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Thursday, December 09, 2010

Cambodian PM warns Prince to lose advisory role if joins politics

Cambodia's Prime Minister Hun Sen warned Thursday that Prince Norodom Ranariddh will lose his role as president of the supreme advisory council to King Norodom Sihamoni if he joins politics.

Delivering speech at inauguration of University of Battambang on Thursday, Hun Sen said he will inform the King to write off the prince's position from his advisory role in the next few days, if he decides to join politics as planned.

The prince wrote a letter to Hun Sen last month saying that he will return to politics to lead "Norodom Ranariddh Party"for the 2013 general election.

"Taking this opportunity, I would like to inform Samdech Decho (Hun Sen) that I am happy to go back and lead Norodom Ranariddh Party in 2013 in order to reunite royalists and Sihanoukists so that we can further cooperate with your Royal Government in the fifth term which will then comply by the principle of national reconciliation and unity...," the prince said in the letter.

Hun Sen said that the prince has his own choice between an" advisor to the king or politics".

The prince announced in October 2008 his complete resignation from politics.

The Norodom Ranariddh Party was established in 2007 after the prince was toppled from the president of the royalist FUNCINEC Party in 2006.

Hun Sen warned that Prince Ranariddh's re-entry into politics will cause ambiguity among royal family, the king and the former king whether they are also involved in politics.

He said once the prince joins politics, the prince might suggest he is the son of former King Norodom Sihahouk and is the elder brother of the present King Norodom Sihamoni.

Source: Xinhua
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Mining Company makes Sydne debut

Indochine Mining, which claims to be Cambodia’s largest mineral miner by land concessions, began trading on the Australian Stock Exchange on Thursday with a market capitalisation of A$54 million (US$53.2 million).

The company’s Chief Executive Officer Stephen Promnitz said the bulk of its 270 million tradable shares were owned by institutional investors seeking exposure to the Kingdom’s “expanding economy” and “resources in a new frontier such as Cambodia”.

“The great thing about Cambodia is it has not had a great amount of modern exploration,” he told The Post.

The company is “confident” of a “large discovery”, given the Kingdom’s history of limited exploration coupled with the large grants of land.

Indochine holds 2,900 square kilometres of land in Ratanakkiri province, in northern Cambodia, and another 1,400 square kilometres in Kratie province,

“I don’t think we’d be there otherwise,” said Promnitz.

The gold and copper explorer listed on the ASX in Sydney at A$0.20 a share after a successful initial public offering in October.

The IPO raised $20.1 million, exceeding its minimum target of $12 million.

Indochine’s share price fell to a low of A$0.16 during the first day of trading, finally closing 3 cents down at $0.17.
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