Cambodia’s mining sector witnessed significant growth in 2024, generating nearly $100 million in non-tax revenue—a 79% increase compared to 2023—according to Minister of Mines and Energy Keo Rattanak. The surge reflects a notable expansion in mining exploration and commercial operations across the country, positioning the sector as an increasingly important contributor to national development.
The announcement was made during the inauguration of a new $250 million cement factory in Oral District, Kampong Speu province, on May 20. Minister Rattanak highlighted that the Kingdom’s peace and political stability have laid the foundation for progress in various sectors, including mining.
Rising Investor Interest and Export Potential
While still in its early phase of development, Cambodia’s mining industry has seen steady progress with growing interest from both local and foreign investors. This influx of capital and activity has resulted in new revenue streams for the government and contributed to economic diversification.
According to Minister Rattanak, Cambodia now operates several mining sites that not only meet domestic demand but also export mineral resources abroad. In Kampong Speu province alone, the sector generated over $5 million in non-tax revenue in 2024 and approximately $1 million in the first quarter of 2025. The province currently hosts 74 active mining operations, which have collectively created around 1,900 direct jobs.
National Revenue Outlook
As outlined in the 2025 national budget, the Cambodian government aims to collect a total of 31,598 billion riel (approximately $7.9 billion) in revenue. Of this, 26,418 billion riel ($6.6 billion) is expected from tax income, while 3,971 billion riel ($992.75 million) is projected to come from non-tax sources such as mining fees, permits, and service charges. The remaining 1,209 billion riel ($302.25 million) is earmarked from other income streams.
Expert Opinion on Sustainable Growth
Hong Vanak, an economist at the Royal Academy of Cambodia, noted that the substantial rise in non-tax revenue reflects an overall increase in mining activity and returns on investment. He emphasised the importance of ensuring that future exploration and mining operations are conducted in compliance with legal and environmental frameworks to promote sustainability.
Vanak also pointed out that improved clarity and transparency in business classifications could enable the government to collect even more revenue—particularly in terms of tax collection from commercial mining ventures.
Broader Economic Impact
As Cambodia looks to strengthen its economic foundation, the mining sector is emerging as a key pillar in generating state income. Beyond financial contributions, the sector is also fostering job creation and local development, especially in provinces like Kampong Speu.
Minister Rattanak concluded that continued investment in the mining sector, supported by a stable policy environment and regulatory oversight, will play a vital role in Cambodia’s long-term development goals.
The government is expected to further expand efforts in resource management, geological surveys, and infrastructure development to support the growing demand and opportunities within the Kingdom’s mining landscape.
