GEOLOGICAL mapping will increase the level and quality of knowledge of Guyana’s mineral resource potential; thus the recent announcement that the China Geological Survey has committed to assisting the Government of Guyana to undertake a mineral property assessment is being welcomed by local stakeholders in the mining industry.

Guyana is under-explored, with not much mapping and mineral inventory work done so far. Such assistance will help us get a greater share of the resource rents, since the more that is known about the potential value of a resource, the more the share of the rents a potential investor will be willing to give due to the elimination of the high risk of discovering or dimensioning the resource.

It is imperative to improve knowledge of Guyana’s mineral resource endowment. This will strengthen the country’s bargaining power during contract negotiations vis-à-vis well informed partners.

Local small and medium scale miners can also benefit immensely from such an inventory of the natural minerals resources endowment, a local stakeholder has said.

The Ministry of Natural Resources and the Environment (MNR&E) announced last week that Guyana is one step closer to completing its geological mapping as a result of the offer made to MNRE. Minister Robert M. Persaud at the 2014 China Mining Conference and Exposition, at which Guyana was represented by the Minister and Chairman of the Board of Directors of the Guyana Geology and Mines Commission (GGMC), Mr. Clinton Williams. They were both invited by the Minister of Land and Resources of the People’s Republic of China, Mr. Jiang Daming.

The conference was held in Tianjin between October 20 and 23.

Mr. Williams and Minister Persaud participated in discussions relating to the developmental trend of both Chinese and foreign mining industries. They also examined the global commodities’ outlook.

An MNR&E media release disclosed that, during his presentation at the Mining conference, Minister Persaud stated that numerous opportunities exist for investment in the mining sector, and investors are welcomed once they adhered to the various acts and regulations governing the mining sector.

This is so, he told participants, because Guyana encourages green mining and investments that are environmentally safe and sustainable.

(By Clifford Stanley)