Muri Brazil pulls out of exploration activities in Guyana; blames negative opposition and media


[] – Guyana has lost yet another major investor and another major economic and developmental scheme is now stalled following the pull out of the company authorized to conduct Permission for Geographical and Geophysical Survey (PGGS) in the New River Triangle.

Muri Brazil announced on Saturday that on December 30, 2013, the company made a decision to no longer pursue its geographical and geophysical survey under the PGGS granted by the Guyana Geology and Mines Commission (GGMC).

“Although the process was legal and transparent, this decision is due to the misinformation, prejudice and hostility to this proposed survey by persons and agencies which are fostering an adverse investment climate In Guyana,” the statement said adding that “Muri would like to thank all of those who supported this project and who are in support of the development of Guyana.”

This is the second project that has seen a pull out of a major investor in 2013.  Sithe Global pulled out from the Amaila Falls Hydro Power Project. Sithe Global was contracted to construct a hydropower plant at the Amaila Falls. The Company had cited the lack of political consensus.

Muri Brasil Ventures Inc is registered in Guyana under the Companies Act whose shareholders and directors are Guyanese citizens and have substantial experience in the mining industry.

Following the announcement by Natural Resources and Environment Minister of the permission granted for Muri Brazil to survey the area, a series of articles published in relation to the survey being conducted in the New River Triangle was published placing the agreement in a bad light. Objections to the survey were also raised by several opposition members, particularly Joseph Harmon.

Following these objections, Subject Minister, Robert Persaud expressed the view that it was an environmental scare that was being peddled by certain sections of society and deemed it to be “profound ignorance.”

The Minister had said, “The whipping up of environmental scare about the PGGS reflects either a profound ignorance of the scope of the activity or sheer mischief intended to mislead the public” adding that, “There was no breach of process nor violation of any established legal processes as stated in our laws on the granting of the PGGS. This is not the first PGGS to be granted in Guyana.”

The Environment Minister debunked claims that 2.2 million acres of land was transferred to the company conducting the survey – Muri Brasil Ventures Inc. He believed that the articles published are aimed at stifling Guyana’s development.



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