Big Ekereku mining operation selling out

A mining company is selling out its entire operation at Ekereku, Region Seven (Cuyuni/Mazaruni) with the deadline for the submissions of tenders being today.

The reason for the sale is not clear but in an ad in Stabroek News, the company described the operation as fully equipped. In terms of mineral properties, this comprises nine river claims at Ekereku, nine medium scale mining blocks (mining permits) at several locations in Region Seven as well as 14 medium scale mining blocks (prospecting permits).

The mining equipment being sold include three excavators, a bulldozer, two fully-equipped 12-inch missile dredges and four fully equipped six inch land dredges. “The above-described mineral properties and mining equipment are sold together as a going mining concern,” the ad says while it noted that all offers are to be cash offers.

Last week, Reuters reported that gold has risen more than 10 percent so far this year on uncertainty over the pace of the U.S. economic recovery, worries about growth in China and renewed interest in bullion-backed exchange traded funds.

But some analysts said it will be hard for gold to sustain the gains, which have been driven by short covering and not physical buying. Current prices are about 30 percent below an all-time high of US $1,920.30 hit in 2011, Reuters reported.

On Thursday, gold fell 0.16 percent to $1,328.61 an ounce by late afternoon after it hit a four-month high at $1,345.35 the previous day before falling almost 1 percent on a dollar rally and surging U.S. home sales, Reuters reported.

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