Australia's Renaissance Minerals to acquire 729,000-ounce gold project in Cambodia

PHNOM PENH (Herald) - Australian mining company Renaissance Minerals says it plans to acquire OZ Minerals (Cambodia) Ltd, the Australian owner of the Okvau Gold Deposit in Mondulkiri province with an estimated 729,000 ounces of gold.

"Cambodia has significant potential to host large, world-class gold deposits yet it remains largely unexplored," managing director Justin Tremain said in a statement released Monday.

The statement said the terms of the deal included an upfront payment of $A7.8 million plus various shares and options and a deferred cash payment of $A5 million after completion.

Renaissance Minerals said a further $A22.5 million in deferred cash payments would be made depending  on certain milestones, including if it decides to mine and when production begins.

Renaissance said the gold deposit was located in a sparsely populated area of 1,100 square kilometers in Mondulkiri with some artisanal mining activities.

The Perth-based company said it looked forward to "welcoming to Renaissance the existing experienced in-country team that OZ Minerals has established over a number of years.

"Their knowledge and experience in working in Cambodia combined with their strong understanding of the geology and mineralisation will be invaluable,” the statement said.

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