Guyana has served as a primary exporter of raw materials for years, and according to President, Dr Mohamed Irfaan Ali, the country’s output of gold and precious minerals is expected to expand significantly as a result of effective management of the oil and gas sector.
He disclosed that the government is seeing tremendous interest in the building of a gold refinery in Guyana.
“With the cost of energy coming down, and with Guyana being a golden country in many ways…With our gold reserve, it makes the gold refinery viable. We are already seeing tremendous interest in establishing a gold refinery here in Guyana,” the head of state stated.
President Ali was at the time addressing the opening ceremony of the Guyana Energy Conference and Supply Chain Expo on Monday, which is being held under the theme “Fuelling transformation and modernisation,” at the Marriott Hotel, Kingston in Georgetown.
This venture would modernise the country as well as unlock additional markets for export.
Additionally, the government has expressed confidence that gold production is set to increase, as interest mounts in Guyana’s mining industry.
The head of state pointed to the Wales Gas to Energy project, which is expected to cut electricity costs by approximately 50 per cent.
He said as part of the trickle-down effect, this reduced cost will propel advancement in the extractive industries, and present renewed opportunities for regional trade.
These are critical components of the government’s master plan to utilise the project to drive economic growth.
As part of this strategy, the government is also exploring options to enhance the bauxite industry.
With reduced energy costs, an aluminum plant also appears to be a viable venture, and the head of state stressed that this will further support the Berbice Deep Water Port.
The port is expected to support the oil and gas industry by providing equipment, fuel, cement, water, and power.
“Now, with the opportunity that the master plan gives us, that is, using gas to do upstream and high-value production, the only disadvantage we have now is the cost of energy…to bring down the energy to a cost that makes us highly competitive. This means that with our neighbours, Suriname, and Guyana combined, we have about 1.5 billion metric tonnes of bauxite combined. That is the reserve. With the natural gas and the cost of energy coming down, we can now move to build an aluminium plant to support the deep-water port, because none of this can take place if we don’t invest now,” the president explained.
The Guyana Energy Conference is being held at the Guyana Marriott Hotel, Kingston, Georgetown, and will run from February 19-22. [DPI]
