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Thursday, 19th June 2008 (1516 views)

Negotiations are to begin between Newmont Mining, Alcoa and the Suriname government, according to the Caribbean Net News.

The talks are about establishing an industrial gold mine in Suriname.

Exploration activities in the area have been carried out over the past four years by Surgold, a Newmont and Alcoa subsidiary.

According to the news site, so far the companies have invested over $45 million (£22.8 million) in the Nassau Gold project.

Alcoa's representative in Suriname, Warren Pedersen, said "It can be difficult doing business with Suriname since there is a lot of distrust and things that can get in the way."

A feasibility report will be completed by the end of 2008, according to Stephen Enders, Newmont’s senior vice-president of worldwide exploration.

Suriname is on the southern coast of South America and is bordered by Brazil and Guyana.

Newmont also has assets in the US, Indonesia, Ghana and Australia.

 

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