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Canadian gold company talks up mining-friendly policies, tax waivers in Guyana Aug 26, 2024 News …as Govt prepares to grant license to company Kaieteur News – In a presentation about its various operations, Canadian mining company Goldsource Mines Inc. outlined the significant advantages of Guyana’s gold industry to its new owner, Mako Mining Corp. In July, Mako Mining announced its acquisition of Goldsource Mines, securing full ownership of the Eagle Mountain Gold Project in Guyana was announced. Goldsource Mines has highlighted the strategic benefits of its operations in Guyana, citing the country’s favorable mining environment. The Eagle Mountain Gold Project, situated in Region Eight (Potaro-Siparuni), has proven to be a high-quality find with nearly 1.2 million ounces of indicated gold and 582,000 ounces of inferred resources. The proximity of the gold deposit to the surface further enhances the project’s value. According to Goldsource Mines, Guyana is rapidly emerging as one of South America’s most attractive mining jurisdictions. It was stated too that the country has introduced various government initiatives aimed at promoting new mining projects, including tax exemptions and a streamlined permitting process. Minister of Natural Resources, Vickram Bharrat Guyana’s mining-friendly policies are complemented by existing infrastructure and a history of significant contributions from the mining, oil, and gas sectors, which collectively accounted for approximately 62% of the GDP in 2022 – Goldsource highlighted. The Eagle Mountain Prospecting License, which spans 5,000 hectares, benefits from its strategic location with highway access to Mahdia’s commercial airport, just 7 kilometers from the site. The project is situated 45 kilometers southwest of the historic Omai gold mine, which produced an estimated 4 million ounces of gold between 1993 and 2005. The Eagle Mountain Project also enjoys substantial government support, including infrastructure improvements such as road upgrades and power enhancements, along with a favorable permitting regime. The Canadian company outlined that the aforementioned simplifies the advancement of mining operations in Guyana. The appeal of the Eagle Mountain Project is further boosted by the recent oil discoveries in Guyana Moreover, Goldsource Mines recently released its Preliminary Economic Assessment (PEA) for the Eagle Mountain Gold Project, prepared by ERM Consultants Canada Ltd. The PEA is based on the April 2022 Mineral Resource Estimate (MRE), and underscores the project’s low cost and low capital expenditure intensity, making it both economically viable and an attractive investment opportunity.  The project is projected to have a mine life of 15 years. Additionally, Minister of Natural Resources Vickram Bharrat this month announced that the Government of Guyana will soon issue a mining license to the company operating at Eagle Mountain. He stated, “And we are in the process of issuing once the due diligence is done, a mining license to another company in the region eight district large scale company that should produce after Reunion [Gold] which will start in late 2027.” Minister Bharrat added, “The future for mining especially at a large-scale level is bright for Guyana’s mining sector. However, we want to see more Guyanese remaining and joining at the same time the small and medium scale mining and taking advantage of the opportunities that exist.” Related Similar Articles

No need for independent meters on oil pumps Aug 26, 2024 News – Oil minister says govt. has enough access to data to monitor activities offshore Kaieteur News – There have been concerns and constant calls by civil society and experts in the oil industry for Guyana to have its independent meters to monitor ExxonMobil’s oil production, as well as the treatment of produced water. Minister of Natural Resources In spite of this the Minister of Natural Resources Vickram Bharrat has said that the purpose of independent meters is to monitor production offshore and the government already has access to Exxon’s dashboard to do such. At a recent news conference when asked about independent meters, Bharrat said: “we have a dashboard I was explaining, it was shown to you, it wasn’t live but it was shown to you that we can actually monitor production at 10-minute intervals we can monitor the production. Before a tanker is offloaded, before a tanker is filled GRA has to be there, GNBS has to be there.” Minister Bharrat explained that in the absence of the presence of the Guyana Revenue Authority (GRA), and the Guyana National Bureau of Standards (GNBS), no crude can be offloaded from the Floating Production Storage and Offloading vessel into any oil tanker. “Without GNBS and without GRA it cannot happen.” He said there are a number of safeguards to ensure that “we monitor what is happening offshore.” He further stated that, “The whole issue about the independent meter is monitoring, you want us to know what is happening offshore, but we are telling you we have about five, six layers to monitor what is happening offshore. We control the meter because GNBS if they are not there the meter can’t flow, it can’t turn on.” Since the whole process is computerised Bharrat is confident that, “it cannot be manipulated or changed, so there is a good system of monitoring what is happening offshore. Either by the dashboard or physical presence onboard with GRA, with EPA, with GNBS and we are training some staff now that will be on the FPSO too. They will be full time on the FPSO, some Ministry of Natural Resources staff are being trained currently by SBM that will be offshore too to monitor everything not only production but everything that is happening offshore.” On the issue of produced water and whether it is properly treated before being dumped into Guyana’s waters, Bharrat said the same monitoring is being done.  “It is the same thing with (produced) water EPA ensures they go and they monitor it. EPA goes out there probably every week, you see these are the things that I don’t think the media and the Guyanese public know. They believe that Exxon alone is running this operation offshore and Guyana don’t check on it but EPA goes there every week. GRA and GNBS must be there before they offload.  We have a link to the fiber optic cable that we can see real time what is the production. EPA checks the water before it is discharged to ensure that it is treated to international standards, before it is discharged back into the ocean. All these things are being done by us,” the minister stated. Related Similar Articles

Second man dies in D’Urban Street drive-by shooting Aug 26, 2024 News Kaieteur News – On Sunday another victim in the D’Urban Street, Georgetown drive-by shooting succumbed. Lawrence Wayne called ‘Boy Boy’ Lawrence Wayne called ‘Boy Boy’ is now the second fatality of Saturday’s morning shooting that has left several persons hospitalised. Wayne had sustained a gunshot wound to his lower abdomen and another to his right arm. Meanwhile, the other victims, Lennox Wayne called ‘Two colours’, Destra Arthur and Lloyd Roberts are still admitted as patients. Their conditions are stable. Teon Allen also known as “Spoil Child”, Travis Ceres, a 25-year-old vendor from East La Penitence, and Stanley Matthews, a 31-year-old labourer of Sophia are also among the wounded. According to reports on Sunday, the shooting took place around 05:45hrs on Saturday and resulted in the death of Anthony Havercome, a 40-year-old vendor from South Ruimveldt, Georgetown, who was reportedly riddled with bullets. He was the first person confirmed dead. Detectives learnt that the victims might have been attending an “All Black Party” at V’s Flavour Delight, located at 23 D’Urban Street, Lodge. At around 05:00hrs on Saturday, however, police closed off the party but some persons continued to drink in front of the location. The host of the event, Keon Aaron said that he was checking off his bar when he heard several gunshots. While finding out where the bullets were coming from, he reportedly saw a black car speeding in a westerly direction from the location. He then saw several bloodied individuals being placed in vehicles and rushed away to the city hospital. Ranks subsequently made checks at the Georgetown Public Hospital Corporation where they learnt that several persons were shot and one of them killed during the shooting at the location. Kaieteur News later learnt that there was one more victim of the shooting, a miner, Lloyd Roberts, of Golden Grove, East Bank Demerara (EBD). He sustained gunshot wounds to his right chest and left hip. Some persons believe that Roberts might have been the real target of the drive-by. Roberts is presently receiving treatment at a private hospital. Further investigations by police led them to locate the car believed to be the one used in the shooting. It was reportedly found parked on the eastern carriageway of Manatee Place, South Ruimveldt, Georgetown. “The vehicle was processed and photographed by the CID team, and eleven 9mm spent shells, along with one .223 spent shell, were found in the front and back seats of the car,” police said while adding that “two suspected bullet holes were seen in the lower right back passenger door, and what appears to be a graze from a bullet to the left rear just above the gas tank”.  Police were able to track down the owner of the vehicle, Coleen Burrowes, a 33-year-old businesswoman. She told investigators that the car was stolen from her around 04:00hrs on Saturday by two men on a XR-Honda motorcycle at Victor and D’Urban Streets, Georgetown. The woman claimed that she was in the company of her cousin in the car and had stopped the vehicle there to urinate when the men rode up to her. Burrowes continued that the pillion rider dismounted the motorcycle, pointed a gun at her while demanding that she give them the car. Fearful for her life, she, along with the other occupants of the car exited the car, and the armed man entered and drove it away while his accomplice followed behind on the motorcycle. She immediately went to the East La Penitence Police Station, where she made a report that the car was stolen from her. Investigations are ongoing. Related Similar Articles

Cops seize illegal gun from rancher at Lethem Aug 26, 2024 News Kaieteur News – Police in Region Nine police on Sunday caught an intoxicated man with an illegal gun loaded with one bullet at Central Rupununi. In police custody, Sam Melville the gun that was taken away from him. He was identified as Sam Melville, a 40-year-old Ranch Manager at St Ignatius Village, Central Rupununi. Ranks said they received information that he was at a bar and headed to the location around 00:30hrs. When they arrived, Melville was reportedly drunk and had a gun tucked in his left side pants waist. Police approached him immediately and after he told them that he was a licensed firearm holder, they took the gun away from him. They arrested him too and when asked where he got the gun from, he said his boss.  Melville Claimed that it was given to protect the ranch. Asked about the whereabouts of his boss, he said that the man was in Georgetown. Melville remains in police custody as investigations continue. Related Similar Articles

Govt. willing to spend big bucks to recover money Exxon illegally took out from Guyana’s oil profits Aug 26, 2024 News Minister of Natural Resources, Vickram Bharrat Kaieteur News – The Government of Guyana has committed to recover monies ExxonMobil illegally took out from Guyana’s oil profits, no matter the cost attached to the proceedings. Minister of Natural Resources, Vickram Bharrat recently disclosed that the government has since written the oil company about the US$214M that was used for activities not related to production and exploration in the Stabroek Block offshore Guyana. The use of the money was revealed in final report for the first audit of Exxon’s expenses dated 1999-2019. ExxonMobil has a 60-day period to respond to inquiries from the government but have not yet done so. Should Exxon fail to respond and no mutual agreement is reached, the government and the oil company shall proceed to arbitration. According to the provisions in the Production Sharing Agreement (PSA) signed between the parties, the oil company’s litigation costs must be paid by Guyana. Guyana’s obligation remains irrespective of whether it could prove Exxon’s fault. The 2016 PSA states that, “All costs and expenses of litigation and legal or related series necessary or expedient for the procuring, perfecting, retention and protection of the contract area and in defending or prosecuting lawsuits involving the contract area or any third-party claim arising out of the activities under the agreement or sums paid in respect to legal services necessary or expedient for the protection of the interest of the parties are recoverable. Where legal services are rendered in such matters by salaried or regularly retained lawyers of the contractor or an affiliated company of the parties’ comprising contractor, such compensation will be included instead under sub-section 3, 1 (B) or 3.1(D) above as applicable.” In light of the aforementioned, Minister Bharrat was asked if the government considered the cost that will accrue should the parties go to arbitration. “The question with arbitration and cost, we are not there, we are not there. I don’t want to assume or to procrastinate, we are hoping that this matter can be resolved amicably between the two parties and that we don’t reach the stage or arbitration,” the minister said. He continued: “If we have to go to the stage of arbitration, we will have to because it is $214M USD we are talking about and if it will cost us one tenth of that, it makes perfect sense because it is for $214M to be written off from the cost bank. So I am just saying if we gotta spend ten or five or three or two million, I don’t know what’s the cost none of us know as yet but I am just saying it makes sense because you are saving $214M USD, so if it gets to that stage we will have to offset the cost.” The Government of Guyana (GoG) has made it clear that it will not be engaging in any settlement with ExxonMobil over the US$214million in questionable costs flagged by British auditor, IHS-Markit. Last October, Vice President Bharrat Jagdeo was asked by this newspaper whether government has considered settling the dispute with the oil giant given how tedious the process has been and the fact that Guyana will be required to cover the costs of Exxon’s legal defence. To this end, Jagdeo informed that the GoG has been guided by two sets of advisors on the matter that have both recommended that the US$214M sum be returned to the cost bank. This means that the US$214M will be split as profits, which will allow Guyana to receive US$107M while Exxon will enjoy the other US$107M. Consequently, Jagdeo asserted, “I don’t believe there is scope at this stage for settlement especially given the magnitude of reduction.” He explained, “Exxon is talking about moving from US$214M to US$3M and if we settle with that, then it’s only half of that we get and so those figures are not palatable at all.” As such, the former Head-of-State noted, “We may have to go to arbitration.” Meanwhile, he told reporters that government has not done an assessment of what the arbitration process would cost. He however pointed out that he believes this is the fittest method. “Given all that has happened, I think you need an independent third party on this. If you settle on any figure, say US$214M with Exxon people will say oh you caved to Exxon, if you settle at US$3M, it is worse so a third party is needed to deal with all of these issues. We should not engage, I think, in any negotiations,” the VP said. Related Similar Articles

 Time fuh people walk Aug 26, 2024 Dem Boys Seh Dem Boys Seh… Kaieteur News – Georgetown gettin’ more crowded than a rice pot on payday. People cramming up de streets like ants pon sugar. Everybody tryin’ fuh get somewhere fast, but all dem end up stuck. Traffic like a big, fat snake. It ain’t movin’ no place soon. Dem boys seh it’s time fuh people to start walkin’. Not because dem car break down or de buses ain’t wukkin But because de city need some peace. Imagine you can walk on de road without dodging cars. Just you, de sunshine, and de potholes. Dem boys seh it’s a brilliant idea. Create zones. Walking zones. No car. No bus. No truck. People walk and breathe de air, even if it smell like curry an’ fry fish from de roadside stall. You can see de sky. You can hear de birds. Well, maybe not de birds, ‘cause dem gat to fight de noise from de vendors an’ de minibus blaring “tut tut.” These walking zones gon ease up de congestion. No more traffic jams like crab oil in a drum. People gon move freely. Dem gon actually reach where dem going without cussin’. Even de vendors gon happy. People can actually stop and look at de goods, instead of hustlin’ to cross de road. But yuh know how it is. Some people gon vex. Dem gon seh dem need fuh drive everywhere. From de house to de shop. From de shop to de bar. Dem can’t live without de car. But dem boys seh, give it a try. Yuh might like it. Walking is good fuh de soul. And fuh de waistline too. After hours, let de trucks and canters back in to deliver goods. Let de drivers get dem turn. But in de day, let de people walk. Georgetown deserve a break. Dem boys seh, leh we give it a chance. Who know? It might mek de city a little nicer. It might even mek we smile. Talk half. Leff half Related Similar Articles