Latest update December 4th, 2024 2:40 AM
Govt. to update, finalise mining legislation – Finance Minister
Senior Minister, Dr. Ashni Singh.
Kaieteur News – Government is looking to engage in stakeholder consultations as it aims to finalise the amended Mining Act and Regulations of 1989. Senior Minister with responsibility for Finance, Dr. Ashni Singh, revealed these and other goals during his presentation of the 2021 National Budget last Friday.
During his presentation to the National Assembly, the Finance Minister recalled that the mining sector remains an important contributor to Guyana’s non-oil economy. Further to this, he indicated that mining contributed 13.3 percent to non-oil GDP in 2020, 69.1 percent of non-oil exports in 2020, and employed over 27,000 persons.
“After the traumatic events of 2020,” Dr. Singh explained, “we are only now finally witnessing some return of investor confidence. Going forward, the PPP/C Government regards the sector as having a critical role to play in our economy.”
The Finance Minister went on to say that Guyana’s economic, environmental and social landscapes have seen many changes since the Mining Act of 1989 and its Regulations were crafted. As a result of this ever-changing state of environment, the Minister said that an updated legislative regime, which aligns with best practice and principles of Agenda 2030, is required and in 2021 is needed. Hence, the government will engage in stakeholder consultations as it gears to finalise an amended Act and Regulations.
Meanwhile, to better ensure targeted and efficient allocations of both private and public resources, the Finance Minister said that work on improved quality mineral mapping will be undertaken.
Once completed, he noted that this will reduce environmental damage while improving production and licence allocation. He added to ensure greater transparency in the allocation of mining lands; a Mineral Property Management System will be deployed, enabling applicants to track the status of their application online.
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