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.
2 comments:
Go for it and let rip the benefit from unearth natural resources.
Dear KI Media,
I 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
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