Newmont Suriname officially open

Gold production has officially started at Newmont Suriname. President Desi Bouterse and Gary Goldberg, president and Chief Executive Officer at Newmont Mining Corporation, on Thursday gave the ceremonial starting signal for the production of gold at the biggest gold mine in Suriname. The mine cost about $900 million which is reportedly $150 million less that had initially been projected. Suriname has a 25% stake in the gold mine via the State Oil Company (Staatsolie). There were many cultural performances at the opening ceremony. President Desi Bouterse assured that the income which Suriname will haul in via its shares in the company will be used to diversify the nation’s economy. He then mentioned the agrarian sector, the information, communication and technology (ICT) sector and the tourism sector. “Suriname is at a crossroad. After 40 years of independence this young republic has finally reached adulthood when it comes to managing its natural resources.” The gold mine is located in the jungle of the Paramaccan region at Merian and 66 kilometers south of Moengo. It will reportedly produce at least 1,000 kilograms of gold per month for the next five years. There are about 1,100 permanent workers in the new gold mine and 214 of them are members of the local Paramaccan community. The local tribal community will also benefit via 20 delivery companies that supply products to the gold mine. Reports indicate that nationwide 400 supply companies helped to get the company up-and-running. Those companies earned about $300 million in total during the starting phase of the mine. “This country is blessed by God,” said Gary Goldberg on Thursday. The gold mine has a life expectancy of at least 14 years but Goldberg hopes that the company will remain operational in Suriname for a longer period via exploration in the area of interest.