EMR has made a takeover bid that has been recommended by the Bullseye Mining board.
21-Sep-2021: Okvau Gold Mine Ramps Up to Full Production
Emerald Resources NL (ASX: EMR) is pleased to advise that it has completed ramp up activities at its 100% owned 2.0Mtpa Okvau Gold Mine. The management team will continue to focus on optimising the performance of the Okvau Gold Mine.
Emerald’s Managing Director, Morgan Hart, said:
“It is pleasing to announce that we have achieved the successful ramp up of operations to full production at the Okvau Gold Mine which now places Emerald in the ranks of a 100,000+ ounce per annum gold producer."
"Importantly we are either meeting or exceeding the Okvau Gold Mine DFS1 which is a testament to the skill and quality of our staff and contractors in light of the significant challenges of the global pandemic and commissioning and ramp up activities during the recent wet season."
"We look forward to positive cash flows from the Okvau Gold Mine providing the opportunity to grow the Company through exploration and acquisition. Notably with environmental approvals recently granted at the Memot Project, our exploration is scheduled to commence on a maiden drilling campaign in the near term.”
--- click on the link at the top for the full announcement, with photos ---
Disclosure: I hold EMR shares in RL and in my SM portfolio. They have some impressive experience and prior track records in terms of management, key personnel and their board, and they have MACA (MLD) doing their contract mining for them - I also hold MLD shares. I don't normally go for gold producers with a single mine, especially if it's located outside of Australia. Okvau is in Cambodia. However, I'm backing the management and board in this case.
The ramp-up has been excellent - with no real issues having impeded it. Their costs should be world-class (i.e. low). This is shaping up as an excellent project, and one that I think a few larger gold producers would now be casting an eye over in terms of Okvau being a possible bolt-on acquisition for them at some stage.
I think we're in for a period of consolidation within the industry, so I'm expecting M&A, I just don't know who and when. But if you hold shares in the best producers, both established and emerging, it's a good start.
24-June-2021: Maiden Gold Pour at the Okvau Gold Mine
Emerald Resources NL (ASX: EMR) (“Emerald”) is pleased to advise that it has commissioned the gold room and poured first gold at its 100% owned 1.14Moz Okvau Gold Mine.
Two gold bars weighing a combined 8.6kg were produced during the three day commissioning of the gold room.
Emerald’s Chairman, Simon Lee AO, said: “I share absolute pride and the sense of achievement with our unwavering staff, trusted contractors and suppliers in Australia and Cambodia who have battled unprecedented challenges to remain categorically focused on meeting our target of commissioning and first gold production from the Okvau gold mine on time and on budget.”
“This could not be achieved without the leadership of our experienced executive and management team led by Managing Director Morgan Hart and Executive Director, Mick Evans and the support from the Government of Cambodia and its people. We are truly lucky to operate in a country steeped in traditions and wonderful people.”
Emerald’s Managing Director, Morgan Hart, said: “The first gold pour is a major milestone for both the Company and for Cambodia as the project becomes the first modern large scale mine to operate in the country. This marks the creation of a new industry for Cambodia bringing opportunities and benefits for the people of Cambodia.”
“Construction activities have remained on budget and the first gold pour has remained on schedule despite the logistical challenges brought on by the global pandemic. It is a testament to the skill and experience of the team we have assembled on site throughout this process."
"First gold doré production at Okvau is a significant achievement for Emerald, as whilst it continues commissioning activities ramping up to full production, it has successfully transitioned to the ranks of an international gold miner.”
Commissioning activities at Okvau are well advanced and have initially focussed on the processing of oxide ore from crusher to the SAG mill, and through the CIL tanks, stripping circuits and detox circuit. The focus will now shift to commissioning the fine grind float circuit and adding higher grade sulphide ore to the process plant over coming weeks as the Okvau Gold Project ramps up to full production.
The Company maintains its guidance that the production at the Okvau Gold Project is forecast to be 100,000oz to 110,000oz per annum in line with the Company’s Definitive Feasibility Study releases on 1 May 2017 and subsequently updated on 26 November 2019.
[I hold EMR shares.]
- Crushing Circuit and Processing Plant in start-up wet commissioning phase in advance of maiden gold pour this month
Emerald Resources NL (ASX: EMR) is pleased to advise that it has commenced crushing activities, delivered the first ore feed to the Mill and has commenced wet commissioning of the Processing Plant at the Company’s 100% owned 1.14Moz Okvau Gold Project in advance of the maiden gold pour this month.
Emerald’s Managing Director, Morgan Hart, said:
“The first ore feed and commencement of wet commissioning of the Okvau Gold Project is a significant milestone for the Company and represents the exceptional efforts by our experienced construction and development team with co-operation from our quality contractors and global suppliers.”
“The Project has remained on budget and on schedule despite the logistical challenges brought on by the global pandemic and is a testament to the skill and experience of the team we have assembled on site throughout this process.”
“Construction activities are nearing practical completion and open-pit mining has delivered over 245,000t of predominantly oxide ore on the ROM pad. The oxide feed is being used to wet commission the SAG Mill and leaching circuit for the first few weeks of operation allowing a ramp up of gold in circuit in advance of the maiden gold pour this month. Hard rock, sulphide feed will be added to the circuit in the coming weeks to commission the float regrind circuit.”
[I hold EMR shares.]
30-Apr-2021: Quarterly Activities Report
Quarterly Report for the period ended 31 March 2021
Development Activities - Okvau Gold Project
Exploration – Near Mine and Regional Licences
Commenting on the Quarter ended 31 March 2021, Emerald’s Managing Director, Morgan Hart, said:
"The global pandemic has continued to present challenges during the Quarter. However, our suppliers, logistics team and construction crew have worked safely and efficiently so that we are now in the final stages of construction of the Okvau Gold Project and expect to deliver first gold production prior to the end of the current quarter.”
“The expected first gold production will mark a significant milestone for Emerald and herald a new chapter for the Company as a +100,000 ounce per annum gold producer with an average LOM AISC of US$754/oz. First gold production at Okvau represents the first step in the Company's stated strategy to become a multi-mine gold producer."
--- click on the link at the top for the full report ---
[I hold EMR shares. I have shares in a number of gold producers, plus a small handful of project developers, and Emerald Resources is the ONLY gold project developer I hold who has a project located outside of Australia. I am backing their very experienced and well-credentialed management team, who have sensibly partnered with the Cambodian government to ensure favourable treatment in-country (or at least to hopefully ensure they do not get seriously rogered). Their grades at Okvau are outstanding.]
09-April-2021: Okvau Gold Project On Track For Commissioning 2Q of 2021
Emerald Resources NL (ASX: EMR) is pleased to advise that its 100% owned 1.14Moz Okvau Gold Project is tracking on-time and on-budget for commissioning and first gold pour in 2Q21 [i.e. the current June Qtr].
Emerald’s Managing Director, Morgan Hart, said: “Our dedicated team in country has advanced the development of the Okvau Gold Project significantly in recent months to be on schedule for the successful commissioning of the process plant and deliver first gold production prior to the end of the current quarter.”
“This represents an exceptional effort given the logistical challenges brought on by the global pandemic and done whilst maintaining first-class protocols to ensure the continued health and wellbeing of staff, contractors and stakeholders.”
"The expected first gold production will mark a significant milestone for Emerald and herald a new chapter for the Company as a +100,000 ounce per annum gold producer with an average LOM AISC of US$754/oz.”
--- click on the link above for the full announcement ---
Also, recently: 05-March-2021: 121 Mining Conference APAC Presentation
Disclosure: I hold EMR shares. It is an exception to my rule of not owning shares in gold mining companies whose mine (or majority of mines) is/are located outside of Australia. There is sovereign risk associated with operating in Cambodia for sure, but it's a very small position for me, and the low projected AISC and pedigree of their management and board are enough to get me to make that exception. High risk, high potential return. But only with money I can afford to lose. You don't bet the farm on companies like this.