Environment bond for mining concessions might be increased

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[www.inewsguyana.com]Discussions have commenced on increasing the environment bond for mining and prospecting license. Currently the bonds are deemed to be woefully low.

The increase of the security bond is being mulled by the Guyana Geology and Mines Commission (GGMC) and is aimed at ensuring that there is enough money available to aid in land reclamation in mining areas, if the concession holders default on their agreement with the GGMC.

Currently, the bond stands at about $25,000 for prospecting licenses and $100,000 for mining permits.

Minister of Natural Resources and Environment Robert Persaud while responding to questions at a meeting of the Parliamentary Sectoral Committee on Natural Resources acknowledged that the bond needs to be increased.

Persaud highlighted that discussions are ongoing on the issue so as to ensure that there is consensus among all stakeholders. iNews understands that there have been instances where miners abandoned their concessions without filling their pits and replanting trees.

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