The Guyana Government is seeking investors to explore for lithium and other rare minerals here.
This was explained by Natural Resources Minister Vickram Bharrat, during a recent broadcast.
Outside of the possibility of lithium, copper has been found in Guyana. Both of these minerals can be used in the production of batteries and solar panels, respectively.
“We have gold, we have Diamond, significant exploration. For example, the biggest Canadian gold company is in Guyana right now, Barrick Gold. But we are looking at copper. We have found a significant deposit of copper and also, we are looking at investors to come in and do exploration for lithium and other rare earth elements.”
The Minister explained that such minerals can be used for renewable energy production. In fact, he described lithium as possibly the “next gold” and noted that critical minerals have tremendous potential to help develop Guyana’s energy capabilities.
“Mining will have to continue. Lithium will probably be the next gold, or will probably be more expensive than gold a few years from now. So, countries that are producing or mining for lithium, are the countries that will make a fortune off of it. Copper as well, that they use to make batteries, we have found a copper deposit in Guyana.”
“We have a company that is going to develop that in a few years from now. And we are welcoming investors to do exploration for lithium and other critical minerals because these minerals are needed for the world to achieve its target of 100 per cent renewable by 2050. So, mining will continue,” Minister Bharrat said.
There is a problem, however, with the availability of new data on how many minerals Guyana actually has. According to Minister Bharrat, an updated mineral inventory is needed in Guyana. However, the good news is that companies have expressed interest in partnering with the State to make this a reality.
“Minerals that are needed or considered as critical minerals are needed to ensure we move towards renewable energy in terms of battery production, solar panels. Our data is old. I must accept that. The last time we did a mineral inventory in Guyana was in the eighties or before I was born. So, we really need to update our mineral inventory.”
“The reason we never did it, is because it costs a lot. We didn’t have the resources to do it. But there are a number of companies coming forward now that are interested in working with government to do that mineral inventory. And that, of course, will tell us of all the new deposits we have.”
Lithium is a chemical element that is derived from stone. Said to be the lightest known metal, it is used in rechargeable batteries found in mobile phones, laptops, digital cameras, electrical vehicles, pacemakers, toys and clocks.
Lithium’s uses extend far beyond rechargeable batteries, but many predict that this application will dominate demand for the metal in coming years. Given the growing importance of energy metals and lithium-ion batteries, securing a consistent supply of lithium is a top priority for technology companies around the world.
Back in 2017, Australian company, Greenpower Energy, and Canada-based Guyana Strategic Metals (GSM) Incorporated, had done some exploration for rare earth minerals and lithium in Region Seven (Cuyuni-Mazaruni), to see if the area has enough deposits to make it profitable for mining.
