Guyana has been well known for its huge mineral resources including gold, diamonds, bauxite, manganese etc many of which still remain largely untapped. And more recently there have been positive indications of possible oil deposits. However, a very significant revelation was made recently in relation to uranium by the Canadian company Prometheus Resources (Guyana) Incorporated.
Some seven million pounds of uranium, in the last three years, have been found in Guyana, and the exploration company reported and is estimating a 50 million find within the next three years.
According to the Vice-President, Investor Relations, Ms. Nancy Chan-Palmateer, from the parent company, The Uranium Discovery Company U308 Corp: “The investment is worth it because seven million pounds is the tip of the iceberg…we are at the beginning of a potential 50 million find.”
The uranium has been found in Kurupung, Region One (Barima / Waini), and according to the Vice-President, drilling for the first targets has commenced in the Roraima Basin, Region Seven (Cuyuni/Mazaruni).
“Apart from the 50 million pounds that we are expecting from Kurupung, the Roraima Basin has the potential to be a home run,” she opined.
Chan-Palmateer noted that U308 Corp, listed on the Canadian Stock Exchange, had been able to raise CDN$30M at the start of its operations and since then has invested an additional CDN$20M.
This disclosure is more good news for this country because it could become a major exporter of this mineral which is essential for nuclear power and the nuclear industry.
It would be useful to recall that under the People’s Progressive Party (PPP) government of the 1960s a Russian geologist who did preliminary studies on uranium ore deposits had indicated that the situation looked favourable.
Unfortunately, because of the Cold War hysteria and the machinations of western powers the issue came to a standstill and there was no further development on the matter until the return of the PPP to government.
Toni Johnson, in his article of January last: “Global Uranium Supply and Demand” pointed out: “Interest in nuclear power is increasing as the world’s demand grows for cheap, reliable electricity, along with the need to reduce air pollution. Nonproliferation of weapons and the safe disposal of spent nuclear fuel dominate the nuclear power debate, while nuclear fuel supplies have garnered little attention.”
He added: The world uses 67,000 tons of mined uranium a year. At current usage, this is equal to about seventy years of supply. The World Nuclear Association says demand is projected to grow by 33 percent in the next decade to correspond with a 27 percent projected growth in nuclear reactor capacity. However, more efficient nuclear reactors, such as “fast-reactor” technology, could extend those supplies by more than two thousand years. Experts say spent fuel can be reprocessed for use in reactors but currently is less economical than new fuel. Currently, there are nearly one thousand commercial, research, and ship reactors worldwide; more than fifty are under construction, and 130 are in planning stages.”
Against this backdrop Guyana could be breaking new ground and enter into a very important global market if the predictions of uranium deposits hold true and could help us transform our national economy by making that “quantum leap.”
But in addition it could also help to transform the lives of our Amerindian people, who largely are the inhabitants of the regions where the potential deposits are located.

Ms. Chan-Palmateer added that the creation of tangible, long-term benefits is another area of focus that will benefit the local communities in areas of exploration.
She said 80 per cent of employees are from Guyana, 65 per cent of whom are Amerindians.
Contributions to the community, according to her, include school supplies, tools, generators, solar panels, mechanical assistance and computer training.
“A big way of giving back is the scholarship programme we sponsor to the University of Guyana for the Geology Degree Programme…This is their third year now, so we have about nine persons at the University,” she said.
In her view, establishing early communication and relationships with the local communities in the exploration areas is important.
Ms. Chan-Palmateer noted too that her company is committed to environmentally responsible exploration and is aiming to minimize their carbon footprint by using and improving on exploration roads and limiting disturbance around new drill pads.
This is very reassuring because environmental concerns are always a primary issue with respect to mining activities, particularly in relation to uranium where the environmental hazards could be catastrophic if proper safety measures are in place.