– MoU signed to boost Guyana’s economy and employment

THROUGH the implementation of a new Mineral Mapping Exercise, Guyana has the potential to discover and exploit numerous untapped resources.  The exercise represents a new opportunity for Guyana, as it is a collaborative effort between the Ministry of Natural Resources, the Guyana Geology and Mines Commission, and the US-based company, Global Venture Consulting.

The historic endeavour was launched Wednesday with the signing of a Memorandum of Understanding (MoU) at Duke Lodge; where the Minister of Natural Resources, Vickram Bharrat, and United States Ambassador to Guyana, Nicole Theriot, delivered remarks alongside various other officials from the Guyana Geology and Mines Commission.
While mineral mapping has been conducted on a limited scale, it has not been executed on such a vast scale as anticipated in the upcoming months. The US$1.9 million project by Global Ventures will seek to take a deeper look at the nation’s vast natural resources; it aims to give jobs to Guyanese, bring in foreign investors and open doors for new resources to be added to the nation’s economy.

Minister of Natural Resources Vickram Bharrat delivered the feature address at the event, emphasising the congruence between the new mineral-mapping exercise and the government’s current work in the geology and environmental sector.
“This is in line with what our government has been always advocating for, and that is economic development being balanced with environmental sustainability,” he stated.
The minister also addressed the crucial issue of natural sustainability, stating, “we cannot, or we should not, be at any of the extreme ends. There must be a balance between economic development and environmental sustainability.”
He further added, “For too long I think we have been allocating and working in a manner that is not in keeping with best practices. Meaning our data, it is a bit outdated.”
Minister Bharrat also shed light on the employment aspect of the still vibrant mining sector. As he said, “Mining in Guyana employs almost 40,000 Guyanese, whether directly or indirectly.” He further added, “Many, many of our people, especially in the hinterland communities, are engaged in mining activities.”

The minister has stated that this new endeavour will bring about a profound change in the hinterland areas, where a large portion of the population depend heavily on mining for their livelihoods.
“Traditionally, we know the indigenous communities were engaged in farming and hunting, but it has evolved. It has changed a lot over the years. Today, many of our indigenous communities are involved in logging activities and mining activities,” the minister stated.
He further added that, “This project, too, will help those communities so that they can collaborate and work with the Guyana Geology and Mines Commission, so that they can mine in the same manner, and their mining activity can be more lucrative and viable for those small communities.”
As highlighted by the minister, the mining sector in Guyana is experiencing ongoing enhancements and continues to attract substantial investments.
He said: “I think yesterday we witnessed the highest gold price ever. So that by itself is an encouragement for forces wanting to get into the mining sector, especially small and medium- scale level[s].” He added that, “Bauxite is turning around and it is a very important sector for us, especially in the creation of employment in Region 10.”

Moreover, Emily King, the Chief Operating Officer of Global Ventures, elaborated on the role her company will assume in the project.
“Our team moves forward immediately. We’ll be responding by providing additional information, aerial surveys, and our round of work in the next phase will provide valuable insights for greater US stakeholders,” she noted.
Furthermore, she emphasised that Global Ventures has a significant commitment to Guyana and the preservation of our natural resources, aligning closely with Guyana’s policies and the utmost national standards.

Remarks were also shared by Nicole Theriot, the US Ambassador to Guyana, highlighting the significance of Guyana’s natural resources and emphasising the imperative of preserving them alongside exploration efforts.
“This is a country of remarkable natural beauty and rich biodiversity. It’s also blessed with significant mineral resources that hold the potential to add to the country’s already impressive growth,” the US envoy noted.
She further delved into the fact that the mineral-mapping exercise aims to keep track of the country’s natural resources before it is extracted, placing the conservation of natural resources and Guyana’s carbon credits. She stated that, “understanding the location and extent of mineral deposits allows for the design of a more targeted extraction process that minimises environmental impact.”

She added that, “Effective mineral mapping will also attract international investment from the US and from other like-minded countries that value good business ethics and [the] rule of law.”
Echoing sentiments of the minister, Ambassador Theriot said the exercise has the potential to boost the sector and economy of Guyana, as she stated, “This mineral-mapping project is so much more than just a scientific exercise. It’s a strategic tool that can drive economic development, promote environmental sustainability, and improve the lives of people across Guyana.”

The government will initiate this multi-year project which is intended to address the approaches to sustainably manage and grow the extractive sector within the context of the Low Carbon Development Strategy 2030. When completed, the mineral inventory will contribute to low- impact mining and improve mineralised areas which are objectives outlined in the LCDS 2030.
The following are areas of priority and potential for the Gold and Non-traditional mineral inventory for the year 2024: the North-West Mining District, the Cuyuni Mining District, the Mazaruni Mining District and the Potaro Mining District.