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IN BRIEF
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In Cambodia, gold is no longer just a legend: the commissioning of the seventh refinery, financed and operated by Cambodian K88 Industry Co., a company with Chinese capital, symbolizes the irresistible rise of the gold sector. Since 2023 the country has become net exporter of precious metal: over the period approximately 2021–2025 37 tons have been sold for nearly $2.8 billion, with 1.1 billion in 2025 (i.e. ~3.6% national exports).
The sector also contributed approximately 200 million over the same period (≈0.8% recipes), and relies on 21 deposits, including the website ofOkvau operated by Emerald Resources, with estimated reserves of 44 tonsBut the gold rush is worrying: the refinery is linked to a deposit that has been mined since 2023 and is regularly criticized for the contamination of waterways and the deforestation in the reserve of Prey Leng.
Cambodia is experiencing a veritable rush forgold Exports are soaring, refineries are springing up like mushrooms, and foreign investment is booming. But behind this glittering picture lie growing environmental tensions—threatened rivers, deforestation in the reserve of Prey Leng and criticism from NGOs and the media. This article analyzes the expansion of the Cambodian gold sector, the actors involved, the key figures, and the growing environmental concerns.
Recently, Cambodia has gone from being a net importer to a net exporter ofgoldboosting its national economy while raising serious environmental concerns. The figures speak for themselves: dozens of tons exported, nearly three billion dollars in cumulative value over a few years and significant tax revenues — all these factors explain the rapid expansion of mining infrastructure and refineries.
Sustained economic development
Between 2021 and 2025, the country exported approximately 37 tons gold, valued at nearly $2.8 billionFor 2025 alone, the gold trade balance represented around $1.1 billionthat is, close to 3.6% of the country’s total exports. Over the period 2021–2025, the sector also contributed approximately $200 million in tax revenues — a significant windfall that accounts for approximately 0.8% public revenue.
These gains explain the enthusiasm of investors and the multiplication of installations, as shown by the financial publication of several local and international players (see the 2025 financial report published online by some regional media).
Refineries and foreign players
Recently, the Cambodian Minister of Mines and Energy inaugurated the 7th gold refinery of the country, financed and operated by the company Cambodian K88 Industry Co., owned by Chinese capital. This inauguration clearly illustrates the trend: the sector’s growth relies heavily on foreign capital and cross-border partnerships.
For more context on the companies and their publications, one can consult specialized articles that closely follow these financial and industrial movements (financial report 2025).
Mapping of deposits and reserves
Cambodia today has some 21 gold deposits listed. The most famous is the site ofOkvauoperated by the Australian company Emerald Resourceswhose reserves are estimated at approximately 44 tonsThis diversity of deposits, combined with largely untapped resources, explains the strong potential for expansion in the sector.
For a historical and technical overview of the mining industry in Cambodia, see the summary page of the Wikipedia dedicated to the mining industry provides a useful basis, even if the situation on the ground is evolving rapidly.
Investments and regional dynamics
Mining projects are situated in a region where investment flows and worker mobility are changing the game — economic dynamics that sometimes rival other developments in Southeast Asia, whether they concern naval infrastructure or the attraction of cities for mobile professionals (regional deployments ; the appeal of cities like Da Nang).
Environmental pressures and criticisms
Gold mining growth is not without consequences. Several sites exploited since 2023 have been the subject of alerts for water pollution and massive deforestation. Concerns are focused in particular on the Prey Leng reserveconsidered one of the last great tropical forests of the Indochinese peninsula, where deforestation is being highlighted by journalistic investigations and NGOs.
Field investigations and reports have highlighted large-scale deforestation linked to the expansion of mining activity, as well as controversial mechanisms surrounding carbon credits and offsets (France24 survey).
Water pollution and threatened biodiversity
Critics cite river contamination by mining waste, changes in watersheds, and habitat loss for local species. Environmental organizations and civil society groups are documenting these impacts and calling for greater transparency and oversight.Justice for Cambodia).
THE challenge is twofold: to reconcile the creation of short-term economic value and the preservation of fragile ecosystems on which local communities also depend for their livelihoods.
Public policies, standards and international cooperation
Faced with pressure, international actors and UN programs are intervening to support climate resilience and sustainable resource management. For example, the program Climate Promise UNDP is working in Cambodia on capacity-building approaches and climate integration into national policies (UNDP – Climate Promise).
However, implementation on the ground remains complex: local regulations, inspection capabilities and political will must align to prevent carbon and gold from becoming a short-term recipe at the cost of long-term ecological collapse.
Citizen surveillance and the media
Local and international media, as well as investigative collectives, are amplifying the voices demanding answers. Recent analyses revisit the sector’s rapid growth and its environmental challenges, proposing assessments of impacts and avenues for action (detailed article).
At the same time, practical guides and tourist information about the region reflect changes in landscape and access to areas — important elements for understanding the transformation of territories (travel to Thailand ; trip to Vietnam).
Scenarios and challenges for the future
Gold represents a clear economic opportunity for Cambodia: jobs, tax revenue, and attractiveness to investors. But the most prudent option would be to manage this expansion through strengthened environmental standards, independent monitoring mechanisms, and the effective involvement of local communities.
In parallel, the regular publication of financial reports and impact studies, as well as pressure from civil society organizations, will help to guide decisions — and articles in the regional press allow us to follow these developments closely (consultation of financial publications).
Finally, the debate surrounding Cambodian gold mining is part of a broader context of transformations in Southeast Asia — economic, environmental and geopolitical — which will continue to influence the country’s trajectory.
Cambodian Gold: Frequently Asked Questions (FAQ) to shine without getting dirty
Q : Why the Cambodia Does he find himself in the spotlight for his gold ?
R The country is experiencing a real boom in its gold sector, driven by new mining operations and investments, so much so that the Cambodia has become a net exporter of precious metal in recent years.
Q Who inaugurated the new refinery And who exploits it?
R The Minister in charge of Mines and Energy inaugurated the seventh gold refinery of the country, a facility financed and managed by the company Cambodian K88 Industry Co., which is based on capital of Chinese origin.
Q How many refineries are there now in Cambodia ?
R With this opening, the country now has seven refining facilities specifically dedicated to…gold, a sign of rapid structuring of the sector.
Q What is the scale of exports ofgold in recent years?
R Between 2021 and 2025, the Cambodia exported several tens of tons of precious metal, for a value that amounts to billions of dollars, and by 2025 foreign sales represented a significant share of national trade.
Q Does gold mining generate revenue for the state?
R Yes — the sector has made a significant contribution to public finances in the recent period, bringing in several hundred million dollars in tax revenue.
Q Where are the main deposits ofgold At Cambodia ?
R The country has about twenty gold deposits. The most important is the site ofOkvauoperated by the Australian company Emerald Resources, whose still-identified reserves are among the largest in the country.
Q Where do the investments that are fueling this boom come from?
R : The growth results from a mix of foreign investment — particularly Australian and Chinese — and a geological potential that remains largely untapped.
Q What are the main environmental challenges linked to this expansion?
R Critics point to concrete risks: contamination of waterways, deforestation and damage to fragile habitats, especially around protected areas and tropical forests of the Indochinese peninsula.
Q Is the new refinery associated with a controversial site?
R Yes, the refinery is linked to a deposit that has been exploited since 2023 and has already been the subject of numerous complaints for its local environmental impacts.
Q What is the risk to the reserve of Prey Leng ?
R Concerns focus on the degradation of this vast rainforest: mining expansion could accelerate the deforestation and contribute to the pollution of the rivers that cross the reserve, endangering local biodiversity.
Q What responses can we expect to these concerns?
R Options range from enhanced environmental controls and transparency requirements for investors to measures for restoring and monitoring waterways; however, the implementation and effectiveness of these measures vary depending on the actors involved.