CEO OF THE YEAR

MNN Awards: Hart's Emerald a quiet achiever

ONE of the ASX's newest producers is also one of its most low-key companies.

The first pour at Okvau last month

The first pour at Okvau last month

Emerald Resources last month celebrated the first gold pour from its US$100 million Okvau mine in Cambodia.

The feat was particularly impressive, given the mine was built on time and on budget during a global pandemic.

It is also Cambodia's first commercial gold mine.

Managing director Morgan Hart spoke to MNN from hotel quarantine in Perth after returning from Cambodia.

He said while COVID-19 had been a challenge, completing the definitive feasibility study, finalising a mineral investment agreement and getting project funding was just as difficult.

"The Cambodian government was really keen to help, but nobody had ever done it before," Hart said.

Emerald executive director and chief operating officer Mick Evans lived on site to oversee the build.

"We built the project in-house with a lot less people than you'd usually have," Hart said.

"The fact that the guys have done it in such a circumstance ... I couldn't be prouder of the team."

Hart said COVID forced the team to "roll with the punches" given it was hard to get people to site and difficult from a logistics perspective, given there were fewer boats and a rise in freight costs.

The team has plenty of experience.

Okvau is the fifth gold mine Hart and Evans have been involved in building in the last 15 years.

The first was Bonikro in Cote d'Ivoire during their time with Equigold.

Like Okvau, Bonikro was the country's first commercial gold mine and was built during a civil war.

Equigold never ran the mine, as it was acquired by Lihir Gold.

The Equigold team moved on to Regis Resources, where Hart was COO and oversaw the build of the company's three main Duketon mines.

"Moolart Well was a great build for the company," he said.

"It was a real company maker."

Hart and Evans joined Emerald as a A$13 million shell company and acquired Renaissance Minerals, owner of Okvau, in 2017.

Emerald's market capitalisation is now $451 million, with about 50% of the stock held by institutions.

Okvau's first gold was produced a fortnight ago, attracting two government ministers and four TV crews, which was a little more fanfare than Emerald would have liked.

"We did have a couple of glasses of champagne that night," Hart said.

Now the mine will be gradually ramped up 100,000-120,000 ounces per annum, with average production of 106,000ozpa at all-in sustaining costs of $754/oz, in line with the 2017 DFS.

"The real success of a project is how well you operate it," Hart said.

Emerald is not planning to stop at Okvau.

"We think we've identified the next one in Cambodia," Hart said.

"And we're pretty keen to find something in Australia.

"We're not shy to knock on people's doors."

Hart said Emerald had spoken to some Australian companies, based on the company's ability to build projects in-house for a low cost.

Emerald is pretty keen to remain under the radar, a strategy that is very deliberate.

Hart started his career working for Nick Giorgetta and Simon Lee AO, the latter of which chairs Emerald.

"None of us are big self-promoters," he said.

"It's sort of just the way we do it."

That's why Hart's nomination for CEO of the Year in the 2021 MNN Awards came as a surprise.

He said any award should go to Evans.

"He's the real champion of building the project," he said.

"I'm conscious that it's him, not me.

"If there was a COO of the year award, Mick Evans would win it with flying colours."

Emerald Resources managing director Morgan Hart is a nominee for CEO of the Year in the 2021 MNN Awards.

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