Canadian company opens large-scale gold mine in remote area of Guyana
{{#rendered}} {{/rendered}}A Canadian company has opened a large-scale gold mine in a remote section of Guyana.
Toronto-based Guyana Goldfields Inc. plans to produce more than 3 million ounces of gold over the next 17 years at its $250 million site near the South American country's border with Venezuela.
Production started Wednesday, a day after an opening ceremony with dignitaries including President David Granger. The mine is expected to employ some 500 workers.
{{#rendered}} {{/rendered}}Officials say it's the biggest gold mine in Guyana since Omai Gold Mines Ltd. ceased operations in 2005. That mine was shuttered after waste overflowed into a nearby dam and caused an environmental disaster.
Gold is Guyana's main export and generated nearly $1 billion in revenue in 2013. But earnings have since dropped because of weaker gold prices.