By Kenneth So
Dear Friends,
According to the news (please see the links and story below), the Australian firm OZ Minerals had discovered a gold mineral deposit of around 8.1 million tons in the north eastern province of Mondulkiri.
This gold deposit is so large that it is about 50 times of all the gold that has ever been produced throughout human history. According to Wikipedia (http://en.wikipedia.org/wiki/Gold), a total of only about 161,000 tons of gold have been mined throughout the history of human civilization.
According to the US geological survey (http://minerals.usgs.gov/ds/2005/140/gold.pdf), the world gold production in 2008 was only 2,260 tons. Therefore, with the current production, it would take Cambodia 3584 years to exploit all the gold from the mine.
I made some calculation as to the value of our Cambodian gold deposit. Considering that the price of gold is about $1,200 per troy ounce, the total value of our Cambodian gold deposit amount to over $300 trillion ($1200 x 8,100,000 tons x 22,240 lb/ton x 14.584 oz/lb). This is about 24 times the current debt of the United States of America (The current US debt is about $13 trillion). This mean that Cambodia could buy the US out and still have about $300 billion left. With this kind of wealth, Cambodia would be the richest country in the world.
I hope Cambodia and the government know how to manage our natural resource properly for the benefits of Cambodia and its citizens.
As some of you may have remembered, Cambodia used to be called Sovannaphum, which means a country of gold. Now we know the reason why our ancestors called Cambodia Sovannaphum.
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May 24, 2010
Cambodia's gold, mineral find
PHNOM PENH - CAMBODIA said on Monday that Australian firm OZ Minerals had discovered around 8.1 million tonnes of gold on its territory, ahead of a conference intended to draw in mining investment.
Some 60 local and foreign firms including companies from Australia, China, South Korea and Vietnam have been conducting mineral research and exploration across Cambodia, an official said ahead of the international mining conference starting in Phnom Penh on Wednesday.
'We have been conducting research and we have obtained remarkable results,' said Sok Leng, head of the General Department of Mineral Resources at Cambodia's Ministry of Industry, Mines and Energy, at a news conference.
OZ Minerals Limited had recently discovered about 8.1 million tonnes of gold in an area in the north-eastern province of Mondulkiri, said Mr Sok Leng. Other minerals including gold, iron ore, and copper had been found elsewhere in the country, he said.
Douglas Broderick, representative of the United Nations Development Programme, which is co-organising the conference with the Ministry of Industry, Mines and Energy, said Cambodia's mining sector would continue to develop. 'Obviously, we would like to see (the) mining conference encourage investment,' Mr Broderick said during the briefing.
London-based Global Witness has alleged that Cambodian earnings from natural resources, including minerals, are being 'jeopardised by high-level corruption, nepotism and patronage.' The environmental watchdog said Cambodia had enough natural wealth to wean itself off foreign aid but that international donors must do more to ensure the assets are properly managed. -- AFP
London-based Global Witness has alleged that Cambodian earnings from natural resources, including minerals, are being 'jeopardized by high-level corruption, nepotism and patronage.' The environmental watchdog said Cambodia had enough natural wealth to wean itself off foreign aid but that international donors must do more to ensure the assets are properly managed.
Kenneth So
Aryasatya (Sanskrit)
Chattari Ariyasachchani (Pali)
Chatuk Arey Sachak (Khmer)
The Four Noble Truths (English)
In Steps with Khmer Soul & Khmer Conscience
Dear Friends,
According to the news (please see the links and story below), the Australian firm OZ Minerals had discovered a gold mineral deposit of around 8.1 million tons in the north eastern province of Mondulkiri.
This gold deposit is so large that it is about 50 times of all the gold that has ever been produced throughout human history. According to Wikipedia (http://en.wikipedia.org/wiki/Gold), a total of only about 161,000 tons of gold have been mined throughout the history of human civilization.
According to the US geological survey (http://minerals.usgs.gov/ds/2005/140/gold.pdf), the world gold production in 2008 was only 2,260 tons. Therefore, with the current production, it would take Cambodia 3584 years to exploit all the gold from the mine.
I made some calculation as to the value of our Cambodian gold deposit. Considering that the price of gold is about $1,200 per troy ounce, the total value of our Cambodian gold deposit amount to over $300 trillion ($1200 x 8,100,000 tons x 22,240 lb/ton x 14.584 oz/lb). This is about 24 times the current debt of the United States of America (The current US debt is about $13 trillion). This mean that Cambodia could buy the US out and still have about $300 billion left. With this kind of wealth, Cambodia would be the richest country in the world.
I hope Cambodia and the government know how to manage our natural resource properly for the benefits of Cambodia and its citizens.
As some of you may have remembered, Cambodia used to be called Sovannaphum, which means a country of gold. Now we know the reason why our ancestors called Cambodia Sovannaphum.
-----------------------------------------
May 24, 2010
Cambodia's gold, mineral find
PHNOM PENH - CAMBODIA said on Monday that Australian firm OZ Minerals had discovered around 8.1 million tonnes of gold on its territory, ahead of a conference intended to draw in mining investment.
Some 60 local and foreign firms including companies from Australia, China, South Korea and Vietnam have been conducting mineral research and exploration across Cambodia, an official said ahead of the international mining conference starting in Phnom Penh on Wednesday.
'We have been conducting research and we have obtained remarkable results,' said Sok Leng, head of the General Department of Mineral Resources at Cambodia's Ministry of Industry, Mines and Energy, at a news conference.
OZ Minerals Limited had recently discovered about 8.1 million tonnes of gold in an area in the north-eastern province of Mondulkiri, said Mr Sok Leng. Other minerals including gold, iron ore, and copper had been found elsewhere in the country, he said.
Douglas Broderick, representative of the United Nations Development Programme, which is co-organising the conference with the Ministry of Industry, Mines and Energy, said Cambodia's mining sector would continue to develop. 'Obviously, we would like to see (the) mining conference encourage investment,' Mr Broderick said during the briefing.
London-based Global Witness has alleged that Cambodian earnings from natural resources, including minerals, are being 'jeopardised by high-level corruption, nepotism and patronage.' The environmental watchdog said Cambodia had enough natural wealth to wean itself off foreign aid but that international donors must do more to ensure the assets are properly managed. -- AFP
London-based Global Witness has alleged that Cambodian earnings from natural resources, including minerals, are being 'jeopardized by high-level corruption, nepotism and patronage.' The environmental watchdog said Cambodia had enough natural wealth to wean itself off foreign aid but that international donors must do more to ensure the assets are properly managed.
Kenneth So
Aryasatya (Sanskrit)
Chattari Ariyasachchani (Pali)
Chatuk Arey Sachak (Khmer)
The Four Noble Truths (English)
In Steps with Khmer Soul & Khmer Conscience
13 comments:
more reason for vietnam to conquer Cambodia...for their glittering gold.
Hun Sen will be the riches man on earth!
Hope the national resources such as these gold discoveries will be managed properly so Cambodia and the Cambodians can be the richest nation and people on earth. But I fear Cambodia might become like Nigeria which after the oil finds have become poorer and poorer because of the corruption. Cambodia might be the same if Hun Sen still control the country.
You may not be comparing an apple with an apple.
The 8.1 million tons of gold may refer to the gold ore which must be extracted with cyanide solution or others to get the actual 100% gold metal.
The 161, 000 tons may refer to the actual 100% gold metal that have been extracted so far.
It is too early to be such optimitic and besides having gold under the ground is one thing; managing it is another thing with the current Hun Sen government.
Sovannaphoum is perhaps a coincidental name. Our ancestors love Cambodia and gold is a coveted material of all times so naming what you love a golden land or village is a reasonable naming.
Anet Khmer
OK, you lose me where you said that Cambodia can buy US out ($12 trillions in debt). Now what? Khmer or the Khmer gov't can't even manage a piece of land the size of CT. And now with this money from gold and you're saying we can buy the US out, just like that. It sounds too easy, my friend. I bet Hun Sen will take all $300 T and hide them at the Swiss Bank and Cambodian will still be poor.
Hey Dude...
The US has a lot of natural resources and they conserve it.
They keep those for their future.
Oh...
Believe me. The person like Hun Sen is so proud of himself. He will leak something out no matter what.
I don't believe Cambodia become Nigeria the second, but we (people) just get a little from the development of economy indirectly. They might do money laundry somewhere.
Dear readers,
OZ mineral has reported several times of its gold finding. Only the geologist who was envolved in the prospect can tell the true. At this point we keep crossing our fingures but should not pay too much attention.
If one day it proof the reserve and the mining started we then can noise louder to demand proper management of the benefit.
i cuculate it's work out to be more than $300 trillion ,my question is will it benifit cambodia as a whole or is it gonna drown a bunch of goverment official to death?
I'm very disappointed. The news didn't say clear. Not 8.1 million tons of gold, it's 8.1 million tons of ore, extract about 600,000 ounces.
I found this common on line can any body ferify is it 8.1 million ton of ore or gold?
8:24 PM, this is what AFP has reported "Australian miner OZ Minerals Ltd has discovered 8.1 million tonnes of ore in rural Cambodia it believes can produce 605,000 ounces of gold, OZ and energy officials said on Monday."
Please read the link "please see the links and story below" in the article to read AFP report. So, the total finds of pure gold is only worth $726,000,000 ($726 million= 605,000 ounces X $1200/ounce. 8.1 million tons are just ore only. When extracted,can only produce 605,000 ounces of pure gold only.
i think we should concentrate on oil in the ocean before going to gold or other precious metals. we need to deplete the oil out first of the country then go on to precious metals. do we need to deplete all our resources at once since we lack management skills and know how and plus too much wealth will probably "drown us to death"..especailly our khmer attitude aren't educate enough to care for transparencies in all our dailly life of a better, cleaner,safer,enviromentally friendlier, sustainier,healthier,serenier,etc.. futures. now its survivor of the fetus. the powerful control the weak.etc...we need to use our wealth and watch,learn,and care for each other and the enviroment. WHO'S WITH ME?????????AFTER ALL, ITS OUR ONLY NATURAL RESOURCES..the thai got rich from our rubies and the yuon got rich from our rices and trees. BUT HOW COME SROK KHMER STILL POOR????
-There are nearly 6 millions Vietnameses living in Cambodia.
- Tea Banh is Vietnamese (appointed by Hanoi) runs Cambodian Arm forces.
-Xoc Kon Vietnamese( Hanoi businessmen), close friend to Hun Sen runs Cambodian's economy.
-Opposition Party are not allowed to check border that is encroached by Hanoi. Why?
-Two Khmer farmers in Sway Reang lost their farmland to Hanoi being jailed for two years. Is it just their farmland or our land. Should we concern about them?
-Thousand of hectares of Farmland sold to Hanoi companies for 99, while thousand of Khmer indigenous are being evicted and some have to go to slave illegally in Thailand,Laos and other countries.
-All Khmer should think how to restore our soul, run our country by ourselves.
If we fail to realize this we will be disappear from this map, just like our brother Kampuchea Krom are facing now.
True Khmer
keep dreaming kids. Maybe in our lifetime the GDP of Cambodia might reach $5 per person per day. Don't start trying to purchase the U.S. just yet.
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