Revenue from extractive industry reaches $11m

23 Jul 2019 2091 | Business & Trade Fairs

The Ministry of Mines and Energy collected about $11 million in non-tax revenue from the extractive industry during the first five months of the year, according to the latest ministry report.

In May, the ministry reached 55 percent of its target for non-tax revenue collection for the whole year.

In 2018 revenue from the extractive industry equalled $20 million, 133 percent of the ministry’s target, the ministry announced last week.

Yos Monirath, in charge of the mines department, could not be reached for comment yesterday.

The ministry has previously clarified that non-tax revenue refers to income collected through licensing fees and land leases.

In April, the ministry announced that two mining firms will begin producing gold in the Kingdom soon. Indian-owned Mesco Gold is expected to commence extracting this year, while Australia’s Renaissance Minerals will likely begin in 2020.

Meng Saktheara, secretary of state at the ministry, recently said that Cambodia will become much more attractive to investors once it establishes gold mining and oil extraction operations.

“Once we start producing gold and crude oil, more international companies will want to invest in our mining sector,” he said, noting that the ministry has issued more than 50 exploration licenses and 20 mining licenses.