Guyana’s gold sector booming

GEORGETOWN, Guyana, Wednesday April 04, 2012 – Guyana’s mining and quarrying sector is booming, recording growth of 19.2 percent in 2011 with a 17.7 percent increase in raw gold declarations, according to a government report.

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

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

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

Two major gold exploration projects are currently underway 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 $600million 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 $400millon, Singh said.

“Going forward, orderly growth and development and capacity building will be the government’s focus,” he noted. Click here to receive free news bulletins via email from Caribbean360. (View sample)