Guyana to get US$3B from US$21B gold and copper mines

(Kaieteur News) – Canadian Company, Aris Mining, may have hit the jackpot in Guyana with a gold and copper find at the Toroparu Gold Project worth over US$21 billion and out of that amount will only have to pay the country an estimated US$1.6 billion in royalties.

The project is one of the largest undeveloped gold deposits in the Upper Puruni, Region Seven, and contains silver and copper as well. It covers a total of 105, 684 acres of the country’s gold rich lands and based on its estimated gold, silver and copper, resources the mine’s value at current market prices for each metal is over US$21 billion.

However, based on the mineral contract signed in 2011 with Aris Mining’s 100 percent owned subsidiary ETK, Guyana stands to pocket only 1/7 of that amount – around US$3 billion in royalties and taxes.