Tag Archives: Emerald Resources

MACA secures five-year ‘first right of refusal’ agreement with Emerald Resources

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MACA has announced a five-year agreement with Emerald Resources NL to continue partnering on current and all future mine developments.

Under this agreement, MACA has earned the first right of refusal to deliver a full range of mining services, construction and establishment works for future Emerald Resources operations.

This follows a 2020 agreement between the two companies that has seen MACA supply earthmoving equipment and conduct contract mining services at Emerald’s Okvau gold project in Cambodia.

Emerald said the scope of this pact covers a full range of mining services including load & haul, drill & blast, underground mining (development & production), crusher feed, tailings dam construction and establishment works.

Australia West Group Executive, David Greig, said: “Founded upon MACA’s safe delivery of strong operational results for Emerald Resources at the Okvau gold project in Cambodia, this agreement is a testament to our long-standing reputation in the market as a trusted partner. With a substantial pipeline of developments ahead, it signals an exciting period of growth for both businesses across Australia and Cambodia, and a significant next step in our partnership.”

Emerald has a number of projects in both Cambodia and Australia.

MACA’s combined breadth of scope and international experience as part of the Thiess Group, including PYBAR, recently acquired for its underground capabilities, strongly positions the company in the global market, it says.

MACA to mobilise to Okvau gold project in August

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More than a year after signing a memorandum of understanding (MoU) with a subsidiary of Emerald Resources to supply equipment and contract mining services at the Okvau gold project in Cambodia, MACA has been confirmed as the mining contractor.

As part of the new agreement, ASX-listed MACA is to supply earthmoving equipment and conduct contract mining services at Okvau.

Emerald said: “The signing of the mining contract follows extensive work with MACA around scheduling of pre-production and production mining.”

The company added: “It represents a positive step in the development of the Okvau gold project by adding a high level of confidence in the execution of the mining schedule with the highly experienced MACA earthmoving team.”

The contract provides for the use of new fit for purpose earthmoving equipment with an onsite expatriate management team experienced in similar international operations, according to Emerald.

MACA’s proposed scope of work includes site preparation, drill and blast, load and haul and maintenance works. This equates to around $230 million in revenue over the seven-year term.

Mobilisation activities are expected to commence in August ahead of pre-production mining in October 2020. First gold is expected in the June quarter of 2021.

Last month, Outotec booked a €13 million ($14.2 million) order from the project, with the Finland-based company set to deliver an Outotec HIGmill® high intensity grinding mill, a SAG mill, TankCell® flotation cells, an OKTOP® Conditioner, thickeners and spare parts to the project.

Emerald Managing Director, Morgan Hart, said: “We are extremely pleased to have appointed MACA as the mining contractor for the Okvau gold project operations which continues the existing relationship between the Emerald and MACA management teams. The signing of the Mining Contract follows a thorough and collaborative process with both teams in finalising the mining schedule for the development and operations of the Okvau gold project.”

He said the sealing of this contract gave the company “greater confidence” to achieve its goal of becoming the first modern large-scale Cambodian gold producer by the June quarter of 2021.

A definitive feasibility study on the project displayed an ore reserve of 14.3 Mt at 2 g/t Au for 900,000 oz of gold in a single open pit with a waste:ore ratio of 5.8:1. The life of mine average annual production came in at 106,000 oz with an all-in sustaining cost of $754/oz.

MACA drafts up mining contract for Okvau gold project in Cambodia

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ASX-listed MACA has entered into a memorandum of understanding (MoU) with a subsidiary of Emerald Resources to supply equipment and contract mining services at the Okvau gold project in Cambodia.

The MoU with Renaissance Minerals is subject to a final investment decision to develop the project by the Emerald Resources Board of Directors, MACA noted. A draft mining contract between MACA and Emerald, agreeing on all material terms, conditions, schedules and rates, will be executed upon this decision.

MACA’s proposed scope of work under the mining contract includes load, haul, drill and blast utilising 100-t class dump trucks, with the initial term of the contract aligned to the current schedule of seven years with an option to extend. This equates to around $220 million in revenue, MACA said.

MACA Managing Director, Chris Tuckwell, said MACA will use the experience it gained in establishing both a foreign subsidiary and starting a new mine whilst working in Brazil over the last four years to Renaissance’s Cambodia project.

Emerald Resources’ Managing Director, Morgan Hart, said: “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.”

On 1 May 2017, Renaissance announced the completion of the definitive feasibility study (DFS) on the development of a 2 Mt/y operation at Okvau. The DFS delivered an initial ore reserve of 14.3 Mt at 2 g/t Au for 907,000 oz of gold at an average all-in sustaining cost of $731/oz over an initial seven year life of mine.