Aussie company "Emerald" hopes to draw first gold by end of 2018

Australian mining firm Emerald Resources expects to complete a definitive feasibility study for its Okvau gold project in Mondulkiri province by early next year, with gold production to commence by the end of 2018, according to an investor presentation released yesterday.

A pre-feasibility study for the project estimated that a capital investment of $120 million could put a mine into operation producing around 91,500 ounces of gold per year for eight years. In its presentation, Emerald projected a payback on this investment in 2.7 years based on gold trading at $1,250 per ounce. Emerald absorbed the project’s licence holder, Renaissance Minerals, in a $71-million merger announced in July.

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