Renaissance Minerals (Cambodia) Ltd, a wholly owned subsidiary of Emerald Resources Ltd, an Australia-listed mining firm, reached a memorandum of understanding with MACA Limited, to work on a gold project in Okvau in Mondulkiri province.
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According to the agreement, signed on Wednesday, MACA – also a listed, integrated services contractor with operations spanning Australia and South America – will supply equipment and contract mining services at the Okvau Gold Project in Cambodia.
The mining contract will include loading, hauling, drilling, and blasting operations, utilising 100-tonne class dump trucks. The initial term of the contract will be aligned to the current schedule of seven years with an option to extend.
Approximately $220 million are expected in revenue, according to the company’s filing to the Australia Stock Exchange on Wednesday.
MACA managing director Chris Tuckwell said his company will help Emerald to develop its highly robust Okvau Gold Project, continuing the strong relationship the companies have developed over many years and across many successful projects.
“MACA will also apply the experience we gained in establishing both a foreign subsidiary and starting a new mine whilst working in Brazil over the last four years,” said Mr Tuckwell.
Emerald Resources’ managing director Morgan Hart stressed that both companies have worked together during the last two decades.
“The Board and Management of Emerald have worked closely with the team at MACA over the past 20 years in a multitude of successful operations and are very pleased to continue the relationship on the Okvau Gold Mine Development,” said Mr Hart.