The Emerald Resources NL (ASX: EMR) share price is climbing today after the company announced its Okvau Gold Project is on track for commissioning in the second quarter of 2021.
The Emerald share price has risen 1.2% today to 82 cents per share.
Emerald is engaged in mineral exploration in Cambodia, with the company’s major focus its Okvau Gold Project.
Emerald’s Okvau Gold Project
Emerald reported today that its Okvau mine is tracking on-time and on-budget for commissioning and its first gold pour over the next few months.
The Okvau mine’s first gold production is expected to make the company a more than 100,000 ounce per annum gold producer.
The company has ticked various construction boxes over the past two months. It’s completed construction of the Okvau substation, with testing works at an advanced stage in preparation for energising the plant.
It’s also erected structural steel and platework in the primary crushing, transfer station and stockpile areas, and completely erected the pebble crushing machinery.
Mining activities at Okvau so far have focused on in-pit waste movement and the first high-grade ore was mined and stockpiled last month. Excluding transport, Emerald is currently under budget for every aspect of the mine construction process.
In addition, 94% of the equipment it requires is already in Cambodia.
What Emerald management said
Emerald managing director Morgan Hart said it was “sensational news” given global circumstances:
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.
Emerald share price snapshot
The Emerald share price has doubled since May last year and is currently within 3 cents of its 10-year high set in January 2021. The company’s share price has returned 114% over the past 12 months, and is beating the basic materials sector by 75%.
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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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