ANK:CC - Angkor Resources Receives International Attention Regarding its ESG Projects
(TheNewswire)
Angkor Resources ReceivesInternational Attention Regarding i tsESG Projects
GRANDE PRAIRIE, ALBERTA – TheNewswire - March 5, 2024 - ANGKOR RESOURCES CORP.(TSXV:ANK ) and ( OTC:ANKOF) (“ANGKOR ” or the “Company”) announces that it has received international attention for itsactivities and facilitation of Financial Literacy (“FinLit”)training for Indigenous Communities, stemming from requests from localcommunities for assistance in dealing with debt load from overzealousmicrofinance institutions (“MFI”).
February, 2024, the European Union’s Manager on Governance,Democracy and Human Rights, the CEO of CORD United Kingdom, and CeriseSPFT for Southeast Asia were onsite in Banlung for first-hand view anddiscussion about the FinLit training and other activities undertakenby Angkor. The delegation was joined by upper management ofDevelopment and Partnerships in Action (“DPA”).
Above: Viseth Keo explains some of Angkor’s ESG activities todelegation from European Union, CORD, Cerise, and DPA. Mike Weeksprovides presentation at the Angkor Training Center.
In early 2022, Angkor initiated the research for the project on theAndong Meas license when it heard and saw the impact on thecommunities. Angkor then asked for collaboration with Advanced Bankof Asia (“ABA”), which is owned by National Bank of Canada, toprovide financial literacy training to families of rural communitiesthat were at risk of losing their homes, farms and land security. Due to the inability to repay microfinance loans with very highinterest rates and fees and no analysis of the MFIs undertakenregarding the ability to repay, many of Cambodia’s most vulnerablepeople have fallen into insurmountable debt with little chance ofrepayment in their lifetime.
The disturbing results of baseline surveys completed incommunities provided results like the first community of 58 families,of which 90% of the families completing thesurvey illustrated:
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Average household debt ($4500) exceeded annual income
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$243,000 total MFI debt for 53 households on 1/1/22 (not includinginformal debt).
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Increased stress, mental health issues, suicide, and general healthdecline
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Multiple loans, using one MFI to borrow from to pay another MFI
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A lack of understanding of what people were signing and no explanationor discussion of repayment obligations and failure to pay.
Although several NGOs were working with Indigenous Communities on theissue, the project appeared to only gain traction when Angkor, as aforeign investor company in Cambodia, became involved and drew in theABA bank for collaboration. Angkor continues to work with the NGOs.
Therefore, the needs assessment and baseline data led to thedevelopment of the FinLit project. The program started in threecommunities and has grown to provide 46 training programs to 41villages, each in their own native language. The results have beensignificant and initiated reforms by the government and MFIs whilenumerous other communities have requested the FinLit training as well.
Part of Angkor’s Environmental, Social, Governance(“ESG”) platform, which run parallel to the exploration anddevelopment activities, is to undertake needs assessments with thesurrounding communities and assist in activities for communities togain control of their livelihoods and manage their needs. Angkoralso integrated Cambodia’s first national agreement between industryand indigenous communities for stakeholder benefits. The toprequests from communities continue to be:
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improved education especially in English and computer applications;
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improved health care with clean water and sanitation solutions;
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economic development and employment/skillset training and
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security of land title and ownership.
SURVEY DATA
COMPARISON OF HOUSEHOLD DEBT AND GDP PER CAPITA
CAMBODIAN HOUSEHOLDS
Source: average household loan was obtained from Cambodia MicrofinanceAssociation (CMA) while GDP per capita was obtained from the WorldBank website.
The delegation was also interested in the practices of education andhealth access from the training center to the latrine and clean waterprojects. Ongoing collaborative projects like enhanced livelihoodfrom bamboo and economic development with skillset development werediscussed during the presentation.
Above: Ongoing FinLit training invillages and computer applications instruction at Angkor’s trainingcenter.
ABOUT ANGKOR RESOURCESCORPORATION:
Angkor Resources Corp. is a publiccompany, listed on the TSX-Venture Exchange, and is a leading resourceoptimizer working towards mineral and energy solutions across Canadaand Cambodia. Angkor’s carbon capture and gas conservation projectin Saskatchewan, Canada is part of its long-term commitment toEnvironmental and Social projects and cleaner energy solutions acrossexpanding jurisdictions. The company holds three mineral exploration licenses inCambodia and its subsidiary, EnerCam Resources, was granted an onshoreoil and gas license of 7300 square kilometers in the southwestquadrant of Cambodia.
CONTACT: DelayneWeeks - CEO
Email: info@angkorresources.com Website: angkorresources.com Telephone: +1 (780)831-8722
Please follow @AngkorResources on , , , Instagram and .
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
The information in this pressrelease contains certain forward-looking statements, including withinthe meaning of applicable securities laws. These statements relate tofuture events or our future intentions or performance. All statementsother than statements of historical fact may be forward-lookingstatements. Forward-looking statements are often, but not always,identified by the use of words such as “anticipate”,“continue”, “demonstrate”, “expect”, “may”, “can”,“will”, “believe”, “would” and similar expressions andinclude statements relating to, among other things, Angkor’sposition, strategy and development plans and the benefits to bederived therefrom; theCorporation’s anticipated annual production growth and annualcapital spending for the next three years; that the focus of theCorporation’s development activities during the remainder of 2023;expectations of when the transaction is completed; the anticipatedfocus of Angkor’s operations in 2024; the Corporation’santicipated 2024 average production; and the Corporation’sexpectations that it will continue to deliver clean, reliable,sustainable energy, contributing to a reduction in global emissions bydisplacing high-carbon fuels. Angkor’s actual decisions, activities,results, performance or achievement could differ materially from thoseexpressed in, or implied by, such forward-looking statements andaccordingly, no assurances can be given that any of the eventsanticipated by the forward-looking statements will transpire or occuror, if any of them do, what benefits that Angkor will derive fromthem.
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