At least three companies are exploring in Guyana for rare earths—a little-known class of elements found in a wide range of gadgets and consumer goods.
The main companies exploring for rare earths are Prometheus Resources, Pharsalus, and RPM Exploration and these are active and have been granted Prospecting Licences, Minister of Natural Resources and the Environment, Robert Persaud told Stabroek News.
“Rare-earth elements” (REEs) are so named because they are not found in heavily-concentrated deposits. They are used to build a wide range of computerised products, from cellphones to guided weaponry to green technologies such as windmills and hybrid cars. China is the world’s dominant rare earths producer and demand is swelling for this product, according to Reuters.
Minister of Finance Dr. Ashni Singh, in his budget speech to the National Assembly earlier this year, had said that rare earth elements present a new opportunity for investment, and with industrial countries actively pursuing alternative sources, Guyana offers new terrain. “To this end, Government has invited expressions of interest for two locations, one in southern Guyana and the other in Middle Mazaruni. This is likely to give rise to the development of exploratory activity in the first instance and subsequently, conditions permitting, extraction,” he had said.
Persaud told Stabroek News that Pharsalus Gold Inc., a registered company in Guyana with four Prospecting Licence (PL) in Mazaruni, is exploring for gold and precious metals. The PLs were granted in 2008 and the company has been operating in Guyana for several years now. The main director of the company is Dominic O’Sullivan, who is also the director for Pharsalus Inc.
Pharsalus Inc. explores for Radioactive Minerals and Rare Earth Elements in the North West District of Guyana.
Singh had said that in the area of uranium, there are three companies engaged in prospecting for radioactive minerals in Guyana. Prometheus Resources of Canada is at the most advanced stage, with drilling occurring in Kurupung, Middle Mazaruni area, he had said. The company lists Guyana as one of three countries in South America that represent a promising new frontier for uranium exploration and development and in July last year reported 82 percent uranium recovery, the minister had told the National Assembly. Further, two other companies are conducting reconnaissance surveys in the North West District and mid-western Guyana respectively, he had said.
