Gov’t inks mineral agreement with Reunion Gold

The government, through the Guyana Geology and Mine Commission (GGMC), has signed a mineral agreement with Reunion Gold Corporation.

This agreement aims to establish stable fiscal and operating conditions for the Oko West gold project, owned entirely by the company's Guyanese subsidiary, a statement from the Ministry of Natural Resources stated.

Key components of the mineral agreement include royalty payable to the government for gold produced from the operations, as established under the fiscal regime for mineral agreements.

As part of the agreement, Reunion Gold commits to prioritising the employment of qualified Guyanese individuals and implementing a comprehensive training program to develop additional skills necessary for Guyanese personnel at all operational levels.

This approach aims to contribute to the sustainable development of the country by nurturing local talent. Additionally, the company pledges to establish a financial support program for environmental and social projects, allocating US$1 million annually towards initiatives that promote environmental sustainability and address social needs within surrounding communities.

This commitment will commence upon commercial production or within 24 months from the issuance of a mining license, whichever occurs first.

“The government and the ministry reaffirm the shared commitment to sustainable mining practices, aimed at minimizing environmental impacts, fostering positive community relationships, and creating lasting benefits for Guyana and its citizens,” the missive concluded.