Several Canadian gold mining companies operating here have underlined plans to invest tens of millions of US dollars in expansion projects here.
The promises were restated at the Prospectors and Developers Association of Canada Convention (PDAC) held in Toronto, Canada from 4-7 March, 2018, according to a media release from the Guyana Office for Investment (GO-Invest). The annual PDAC Convention is regarded as the premier international event for Canada’s mineral exploration and development industry.
Scott Caldwell, Chief Executive Officer of Guyana Goldfields Inc., the largest foreign gold mining company in Guyana, announced that the company plans to boost annual gold production to 300,000 ounces by 2022, with the introduction of underground mining, the release said. Caldwell pointed out that the Government of Guyana receives eight per cent royalty on the gold mined and added that the company has spent approximately US$50 million in the local economy over the years in the area of goods and in services such as hauling of freight, engineering, and contract mining.
