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Cambodia : Opportunities in a "Frontier" market


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Cambodia : Opportunities in a "Frontier" market

The next Thailand? The next Malaysia?

=================================

 

Might Cambodia worth a close look in the current & coming market dip (assuming we get one) ?

 

Cambodia.jpg

/source: http://www.clairebrownrealty.com/cambodia.htm

 

The last forty years have seen some monumental upheavals in the population size, health and wellbeing, and the education status of most Cambodians. However Cambodia is rapidly making up for lost time. The population is growing and becoming increasingly urbanized. The general health status is improving across the board as access is improved to basic health and sanitation services. Education is improving as more and more Cambodians recognize the importance of quality education in securing their future. The political situation has stabilized and as improvements continue, further opportunities will be unearthed. The economy is booming on the back of strong overseas investment and growth in the Asian region. In particular, the growth of tourism provides some exciting opportunities for well-placed property investments and development.

Economy

 

252525.jpg

 

GDP and Inflation

 

- The latest figures of real GDP growth in 2005 have just been released and at 9.8%, Cambodia is exhibiting phenomenal growth. This is not just a one off as it is on the back of four previous years of an average of 6% growth.

 

- When coupled with a low inflation rate of 3% the economic outlook is extremely positive.

 

 

Overseas Investment

 

From 2002-2003 foreign investment in Cambodia was relatively stable. Following a slight dip due to political unrest in 2003, the growth has been astronomical with a 450% increase over 2004-2005 period.

 

The Cambodian Development Corporation (CDC) expects this trend in FDI to continue, as is indicated by further strong investment in the first quarter of 2006.

 

When analysed by sector we see that cement, petroleum and mining which were virtually non-existent in 2004, exceed 150 million each in funding in 2005. The tourism and energy sectors also show significant growth.

 

 

Tourism in Cambodia

 

- Improve political stability since 1997 has seen a resurgence of Cambodia as a tourist destination. Today there are 5 times more people coming to Cambodia that in 1998.

 

- The 1.4 million visitors to Cambodia in 2005 represented a 35% growth form the previous year, a trend that has been steadily increasing over the last seven years and is projected to continue at this rate.

 

- The total number of tourists by 2010 is expected to be just over 3 million and should provide an annual income of $2.35 billion USD.

 

=== === ===

(here's what Claire Brown Realty says):

Cambodia is a rare example of a true emerging market with foreign direct

investment up 350% from 2006 to 2007.

 

GDP averaged 6.4% between 2000 and 2004, with 2004 being the first year of

very accelerated growth. This was down to a number of factors including massive

increases in garments manufacturing, the discovery of drillable oil and tourism

numbers hitting 2m per year for the first time. GDP growth in 2007 was a very

impressive 9.6%.

 

/brochure: http://www.clairebrownrealty.com/reports/brochure.pdf

 

/Phnom Pen Blog: http://khmernz.blogspot.com/2010_04_14_archive.html

/Key Facts :: http://www.saigontourist.net/destination-cambodia.htm

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Cambodia offers fun in the sun

 

by Peta Tomlinson

 

Sep 07, 2011

 

Think of golden sand, glorious beaches and luxury retreats in Asia, and Cambodia might not immediately spring to mind. However, Cambodia is ascending as a tourist destination, especially its coastal areas.

A record 90,000 international tourists visited Cambodia Bay beaches last year - an annual increase of 7.5 per cent - and that could as much as double this year.

In May, the region's profile was further elevated internationally when Cambodia Bay was officially welcomed to a list of the Most Beautiful Bays in the World (www.world-bays.com). Prime Minister Hun Sen described his kingdom's admission to the exclusive, 32-member club as "a great opportunity for accelerated development of Cambodia's bays and coastal areas".

 

Developers have already cottoned on to this hitherto untapped potential.

"We have observed rapid progress in urbanisation, including the construction of hotels, guesthouses, restaurants, entertainment centres and resorts, in the coastal areas," Hun Sen said. "All these private investments have quickly expanded in all these coastal-area provinces."

International realtor CB Richard Ellis (CBRE), which has had a full-service office in Cambodia for four years, says increasing tourist visits to the coast have paved the way for developers to build various facilities and accommodation.

 

"Much of the country's coastline remains undeveloped," says David Simister, chairman of CBRE Thailand. "However, this is slowly changing. The coastal property market remains at its infancy, with a limited number of developments that have launched to market, and many projects in the pipeline and planning phase."

While welcoming tourism's potential to underpin economic growth and reduce poverty, Hun Sen also appealed to developers not to destroy the environment along the 450km coastline.

 

The Royal Group of Cambodia's plan to transform the pristine island of Koh Rong into Asia's first environmentally planned resort is in line with that thinking. MAP Architects of Hong Kong, which helped create the vision for Koh Rong, billed as "the next Asian Riviera", says the concept "sets an exciting new benchmark for tourism worldwide".

 

Simister, whose CBRE is the sole agent for developing the island, agrees that Koh Rong is one of the key coastal projects that is set to transform Cambodia's coastal tourism. "It's the next big opportunity in a world where quality tourism development options are shrinking," he says.

With a five-year development timeline for the first phase and ultimate completion in 25 years, it is also one of the most far-sighted of visions in global hospitality. Construction of infrastructure has begun on the island, including the main road network and an airstrip. This is due for completion later this year and will service the Koh Rong Archipelago area.

 

Investors have been quick to snap up one of the first opportunities available. Song Saa Private Island, located in the Koh Rong Archipelago and developed by Brocon Investment, is the first luxury private-island resort to be attempted in the country. Due for completion at the end of November, Song Saa comprises 27 over-water, beach and jungle villas, and a range of 5-star facilities, including an over-water restaurant and lounge, a spa and meditation centre, a private beach, water-sports facilities and more.

Simister says the completion of Song Saa represents a significant leap forward for Cambodia's coastal tourism. "It will place Cambodia on the map as an emerging beach destination." Despite the infancy of the resort-property market in Cambodia, Song Saa successfully sold out the first phase of its villas last year within two months. The final phase was launched in Hong Kong in April, where prices "are moving in line with developed properties and properties in other key coastal locations", Simister says.

The Song Saa project has attracted a global mix of investors from Hong Kong, Japan, Norway, Britain and France. Simister says new laws make it easier for foreigners to buy. And being only two hours by air from Hong Kong, it's an easy commute.

 

"Cambodia has one of the friendliest investment climates for offshore investors.

"Foreigners are allowed to own freehold condominiums located on upper floors of a building - this is relatively new legislation passed in 2010. Like most other Southeast Asian countries, foreigners are unable to own land on freehold, but it is legal and straightforward to set up a Cambodian land-owning company. Alternatively, foreign land ownership in Cambodia is offered on 99-year leases, the best leasehold tenure available in the region.

"This year, we have also seen major foreign investors like Hongkong Land entering the market, where they have recently purchased residential properties and development sites in Phnom Penh."

The remaining over-water and beach villas at Song Saa Private Island are priced from HK$4.6 million, with an 8 per cent guaranteed yield for 5 years.

8%

Is the guaranteed yield for beach villas at Song Saa Private Island, in Cambodia. The homes are priced from HK$4.6 million

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Just moved here three months ago after 11-years in Bangkok. Some really exciting investment opportunities and I was lured with a great opportunity in Solar Power and other renewable energy tech.

 

Cambodia has only 20% grid coverage and those on-grid suffer frequent power disruptions and high costs (24 cents per KWH is the norm). Many industries are forced to run just off diesel gensets costing 50-60KWH all-in. Return on investment in solar can be as little as 1-year in this environment. All this and this is prior to massive additional strain on the grid with developments such as the $2BN filled-in Boeung Kak Lake in central Phnom Penh.

 

Anyone interested in further details on the ground, especially in the renewable energy or infrastructure investment areas, please feel free.

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Hi BKKandrew,

I may refer some people to your post here.

 

Can you say a little bit about the differences between living in Phnom Penh versus Bangkok.

 

For instance:

 

+ How safe is it?

 

+ Do you have any problems when shopping, getting items you need ?

 

+ How does the cost of living compare with BKK: food, rents, etc. ?

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All the way back in the late nineties, those three storey French colonial houses next to the Press Club on the Mekong, were available for around USD70.000 a pop.....

Sounds great, and cheap.

 

Have you any photos?

 

Is it like this?

252525.jpg

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Cambodia's Curse: The modern history of a troubled land by Joel Brinkley

 

252525.jpg

Reviewed by Sebastian Strangio

 

PHNOM PENH - In June 2010, diplomats and donors converged on a conference hall in Cambodia's capital for a meeting with senior government officials. Seated in rows with headphones beaming in live translations, donor representatives listened to key ministers speak about the country's progress on a series of agreed to good governance reforms.

 

Despite concerns raised about a spate of illegal land grabs, persistent human-rights abuses and legal harassment of government critics - all of which prompted the usual vague assurances from officials that the situation would improve - donors offered development aid totaling an unprecedented US$1.1 billion for fiscal 2010-11.

 

Aid to Cambodia has increased more or less consistently since the United Nations Transitional Authority's (UNTAC) departure from the country in 1993. A child of the 1991 Paris Peace Accords, UNTAC was designed to bring an end to Cambodia's long civil war, establish a functioning electoral system and eventually usher in economic development.

 

For any observer of contemporary Cambodia, however, the optimism of the UNTAC era now seems almost quaint. If one accepts political commentator Fareed Zakaria's dictum that a democratic system is better symbolized by the impartial judge than the mass plebiscite (Cambodia, after all, has elections), then one glance at the judicial system - where bribery and political interference are more or less the norm - is all it takes to conclude that the country is not meaningfully democratic.

 

While the Khmer Rouge era has produced reams of historical accounts and personal memoirs, most books focused on contemporary Cambodia peter out in the late 1990s following the death of the Khmer Rouge insurgency and the end of the country's bloody civil war. How Cambodia has since dealt with the wages of peace remains largely unexamined.

 

It is therefore welcome that American journalist Joel Brinkley chose Cambodia as the subject for his fifth book, Cambodia's Curse: the modern history of a troubled land. Brinkley, a 25-year veteran of the New York Times who shared a Pulitzer Prize for his reporting on the refugee crisis that followed the fall of the Khmer Rouge regime in 1979, returned to Cambodia in 2008 to examine what it had done with UNTAC's $3 billion "gift". What he finds is a country bereft of the rule of law and plagued by grinding poverty, where human development indices are among the lowest in Asia.

 

Brinkley does a commendable job in sketching out the contours of Cambodian society. His narrative is enlivened by the voices of individual Cambodians who have been marginalized by the country's corrupt political system. Traveling around the country, he examines Cambodia's courts, schools and health system, all of which have been bled dry by graft and hollowed out by years of official neglect

 

/more: http://khmernz.blogspot.com/

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Hi BKKandrew,

I may refer some people to your post here.

 

Can you say a little bit about the differences between living in Phnom Penh versus Bangkok.

 

For instance:

 

+ How safe is it?

 

+ Do you have any problems when shopping, getting items you need ?

 

+ How does the cost of living compare with BKK: food, rents, etc. ?

 

Phnom Penh is far easier to live in than BKK. Even though there is no public transport infrastructure, the traffic situation and wide road mean that driving the 4K across town to my office is easy and can be just 10-mins even at rush hour. Safety-wise, it is possibly a little less safe here, but that is just an impression and have no hard facts on this. It also may be down to the fact that I speak, read and write Thai, whereas my Khmer is non-existant, so everything seems harder or more risky by definition.

 

My Thai wife, who speaks no Khmer and very little English has however found that she does not need to bring over any goods from BKK in order to cook or stock the house. In fact she was very impressed at the range, quality and cheap prices of fresh foods. Packaged products, ironically even Thai brands, are not just available, but cheaper than Thailand!

 

Western restaurants are more plentiful, cheaper and better quality than in Thailand. There is a really good French feel about the quality and range of both dishes and ingredients. Indeed many ingredients are here that you simply cannot get in Thailand.

 

Things that are cheaper in BKK:

 

Street food

Taxis

Apartment rents (see below)

Petrol/Diesel

 

Things that are cheaper in PP:

 

General shopping

foreign foods

Restaurants

Bars

Cars

Houses (see below)

Hotels/Guest Houses

 

The main difference is that Cambodia remains untouched by the chain store. There are no MacDonalds, supermarkets, convenience store or clothing store chains here. Only KFC and Pizza Hut have set up in PP. In fact this pre-multiple economy is somewhat resfeshing. For example there are over 35 different retail banks here, many with names I had never heard of before coming here. The main thrust of the coming boom here will be mutiples setting up. CP Group (7/11 in Thailand) has offices, production and other activities here and they must be eying the opportunities with glee.

 

The housing situation is complex. Because of relatively few tower blocks and huge areas of undeveloped land in PP, houses are much cheaper to rent and buy here, whereas apartments are scarce and expensive compared to BKK. For example, I always used to keep a small apartment near a Skytrain station in BKK for, ahem, staying in in, ahem, emergency. This was B4500 ($150). The same here would be over $400 and I would need a special, ahem, 'emergency' to consider keeping one. However a detached, colonial house, brand new in the suburbs would be between $1100 and $1800/month, whereas on in a similar area in BKK would firstly not be available in the same size and quality, but would set you back B100000/month (over $3000). It is wonderful to have so much open space after years of condo living as a result!

 

Again, the main problem is power. We have an average of 3 power cuts a day in PP and the power is so expensive it is the largest single cost after staffing for virtually every business. This will only get worse with the huge developments taking place here. It is the main reason why we located our HQ here - to deploy solar power solutions in our 'home' market. As it happens, after just two months open we have been inundated by enquiries, such is the apetite for energy solutions.

 

Any more info - just let me know!

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There is a photo on www.fcccambodia.com & a couple on Google images - what was available then was similiar / same era as the FCC

building but needing a lot of work....

Guessing a lot of the old colonials have been taken down by developers in recent years if not protected.

 

No, quite the opposite really. Lovely fine colonial buidings everywhere and vast majority of new builds built in colonial style.

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  • 2 months later...

Investing in Cambodia, Haiti, Bangladesh, Laos

 

Oct. 20 (Bloomberg) -- Douglas Clayton, chief executive officer of Leopard Capital, talks about his investment strategy for Cambodia, Haiti, Bangladesh, Laos and Myanmar. Clayton speaks from Singapore with Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)

 

/see: http://www.bloomberg.com/video/78312296/

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  • 3 months later...

Just moved here three months ago after 11-years in Bangkok. Some really exciting investment opportunities and I was lured with a great opportunity in Solar Power and other renewable energy tech.

BkkAndrew,

Are you still in Cambodia?

 

I wonder if you have the time, skills, and interest to get involved in Property renovation and/or development while there?

 

I met someone today who is looking for a reliable Locally-based partner in Cambodia.

If you are interested, I could put you in touch with them

 

(I am going to give this a brief airing on the Main board,

to give the topic a bit more "visability".

The number of comments on the Gold thread may be down, but that doesn't mean

that this website has lost its ability to surprise and look "outside the box")

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Song-Saa Island

 

There is already a high-end development on one of Cambodia's Islands:

 

 

If you visited Koh Samui or Phuket before Thailand’s tourist boom, you would have a sense of what Cambodia’s islands have to offer. While Cambodia’s islands will see some growth, we are committed to maintaining the natural assets that make this location so unique. If you are in search of a truly private tropical island experience, where you can forget the bustling world, few places rival Cambodia’s islands. While Cambodia’s islands share the same dazzling qualities that made Thailand’s islands so famous, they remain a truly unspoiled paradise.

 

Song Saa Private Island lies secluded in this magnificent seascape, just 30 minutes by boat from the international airport of Sihanoukville.

 

Most of the islands remain undeveloped – deserted oases of virgin rainforests, tropical reefs and glistening white beaches.

As a guest, you’ll be among the first foreigners to experience this beautiful, untouched world, where rare hornbills will land on your balcony. In this private intimate setting, you will lose yourself in the natural world. No intrusions. No work. Nothing but play.

 

/see: http://songsaa.com/villavilla-types/reservations/

 

Villas go for over US$700,000, I am told.

 

Article: SongSaa : Tipped as hot new destination

Song%20Saa%2014Dec2010.jpg

/see: http://www.brocongroup.com/about/articles/Song%20Saa%20News%20PPP%2014Dec2010.pdf

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BkkAndrew,

Are you still in Cambodia?

 

I wonder if you have the time, skills, and interest to get involved in Property renovation and/or development while there?

 

I met someone today who is looking for a reliable Locally-based partner in Cambodia.

If you are interested, I could put you in touch with them

 

(I am going to give this a brief airing on the Main board,

to give the topic a bit more "visability".

The number of comments on the Gold thread may be down, but that doesn't mean

that this website has lost its ability to surprise and look "outside the box")

 

Hi, Dr B.

 

Yes, still here (and am indeed so for the long term).

 

We have many massive solar and other renewable energy projects underway and 2012-2015 looks very positive development-wise. I would be very happy to receive proposals on developments and land/buildings for development, as long as we have a energy-focused remit.

 

Of particular interest perhaps to the board right now is a development of eco villas, apartments, shophouses and duplexes in a resort that is totally off-grid, entirely solar powered and in one of the most naturally beautiful waterfront-meets-mountains locations in the world. Prices start at under $100K.

 

On the above, feel free to correspond via pm.

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We have many massive solar and other renewable energy projects underway and 2012-2015 looks very positive development-wise. I would be very happy to receive proposals on developments and land/buildings for development, as long as we have a energy-focused remit.

 

Of particular interest perhaps to the board right now is a development of eco villas, apartments, shophouses and duplexes in a resort that is totally off-grid, entirely solar powered and in one of the most naturally beautiful waterfront-meets-mountains locations in the world. Prices start at under $100K.

I am eager to see anything you would care to post here about:

 

Agricultural-related and Renewable energy related investments in Cambodia.

 

Have you any photos or links you can post here?

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ANY COMMENTS on this Andrew?

 

(in response to JD's):

There was a 12V 40W system in Maplins today for £100.

 

Of course, those figures assume peak sunshine and do not account for the drop off in eff that all solar cells suffer. To put that in context, you'd need about 50 of these to boil a kettle (1800W) but of course you could store the energy in a battery, but then you'd loose eff again.

Av UK household energy consumption per year is in the order of 20,000 kWh's (but that includes about 16,500 kWh's of gas for cooking heating, if you have gas).

So, if you had peak operating eff and full sun 12 hrs per day, (i.e definitely not in Glasgow ) and amazing (not real) loss-free batteries, then you'd need about 115 of these (including your heating and cooking too), or about 10 of them just to cover your electric if you had gas for them

 

DrB:

So that's 115 x GBP 100, or GBP 11,500 to run the bigger system ?

I suppose on that scale, there's a better system than Maplin's toys?

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ANY COMMENTS on this Andrew?

 

Calculating solar system sizing is a complex area, for which we have complex modelling. However, in round numbers for Cambodia you mutiply the size of the panel by 4.5 hours of insolation. Take off 25% for losses on cables, inverters and batteries and this gives you the KWH/day you will generate worst case.

 

On the load side you total all devices you wish to power in terms of watts, multiply them by the duty cycle of hours/day (note with refridgeration, air-con the compressor is not actually running at all times the unit is "on"). This then gives you the amount you need to then install the correct system size. For example, your 1800W kettle that is only used for 15-minutes per day is just 450WH/day and could actually be powered by a single 200W panel (as long as the battery had sufficient storage). By contrast a 100W old-fashioned incandescant light bulb left on 24/7 would use 2400WH/day (2.4KWH/day) and need an array of 3 such panels.

 

Duty cycle is just as important as the load in KW.

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I am eager to see anything you would care to post here about:

 

Agricultural-related and Renewable energy related investments in Cambodia.

 

Have you any photos or links you can post here?

 

I will do so shortly, am a bit busy right now.

 

We are heavily involved in resorts and agricultural sector - Rice Mills etc. I will put something together to have a look at later this week.

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I will do so shortly, am a bit busy right now.

 

We are heavily involved in resorts and agricultural sector - Rice Mills etc. I will put something together to have a look at later this week.

 

So, what's new in Cambodia:

 

The agricultural sector is undergoing a serious change, with some serious investment in rice refining, food processing and tobacco. It is a general move away from suffiency farming. It is energy intensive and almost exclusively in the provinces where there is little or no grid. We are helping with solar primarily to power such facilities.

 

Mining is massive now, with leases being granted all over the country. There is every international player here, again operating in the provinces where there is little or no grid. Again, we are helping with solar primarily to power such facilities.

 

Tourism development is booming, especially in Siem Reap in the North (which gets much of its power from Thailand) and in the South and East with the development of coastal resorts. The latter is actively for power solutions.

 

Phnom Penh construction is changing daily, with every street a construction site. The biggest building in Cambodia, Vattanac Tower will be complete very soon, dwarfing the previous biggest, Canadia Tower next door. They are placing an unbelievable strain on a power grid that is already 100MW+ short of where it needs to be

 

The biggest play is factories, with multiple-hectare facilities opening as far apart as Sihanoukville, Phnom Penh, Koh Kong and Viet Nam border areas. Garments lead the way (another large power user), but every industry is active here. Factory openings in Q3 and Q4 this year nationwide will be an extrodinary boost to GDP and the infrastructure, such as the new container port at Sihanoukville (built by the Chinese, naturally) are coming on-stream to coincide.

 

This is the most opportunity-laden country from my viewpoint right now.

 

And, sorry, no time for any pics

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Mining is massive now, with leases being granted all over the country. There is every international player here, again operating in the provinces where there is little or no grid. Again, we are helping with solar primarily to power such facilities.

Most of the companies active in Cambodia are in early stage exploration, where only a handful of geologists are required.

 

As they find economic deposits, and begin to develop them, the number of people involved will grow. But it can take 5 -10 years to go from initial grassroots deposit to a mine in production. The country will have to be patient if they want to see substantial tax revenues, and mining jobs.

 

One of the companies furthest along in exploration had a booth in last week's Mines & Money conference:

 

RNS.au / Renaissance Minerals ... update

 

rns.png

 

At $0.24, the company has a Market Cap of A$ 37.8 Million = 157.6mn shs x $0.24

 

What stage are they?

Now that a major acquisition has been made, they will be drilling aggressively, to expand the size of their Gold deposit.

The company reckons the deposit will soon be over 1 million ounces.

 

 

The following is from their website:

 

Renaissance Minerals is a Perth based ASX listed mineral exploration company focused on aggressively exploring its strategically positioned dominant tenement position of greater than 3,000km2 in the highly productive Eastern Goldfields of Western Australia. The company also has 100% ownership of the high grade historic Radio Gold Mine located just north of Southern Cross in Western Australia. A third project is 90% ownership of the Quicksilver Gold Project located on the Tintina Gold Belt in south-west Alaska.

. . .

(But that was before an important development):

Renaissance Minerals Limited is pleased to announce that it has entered into a Share Sale Agreement with OZ Minerals Limited to acquire its Cambodian gold assets via the acquisition of OZ Minerals‟ wholly owned subsidiary, OZ Minerals (Cambodia) Limited. Upon completion of the acquisition, OZ Minerals (Cambodia) will become a wholly owned subsidiary of Renaissance.

 

The Cambodian Gold Projects cover an extensive area of approximately 1,100km2 within the core of a prospective new Intrusive Related Gold (“IRG”) province in the eastern region of the country. A JORC Indicated and Inferred Resource estimate of 12.6Mt @ 1.8g/t for 729,000 ounces of gold has recently been defined at the 100% owned Okvau Gold Deposit.

 

/source: http://www.renaissanceminerals.com.au/index.php?option=com_investorcentre&view=files&id=1&Itemid=11

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Wow.

The new Vattanac Tower looks like it will be a very important landmark

vattanac.jpg

 

That's a big step from the historical old city of Phenom Penh

 

4725636.jpg

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Other ways to invest in Cambodia, include:

 

+ A Private Equity Fund from Leopard Capital : xx

+ Dragon Capital's new Fund for: Vietnam, Cambodia, Laos : http://www.marketwatch.com/story/dragon-capital-to-raise-vietnam-investment-fund-2012-02-29

 

=== ===

 

(More opportunities will be highlighted in a conference):

 

Cambodia to host 2nd ASEAN-EU Business Summit ... News Date: 24th March 2012

 

Cambodia will host the 2nd ASEAN-EU Business Summit (AEBS) here early next month just two days ahead of the 20th ASEAN summit.

 

In a statement released Saturday, Cambodian government announced the Ministry of Commerce and the EU Delegation to Cambodia will organize the summit on April 1. "About 300 international business leaders are slated to convene meetings, discussions and closed door sessions on how to improve business in the most relevant trade and investment sectors," the statement said.

 

It will also bring together entrepreneurs, private investors and public policy-makers from both the EU and ASEAN to address important issues concerning EU-ASEAN trade relations, while identifying new business and investment opportunities on both sides

 

/more: http://www.businessghana.com/portal/news/index.php?op=getNews&news_cat_id=&id=162573

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