Guyana focused on “retooling and reforming” mining sector

Abel Resende

Minister of Finance, Winston JordanMinister Jordan tells Canadian convention WHILE the Government of Guyana is focused in ensuring everything is in place for oil production, it has not forgotten to address other aspects of the production sector and this includes retooling and reforming the mining industry.

Abel Resende

Minister of Naturl Resources and the Environment, Raphael Trotman This is according to Minister of Finance, Winston Jordan, who addressed stakeholders in Toronto, Canada on Sunday, at that country’s largest mining convention. According to the ministry, local miners, international mining companies, businesses, investors, prospectors and government officials converged on Sunday at the Metro Toronto Convention Centre in Toronto, Canada, for the annual Prospectors and Developers Association of Canada Convention (PDAC)

Minister of Natural Resources, Raphael Trotman also attended the event. The ministry said that mining companies in Guyana were showcased at a special event called Guyana Mining Day – Guyana in Focus. In his feature address, Jordan told the gathering of analysts, mining executives and geologists that there is an urgent need for governments to devise a strategy for mining that includes consideration for the environment and cultures that are affected by mining activities

He further told the gathering that oil production is on target for the first quarter of 2020 in Guyana, but it could be advanced to the last quarter of this year. Minister Jordan said that while the focus is on oil, much work is being done to make all of Guyana’s productive sectors remain competitive and therefore, retooling and reforming of the mining sector is critical. He added that local stakeholders agree that that if our natural resources are managed well, they can change the economic fortunes of the country

He underscored government’s commitment to reform through the development of a National Mineral Sector Policy Framework, which addresses issues of enforcement, compliance, incentives and competitiveness, among other critical issues. During his address, the minister of finance highlighted the benefits of investing in Guyana’s mining sector. Those benefits include the protection of investments by the Constitution and laws; a progressive royalty regime for small and medium producers; access to credit; a ready workforce and no restrictions on the repatriation of profits; dividends, and other earned income

Minister Trotman told the gathering that “Guyana is currently one of the best investment destinations in the world”, and he added that his ministry has ‘well-established operating rules that provide a safe operating environment for all investors, and flexibility to establish the infrastructure and operations necessary to enable success in their investments.” According to a release from the Ministry of Natural Resources, Trotman told the audience that it is the Government of Guyana and people’s desire to explore and extract its resources in a sustainable way – sustainable both in terms of the rates of extraction, and with respect for the rich biodiversity within the shield

Trotman told delegates that “the country’s policies and regulations are always drafted in consultation with key stakeholders, and therefore you will find that they offer fair rewards for all stakeholders. There are no significant laws or practices that discriminate against foreign investors.” In fact, he noted that foreign direct investment in our mining sector is actively encouraged, as it is critical to our economic development

Guyana’s High Commissioner to Canada, Clarissa Riehl; Canada’s High Commissioner to Guyana, Lilian Chatterjee, and former US Ambassador and Senior Vice President of Guyana Goldfields, Perry Holloway, also addressed the gathering. The event, which runs from March 3 to 6, is a platform that allows miners and prospectors to showcase their work

Presentations were made by the Guyana Geology and Mines Commission (GGMC), Goldsource Mines Incorporated, Reunion Gold, Avalon Gold Exploration, Sandsprings/ETK, Matallica Commodities and Guyana Goldstrike Incorporated. The Guyana Mining Day was conceptualised by the Guyana Goldfields Inc. and is now hosted by the Government of the Cooperative Republic of Guyana through Go-Invest