Rosebel Goldmines pumped US$340M into Suriname economy last year

(de Ware Tijd) PARAMARIBO – In 2011, Rosebel Goldmines (RGM) pumped US$ 340.4 million into Suriname’s economy. The company deposited US$ 146.4 million in taxes and royalties in the treasury and spent US$ 143.3 million on the local market. US$ 50.7 million was spent on salaries and other social investments, RGM director Tom Ohrling told journalists at a meeting yesterday to present the 2011 results of parent company Iamgold and subsidiary RGM, as well as the plans and prospects for this year. RGM’s gold production was 12,924 kilos or 406,000 ounces last year. This is 41 percent of Iamgold’s total production and Suriname is still the Canadian company’s most lucrative operation. Nearly all food and produce was purchased locally; in this way the gold mining company encourages small enterprise not only in the country as a whole, but in Brokopondo, the district where RGM operates, in particular. The RGM executive also stated that around US$ 550 million in capital investments are planned for the 2012-2014 period.

These investments are needed to keep gold production at a constant level in the next three years, and to purchase equipment suitable for harder layers. The switch to these layers will mean an increase of energy costs, and thus the company is already looking for alternatives and ways to use available energy more efficiently.

Another mine, Rosebel Pit, will be put into operation as well. This is located some 11 kilometers from the refinery, which means extra fuel costs. Bigger trucks to transport more ore at a time will also be purchased.

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