To ensure there are more targeted investments from small and medium scale miners, government intends to set aside $400M from this year’s trillion dollar budget to undertake a mineral mapping exercise. Natural Resources Minister, Vickram Bharrat recently confirmed this with Guyana Standard. Minister Bharrat said this will build on the last Mineral Bulletin (No. 38) which was published in 1968.
He further explained that this is a multi-year project which is intended to address the approaches to sustainably growing the forestry and extractive sectors within the context of the Low Carbon Development Strategy (LCDS) 2030. In 2024, Minister Bharrat said a rapid assessment will be conducted on existing data which will guide the approach and methodology of the Mineral Inventory. When completed, he said the Mineral Inventory will contribute to low impact mining and improve planning in mineral areas which are objectives outlined in the LCDS 2030.
Additionally, Minister Bharrat said the Guyana Geology and Mines Commission’s (GGMC’s) Mineral Property Management System is in its testing phase with support from the National Data Management Authority (NDMA) and will go live later this year. He said it will allow a fully automated property administration system.
On the legislative front, he said, “As you are aware, there have been many changes in Guyana’s economic, environmental and social landscapes over the last few decades since the Mining Act (1989) and Regulations were crafted. So surely there is a need for an updated legislative regime that enables improved governance and the development of a responsible mining sector.”
With this in mind, he said the Guyana Geology and Mines Commission has been tasked with identifying the legislative gaps and prioritizing those amendments that will ensure it is better able to carry out its mandate.
