Finance Minister tells Canada’s largest mining Convention Guyana is focused on retooling and reforming the sector, wants more than just increased declarations
Ministry of Finance, Press Release – Monday, March 4, 2019
Local miners, international mining companies, businesses, investors, prospectors and government officials converged yesterday at the Metro Toronto Convention Centre in Toronto, Canada for the annual Prospectors and Developers Association of Canada Convention (PDAC).
Mining companies in Guyana were showcased at a special event called Guyana Mining Day – Guyana in Focus.
Minister of Finance, Winston Jordan who delivered the feature address to a packed room that included analysts, mining executives and geologists said there is an urgent need for governments to devise a strategy for mining that includes consideration for the environment and cultures that are affected by mining activities.
He further told the gathering that oil production is on target for the first quarter of 2020 but it could be advanced to the last quarter of this year.
Minister Jordan said that while the focus is on oil, much work is being done to make all of Guyana’s productive sectors remain competitive and therefore, retooling and reforming of the mining sector is critical. He added that local stakeholders agree that if our natural resources are managed well, they can change the economic fortunes of the country.
He underscored the government’s commitment to reform through the development of a National Mineral Sector Policy Framework which addresses issues of enforcement, compliance, incentives and competitiveness among other critical issues.
The Finance Minister closed his address by highlighting the benefits of investing in Guyana’s mining sector. Those benefits include the protection of investments by the Constitution and laws; a progressive royalty regime for small and medium producers, access to credit, a ready workforce and no restrictions on the repatriation of profits, dividends and other earned income.
Minister of Natural Resources and Environment, Raphael Trotman in brief remarks to the audience pointed out that “Guyana is currently one of the best investment destinations in the world” and added that his Ministry has ‘well established operating rules that provide a safe operating environment for all investors, and flexibility to establish the infrastructure and operations necessary to enable success in their investments.”
Also speaking at the event were Guyana’s High Commissioner to Canada, Ms. Clarissa Riehl, Ms. Lilian Chatterjee, Canada’s High Commissioner to Guyana and former US Ambassador and Senior Vice President of Guyana Goldfields, Perry Holloway.
PDAC which runs from March 3rd to 6th, is a platform that allows miners and prospectors to showcase their work. Presentations were made by Guyana Geology and Mines Commission (GGMC), Goldsource Mines Incorporated, Reunion Gold, Avalon Gold Exploration, Sandsprings/ETK, Matallica Commodities and Guyana Goldstrike Incorporated.
The Guyana Mining Day was conceptualised by Guyana Goldfields and is now hosted by the Government of the Cooperative Republic of Guyana through Go-Invest.
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