US$120M to be invested in underground mining locally

Guyana-based Canadian Gold Mining Company, Guyana Goldfields Inc. will be investing some US$120 million to commence underground gold mining locally for the first time for both the company and the country.

The mining company’s President and Chief Executive Officer (CEO), Scott Caldwell said the firm has already conducted studies and is aiming to commence this type of mining before 2022.

“The risk analysis is done and the question is now when we will start and we’ll know the answer to that in a month,” he told reporters during a media engagement activity on Sunday, February 4, 2018.

Caldwell said the intention is to “become the premier underground gold miner in Guyana and South America.”
The company anticipates employing about 100 permanent workers for its underground operations to extract more than two million ounces of gold.

Caldwell explained that there will be a heavy focus on training when the company starts mining underground.
He also assured that underground mining in Guyana will be environmentally friendly.

Underground mining is the process of extracting minerals and ores that are buried too far underground to be mined using surface mining methods.