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Troy Resources was handed contract that deliberately hid production data from public
Kaieteur News – Australian-owned Troy Resources Guyana shuttered its operations back in August last year, over a plethora of problems but during its operations since signing its Mineral Agreement with government back in 2014, all of its accurate production data were kept hidden from the public. This much was enshrined in the Agreement when it comes to the, “complete and accurate production statistics, including information on the cut-off grade and quality of gold, silver, precious stones and other valuable minerals mined.”
In that agreement signed back in 2014, the contract specifically outlined that during the duration of the agreement, within 90 days after each fiscal year, the company would file with the Guyana Geology and Mines Commission (GGMC) and the substantive Minister key data, including its annual report. Compounding the situation however, is the fact that these reports are to be made on a Confidential basis. As such, it would mean that the production and other data, provided by the company were to be kept out of the public domain.
Among the information to be kept confidential between GGMC and the company were copies of maps, profiles, diagrams and geological reports. This, in addition to complete and systematic records showing full and fairly all costs and revenues including income statements, tax payments, duty payments, foreign exchange transactions and budget plans.
Poignantly, the company was also supposed to have filed annually information regarding its environmental management practices in addition to information regarding exploration and development. Additionally, the company was also mandated to file on a confidential basis, information and statistics regarding occupational health and safety and work-related accidents and injuries. Troy Resources had commenced operations in Guyana in 2015 and in October, 2019 after geologist, Ryan Taylor, died after a cave that he was working in collapsed, the then APNU+AFC government caused the mine to be closed for an investigation and hundreds of workers were laid off.
Despite plans to return to gold mining and production at its Smarts Underground Site in the fourth quarter of 2023, this did not occur. This publication yesterday reported that foreign mining companies operating in Guyana were essentially handed carte blanche exemption on taxes and fees on anything brought into Guyana, in addition to pay Customs Officers to clear their imports at port of their choosing.
It was noted at the time that small and medium-scale miners have been at pains, lamenting the conditions under which government policies hinder their progress in developing the industry and the unfair advantages being handed to foreigners. A perusal of contracts signed with at least two mining companies suggested essentially carte blanche exemptions on imports, giving credence to the local lamentations. The contracts, all of which this publication was told are crafted in similar fashion, not only give clearance to the companies to import any kind of equipment, it also gives foreigners carte blanche exemption on taxes and fees on anything brought into Guyana. Compounding the situation further, the Mineral Agreements also allow for the foreign mining companies to pay Customs Officers to clear their imports at a port of the company’s choosing.
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