'On-time and on-budget', Emerald (ASX:EMR) share price climbs

The Emerald share price is climbing today after the company announced its Okvau Gold Project is on track for the second quarter of 2021.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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%.

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.

More on Resources Shares

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Resources Shares

Why did the Fortescue share price fall 7% in October?

Let's review what happened with the ASX 200 mining giant in October.

Read more »

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.
Resources Shares

Why did the BHP share price get hammered in October?

ASX 200 investors sent BHP shares sharply lower in October. But why?

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Resources Shares

Gina Rinehart's empire raked in another $5.6 billion. Here's how

Resources and mining continue to dominate the Australian market.

Read more »

two men in business suits sit across from each other at a table with a chess board on it. Both hold their hands to their chins and look down in serious contemplation of their next move.
Resources Shares

'Not ruled out': Could BHP still buy Anglo-American?

This mega-deal might not be as dead as it looks.

Read more »

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Resources Shares

Mineral Resources share price rockets 16% on $1.1 billion news!

ASX 200 investors appear thrilled with Mineral Resources' latest news.

Read more »

Miner looking at a tablet.
Resources Shares

Here are the latest share price forecasts for Fortescue

Let’s unearth what analysts think could happen with this iron ore miner.

Read more »

A businesswoman ponders why her boat is sinking in the ocean.
Resources Shares

Lake Resources share price sinks on quarterly cash flow news

Let's take a look at the highlights of the company's Q3 update.

Read more »

A company manager presents the ASX company earnings report to shareholders at an AGM.
Resources Shares

Why today is a big day for BHP shares

Guess why everyone’s talking about BHP shares today.

Read more »