Consider domino effect of billions being lost from gold fields - Glenn Lall

Consider domino effect of billions being lost from gold fields – Glenn Lall

Apr 28, 2024 News

…could have ended blackouts, doubled public servants’ salaries

Kaieteur News – Guyanese leaders continue to allow foreign investors into the country and provide them with substantial concessions only for them to turn around and flip it for a profit, even before making any substantial investments, Publisher of Kaieteur News Dr. Glenn Lall said recently.

Publisher of Kaieteur News, Dr. Glenn Lall

Lall was responding to recent statements by Minister with Responsibility for Finance, Dr. Ashni Singh. Dr. Singh at a Private Sector Commission (PSC) function announced that the bringing on board of three new gold mining operations–larger than Omai gold mines–and called on stakeholders “to consider the domino effects”.

“You know how significant Omai was, contemplate for a moment three large scale developments, each of which is larger than Omai, consider for a moment that each one of these would probably be employing more than 1,000 persons, consider the food and other supplies they will need, the transport services, the construction services, the equipment supply services and all of the multiplier benefits that three large scale gold mining operations in Guyana,” (will have) he said.

However, considering Dr. Singh’s statements, Lall rhetorically asked his radio and social media audience to consider the effects of not only the lost resources but the billions more to be extracted.

Lall was at the time referencing the sale of two large gold concessions to the tune of almost US$1B and proposed that, the foregone revenue could have alleviated many of the woes presently facing the nation.

“Consider the domino effect and multiplying benefits of not only what they have walked out with from that two sale, but how much more US billions the people that buy in, will walk out with in years to come,” he said.

According to Lall, “that money could not only end blackouts and that stink water ayuh drinking people, but it could give every home free electricity and water; that money can double all the public servants’ salaries for two years.”

With this in mind, the activist posits “we are at the most dangerous place ever, in the history of this Guyana with these sellouts, con artists, scamps, swindlers, rogues, misfits, incompetent or corrupt Politicians, you chose which category you want to put them in.”

Qualifying his position further Lall said, “59 years we been suffering from this plague of blackouts created by the PNC (Peoples National Congress) and the PPP (People’s Progressive Party), in which there is no cure in sight,” and again questioned, “I don’t know when you people will wake up in this country, or what will it take for you to get out of that deep sleep ayuh in. I really don’t know.”

He described the status quo as akin to every Guyanese sitting with a winning lottery ticket in hands, valued millions of US$, “and look how ayuh living, hand to mouth, in blackouts, stink water coming from the pipes year after year, and ayuh still silent, running behind these parasites parading themselves as politicians who, every day selling out ayuh, to one foreigner after another, and then begging fuh loans.”

In light of the situation, he also proffered “just imagine the figures… the three largest gold companies will walk out with in the years to come.”

This publication had on Thursday last published that days after disclosing the signing of a US$1 million Mineral Agreement with the Government of Guyana (GoG), Canada-based mining company Reunion Gold Corporation announced that it sold 57% shares of its Guyana gold project for some US$638 million (C$875 million).

On April 18, Reunion announced the signing of an agreement with government and the Guyana Geology and Mines Commission (GGMC), which paves the way for the exploration and development of the Oko West gold project located in Region Seven (Cuyuni-Mazaruni), Guyana. Under the terms of the Mineral Agreement, Reunion Gold is granted stable fiscal and operational conditions throughout the project’s lifespan.

In December last this publication had also reported that G2 Goldfields Inc., a Canadian-based company, disclosed an agreement with AngloGold Ashanti (AGA), a US-based firm, to finalize a strategic investment deal. AGA has committed to purchasing an 11.7 percent stake in G2’s Guyana mining project for CDN$22,050,000.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News