DPA
Phnom Penh - State-owned Japan Oil, Gas and Metals National Corp has formally committed to invest 4.5 million dollars in a joint venture in Cambodia with the Australian gold-exploration company Southern Gold Ltd, the company said Monday. Adelaide-based Southern Gold said in a statement to the Australian Securities Exchange that the deal would accelerate exploration on three Cambodian gold and base-metal projects in the north-east of Cambodia.
The announcement confirmed a March letter of intent.
Under the now formal terms, the Japanese firm must spend a minimum of 1 million dollars on the projects over the next 12 months and would make a total investment of 4.5 million dollars over three years to earn a 51-per-cent interest in the three tenements, it said.
Southern Gold has previously posted promising gold and base-metal predictions on the three projects from early exploratory research.
The Japanese firm said its objectives in the deal were securing a stable supply of oil, natural gas, nonferrous metals and minerals for Japan and, if exploratory results were positive, the equity interest would be transferred to a private-sector Japanese company.
Southern Gold's other investors in the project include Chinese resource investor CITIC as well as Australia's Macquarie Bank Ltd.
The announcement confirmed a March letter of intent.
Under the now formal terms, the Japanese firm must spend a minimum of 1 million dollars on the projects over the next 12 months and would make a total investment of 4.5 million dollars over three years to earn a 51-per-cent interest in the three tenements, it said.
Southern Gold has previously posted promising gold and base-metal predictions on the three projects from early exploratory research.
The Japanese firm said its objectives in the deal were securing a stable supply of oil, natural gas, nonferrous metals and minerals for Japan and, if exploratory results were positive, the equity interest would be transferred to a private-sector Japanese company.
Southern Gold's other investors in the project include Chinese resource investor CITIC as well as Australia's Macquarie Bank Ltd.
Go for it and let rip the benefit from unearth natural resources.
ReplyDeleteDear KI Media,
ReplyDeleteI have been an enthusiastic reader of KI Media and khmerintelligence before that, now for many years.
I would like to inform you about the establishment of the Ethnicity and Local Governance research project and the associated blog used to disseminate findings and receive feedback.
http://elgc.org/
I would like to kindly ask you to post a notice on KI Media informing your distinguished readers of this blog. I trust that the goals of this research are in line with those guiding KI Media.
Indeed KI Media has used photos from my other blog
http://cambodia.mellenthin.de/
at least once.
Best,
ELGC