New Thriving to invest $164M in stone quarry operations

Jun 14, 2022 News

…qualifications include ability to source technical personnel

Kaieteur News – Already in the restaurant business for over three decades locally, and with a number of mining interests—active in that industry since 2015—New Thriving Restaurant has secured a waiver from the Environmental Protection (EPA) agency exempting it from the need to prepare an Environmental Impact Assessment for the development of a stone quarry.

According to the project summary, since submitted to, and made public by the EPA, New Thriving Restaurant has, “formally expressed interest in applying for a stone aggregate (gabbro) quarry within the Arisaru Mountain area, Mabura, north of Omai.”

According to the Company, New Thriving Restaurant is well qualified to undertake the proposed programme based on, inter alia, its many years’ experience operating in Guyana, access to technical personnel, including familiarity with experience in local operating conditions and with Guyana Mining and Business laws and capacity to fund such major program in Guyana.
The company also lists among its qualification’s an understanding and ability to source the technical capacity to develop the project, its, “commitment to social responsibility in relation to undertaking a project of this sort and finally a Commitment to compliance with environmental regulations and minimization of impacts to the ecological, cultural and social environment of Guyana in connection to a project of this magnitude.”

New Thriving Restaurant with over 35 years’ business experience in Guyana has been part of the mining industry of Guyana for over five years and has developed and managed several small-scale gold mining operations. According to the company, it has the financial capacity to fund a project “of this magnitude and plans to invest up to USD$780,000 (GUY$163,800,000) in getting this quarry project off of the ground.”

The Project area is located in the Mabura Mining Area just Southeast of the confluence of the Kwapanna creek and Essequibo River, on the Arisaru Mtn. Access is mainly via 4WD road from Linden to Arisaru Mountain via the Mabura/Kurupukari Road, some 80 kilometers from Linden.
It was noted in the Project Summary that based on the outcrop mapping carried out within the area, an inferred resource of 29 million tons of quarriable gabbro stone was derived within one explored area and within that Zone it has proposed a pit for the Arisaru Quarry
The resource was estimated from the mapping and prospecting carried out by the reconnaissance team within the proposed permit area.

The document outlined that the production objective for Arisaru quarry is to produce riprap and aggregates for the local market. The estimated mine life based on the current resource for the proposed Pit is 6 years with the caveat of a likely significant upgrade of the resource through extensive drilling that will expand the lifetime of the mine.
According to New Thriving, over the six year period, 54 percent of the quarrying material will be aggregates with 46 percent rip-rap with initial production focusing on supplies for the local construction and road building industry. It is expected that the Quarrying Operation will commence 3rd Quarter, 2022 and have a projected mine life of ~6 years.
“It is therefore estimated that for 2022, 125,000 tons of aggregates and Rip-rap will be produced. From 2022 to 2026 the estimated production (final Product) will be 270,000 tons in the 2nd year with 280,000 – 320,000 tons in the 3rd – 5th years and 325,000 tons i n the 6th year with 150,000 tons being Rip-Rap and 175,000 tons being aggregate.
As it relates to the projected income to be had from its investment, new thriving is looking for after tax profit at $477.3M, up to some $1.3B by the end of six years, each year earnings in excess of $1B from its second year of operations.