Suriname projecting major job expansion from gold investments

(de Ware Tijd) PARAMARIBO – The mega gold investments to be made in Brokopondo and East Suriname will cause enormous shifts in the labor market. “I’m afraid we won’t have enough workers to fill the jobs that will be created,” Minister Jim Hok of Natural Resources (NH) says about the negotiations with multinationals Iamgold and Newmont.
“I’m not that concerned,” says Freddy Brug, chairman of the union representing Iamgold’s 900 workers. The country’s biggest gold producer already has an enormous demand for workers, and finding qualified ones could be a problem. The upcoming operation in the Nassau Mountains area will mean stiff competition for Iamgold. “If Iamgold is not careful, they will lose their workers to Newmont, which may offer attractive benefits to employees. Employers from other sectors must be careful; even the government might suffer a ‘brain drain’ when civil servants abandon their jobs for the gold mining industry,” Brug predicts.
In the case of Iamgold alone, the number of jobs could increase to 2,400. In any case, Minister Hok is pleased with the negotiations so far. Iamgold is planning to invest around US$ 700 million to expand the Rosebel Goldmines (RGM). The operation by Newmont, which will be carried out in cooperation with aluminum giant Alcoa is to cost around US$ 800 million and will be at least as big as RGM’s. Both companies want their investments through by 2014 and be fully operational by then.
“Both the government and the companies want to reach an agreement as soon as possible,” Hok adds. He also emphasizes that the state wants a bigger cut in the operations, including an opportunity for both the government and local investors to invest in the Nassau Mountains operations. Meanwhile, Iamgold has significantly increased its production capacity for the second half of 2012 by installing bigger and more machines. The area in which Newmont operates has amply proven gold reserves.

Comments  

Kidnap/murder of Balram “Balo” Maharaj…Seven Trinis seek new trial in US

(Trinidad Guardian) When everyone felt that the case was closed on the kidnap and murder of United States citizen Balram “Balo” Maharaj, comes news that new motions have been filed in the Federal Court in Washington DC, which could see a new trial for the seven convicted Trinidadians.

Zimbabwe’s ruling party expels Mugabe – war vets head

HARARE,  (Reuters) – President Robert Mugabe was dismissed as leader of Zimbabwe’s ruling ZANU-PF party today in a move to force a peaceful end to his 37 years in power following a de facto military coup.

Former AG says gov’t hiring of special prosecutors unconstitutional

Former Attorney General Anil Nandlall says that the Attorney General’s Chambers’ retention of six attorneys to prosecute a number of high profile cases is unconstitutional and he is warning that the right to a fair trial will be compromised by a politically-tainted process.

Public debt up by $12.9B

Guyana’s total public debt increased from $317.7 billion to $330.6 billion in 2016 but the total debt as a percentage of Gross Domestic Product (GDP) declined to 46.4% from 48.6% at the end of 2015 due to a nominal increase in the GDP.

Murdered teacher laid to rest

Family, friends and well-wishers turned out in their numbers to say their final goodbyes to murdered school teacher Kescia Branche, who was laid to rest yesterday afternoon.

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now

×