(de Ware Tijd) PARAMARIBO – Private investors and unions are cheerful over a possible 30 percent stake which the government might secure in negotiations with IamGold in the new US$ 800 million investment. ‘The local market is ready; the money is here. The time is ripe,’ says Anand Jagessar of the Suriname Securities Board on the US$ 250 million that has to be put on the table to buy the 30 percent stake. Newly elected Chamber of Commerce (KKF) chairman Henk Naarendorp is enthusiastic. ‘Parties are working on an agreement both sides will be content about. In Suriname the prevailing feeling is that the best way to develop our raw materials is involvement and co-ownership. It’s great.’ Robby Berenstein, chairman of the board of Union Federations (RAVAKSUR), is also in a cheerful mood over the tentative agreement with the gold multinational. ‘Owning shares, that’s where the power is. It favors the process of breaking the dependency on the imperialistic powers.’ Jagessar, Naarendorp and Berenstein all agree that the private sector has to get a chance to participate along with the government. ‘We have to specifically look at groups where the spread is widest, including retirement funds and workers unions. If it is an open competition one Dilip Sardjoe-sized entrepreneur and maybe two or three others will buy up all available shares. This will mean a further concentration of wealth and power within a single group. That’s not the idea. Ownership of the shares has to be limited to get a just spread,’ Berenstein explains. Jagessar urges the government to secure all 30 percent for Suriname. Joint participation of the government and private sector would be ideal. ‘The government can establish a limited liability company to secure US$ 150 million in shares through a bonds loan. The remaining US$ 100 million should be invested by local investors. The LLC should have a joint venture agreement with IamGold to supervise spreading and monitoring so that ‘the man-in-the-street is not left to the whims of the company.’ There should also be a possibility for Surinamers in Diaspora to buy shares. Naarendorp is more to the point on this issue, arguing that government should leave the entire 30 percent to the Surinamese market and not to get involved in such risky investments. Both Jagessar and Berenstein say the IamGold plan leaves enough room for Suriname to buy the shares. Jagessar argues that the gold price will continue to be favorable in the period ahead and that there are proven reserves. Naarendorp is a bit careful, pointing out that that the future is never safe. ‘Forecasts that the price per troy ounce would hover at US$ 2,000 have not proven solid now that the gold price has dropped from US$ 1,900 to US$ 1,600.
