Guyana’s Gold Sector Continues Growth

By: - April 2nd, 2012

Above: Gold mining in Guyana

By the Caribbean Journal staff

Guyana’s mining and quarrying sector grew by 19.2 percent in 2011, with a 17.7 percent increase in raw gold declarations, according to a government report.

That was the highest level of production since 2004, when Guyana’s Omai Gold mines were still in operation.

“The gold sector maintained its position as the largest contributor to total mineral output and returned a record year in 2011,” said Finance Minister Dr Ashni Singh.

According to Singh, over $100 million has been invested in the last year, and the government expects that figure to increase in 2012.

There are two major gold exploration projects currently underway in the country, by Guyana Goldfields Inc and ETK Inc/Sandspring Resources, Ltd both of which are at the resource assessment stage.

Goldfields could invest a total of $600 million in total in its Aurora Gold Project, and could create 250 jobs during the development phase, with 200 created during mine operations.

ETK/Sandspring is developing the Toroparu mine, which could see a total investment of $400 million, Singh said.

“Going forward, orderly growth and development and capacity building will be the government’s focus,” he said.

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