THE Australian-based mining company Troy Resources Guyana Inc. (TRGI) Limited received the finalised Environmental Permit for the construction and operation of its multibillion Karouni gold project in Region 7 (Cuyuni/Mazaruni) earlier this week.
The Environmental Protection Agency (EPA) issued the permit after a detailed review and assessment of the company’s Environmental and Social Impact Assessment (ESIA).
The permit is valid for five years and forms an essential requirement for approval and operation of the mining licence which TRGI received from the Government of Guyana in October last year.
Chief Executive Officer (CEO) Martin Purvis said that the permit has been issued in accordance with the timeline and guidance provided by the EPA to Troy, at the start of the review process.
As a result, Karouni remains on track for the start of operations in the second quarter of this year.
Purvis said the development was another important milestone in the development of Karouni and represented a significant achievement in terms of the constructive working relationship between the authorities in Guyana and Troy’s local management team.
“Karouni is now gathering momentum in terms of activity on the ground and the mobilisation of a skilled local workforce and we look forward to meeting our first production target in the June quarter.”
TRGI had late last year disclosed that it will be employing some 500 persons during the construction phase of its Karouni Gold Project with a construction budget of approximately US$87M and an eventual permanent workforce of 250-300.
The Karouni project has been fully owned by TRGI since July last year when the company concluded a merger with Azimuth Resources, another Australian company, to take over ownership of the project then known as the West Omai Project.
The company disclosed recently that it is looking initially for a seven-year mine life with annual average gold production of 90,000 ounces, with production in the first 12 months of 102,000 ounces gold.