Troy Resources’ gold licence terminated; mine now under Govt control – Guyana Times
In a statement on Tuesday, the Government explained that it has terminated both the Karouni mineral agreement and licence Troy Resources and Pharsalus Gold Incorporated had to mine gold in Guyana.
“In light of Troy Resources Guyana Inc’s failure to remedy its default concerning several matters, inclusive of the outstanding royalties, rental fees, non-compliance with the work programme, and matters relating to environmental management the Government of Guyana (GoG) has taken necessary actions,” the statement said.
On October 16, 2014, the then People’s Progressive Party/Civic (PPP/C) Government had entered into a Mineral Agreement with TRGI and other stakeholders, which centred on the development and operation of a mining project at the Karouni Property. TRGI commenced operations with the first gold poured in November 2015.
The company did approach the Government with proposals to liquidate its assets, however, the Government had rejected these proposals for several reasons, including the fact that the payment of outstanding sums was not being addressed promptly under the proposal. Despite this, however, the Government had remained engaged with the company in the hopes of having mining restarted and outstanding debts settled.
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