Guyanese Gov’t Signs Mineral Agreement With Canadian Company

• The Guyanese Government on Sunday announced the signing of a mineral agreement with Reunion Gold Corporation— a gold exploration and development company—headquartered in Toronto, Canada.
• This agreement signed between the company and the Guyana Geology and Mine Commission (GGMC), aims to establish stable fiscal and operating conditions for the Oko West gold project in Region Seven, which is owned entirely by the company’s Guyanese subsidiary.
• According to a statement from the Ministry of Natural Resources, key components of the mineral agreement, include royalty payable to the government for gold produced from the operations, as established under the fiscal regime for mineral agreements.
• “As part of the agreement, Reunion Gold commits to prioritising the employment of qualified Guyanese individuals and implementing a comprehensive training programme to develop additional skills necessary for Guyanese personnel at all operational levels,” it added.
• This approach, the ministry noted, aims to contribute to the sustainable development of the country by nurturing local talent. Additionally, the government said the company has pledged to establish a financial support programme for environmental and social projects.
• The company has allocated US$1Mn annually towards initiatives that promote environmental sustainability and address social needs within surrounding communities. The government said that this commitment will begin upon commercial production or within 24 months from the issuance of a mining license, whichever occurs first.
• The government has reaffirmed the shared commitment to sustainable mining practices, aimed at minimising environmental impacts, fostering positive community relationships, and creating lasting benefits for Guyana and its citizens.

(Source: Guyana Chronicle)