Ann: Execution of US$60M Okvau Development Credit Agreement, page-40

Ok, I've done some research, and it seems most likely the problem is with Cambodia, and has little to do with the company or the project, which remains a very good project. I'd say now that the problem is that Cambodia may be becoming a higher risk mining jurisdiction.

You can see all the news by Googling Cambodia News.

The government seems to have used this Corona virus pandemic to silence some of it's opposition, and to put a clamp down on community comments. They have taken the lead from their best friend - China. China have sent medical experts to Cambodia to help their good friend.

But the opposition, and overseas human rights organisations seem to also be using the pandemic as an excuse to ramp criticism of the Cambodian regime, so it cuts both ways. And I'm sure that among those Chinese medical experts there will a political commissar or two.

However you look at it, there would seem to be an approaching period of potential political instability in the country, especially if the current strong man and president dies, or is removed from office.

This is why it is a good idea for EMR to chase their next project in a more politically stable country, like Australia.

So keep an eye on news coming out of Cambodia daily.

Gw