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September 13, 2016

Cambodia issues licence for Mesco Gold’s Phum Syarung mine

Canadian mining company Angkor Gold has announced that Cambodia's Ministry of Mines and Energy has issued a licence for Mesco Gold’s Phum Syarung mine.

Canadian mining company Angkor Gold has announced that Cambodia's Ministry of Mines and Energy has issued a licence for Mesco Gold’s Phum Syarung mine.

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Approval of the licence on 12km² represents the final step for Mesco Group-owned Mesco to bring its Phum Syarung gold mine into production.

In 2013, Mesco Gold had signed an agreement to acquire the rights to develop and mine Phum Syarung from Angkor.

In return, Angkor negotiated a net smelter royalty agreement to get a share of any gold that would be extracted from the mine, the Phnom Penh Post reported.

"A new stage in the evolution of the mining industry in the country has begun."

Mesco Group chairman JK Singh said: “With the grant of the first fully approved mining licence 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."

Angkor will retain a sliding scale 2% to 7.5% net smelter return (NSR) on the project.

Angkor Gold operations vice-president JP Dau said: “This is a very important transaction for Cambodia.

"We are now working with our partners Jogmec and Blue River towards building a better understanding of our joint-venture projects with an end-goal of securing future income streams for the company."

Angkor’s six exploration licences in Cambodia cover 1,352km², which the company has been exploring over the past six years.

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Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
by GlobalData
Enter your details here to receive your free Report.

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