Page 91 - pd296-August21-mag-web

AsIA

first gold poured from Okvau

he first commercial mining operation in achievement with our unwavering staff,
TCambodia has poured its first gold bar. trusted contractors and suppliers in Austral-
Emerald Resources NL announced in ia and Cambodia who have battled unprec-
late June that two gold bars weighing a edented challenges to remain categorically
combined 8.6kg were produced during the focused on meeting our target of commis-
three-day commissioning of the gold room sioning and first gold production from the
at its new Okvau mine. Okvau gold mine on time and on budget,”
“The first gold pour is a major milestone Lee said.
for both the company and for Cambodia “We are truly lucky to operate in a coun-
as the project becomes the first modern, try steeped in traditions and wonderful peo-
large-scale mine to operate in the country,” ple.”
Emerald managing director Morgan Hart Commissioning activities were initially fo-
said. cused on the processing of oxide ore from
“This marks the creation of a new indus- the crusher to the SAG mill and through the
try for Cambodia, bringing opportunities CIL tanks, stripping circuits and detox cir-
and benefits for the people of Cambodia. cuit.
“First gold dore production at Okvau is The focus will now shift to commissioning
a significant achievement for Emerald, as the fine grind float circuit and adding higher
whilst it continues commissioning activities grade sulphide ore to the process plant as
ramping up to full production, it has suc- production is ramped up to full capacity.
cessfully transitioned to the ranks of an in- “Construction activities have remained
ternational gold miner.” on budget and the first gold pour has re-
Hart’s sentiments were shared by Emer- mained on schedule despite the logistical
ald chairman Simon Lee AO, who thanked challenges brought on by the global pan-
the Government of Cambodia for its sup- demic,” Hart said. Emerald is pouring gold at okvau, Cambodia
port in building Okvau – which is forecast to “It is a testament to the skill of the team
produce 100,000-110,000 ozpa. we have assembled on site throughout this
“I share absolute pride and a sense of process.”

new owner for Awak Mas

he Awak Mas gold project is set to ject to a shareholder meeting expected to large and heavily dilutive capital raisings,
Tchange hands next month after the be held sometime next month. exposure to gold price, jurisdictional risks,
directors of Nusantara Resources Ltd rec- Major shareholders Lion Selection and risks in relation to construction, com-
ommended a takeover offer from its major (21.77%) and Cumulus Wealth (3.96%) missioning and production,” Foulis said.
shareholder for all of the issued share capi- have indicated they will vote in favour of Nusantara published an updated DFS
tal it did not already own. the transaction in the absence of a supe- last month which included a higher capex
PT Indika Energy TBK’s offer of 35c/ rior proposal. of $US233 million to develop a 2.5 mtpa
share represents a 19% premium to the Nusantara chairman Greg Foulis said operation capable of producing 1.5 moz
five-day volume-weighted average price the Indika offer had come at an “opportune gold over an initial 16-year mine life, in-
for Nusantara when the proposal was pre- time” for the company and the Awak Mas cluding an average 115,000 ozpa in the
sented to the market in late June. project, which was discovered in 1988 and first five years.
Nusantara (75%) and Indika (25%) have been explored by a number of companies The higher capital, up from $US162 mil-
been JV partners at Awak Mas since early over the past three decades. lion in the original DFS from 2018, was at-
2019. “Awak Mas is at a key inflection point tributed to the requirement for increased
An independent board of Nusantara di- and the transaction removes a variety of earthworks in difficult terrain and the high-
rectors have unanimously recommended risks associated with progressing the pro- er-level of accuracy in the process plant
the scheme of arrangement, which is sub- ject from feasibility to production, including design.
Other key financial estimates in the
updated DFS were a post-tax NPV of
$US383 million, IRR of 25% and payback
inside three years of first production. A
gold price of $US1,700/oz was assumed
in the study.

The Awak Mas gold camp in
Sulawesi, Indonesia

aUSTRaLIa’S PaYDIRT aUgUST 2021 Page 91