The Canadian Press - ONLINE EDITION

Australia's Troy Resources Limited to open gold mine in Guyana

  • Print

GEORGETOWN, Guyana - An Australian company announced Wednesday that it plans to open a large-scale gold mine in the South American country of Guyana this year.

Perth-based Troy Resources Limited said it plans to produce an initial 90,000 ounces (2.6 million grams) of gold annually.

Mining Minister Robert Persaud said the company expects to invest about $90 million to develop the mine and that it already has imported a $5 million grinding mill. The mine would open in Guyana's northwest Cuyuni region and would employ about 500 workers.

It would be the first major gold mine to open since Omai Gold Mines Limited, a consortium between Guyana's government and a Canadian company, ceased operations in 2005. The mine was once considered one of the largest open pit gold mines in the world, and it closed after waste overflowed into a nearby dam and caused an environmental disaster.

The government said that shortly after Troy Resources Limited opens its mine, Toronto-based Guyana Goldfields Inc. is scheduled to open a $205 million gold mine expected to produce an initial 200,000 ounces (5.7 million grams) of gold a year.

Gold is Guyana's main export and generated nearly $1 billion in revenue last year. However, Persaud said he expects that number to drop this year because of weaker gold prices.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Soca and Reggae Festival and Weekend Weather

View more like this

Photo Store Gallery

  • PHIL.HOSSACK@FREEPRESS.MB.CA 101130-Winnipeg Free Press Columns of light reach skyward to the stars above Sanford Mb Tuesday night. The effect is produced by streetlights refracting through ice crystals suspended in the air on humid winter nights. Stand Up.....
  • horse in sunset - marc gallant

View More Gallery Photos

Poll

Will you miss Grandma Elm?

View Results

View Related Story

Ads by Google