The Ministry of Natural Resources on Wednesday inked a US$1.8 million mineral mapping contract with US company, Global Venture Consulting LLC.
The Mineral Mapping Project is intended to build on a previous inventory that was completed in 1968 which currently needs updating.
The project aims to reduce investment costs for small and medium-scale miners, bridge the data gap from 1968 to the present, and enable a more targeted approach for miners.
In this year’s budget, $400 million was allocated for the project. Although it is intended to be a multi-year project, this sum only caters to 2024.
During the signing at Duke Lodge, Duke Street, Georgetown, Minister of Natural Resources, Vickram Bharrat said that the project shows the government’s priority of environmental sustainability.
“This is in line with what our government has always been advocating for. And that is economic development being balanced with environmental sustainability…While the exploration of minerals is of critical importance, we still have to keep in mind the environment,” the minister stated.
He added that for too long works have been ongoing within the mining sector which are not in keeping with the best practices.
As such, he believes the mapping project is necessary for the development of the country.
Additionally, the project will grow the natural resources sector in keeping with the Low Carbon Development Strategy (LCDS) 2030.
It will address specific objectives within the LCDS such as the contribution of low-impact mining and the allocation of mining areas within mineralised zones.
“What is also important about this project too, is identifying whatever critical minerals may exist in Guyana and tying this into our LCDS and the whole conversation on climate change,” the natural resources minister said.
He noted that the project will further revive the mining sector and encourage more Guyanese to get involved in the industry.
Meanwhile, the Chief Executive Officer (CEO) of Global Venture Consulting LLC, Emily King, stressed that her company is ready to help Guyana better understand its mineral wealth, with new methods and cutting-edge technology being incorporated during the process.
“By crafting these mapping and surveying plans with precision, Guyana is set to leverage cutting-edge target detection, and predictive analytic tools. Remarkably, Guyana is poised to become the very first country to undertake almost a national scale mapping programme using this innovative approach,” the CEO posited.
She said her company will prioritise exploration targets across the nine key areas that have been identified by the government.
The contract was inked between the Permanent Secretary of the Ministry of Natural Resources, Joslyn McKenzie, and the company’s CEO.
Also present at the signing ceremony were US Ambassador to Guyana, Nicole Theriot; Commissioner of GGMC, Newell Dennison, and President of the Guyana Gold and Diamond Miners Association, Ronaldo Alphonson. (DPI)
