Chinese investors eye Guyana’s gold, diamond mining

Jun 09, 2017 News

A delegation of Chinese businessmen has expressed confidence, after a successful scouting mission in investing in Guyana’s natural resources sector.

Minister within the Ministry of Natural Resources, Simona Broomes, and Acting Commissioner of GGMC, Newell Dennison, with the delegation of Chinese businessmen.

On Wednesday, the delegation met with Minister within the Ministry of Natural Resources Simona Broomes and a team, from the Guyana Geology and Mines Commission (GGMC) including Acting Commissioner, Newell Dennison in GGMC’s boardroom.
The Chinese investors have shown interest primarily in gold and diamond mining. They are also interested in bauxite mining, lithium and other lesser known minerals.
Head of the delegation Simei Liu, speaking through translator Jeffery Jin, noted that China has the market for Guyana’s “rich” natural resources.
“A lot of Chinese want to come here to help Guyana, to invest here, whatever they can get the benefit from Guyana through the investment,” Jin translated for Liu.
Wednesday’s meeting, according to a DPI/GINA statement, stems from a meeting between Minister Broomes and Chinese investors during a conference in China last September.
“We had some lengthy meetings and discussions about Guyana. They had their concerns about what they heard about coming to Guyana and all of that, and I think they managed to get some clarity,” Minister Broomes explained.
Since then, a number of Chinese businesses have sent teams to scout investment opportunities in Guyana.
Liu explained that the results of fact-finding explorations have been favourable.
He pointed out that investor’s confidence has increased after meeting with current Chinese investors locally. Guyana currently has Chinese investors in its restaurants, hardware, clothing, construction, forestry and mining sectors.
Minister Broomes said the delegation also expressed interest in developing Guyana’s renewable energy and infrastructure. Liu pointed out that it would be a “good opportunity” for Guyana to benefit from the technical skills in these areas from the Chinese.
Additionally, the influx of other international investors to Guyana was another positive indicator to potential investors, Lui explained.
The delegation believes that these investment opportunities can also lead to strengthened relations between Guyana and China. Guyana established diplomatic relations with China on June 27, 1972, the first English-speaking country in the Caribbean country to do so.

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