Latest update January 1st, 2025 1:00 AM
Mar 07, 2018 News
Government has reserved over 300,000 acres of land in the Region Seven area for the exploration of rare earth.
Rare earth is in hot demand for its applications in making parts for TV sets, smart phones, cancer treatment drugs, enhancing strength of alloys, camera lenses, battery-electrodes, hydrogen storage, catalytic converters, colored glass, steel production, super-strong magnets, welding goggles and lasers.
There had been interest before in Guyana but until now, no significant move to tap into what could be a lucrative revenue stream for the Guyana Geology and Mines Commission (GGMC).
According to a notice published in the Official Gazette on February 24th, 2018, an order has been made under the Mining Act of 1989.
The order by the Minister (of Natural Resources), was explained to be one that will allow GGMC to conduct geological and geophysical survey. The surveys include the search for Lithium, Tantalum, Niobium, Rare Earth Elements, Gemstones, Chromium, Nickel and Cobalt.
The order is effective January 1, 2018.
The order allows for lands to be reserved – some 324,300 acres- save and except all lands lawfully held or occupied. The area in question is said to be a tract of state land located in the Cuyuni mining district No. 4, located at the confluence of the Waini River and the Arawapai River with geographical coordinates of Longitude 59°23’20.458 “W and Latitude 7°4’9.844”N, according to the notice.
It was explained that the land will be reserved for prospecting operations by the GGMC, but “without prejudice” to the power of the Minister to permit any person to carry on prospecting operations in the reserved area.
In 2015, it was announced that China has scrapped its export quotas for rare earths, minerals used in mobile phones and other high-tech products, after losing a World Trade Organisation case brought by Washington and other trading partners over controls that alarmed global technology producers.
China’s curbs, imposed in 2009, prompted concern about supplies for global technology producers. They led to efforts to reopen or develop new mines in the US and elsewhere, and by Japan and some other countries to recycle rare earths.
China had about 30% of global deposits of rare earths in 2014, but accounts for more than 90% of production. Beijing cited the need to conserve a dwindling resource and limit environmental damage from mining but imposed no restrictions on production and use of rare earths by companies within China.
The US challenged the quotas in 2012 in a WTO complaint and later was joined by the EU, Japan and other governments. They said China violated its free trade commitments by limiting access to raw materials.
The US supplied its own rare earths needs from domestic sources until the late 1990s. Production ended after low-cost Chinese ores flooded global markets.
China exported 22,493 tons of rare earths in 2013 and 22,224 tons in the first ten months of 2014, according to customs data reported by state media.
The Chinese restrictions prompted some foreign manufacturers to shift to alternative materials for making magnets, polishing camera lenses and other uses.
One of the minerals, dysprosium oxide, in 2014 costs US$265 (£173) per kg (US$120.50 per lb), about one-quarter its 2011 level of US$994.33 per kilogram ($452 per lb). But it still is about 50% above its 2010 level of US$166.48 per kg (US$75.67 per pound).
Dec 31, 2024
By Rawle Toney Kaieteur Sports- In the rich tapestry of Guyanese sports, few names shine as brightly as Keevin Allicock. A prodigious talent with the rare blend of skill, charisma, and grit, Allicock...Kaieteur News- Guyana recorded just over 10,000 dengue cases in 2024, Health Minister Dr. Frank Anthony revealed during an... more
By Sir Ronald Sanders Kaieteur News- The year 2024 has underscored a grim reality: poverty continues to be an unyielding... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]