Thought we best lose that last somewhat misleading thread heading.
Background:
Cambodian mineral resources are still largely unmapped, unexplored and unexploited. According to the Ministry of Industry, Mines and Energy (MIME), identified resources include rubies, sapphires, zircons (in the northwest), while salt is concentrated in the central region. In addition, recent exploration studies conducted by interested stakeholders suggest there are viable deposits of gold, bauxite, copper, granite, silica sand, slate, tin and zinc. These studies are supported by a recent assessment of small scale gold mining in Cambodia by Oxfam America, which indicated that there are currently 19 known deposits in Cambodia. According to the Cambodian Department of Mineral Resources Development, current mining operations are centred on the production of aggregates such as laterite blocks, phosphate rock, salt, sand and gravel, and stone.
Investment in the Cambodian mining sector has also increased significantly since the mid-1990s when no mining projects were approved. The Council for the Development of Cambodia (CDC), the body that approves investment projects in Cambodia, approved US$181 million of investment in the mining sector in 2005. The majority of these investment projects are Chinese companies, followed by local and Korean firms. This figure does not include a US$2 billion concessionary agreement that the Cambodian government entered into with Australian mining company BHP Bhiliton to explore/mine bauxite in the eastern provinces of Cambodia. This particular deal was signed during a visit by Cambodian Prime Minister to Australia in 2006. BHP subsequently opened an office in Phnom Penh.
Increased Attention on the Mineral Sector:
Strong prospects in the Cambodian mineral sector have been increasingly capturing the interest and attention of multi-national mining companies. Australian companies such as BHP Bhiliton, Southern Gold, and Oxiana are among the front runners. Southern Gold Ltd., an Adelaide-based company, disclosed in a report in March 2007 that high-grade gold and base-metal deposits had been identified in its recent preliminary geological mapping. These results encourage the company to increase its tenement holdings for exploration.
Oxiana, another major mining company from Australia, also has a joint-venture to carry out exploration with a MIME registered company. The company holds tenements adjacent to Southern Gold. The company’s quarterly report in March 2007 indicated that the company had an optimistic outlook of its Cambodian investments, particularly gold. These positive reports are buttressed by the firm’s 2006 annual report that indicated that scout drilling in eastern Cambodia showed encouraging gold mineralization over 400 meters.
Southern Mining Company, a Cambodian firm, is seeking to develop operations on a 10,000 hectare concession in the western province of Pursat. On May 10, 2007, the company announced that it had found sufficient deposits of copper to warrant the construction of a refinery.
Legal structure:
Under the Management and Exploitation of Mineral Resources law of 2001, resource developers must obtain the appropriate licences and permits from MIME. In order to obtain a mineral exploration licence or an industrial mining licence, developers must submit detailed exploration work programs, environmental impact assessments, and environmental management plans.
The Canadian Embassy in Phnom Penh has learned that most locations that are known to contain high concentrations of gold and other mineral deposits are already secured or controlled by local and foreign (Chinese and Korean) concessionaires. Permits granted to these firms by MIME officially authorize exploration rights, although some concessionaires have breached these regulations by exploring and exploiting mineral deposits on their land. However, these concessionaires often do not have the capacity to undertake large-scale exploration and development, creating the opportunity for foreign firms to enter into joint-ventures with these companies. Australian firms have been keen to use this strategy to enter the Cambodian mining sector, leveraging the knowledge and assets of these firms already in the market.
MIME continues to welcome new, interested parties who wish to carry out exploration. The Ministry can enter into a six-month exploration Memorandum of Understanding with interested companies, enabling these firms to further explore the commercial opportunities available in the Cambodian mining sector.
end copied text.
Extracted from http://www.pdac.ca/pdac/publications/na/070530-cambodia-mining-sector.htm
Cheers,
Tangrams
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