Emerald Resources Completes Licensing for Cambodia's Memot Gold Mine Project

Emerald Resources has secured full approval for the development and operation of its Memot gold mining project in Cambodia, following the acquisition of the Memot Mineral Investment Agreement (MIA) and the Industrial Mining License (IML). The approval process for the Memot gold project involved close collaboration with various ministries and agencies of the Cambodian government. Additionally, Emerald has obtained an extension of the MIA for the Okvau gold mine. The MIA Memorandum and IML Memorandum were officially executed by the Minister of Mines and Energy (MME) and the Minister of Economy and Finance (MEF), respectively. This process adhered to the environmental pre-approval procedures set forth by the Ministry of Environment (MoE), with final approval granted through a formal Sor Chor Nor notification issued by Cambodia’s Council of Ministers. The extended agreement now facilitates the import of equipment necessary for upcoming underground mining operations at Okvau. Notably, Emerald Resources is entitled to several favorable provisions under the accord, including a three-year exemption from equipment import taxes and duties, as well as a five-year waiver on withholding taxes imposed on dividend payments to foreign-related companies. Moreover, the agreement stipulates a royalty rate of 3% of gross sales revenue and includes a robust five-year stability clause. This clause mandates that, should new Cambodian legislation materially increase the company’s costs, the agreement will be amicably revised to ensure ongoing economic equivalence. Any unresolved disputes arising from this review will be submitted to arbitration at the Singapore International Arbitration Centre, following review by Cambodia’s Joint Review Committee.

Memot IML covers a project area of 27.46 square kilometers, with an initial term of 15 years, offering two additional 10-year extension options under current legislation. The Ministry of Environment has already granted the Environmental Pre-Approval for the development and operation of the Memot gold mining project. This pre-approval requires Emerald Resources to submit the Environmental and Social Impact Assessment (ESIA) by April 30, 2026. The company initiated the ESIA process in early 2025 and plans to finalize the study within the same year before proceeding with project development. Moreover, the extension of Okvau’s MIA reflects the extended operational lifespan of the Okvau gold mine—from its original seven-year plan to now encompassing underground operations as well. Morgan Hart, Managing Director of Emerald, commented: “We are thrilled that all necessary permits for the development and operation of the Memot gold mine project have been secured. Obtaining both the Memot MIA and Memot IML licenses marks a significant milestone for the project and underscores our constructive, collaborative relationship with the relevant government departments and agencies.” He added, “As the expansion of the Okvau mining site progresses—now including underground mining activities—the Royal Government of Cambodia has reaffirmed its unwavering support for our ongoing operations, as well as our planned initiatives to scale up mining activities further.” “On behalf of the company, we would like to extend our heartfelt gratitude to the Ministry of Mines, Energy, and Industry, the Ministry of Finance, the Ministry of Education, and other government agencies for their invaluable cooperation in ensuring these approvals were finalized successfully. We look forward to sharing the latest construction timelines for both the Memot gold mine project and the Okvau gold mine’s upcoming underground expansion in the months ahead.”