Govt. to update, finalize mining legislation – Finance Minister
Senior Minister, Ashni Singh.
Kaieteur News – Government wants to engage in stakeholder consultations as it aims to complete the revised Mining Act and Regulations of 1989. The Senior Minister with responsibility for Finance, Dr. Ashni Singh, these and other goals during his presentation of the 2021 National Budget last Friday.
During his presentation to the National Assembly, the Finance Minister recalled that the mining sector continues to make an important contribution to Guyana’s oil-free economy. In addition, it noted that mining contributed 13.3 percent to non-oil GDP in 2020, 69.1 percent of non-oil exports in 2020, and employs over 27,000 people.
“After the traumatic events of 2020,” explains Dr. Singh, “we are only finally seeing some investor confidence returning. Going forward, the PPP / C Government considers that the sector has a vital role to play in our economy. “
The Finance Minister went on to say that Guyana’s economic, environmental and social landscapes have undergone many changes since the Mining Act 1989 and its crafted Regulations. As a result of this ever-changing state of the environment, the Minister said that an updated legislative regime, in line with best practice and the principles of the 2030 Agenda, is needed and in 2021 is needed. The government will therefore engage in stakeholder consultations as it seeks to finalize a revised Act and Regulations.
In the meantime, to ensure efficient and effective allocations of private and public resources, the Finance Minister said that work will be done on better quality mineral mapping.
When completed, he noted that this will reduce environmental damage while improving productivity and license allocation. He added to ensure greater transparency in the allocation of mining lands; a Minerals Property Management System will be used, which enables applicants to track the status of their application online.