Guyana’s mineral resources still under-explored- Min Jordan tells PDAC 2018 Convention
DPI, GUYANA, Wednesday, March 7, 2018
Minister of Finance Winston Jordan has extended an invitation to Guyanese in the diaspora to “come home” and tap into the under-explored mineral resources existing here.
The Minister was addressing overseas-based Guyanese and other attendees of the 2018 Prospectors and Developers Association of Canada(PDAC) convention on Tuesday in Toronto Canada.
The annual PDAC Convention which commenced on Sunday, March 4, is regarded as the premier international event for the mineral industry. It has attracted more than 25,000 people from 125 countries in recent years. It concluded today.
“To the Guyanese in the Diaspora, if you want to share in the buzz and excitement stemming from our recent oil discoveries; if you want to help us to diversify the economy, so as to ensure our non-dependence on petroleum revenues; then now is the time. The motherland needs you, your financing and your expertise, Come home to Guyana!” Minister Jordan said.
The Finance Minister said the mining sector is economically important to Guyana. As a share of the country’s Gross Domestic Product (GDP), it has accounted for approximately fifteen (15) percent at the end of 2017, with gold being the main contributor. Mining, he said, is also the major source of Foreign Direct Investment into the country, accounting for approximately twenty- five percent of the total amount.
According to Minister Jordan, one of the main reasons why the sector is unable to unleash its full potential is the unavailability of the requisite capital to local investors. To address this challenge, he said the Government is encouraging local miners to establish linkages with foreign investors and members of the Diaspora to access the necessary financing and technology.
In an effort to make the sector more competitive, the Government has been providing fiscal incentives in the form of concessions on machinery, equipment and fuel, and waiver and remission of taxes on motor vehicles, based on the value of gold declaration.
Mining Operators are also permitted to hold foreign exchange retention accounts, while larger operators are subjected to an Investment Development Agreement that allows for duty and tax concessions for specified periods in the life of the investment.
“With our one-stop investment agency, Go-Invest, ably facilitating investors and helping them to cut the red tape and bureaucracy, investors can be guaranteed the safety of their investment and the ease of doing business,” Minister Jordan said.
By: Alexis Rodney