Alibaba News Channel
A Korean-American businessman has secured a mining opportunity for precious and base metals in Cambodia amid soaring metal prices in international markets.
Jonathan Kim, chairman of Basileia Cambodia, secured for his company the rights to explore a gold mine in Andong Bor ― about 410 kilometers northwest of Phnom Penh ― after leading the company's successful effort to purchase 90 percent of the developing licence ownership Liberty Mining International Pty Ltd. (LMI) of Australia has held on the 363.5 square kilometers mine.
Kim signed the contract to set up a 9:1 joint venture, Basileia Mining Corp., with Richard Stanger, managing director of Liberty, in late October, a company executive said.
Yoon Dong-yeol, senior executive and vice president of Basileia, said that the two parties also inked a memorandum of understanding (MOU) on joint explorations of five other mines in the northeast part of the country. The mines have deposits of oil, gas, iron ore, coal, bauxite, copper and other precious metals, according to Yoon.
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