(Kaieteur News) – The Guyana Geology and Mines Commission (GGMC) says it found no material deviations from the legal and regulatory framework governing the award and transfer of mineral and petroleum licences during 2023 and 2024.
In a recent statement, the Commission said it reviewed the processes applied during the two reporting periods against the applicable legislation, regulations, documented procedures and supporting records. For mineral licences, GGMC’s review covered six documented application and transfer processes involving medium- and large-scale mineral properties within the Commission’s ISO 9001-certified quality management system. It was explained that the system was audited and recertified to ISO 9001 in 2023 and provides for documented procedures, process controls, record keeping, monitoring and continual improvement.
Based on its review, GGMC said it identified no material deviations from the legal and regulatory framework governing the award and transfer of mineral licences at the small, medium and large scales during 2023 and 2024.
GGMC Commissioner Newell Dennison
In April 2024, Canada-based Reunion Gold Corporation announced that it signed a mineral agreement with the Government of Guyana and the GGMC for its 5.4 million ounce Oko West gold project in Region Seven. Later that month, it was announced that G Mining Ventures Corp. (GMIN) and Reunion entered a business combination with valued at US$638 million. GMIN’s deal with Reunion added the Oko West Gold Project to its portfolio.
GGMC’s review of the award and transfer of mineral licences during the two-year period comes at a time when mineral properties are increasingly being transferred. In a separate advisory GGMC had put mining stakeholders and tenure holders on notice that it will be cracking down on the practice of selling, or purporting to sell, mining lands granted by the Commission. GGMC said the issue is “seriously engaging the attention” of the Commission and suggested that persons who wish to develop or participate in the development of mining properties to explore legitimate Joint Venture arrangements and other lawful mechanisms through which parties can collaborate in mining operations and achieve beneficial occupation and productive use of the property.
Meanwhile, as it relates to petroleum licences, GGMC said this fall outside the scope of the Commission’s ISO 9001-certified processes. As such, the award and transfer processes were reviewed separately against the applicable petroleum legislation, regulations and administrative requirements. The Commission said that review also identified no material deviations from the applicable legal and regulatory framework governing the award and transfer of petroleum licences were identified during 2023 and 2024.
Source: Kaieteur News
