The Government of Guyana welcomes news of SilverCorp Metals’ Acquisition of Guyana Goldfields Inc.
The Government of Guyana welcomes news of foreign investment by SilverCorp Metals Inc. through its acquisition of Guyana Goldfields Inc. SilverCorp Metals is a Canadian Mining company with investments in Canada and China. The agreement for the acquisition was signed on Sunday April 26, 2020 and will include a loan of up to US$15 million to Guyana Goldfields Inc. to support continuation of the Aurora Underground Mining Project in Guyana.
As one of two large Gold Mining operations, Guyana Goldfields Inc. has contributed significantly, despite its internal and other difficulties, to annual gold declarations, and the Guyanese economy, by extension. Therefore, the Government welcomes this investment that is expected to put the company in a more stable financial position to continue its operations and fulfill its obligations to its shareholders and the Government and people of Guyana.
Prior to approval being granted, the Government will be carrying out the necessary due diligence exercises as required by the laws of Guyana to ensure that there is legal compliance with the proposed transfer of interests, and that matters pertaining to workers’ rights especially, and other important obligations, are satisfactorily addressed.