Suriname - Mining and Minerals Suriname - Mining and Minerals
Large U.S. and Canadian firms mine gold in Suriname. The U.S. multinational Newmont began operations in October 2016 in eastern Suriname. GOS-owned Staatsolie has a 25 percent stake in this $1 billion joint venture. Rosebel Gold Mines, a subsidiary of Canadian company, IAMGOLD, started production in 2004. Current production capacity averages between 285,000–295,000 ounces a year. In 2016, Rosebel acquired additional property from the GOS in the Saramacca area. In 2017, IAMGOLD announced that the higher than expected concentrations of gold reserves at Saramacca will extend the life of the mine until at least 2038.
Small-scale, informal gold mining in the interior increased rapidly since the 1990s. Small-scale gold miners generally use hydraulic equipment and mercury with severe consequences to the environment. According to some estimates, small-scale gold mining may account for as much as 60 percent of Suriname’s total gold production.
State-owned mining company Grassalco began recovering gold from reprocessed ore in 2014. The company also started exporting gravel to the Caribbean region.
Dubai-based Kaloti Precious Metals opened a gold refinery in Suriname in February 2014. The refinery is part of a joint venture with the government and local gold traders.
|Total local Production IAMGOLD
|Total local Production Newmont
|Total Market Size
Source: IAMGOLD Corporation and Newmont Mining Corporation
The continued need for heavy equipment and related supplies for the gold mining industry may present an opportunity for U.S. companied.
Newmont Mining Corporation