Latest update March 28th, 2024 12:59 AM
Sep 07, 2014 News
Aussie gold mining company, Troy Resources Guyana Inc., is currently upgrading the Linden to Omai Crossing and Omai to 72 Mile roads. It is now awaiting the signing of a Minerals Agreement to start construction and to move into operational mode.
The company has also sounded a warning that it will not be offering bribes to expedite its affairs.
Earlier this year, the company which is aggressively pursuing the Karouni Project, in West Omai, Region Seven, secured financing that will see it spending in excess of US$87M to construct its mine.
Recently, Troy also announced that it bought over $1B (US$5M) in heavy equipment from a local supplier.
In a statement issued yesterday and published in at least one newspaper, Troy said that it has taken possession of the first four units of a batch of 12 of 40-tonnes Doosan dump trucks and three excavators purchased from Farm Supplies.
“Troy is currently having locally manufactured beds and equipment supplied for the new accommodation units. Air conditioners and communication equipment are also sourced locally. The procurement of as much material and equipment as possible locally, bearing in mind delivery and price, is in line with the Troy’s philosophy of maximising the benefits in-country to help grow the economy.”
The mining company also said it is now sourcing its operators and basic labour force and management team predominantly from Guyana.
“As part of the work force we have a significant number of indigenous people working with us. You may also have seen that we, with the help of the Linden Technical Institute and Farm Supplies, have conducted driver and operator training in anticipation of employing operators for the new mining equipment,” said Chief Executive Officer, Ken Nilsson.
Troy said that it is working with the Geology and Mines Commission (GGMC) to set up mining and specialist training courses for the industry. Currently, the first group of company scholarship undergraduates from the University of Guyana has started working.
“Troy is now in a phase of integration with local communities and the Country as a whole, using a recipe which has worked very well in Brazil, Argentina and other locations aiming to help in education, health and safety as well as infrastructure improvements.”
But while the company is serious about its plans for Guyana, falling gold prices to under US$1,300 per ounce, has forced the company to alter its mining plan and schedules in view of new data also.
“Underground mining has been deferred for the time being. Troy is now focusing on extending the open pit reserves as well as exploring the immediate area for which the exploration budget this year is US $15M.”
The Aussie company insisted that the economic impact from its project is large if one considers the effects into the community through salaries, wages, taxes, local purchases of goods and services.
Troy has also been pursuing best practice in the industry, working towards international environmental accreditation similar to the Argentinean operation, and as closely as possible follow the International Cyanide Code of practice and other industry standard international norms.
“In terms of commercial dealings, as a public company whose shares are traded on the Australian and Toronto Stock Exchanges, Troy is subject to intensive half-yearly and annual external audits wherever it operates, and the results of these audits are published for public scrutiny in both jurisdictions.”
The company made it clear that it is subjected to strict procedural and transparency guidelines in relation to business practices and interaction with third-party suppliers and service providers.
“It should be noted that any form of payment or inducement to individuals and organisations to expedite, seek favours, get unfair advantage or to circumvent official procedures in any country of operation is unlawful under Australian Corporate law and any breach is regarded as a serious crime which may result in a prison sentence for any company officer engaging in this practice.”
Most of Troy’s equipment is now either on order for short term delivery or being shipped and there is a large amount of equipment and parts currently with Customs at the wharf in Georgetown and Linden.
Nilsson had indicated earlier this year that the total construction budget is approximately US$87M with the construction phase likely to see about 500 people on site. This will reduce to a permanent work force of some 300, when in operation.
There are a number of other large scale mines in development including the Canada-owned Guyana Goldfields operation at Aurora, Region Seven.
THIS IDIOT TELLING GUYANA WE HAVE NO SAY IN THE 50% PROFIT SHARING AGREEMENT WE HAVE WITH EXXON.
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