TSX-V-listed Reunion Gold has signed a mineral agreement with the Cooperative Republic of Guyana and the Guyana Geology and Mines Commission that provides the company, and its 100%-owned Guyanese subsidiary, with stable fiscal and operating conditions during the life of the Oko West gold project, in Guyana.
The company notes that the terms set out in the agreement are consistent with current standard terms established by the country.
“This significant milestone marks an important derisking step towards the development of the Oko West project and underscores the robust support extended by the government of Guyana towards the project’s development,” says Reunion president and CEO Rick Howes.
As part of the agreement, the company says it has committed to prioritising the employment of qualified and suitable Guyanese individuals, and to supplement this by implementing a comprehensive training programme to develop the additional skills required to facilitate the employment of Guyanese personnel at all levels of operation.
The company says fostering and training local talent will contribute to the sustainable development of the country.
In addition to its commitment to workforce development, the company has also agreed to establish a financial support programme for environmental and social projects.
The company says it will provide $1-million a year towards initiatives that promote environmental sustainability and address social needs within surrounding communities.
This commitment will begin upon the start of commercial production, or within 24 months from the issuance of a mining licence, whichever comes first.
“All of these initiatives highlight the company’s dedication to sustainable mining development which minimises environmental impacts, positively impacts the communities we work in and creates lasting benefits for Guyana,” the company says.
Reunion is moving forward with development studies to advance Oko West towards a construction decision. As part of this work, it expects to complete a preliminary economic assessment by mid-year, which will provide an estimate of the key economic parameters of the project.