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Gold
Editorial…
Kaieteur News – Gold is springing out of the ground in Guyana’s rich hinterlands. Foreign investors have to be filled with anticipation of huge gold haul, and huge profits, from Guyana gold production. Once world market prices hold, they are in for sweetly profitable years. Guyanese always had the sense that massive amounts of the precious mineral are housed deep in the bowels of interior areas. Other than for a few big strikes by a handful of Guyanese miners, the bonanzas have eluded local hands. It’s a different story for the foreign companies that scour the rich interior soil, from creeks down into the sinews of mountains, to the goldfields on land. Their chief spokespeople speak with high excitement of estimated yields and the multimillion-dollar paydays now almost guaranteed. The question that we at this paper ask is that, amid the flurry of breathless news, what is in these gold discoveries for this nation.
Consider the names, and they are a rollcall of Canadians beside themselves with joy over their Guyana’s prospects. G Mining Ventures Corp, Reunion Gold, Omai Gold, Gold Port Corporation, Greenheart Gold Corporation and, Mako Mining. All have extensive operations in the heart of Guyana’s gold belt. The Chinese company, Zijin also is very much present in local gold exploration and production. Now consider a few of the projects that hold spectacular promise. G Mining’s Oko West project in Region Seven (Cuyuni-Mazaruni) has an estimated 4.5 million ounces of metal, and over a 12-year production lifespan. From the Wenot operations, also in the mineral rich Region Seven, Omai is expecting 4.3 million ounces of metal. Meanwhile, Gold Port Corporation, the sole owner of the Groete Gold Copper Project estimates an inferred mineral resource of 1.57 million ounces of gold-copper-equivalent. In each of the three projects, estimates of millions of ounces of gold have been announced, which has to peak the interests of other investors and corporate executives in the global gold community. The harvesting (startup production) of these national riches by the foreign companies is set to broadcast Guyana’s place on the gold map. In other words, Guyana is the place for gold investors to be. The gold is here in copious quantities, gold prices are at record-breaking levels, and still climbing, and inflation worries are a concern for many. Thus, Guyana has to rank among the best gold plays anywhere.
Local officials and foreign executives working in the sector pride themselves in speaking about the ease of obtaining permits and licenses. This only adds to the attraction of Guyana as a gold destination to prioritize. We think that the government has been more generous than usual in the partnerships that it has fostered with foreign gold companies, through its readiness to clear obstacles out of the way. Where we begin to separate from the PPPC Government centers around the issue of how much Guyana is getting in return for the thousands of hectares of land awarded. The smoothness of the review and approval processes for coveted new land parcels for prospecting purposes, must count as a factor in helping Guyana rake in sizable amounts of royalties and tax revenues. So, what is Guyana getting, or set to get, from the head-spinning projections of millions of ounces of gold?
Amid all the eye-popping estimates and announcements from different foreign gold companies’ operations in Guyana’s goldfields, why is it that the Guyana side of the ledger is not as crystal clear as it should be. We think that fair deals, contracts that represent good deals, for Guyana belong in the public domain. Guyanese should see what they are getting for their gold. The terms and conditions of these contracts ought to be easily accessible to all Guyanese, and they should be rich.
Guyana is getting jobs, mainly lower tier ones. Guyana is getting royalties and taxes, but those should be much higher than old levels. Guyana is providing different layers of services (security, customs), and those are costly. With all the concessions given, land approved, bureaucratic tape reduced, Guyana must get more. Is it so? If it were so, the government would have published that to sell its leadership strength. Only when Guyanese see and know the terms/details will belief follow.
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