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Australian company to open gold mine in Guyana

Updated: 2014-05-23 10:48

    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 north-west 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.

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