Prestigious award for Guyana Goldfields Inc.

By Gerald V. Paul

Scott Caldwell
Scott Caldwell

Eyes would like to extend congrats to President and CEO Scott A. Caldwell of Guyana Goldfields Inc. on receiving the Outstanding Achievement Award given for notable corporate development success in the past year, at the Mines and Money conference held last week in London, UK.

“We are honoured to be the recipient of this prestigious award which represents the significant achievement of raising funds in a difficult financial environment and reflects the quality of the Aurora asset. We would like to once again thank all parties involved in these transactions and the dedicated team at GGI,” Caldwell said.

In an exclusive interview with Caldwell, Eyes was invited to visit the Guyana Goldfields Aurora Project which represents a 4.8 million ounce deposit. When it kicks into operation next year, it will become the country’s largest-ever gold mine operation with more than 1,500 employees. As the project is being constructed, 700 persons are employed, with over 80% being Guyanese.

“We have been aggressively working on the construction of the Aurora Gold Project, which remains on schedule to achieve commercial production in mid -2015, and we will meet the deadline,” Cadwell said.

Guyana’s President Donald Ramotar and Canadian High Commissioner to Guyana Dr. Nicole Giles visited the project.

Ramotar said the project was evidence of the sustained faith that investors have in the economy despite the official opposition. It is important that investment such as these continue even at times such as these.

He noted that the project heralds the creation of jobs and the distribution of wealth among Guyanese, which will in turn lend to the improvement of the standard of living for Guyanese.

And when Eyes covered the 2014 Annual Prospectors and Developers Association (PDAC) Convention at the Metro Convention Centre, Giles said: “We are proud to support Canadian companies that are concretely bringing the Canada brand to life in Guyana by walking their talk on responsible business practices and are implementing impressive CSR (Corporate Social Responsibility), strategies and programs.”

Guyana Goldfields is among the 32 Canadian exploration companies operating in Guyana’s extractive sector working in the gold, bauxite, oil and gas, manganese, uranium and other precious metals sub-sectors.

According to Caldwell, the company received the award for its success in obtaining its project financing requirements in 2014 through the completion of two transactions which resulted in raising the development and construction of the Aurora Gold Project.

He noted the transactions composed of a US$185 million senior secured project finance facility with a consortium of senior lenders, as well as a non-brokered private placement equity offering in the amount of US$41,523 million (Cdn$44,400 million).

As for that invitation from Caldwell to “see for myself” this forward-looking project in my dear land of Guyana? Like this Christ-centred Christmas … Eyes is counting the days!

Gerald V. Paul
Gerald V. Paul