mine in O’Yadaw district.
 

“With the grant of the first fully approved mining license in Cambodia to Mesco Gold, a new stage in the evolution of the mining industry in the country has begun, which so far was limited to exploration only,” JK Singh, chairman of Mesco Gold’s parent company, Mesco Group, was quoted as saying. Angkor Gold holds six exploration licenses in northwestern Cambodia, and sold its rights to the O’Yadaw license to Mesco Gold for $1.9 million, and net smelter returns of between two and 7.5 percent.
 

“We are very excited and proud of this final approval for Mesco,” Angkor Gold’s CEO Mike Weeks was quoted in the statement. “This is a new era for Cambodia, and sets the stage to further the development of a world-class mining sector.”

 

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