– Minister Robert Persaud at PDAC Convention
GUYANA is open to environmentally responsible investment in the extractive industry on an equal opportunity basis to domestic and foreign investors.  There are tremendous opportunities in Guyana for exploration and development projects. These opportunities are capital intensive, but have high potential for very healthy returns as growth in the industry and increasing number of new entrants would indicate.  The government is committed to providing transparency, cooperation and an enabling environment for investors stepping up to the plate.   In turn, those granted prospecting licences are expected to follow through in a timely manner with the range of activities pursuant to which licences will be  granted.

This was the message delivered by the Minister of National Resources and the Environment, Robert Persaud, last Sunday, designated “Guyana Day” at the 2012 Prospectors and Developers Association Canada (PDAC) Convention in Toronto, Ontario.

The PDAC International Convention, Trade Show and Investors Exchange runs from March 4 to 7.  It is the industry’s largest annual convention, attracting 30,000 attendees from some 120 countries.  PDAC describes itself as the premier vehicle in the field facilitating opportunities for business development, joint ventures, property acquisitions, and financing within the mineral sector.  The convention attracts banking executives, brokers and analysts, fund managers, government representatives, retail and institutional investors, senior mining executives, and students.
With 60 per cent of mining companies worldwide listed on the Toronto Stock Exchange and the TSX Venture Exchange, Toronto is the place to be for anyone looking for project financing in the field.

Minister Persaud heads a delegation of senior government officials, including Commissioner Karen Livan and Deputy Commissioner Rick Vieira of the Guyana Geology and Mines Commission.  The delegation is supported by Guyana’s Honorary Consul General to Toronto, Sattie Sawh, with former Secretary General of the Commonwealth, Sir Shridath Ramphal lending his influential presence, Canada’s High Commissioner to Guyana, David Devine hosting, and Canadian Trade Commissioner, Nicole Johnson  facilitating the Guyana Day events,

In his opening remarks, Minister Persaud noted that there are those who claim that mining and environmental stewardship are incompatible objectives.  However, Guyana is proving this to be incorrect.  Guyana’s effectiveness in this area has been recognised by the international community which now places value on compensating countries such as Guyana for preserving the rainforest.   A point in fact acknowledged by the upcoming 3rd tranche of payment from the Government of Norway to Guyana in the amount of US$40M expected in a few weeks.

What’s more, since taking office, President Ramotar has boldly moved to further harmonise the extractive industry and environmental stewardship by placing their management under the common jurisdiction of the Ministry of Natural Resources and the Environment, which Minister Persaud is heading.  His mandate: a balance between economic development of the extractive industry, environment, social, and other interests, within the context of the country’s Low Carbon Development Strategy (LCDS).

The minister told the audience, “My mission is the business of policy making, regulating and creating an enabling environment so that your companies can deploy your expertise and get on with what they do best.”

This is a winning approach reflected in a 49 per cent increase in exploring activities since 2009.   There is also a growing diversification of interests in the extractive industry.  Apart from gold, which saw declared production of some 600,000 ounces last year, there is new interest in manganese, uranium, diamonds, iron ore and bauxite expansion, as well as oil exploration

Canadian High Commissioner Devine, for his part, pledged to do all that he can over the next year to ensure a responsible, long-term sustainable business relationship between the people and Government of Guyana and Canadian companies doing business in Guyana.

He noted that there are close to 30 Canadian companies currently at work helping to realise the immense potential in Guyana.  These companies represent 90 per cent of foreign investment in the sector.

The Canadian High Commission is engaged with the companies on a number on fronts, to enhance the potential for success, with an important emphasis on Corporate Social Responsibility (CSR).   The office is also working with the Canadian International Development Agency (CIDA) and the Guyana Government to assist in the development of a regionally accredited, geo-technology education programme as well as other vocation-skills programmes for Guyanese.

The High Commissioner’s sentiments were echoed by Guyana Goldfields, Sandspring Resources, First Bauxite and Reunion Manganese, which also made presentations on their projects.
Apart from addressing operational and financial issues,  there was a general theme in their presentations of their companies’ commitment to Corporate Social Responsibility, not only in relation to environmental issues, but also with respect to achieving maximum staffing by locals, human resources training and development and health and safety, issues of keen interest to Carol Fredericks and Donna Charles of the Guyana Women Miners Organisation, who travelled to Toronto to participate in the convention and were in the audience.
They described their organisation as an advocate for women in what is a male-dominated industry, calling for more sensitisation in the industry to improvements in health and safety conditions, and representation for women in the industry under a single umbrella organisation.