Mining companies refuse to come clean-but bash ‘inaccurate’ GYEITI Report

Mining companies refuse to come clean–but bash ‘inaccurate’ GYEITI Report

May 05, 2019 News

During the preparation of Guyana’s first report for the Extractive Industries Transparency Initiative (EITI), 19 mining companies refused to come clean about the names of persons who benefit from their profits.
The entities which refused to communicate the names of beneficial owners are: Innovative Mining, R Mining Inc., Azeem Baksh, Gold Target Export, Milburn Mahadeo, Grey Wolf Resources, Tesouro Resources, J&D Mining, New East International, Higgins Winslow Theophilus, Wal Jays Mining, Harpy Investment, Bauxite Company of Guyana (Rusal), BOSAI Minerals Group (Guyana) Inc, El Dorado Trading, SSS Mineral Trading Ent, and Adamantium Holdings.
But the Guyana Gold and Diamond Miners Association (GGDMA), which feels the report is largely inaccurate, is defending the move by the companies. It stated in a missive yesterday that such disclosures would expose the said firms to criminal targets.
The Association said, “By demanding disclosures of ownership, valuations and profits in a manner outside of the law, it will expose local miners to additional criminal targeting and security risks while also creating an easy ledger for bandits to carve up local operators.
The GGDMA maintains that all the necessary local agencies (Guyana Geology and Mines Commission-GGMC, Guyana Gold Board (GGB) and the Guyana Revenue Authority-GRA) are already in possession of this information and cannot see why an additional disclosure should be made that only places miners in additional danger of being targeted by criminals.”
In addition to security concerns regarding local criminals, GGDMA argued that Guyana is located next to the most destabilized country in South America, being Venezuela, where gangs rule the land.
The Association said, “Over the last few years there have been continuous incursions by these types of individuals over our porous borders with reports of robberies taking place in the interior after which these criminals slip back over to Venezuela undeterred and no doubt emboldened.
“We cannot idly stand by and have information publicized that will further whet the appetite of these criminals to target specific miners’ operations and put them and their staff in the way of serious harm and death.”
While GGDMA says such disclosures would open the 19 firms to criminal targets, there were other companies which had no qualms about being transparent. These companies are Excel Minerals Inc., Dinar Trading, Pure Diamond Inc., and Mohamed’s Enterprise.
In addition to this, it has been reported on numerous occasions that the EITI process is one that calls for a reconciliation of the payments between government agencies and companies. As such, an independent check would have to be made on the payment records of the companies.

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