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Glenn Lall slams Jagdeo for repetitive news conferences Aug 05, 2024 News – says VP failing to address key issues in oil sector, other serious national concerns    Kaieteur News – Businessman and civil society advocate, Glenn Lall has criticised Vice President, Bharrat Jagdeo for what he described as his repetitive weekly press conferences as well as his failure to address key issues within the oil and gas sector and other matters of national concern. Businessman, Glenn Lall During an edition of his weekly radio programme last week, the businessman called out the VP on the repetitive nature of his weekly press conferences saying that, “Last week, he had a 2-hour Press Conference, I didn’t play it because is the same dhal on the fire, he just keep ‘gotaying’ it, stirring and stirring.” He added that the only topics the VP seems to be interested in on a weekly basis are the “12 new hospitals, Rickford Burke, Kaieteur News, letter writers, columnists, roads, schools, Nigel Hughes, the media, opposition never got a plan, bridges, PNC, the usual things, and not a single word about the biggest things – our oil and gold, and when he is asked by reporters, is like you light a fire under his cushion.”Jagdeo, the chief policymaker of the oil and gas sector has repeatedly stonewalled questions in this area posed to him by this newspaper. Lall highlighted the recent series of questions Jagdeo was asked by this publication and the opposition on the documents for the Gas-to-Shore Project; when it will be laid in parliament for the public to see it. “Every week, Kaieteur News asking Bharat Jagdeo when he is going to make public or put the project documents in Parliament, he sending the reporters to Gail Teixeira and she said she ain’t know anything about that. He sends them to Vickram Bharrat, he too has nothing to say…” Noting that Jagdeo is hiding the documents, Lall said, “because of the gangsterism that wrapped up in that US$3B project.” The businessman noted that while Jagdeo seems enthusiastic about the project, he gets upset, “so cold when questions are asked of him to show the proof that it will become the electricity saviour for Guyana.” Lall who is also publisher of this newspaper, believes the project will amount to a white elephant given the astronomical increase in cost. He reasoned, “No feasibility study, no Press Conference on this subject matter, price doubled and it is still feasible; Jagdeo plug that feasible out of thin air. That’s another white elephant that will hang Guyanese for the so-called cheap electricity.” Lall said that another instance of the VP’s failure to be transparent is with updating the Guyanese public with the current state of the country’s oil reserves. Kaieteur News has spent the last two years asking for an update for the nation. Lall said, “Look this man, when he was asked and asked about how much barrels of new oil EM found in the 8 discoveries they made recently, he first told the nation the discoveries were substantial, but not significant. The second answer he gave, he said ExxonMobil is busy pumping making money from the oil and they do not have time to count up how much barrels they found.  The third thing he said, to count up is a long process…” Lall went on to explain to his audience that it was not until an international analytics company S&P Global put the country’s estimated reserves at almost 19B barrels, and this publication again enquired that the VP promised to update the public in a week’s time.  “Well, a foreign company threw a bone to us with the total figure of 19B barrels.  When Kaieteur News found the article and published that story, and Jagdeo had nowhere to run or hide, he threw out a statement saying within a week, he is going to tell us, a week has come and gone and we are still waiting for him to release the figures, telling us how much oil Exxon has found to date ,” Lall added. Related Similar Articles

Omai starts new drilling phase Aug 05, 2024 News …eyes expanded mine plan Kaieteur News – Canada-based company, Omai Gold Mines has announced the commencement of a new drilling phase at its fully owned gold project located in Region Seven (Cuyuni-Mazaruni) Guyana.  This development was announced on July 31. The announcement follows a Preliminary Economic Assessment (PEA) released on April 4, and a successful $13M brokered private placement that closed in June. The company said it is well positioned to further advance the project. Omai’s gold project encompasses two gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit. Back in May, it was announced that the Guyana Geology & Mines Commission (GGMC) has granted a new Prospecting Licence providing the exclusive right of occupation and exploration for gold, base metals, precious metals and precious stones to Omai. The licence has an initial three-year term until April 29, 2027 that can be extended to 2029. This licence gives Omai the exclusive rights to apply for a Mining Licence and the company has commenced meetings with government officials that have provided guidance on the process. In a recent statement, the company’s Chief Executive Officer (CEO) Elaine Ellingham, said, “With the completion of our recent financing, Omai has $13 million in the treasury and we are well positioned for our 2024 and 2025 exploration and development programs.  Drilling commenced July 2nd, twelve days after the financing closed, with an initial 10,000 m drilling program underway.” Ellingham explained that the company’s recent PEA for production of 1.83 million ounces of gold from an open pit mine, giving a Net Present Value (NPV5% discount) of US$566 million, is a great milestone for the company. She added, “However, we believe that the Omai property, even with the current Mineral Resource Estimate could support a much larger mine plan with a longer mine life and more robust economics.  Our priorities for 2024-2025 are clear — to work towards: i) Expanding the overall property Mine Plan, ii) Enhancing the economics beyond this baseline PEA, and iii) Advancing permitting, engineering and baseline studies.  Steps are underway to move forward on each of these objectives.” Omai stated that the recent PEA is based on open-pit production of 1.83 million ounces from only the Wenot deposit, one of the two orogenic gold deposits located on the Omai Property.  This publication had reported that the results from its first PEA for the Wenot Project revealed that the project is slated to yield over 142,000 ounces of gold annually over a 13-year mine life. At its peak, production is anticipated to soar to 184,000 ounces in a single year, with a total estimated production of 1,840,000 ounces of payable gold. The company explained that the PEA incorporates only 45% of the current Omai Property Mineral Resource Estimate (MRE), and 78% of the Wenot MRE.  Wenot alone already hosts an additional Inferred MRE of over 400,000 ounces, the company said. “Much of this is located west of the past producing pit and, with additional drilling, offers near surface potential for future inclusion in the Mine Plan.  Some of the non-included MRE is at depth and additional drilling could support a deeper economic pit or potentially later underground mining…  Management believes that with the 2024-2025 planned drilling, at least some of the additional Wenot MRE could be integrated into a future expanded Mine Plan, and the Wenot deposit could expand within, along strike and below,” it was stated. Omai said the Wenot PEA “superpit” is very large, already extending along a 2.4 km strike length. The company also disclosed that drilling to date, as well as historical mining records, indicate that the Wenot shear-hosted gold mineralized zones are quite continuous. Notably, certain areas within the PEA pit have wide-spaced drilling and Omai management believes that with additional drilling of these gaps the Wenot resource could expand. Importantly, the company also believes that some of the waste within the current PEA pit could prove to be mineralized material, potentially having the effect of decreasing the strip ratio and increasing the NPV of a future economic model. As such, focused drilling of selected gaps along the Wenot deposit is considered a high priority, together with drilling along the under-explored East Wenot extension area. In 2020, Omai re-entered Guyana’s mining industry. The company had said that their work completed thus far, has put them on track to become the next large-scale gold mine to open in Guyana. Related Similar Articles

Norton Street man survives execution attempt Aug 05, 2024 News Kaieteur News – An elderly man is now hospitalised but stable after he was shot by a lone gunman on Saturday night at his Norton Street, Lodge, Georgetown home. The victim has been identified as Raymond Knipe a 70-year-old electrician. In a statement released to the media, the police said that, “According to the victim, he was parking his bus BNN 9253 in his yard when he observed a male dressed in all-over black with a hoodie over his head walking into the yard behind him.” The man pointed a gun at Knipe and began to squeeze the trigger, but the gun did not fire, police said. The victim told police that he began running to the back of his house and the suspect chased after him. As he was attempting to open his grilled door to his apartment, several rounds were discharged in his direction by the suspect. During the ordeal, he was hit and sustained injuries. The shooter then exited the yard and entered a motorcar bearing registration number PAB 8252. It then drove off in an easterly direction heading to Mandela Avenue and made good his escape. Knipe was picked up by public-spirited citizens and rushed to a city hospital where he was admitted. He is in a stable condition nursing two gunshot wounds. The scene was processed, and investigators recovered three 9mm spent shells. Efforts to locate the suspect and the car have been unsuccessful thus far. Related Similar Articles

‘Govt. did a lot to cushion cost-of-living’ – Pres. Ali Aug 05, 2024 News Kaieteur News – Despite Guyanese complaining every day about the high cost-of-living, President Irfaan Ali last Friday said that his government has implemented deliberate initiatives and policies over the last four years to address the rise in food prices and cushion the cost-of-living here. President Irfaan Ali He made the remarks during a live broadcast where he detailed the impacts of the government’s deliberate measures, the Department of Public Information (DPI) reported. The president reminded that the rise in global food prices and the costs of transportation, goods and services resulted from the Russian-Ukraine war, and the global pandemic, among other disruptions. In the European Union, food price inflation increased from the last quarter of 2021 to reach 3.5 per cent in January and 7.5 per cent in May 2022. In Latin America and the Caribbean, food price inflation surged steadily from January 2022 to 81.6 per cent by September 2023. Food price inflation in the United States increased to 10.9 per cent in July 2022, the highest since 1980. “This is the global environment in which we are a part of and operating. When you look at our figures and the inflation rate for Guyana compared to all of these regions, it is remarkable in the way that we have been able to manage our economy…And the way we have been able to cushion these costs,” the president said. In 2023, Guyana’s food inflation rate was 3.8 per cent, 7.8 per cent in Jamaica and 81.67 per cent in the Latin American region. The low food inflation rate in Guyana is because of the deliberate investments and measures implemented by the government to boost food production by providing the necessary support to the poultry sector and farmers. “This is not by any accident. This is by the deliberate interventions of the government. This is by the policies and programmes in the budget that are buttressing the economy and creating an environment that leads to stability,” the head of state explained. The government implemented a slew of measures to further reduce food inflation such as the removal of value added tax (VAT) on fertilisers, agrochemicals, pesticides and several inputs in the poultry industry, at an annual estimated cost of $262 million. And this does not include the more than $1 billion that was spent in 2023 to provide agricultural implements to farmers. Further, to boost food production, the government removed VAT on machinery, corporate income tax, reversed drainage and irrigation (D&I) fees, constructed shade houses, farm-to-market roads and D&I infrastructures. A broiler breeders’ facility was established to reduce the dependency on the importation of hatching eggs. The rising fuel and freight costs were also addressed. Wages and salaries were also increased for public servants by more than $90 billion. Additionally, measures to reduce cost-of-living included the taxes on building materials being waivered and the subsidies for utilities were restored. VAT was also removed on medical supplies, electricity and water, saving citizens almost $3 billion annually. To boost the income of many households, the government reinstated the ‘Because We Care’ cash grant, placing over $22 billion into the hands of parents over the last four years. Old age pension and public assistance were increased by more than 75 per cent and 111.1 per cent respectively. The undertaking provided over $13.4 billion and $2.8 billion into the hands of these beneficiaries respectively. Further to that, the one-month tax free bonus to the disciplined services was reintroduced, placing $4.1 billion into the hands of the members. President Ali underscored, “These things were removed by the last government…It is clear that our measures are working. It is clear that the measures that we are implementing brought tremendous relief to the population. If we had not implemented these measures, the effects would have been severe…We want the best for all the citizens of this country.” Before the end of 2024, President Ali has pledged to highlight more strategies that will increase disposable income at the household level and expand prosperity. Related Similar Articles