Three mega gold firms to set up shop here soon - Finance Minister says

Three mega gold firms to set up shop here soon – Finance Minister says

May 13, 2022 News

Kaieteur News – At least three promising world-class, large-scale gold mining operations are to be established here soon, Finance Minister, Dr. Ashni Singh told business executives on Thursday at the Marriott Hotel.

A manganese mining operation in Mathews Ridge, Region One.

He was at the time delivering the feature address at the Private Sector Commission’s Annual General Meeting. Regarding the gold mining operations, Dr. Singh said each of the operations will be bigger than Omai Gold Mines, one of the largest gold operations ever experienced locally. “You know how significant Omai was. Contemplate for a moment three large scale operations, each of which is larger than Omai. Consider for a moment that each one of these will be employing more than 100 Guyanese. Consider the food and other supplies, transport services, construction, equipment supply and maintenance services and all the multiplier benefit these operations will generate,” the Finance Minister said as he assured that the government will continue to stimulate activities in all sectors and not just oil and gas. He said emphasis will be placed on ensuring an emerging rapidly growing and highly competitive non-oil economy that will also include agriculture.

Finance Minister Dr. Ashni Singh.

Meanwhile, Dr. Singh also announced that Guyana was preparing to export manganese for the first time in 54 years. Dr. Singh told the gathering that ships docked in the North-West District are being loaded with the mineral for export. “Right now, as we speak, vessels are being loaded in the North West of Guyana with Guyana’s first shipment of manganese in 54 years,” the Finance Minister announced. He said this type of operation is important in keeping with the government’s efforts toward a diversified and resilient economy.
The mining of manganese ores is usually done in open pits. Some ores are upgraded by washing, and undersized ores can be agglomerated by sintering. Several processes have been developed for mining seafloor nodules, but they cannot compete economically with the ready exploitation of high-grade terrestrial deposits.
The community of Matthews Ridge Region One has a long history with manganese mining and companies stemming back to the 1960s. In 2016, the Guyana Manganese Inc. (GMI), a subsidiary of the Chinese state-owned Bosai Minerals Group, obtained the rights to operate there and since then, issues between the company, their operations and the local community have been approaching boiling point. There are substantial deposits of manganese ore in Matthew’s Ridge with estimates totalling some 26 million metric tonnes, which by today’s market price of US$4.5 dollars per metric tonne amounts to approximately US$117 million dollars, or in excess of $24 billion Guyanese dollars.
The scale of the manganese mine is vast with different grades and colours of manganese currently being extracted and laid out in preparation for shipment. The contrast between the rich, dark ore and the red clay landscape surrounded by lush green forest makes for a striking sight. Manganese is used in the manufacturing of types of steel, dry cell battery and some paints. It is used to make clear glass, desulfurize and deoxidize steel in steel production and reduce the octane rating in gasoline. It also is used as a black-brown pigment in paint and its alloys also help stiffen the aluminium in soft-drink cans.