United States-based company, Global Venture Consulting, has been awarded a contract to conduct a comprehensive mineral mapping of Guyana’s mining sector. This was announced by Minister of Natural Resources, Vickram Bharrat, during a press conference on Wednesday afternoon.
Minister Bharrat explained that the updating of Guyana’s mineral inventory is of importance. He noted that the current data is decades old and outdated.
“That data is old data, that would have been acquired maybe 40 50 years ago, and a lot has changed from now to then,” he said. The minister explained that advancements in technology have made it necessary to refresh the data, which is essential for directing miners to accurate locations.
“It is important and is necessary that we start the mineral inventory process in Guyana this year. We have recently awarded the contract to Global Venture [Consulting]…This project will help the mining sector and, at the same time, help us keep our commitments in the Low Carbon Development Strategy,” Bharrat stated.
He further explained that the mineral mapping project will be a multi-year initiative, starting with specific mining districts including Mazaruni, Potaro, Northwest, and Cuyuni. He said these areas were chosen because they host the majority of the country’s small-scale and large-scale miners.
Minister Bharrat underscored that the project aims to identify not only traditional mineral deposits like gold but also emerging non-traditional minerals such as lithium, which are increasingly in demand as the world transitions from fossil fuels to renewable energy.
“So this is a project that will help us significantly to identify not only where our deposits are, but all minerals,” Minister Bharrat said. He noted that Argentina is currently one of the world’s largest producers of lithium, and there is potential for Guyana to have traces of this valuable mineral as well.
Back in April, Global Venture Consulting was among five international firms that submitted proposals for the mineral mapping contract. The National Procurement and Tender Administration Board (NPTAB) revealed that Global Venture Consulting’s bid was US$1,981,218.
The Ministry of Natural Resources had issued a tender for a ‘Mineral Mapping Study of Guyana’s Mineral Resources,’ targeting both traditional gold reserves and emerging non-traditional minerals.
The ministry stated that the objective of the study is to close data gaps, reduce investment costs, foster diversification in the mining sector, and enable more targeted investments from both small and medium-scale miners. The identification and quantification of minerals are not the sole purposes of the mapping exercise; it will also provide a comprehensive understanding of the significant multi-dimensional role these minerals play in the country’s development.
Furthermore, the government allocated $400 million for the mineral mapping process this year. During the budget debates Minister Bharrat had highlighted how costly the project is but explained its necessity.
