Mining Week is currently being observed and the Guyana Geology and Mines Commission (GGMC) has organised a variety of activities to highlight the achievements of the local mining industry and educate and update the public of the developments, changes and innovations that are taking place within this sector.
This is good because mining accounts for a substantial part of the national economy and is responsible for the direct employment of large numbers of people as well as indirect employment and the sustenance of several business and commercial entities.
And from all indications the mining industry will grow substantially in the next few years because of the large investments of several foreign and local companies. Historically our mining industry was basically restricted to gold, diamonds and bauxite. However, today we are observing the potential of a massive diversification with the large number of companies carrying out onshore and offshore oil exploration. One company has already had some exciting prospects and if they fructify the national economy will receive a huge infusion. But apart from oil exploration another company involved in uranium exploration has expressed optimism that this important ore are in commercial quantities here and there is a great likelihood of uranium mining becoming a reality soon. And within the bauxite industry a new discovery of bauxite deposits at Bonasika in commercial quantities opens a new window for the expansion of mining of this ore.
So in a couple of years we should have an accelerating and growing mining industry and in the context of what is taking place globally in relation to the demand for metals, Guyana could stand to benefit tremendously.
With several countries in Asia joining the “industrial club” in particular China and India which have been experiencing runaway industrial growth and expansion. Consequently, the demand for oil and metals has grown significantly and therefore if our mining industry could position itself to capitalise on this situation then our economy could earn great dividends.
The demand for metals is a huge one as the global market for secondary and mined metal was worth $715.0 billion in 2007 and $649.4 billion in 2008. This should reach $894.2 billion in 2013, a compound annual growth rate (CAGR) of 6.6%.
The transportation end-user segment has the largest share of the market, worth $140.7 billion in 2008. This should reach $176.5 billion in 2013, for a CAGR of 4.6%.
Building and construction applications have the second largest market share, generating $115.5 billion in 2008. This should increase at a CAGR of 5.8% to reach $153.4 billion in 2013.

But while we focus on the productive side of mining we need to equally focus on the environmental hazards of mining because if proper environmental safeguards are not implemented then the gains from mining could easily be wiped out by the disastrous ensuing environmental effects.
In this regard, it is good to see that the GGMC and stakeholders are paying greater attention to environmental safety and protection through the implementation and enforcement of guidelines and regulations aimed at minimising the harmful effects of mining on the natural environment and residential communities.
And in the context of our LCDS, there can be no compromise on environmental safety and protection.
We have seen what the devastating effects mining has caused as a result of the absence of protective and safety measures. Not too long ago we had our brush with the Omai spill.