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Public register with all mining contracts and beneficial owners will be priority in 2023 – Minister Bharrat
Kaieteur News – Natural Resources Minister, Vickram Bharrat has assured that for 2023, a public register for all mining contracts will be a priority. This is in keeping with the 2019 Standard of the Extractive Industries Transparency Initiative (EITI). He said too that a register bearing the names of all beneficial owners of extractive entities will also be on his ministry’s to-do list.
Since becoming a member of the global body, Guyana’s third EITI report in particular notes that the government has agreed to adhere to several requirements. In this case, EITI requirement 2.4 (a) of the 2019 Standard which states that Guyana should publicly disclose all mineral agreements.
Importantly, the report highlights that the country’s Mining Act (1989) does not include any expressed restrictions on the public disclosure of mineral agreements and licences by the government.
Mining Pit
It goes further to state that even the mineral agreement signed on November 18, 2011, for Aurora Gold Mine developed by Guyana Goldfields is silent about restrictions on the public disclosure of the mineral agreement. Be that as it may, that very agreement, along with many others, is not available online for citizens to understand what concessions were granted to these firms versus what the country would get in return.
In light of this, Guyana’s third EITI report recommended that a work plan be drafted for the electronic publication of all mineral agreements in the mining sector. The document said this work plan may include defining how the electronic publication of mineral agreements can be undertaken and a realistic short-term timeline as to when such data could be available. The report further notes that the work plan can include a review of the institutional or practical barriers that may prevent such electronic publication.
There are currently 10 companies holding large-scale licences in Guyana.
The Bauxite Company of Guyana Inc. holds three large-scale licences for the extraction of bauxite in Kurubuka (Block 22), North East (Block 5 in Kwakwani), Berbice (Block 38) for a total area of 16,691 acres, in which the Guyanese Government has a state participation of 10% as confirmed by the National Industrial and Commercial Investments Limited (NICIL).
Bosai Minerals Group Guyana Inc. holds three (3) large-scale licences for the extraction of bauxite in East Montgomery, Tailing area and Dacouria for a total area of 3,063 acres, in which the Guyanese Government also has state participation of 30% as confirmed by NICIL.
Correia Mining Co. holds a large-scale licence for the extraction of gold and diamonds for a total area of 3,681 acres.
Guyana Goldfield Inc. holds a large-scale licence for the extraction of gold in Cuyuni (Aurora) for a total area of 14,339 acres while Guyana Industrial Minerals Inc. holds a large-scale licence for the extraction of bauxite in the Bonasika Mining project for a total area of 18,940 acres.
Additionally, North American Resources Incorporated Ltd. holds a large-scale licence for the extraction of gold for a total 5,950 acres. Pereira Mining Company holds a large-scale licence for the extraction of gold, silver, and valuable minerals for a total area of 5,105 acres.
Meanwhile, Romanex Guyana Exploration Ltd. holds a large-scale licence for the extraction of gold and valuable minerals for a total area of 11,110 acres; while Ontario Incorporated holds a large-scale licence for the extraction of gold and copper for a total area of 8,346 acres.
Troy Resources Guyana also holds a large-scale licence for the extraction of gold for a total area of 15,160 acres.
Along with the 10 large-scale licences, the report notes that there are 62 mining entities making material payments to government exceeding $35.1 million. Since these account for 50.1% of the reported payments in 2019 to the Guyana Gold Board and the Guyana Geology and Mines Commission (GGMC), it was recommended that the contracts for these companies also be released.
- Aurora Gold Mine, Extractive Industries Transparency Initiative, Government, Natural Resources Minister, Vickram Bharrat
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