Govt. inks pact with Canadian firm for Eagle Mountain gold project

(Kaieteur News) – Two years after gaining control of the Eagle Mountain Gold Project in Region Eight (Potaro-Siparuni) through the acquisition of a fellow Canadian firm, Mako Mining Corp. has inked a Mineral Agreement with the Government of Guyana through the Guyana Geology and Mines Commission (GGMC) for the proposed large-scale project.

In an announcement Thursday morning, Mako said the agreement provides the company and its 100%-owned subsidiary, Stronghold Guyana Inc., with a stability framework covering legal, fiscal and operating conditions for the Eagle Mountain Gold Project. The agreement is structured as a mineral agreement under Guyana’s Mining Act and provides legal stability for mining licences, prospecting licences, authorisations as well as fiscal terms for 10 years, subject to specific environmental provisions.

According to Mako, following the initial 10-year term, the parties may negotiate modifications in “good faith or renew” on the same terms and conditions. It was further stated that terms related to royalties, taxes, protections, government undertakings and company commitments in respect of training and the prioritisation of qualified Guyanese workers, goods, services and contractors are consistent with current standard terms as established in prior mineral agreements in Guyana.