The Government of Guyana, through the Guyana Geology and Mine Commission (GGMC), today disclosed the signing of a Mineral Agreement with Reunion Gold Corporation.
A statement dated yesterday from the Ministry of Natural Resources said that this agreement aims to establish “stable fiscal and operating conditions” for the Oko West gold project, owned entirely by the company’s Guyanese subsidiary.
Key components of the Mineral Agreement include royalty payable to the government for gold produced from the operations, as set out under the fiscal regime for mineral agreements.
As part of the agreement, Reunion Gold commits to prioritizing the employment of qualified Guyanese individuals and implementing a comprehensive training programne to develop additional skills necessary for Guyanese personnel at all operational levels, the release said.
“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 programme 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”, according to the release.
“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 release added.
