GEORGETOWN, Guyana (AP) — A Canadian company is getting ready to launch what has been touted as the largest private mining investment for the South American country of Guyana.
Toronto-based Guyana Goldfields Inc. said Saturday that the Aurora Gold Project will cost some $205 million and is expected to produce some 3.3 million ounces (94 million grams) of gold as part of a 20-year deal.
The company says it is buying heavy-duty equipment and will soon build permanent housing at the mining site in western Guyana. Actual mining is slated to begin in early 2015.
Gold is Guyana's leading export. Local miners produced more than 400,000 ounces (11.3 million grams) of gold last year and are anticipating producing 465,000 ounces (13 million grams) this year.