Under the terms of the agreement, Renaissance will pay OZ another $24.2m if gold is mined at the site.
OZ Minerals managing director and CEO Terry Burgess said to develop and operate a mid-tier gold mine in Cambodia and to this end took its Cambodian interests from a grassroots project to an identified gold resource.
"The project did not fit with OZ’s strategy in regard to the amount of gold at the concessions and the company’s overall preference for mid-tier copper projects," Burgess said.
OZ Minerals is an Australian mining company with a focus on copper and the company owns and operates the high quality Prominent Hill copper-gold mine in South Australia.
