Published Aug - 25 - 2014 Evidence points to continued investor confidence in local economy -as Troy Resources commissions first batch of heavy-duty mining equipment
Prime Minister Samuel Hind (centre)s and Minister of Natural Resources and the Environment, Robert Persaud along with Chief Executive Officer of Troy Resources Ken Nilsson and other officials inspecting some of the equipment after the commissioning ceremony
Guyana is an attractive destination for foreign investments, as has been proven time and again. This was further demonstrated today, when another company concretised its interest in the gold mining sector. Australian company Troy Resources Inc., commissioned it first batch of heavy-duty mining equipment as the company is set to begin operations in the near further.
The Doosan equipment were officially handed over to the company by officials of Farm Supplies Inc., who have also completed training for the use and maintenance of the equipment.
On the occasion, Minister of Natural Resources and the Environment, Robert Persaud commended the company for achieving another milestone.
In May, a US$5 million ball mill was brought into the country by Troy Resources as the company proceeded with its US$86.8 million investment in the Karouni project in the Cuyuni /Mazaruni
“These types of investments have been long in coming. Just last weekend with the president, we visited the Aurora Gold Mines, which construction started and (is) moving rapidly with more than 700 employed there with the expectation that by 2015 we should see the production of gold by that mine … and we are also equally happy that we are seeing rapid advancement being made with the Karouni Gold project with investment coming from Troy Resources.” The Minister said these investments speak to the issues of confidence, and investors seeing Guyana as a place to invest.
Prime Minister Samuel Hinds delivering his remarks at the commissioning of Troy Resources first batch of heavy duty mining equipment
“When we talk about investors we are not talking about foreign investors because in many instances and particularly in this project, the genesis came about as a result of investments made by small and medium-scale miners themselves and they in fact started the seeds of this type of investment and then developing a partnership and allowing a mine like this to grow,” the Natural Resources Minister stated.
“In this particular situation there is this mutual impatience, to move this project forward, but I want to assure everyone that we are seeking to clear whatever issues there are, but we don t want to at the same time short cut any process too, whether we are talking about Environmental Permitting Stage or whether we are talking about concluding a very detailed and a very comprehensive mineral agreement as we are about to finalise, and we do hope that we will have signed very early next month.”
He said that as “we talk about the mutual impatience we are also ensuring the necessary procedures and commitments are adhered to that are provided for under the various agencies involved.”
In addition, the Minster noted that the commissioning of the equipment is being done at a very important time for the mining sector as “Mining Week 2014” is being observed.
“The meeting is very significant as we are celebrating mining week we are celebrating small and medium scale miners, and at the same time the investors who have been contributing to the sector.”
Minister of Natural Resources and the Environment Robert Persaud delivering his remarks at the commissioning ceremony
Minister Persaud also used the opportunity to appeal to suppliers to work closer with miners to address some of their concerns as it relates to financing for equipment, as well as services provided.
“I want to make an appeal to companies who to work with miners to overcome some of the difficulties.”
The Minister also appealed to all stakeholders to pay more attention to sensible and responsible mining by making available mining equipment that can minimise harm to the environment, but at the same time improve recovery and increase productivity.
Meanwhile, Prime Minister Samuel Hinds who attended the event commended the company for the initiative while noting the recent attacks on investors. He nevertheless wished the company well saying it is his hope that they are successful in their venture as it would contribute to the local economy.
“I’m particularity pleased to see this deposit coming close to production. I know this deposit has been studied for a long time by Mr. Carter one of our geologists, it is good to see it coming to fruition.”
He noted that while Guyana has been blessed with natural resources there are challenges to realise the abundance of these assets.
The Prime Minister noted that to make the best of these resources a lot has to be done which may not be too pleasing to sections of society while citing the recent attack on Chinese logging company Bai Shan Lin. “Our Government is being very particular that the development that our natural resources would be done in a sustainable and acceptable way.”
In addition, representatives presented several persons who have been undergoing training in the use of the equipment with their certification of completion from Farm Supplies as they handed over the keys for the equipment to officials of Troy Resources.
The company’s Chief Executive Officer, Ken Nilsson Troy said, Troy Resources has always been committed to training for its staff, and he mentioned that they have been heavily engaged with the Guyana Geology and Mines Commission (GGMC) in terms of setting up programmes to train technicians, persons to work in the industry and to generally lift the skills level in the industry. He said the company’s commitment to the Linden Technical Institute will continue.
Troy Resources acquired Azimuth Resources (West Omai Project) in 2013, after its owner, another Australian Company, Pharsalus Gold became cash-strapped.
TRY Price at posting:
76.5¢ Sentiment: Hold Disclosure: Held
