US$1.8M mineral mapping project to attract more int’l investors to Guyana

…AI technology meets traditional prospecting as contract signed for project

With the government’s signing of a US$1.8 million mineral mapping contract with American company Global Venture Consulting, United States (US) Ambassador to Guyana, Nicole Theriot, anticipates that the project will lead to increased interest from international investors in the natural resources sector.
On Wednesday, the Ministry of Natural Resources officially inked the mineral mapping contract with the company, Global Venture Consulting. The project, which the government hopes will be a multi-year one, will see the firm producing maps to show, among other things, where gold and other mineral deposits are located around the country.
The US Ambassador, who was present at the event, highlighted the fact that the firm is owned by women. She also spoke of the significance of the project. For instance, it will allow miners to be able to pinpoint locations of mineral deposits. The prospect of reduced prospecting time and expenses is likely to appeal not only to local miners, but foreign investors too.
“Understanding the location and extent of mineral deposits, allows for the design of a more targeted extraction process that minimises environmental impact. It also supports the development strategies, to rehabilitate and restore areas already affected by mining. Ensuring that Guyana’s eco-systems are preserved for future generations.”
“Effective mineral mapping will also attract international investment from the US and from other like-minded countries that value good business ethics and the rule of law. With that investment, Guyana can create job opportunities, develop infrastructure and boost local industries. As the US Ambassador to Guyana, I want to emphasise our commitment to supporting your country in this area,” Theriot also said.
Critical minerals
Meanwhile, Natural Resources Minister Vickram Bharrat noted that the project will target not only gold, but other minerals too. As a matter of fact, he believes that one mineral, lithium, can very well overtake gold sometime in the future, as the most sought-after mineral.
“What is also important with this project is identifying whatever critical minerals may exist in Guyana. And tying this in with our Low Carbon Development Strategy and the whole conversation on climate change and transitioning away from fossil fuels, it means critical minerals will become even more critical.”
“I’ve said it before… I believe at some point in time lithium will probably be the most sought-after mineral, even more than gold probably. As we continue to transition away from fossil fuel and as more and more countries are pressured into transitioning. Which is the right thing to do,” the Minister said.
Lithium is a chemical element that is derived from stone. Said to be the lightest known metal, it is used in rechargeable batteries found in mobile phones, laptops, digital cameras, electrical vehicles, pacemakers, toys and clocks.
Its uses extend far beyond rechargeable batteries, but many predict that this application will dominate demand for the metal in coming years. Given the growing importance of energy metals and lithium-ion batteries, securing a consistent supply of lithium is a top priority for technology companies around the world.
Back in 2017, Australian company, Greenpower Energy, and Canada-based Guyana Strategic Metals (GSM) Incorporated, had done some exploration for rare earth minerals and lithium in Region Seven (Cuyuni-Mazaruni), to see if the area has enough deposits to make it profitable for mining.
Another benefit highlighted by the Minister, is the fact that an updated mineral map will help incentivise existing companies to remain in Guyana, where they provide valuable employment opportunities to locals. He gave as an example the Chinese owned Guyana Manganese Inc. (GMI), which operates in Matthew’s Ridge, Region One (Barima/Waini).
“The manganese company has been producing in region one. Unfortunately, like diamond, the price on the world market hasn’t been too favorable. And we have to work with these companies that are engaged in diamond and manganese production. It is important that we keep these companies in Guyana, and to work with them. Incentivise them.”
“For example, the manganese company employs almost 200 individuals from region one, especially in the Matthews Ridge/Port Kaituma sub district. Employment in those areas is critical. There aren’t as many opportunities as we have on the coast. So, it’s important that we work with these companies to ensure that they stay in operation and continue to produce and employ Guyanese,” he said.
AI technology
The project, according to Global Ventures Chief Executive Officer (CEO) Emily King, will combine traditional techniques with modern technology, including Artificial Intelligence. She noted that Guyana is one of the first countries to do this on a national scale.
“Our team is fully committed to supporting Guyana to better understand its mineral wealth, of both precious metals and critical minerals. Our team will work hand in hand with the Ministry to combine tried and true exploration methods, with cutting edge innovation, blending the wisdom of traditional techniques, with the power of modern technology.”
“Remarkably, Guyana is poised to become the very first country to undertake almost a national scale mapping programme, using, this innovative approach. Establishing itself as a global leader integrating AI and machine learning, into methodical and comprehensive exploration,” King said.
She explained that detailed data maps will be created, featuring target mineral zones, across nine key areas. The Guyana Government is looking to reduce deforestation caused by miners with its mineral mapping exercise, for which some $400 million had been allocated in Budget 2024. The first phase of the project is expected to focus on the main mining districts, such as the Mazaruni, Puruni, and the North-West District.
In addition to Global Ventures, cabinet had approved a contract for a French company to conduct an oil reservoir audit, in an effort to independently verify how much oil is actually in the Stabroek block offshore Guyana, held by United States (US) oil giant ExxonMobil. (G3)