Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin



Other News


News from the Caribbean:




Business
Prev    Next
Suriname's main gold producer reports US$196 million profit in 2011
Published on July 30, 2012Email To Friend    Print Version

By Ivan Cairo
Caribbean News Now contributor

PARAMARIBO, Suriname -- Rosebel Gold Mines, Suriname’s main gold producer, has reported a gross income of US$608 million and a net profit of US$196 million in 2011. At a press conference on Friday in Paramaribo following the company’s shareholders meeting, it was disclosed that talks with the Surinamese government for a new agreement are progressing steadily.

Through taxes, royalties and dividends the Suriname government earned US$156.5 million while RGM’s local spending totaled about US$143 million.

“This is a major contribution to the Surinamese economy,” said natural resource minister Jim Hok. He further disclosed that Suriname is negotiating a larger stake in the company’s operations, a promise President Desi Bouterse made during his 2010 election campaign. Currently Suriname holds a 5 percent stake in the company with the remaining 95 percent owned by Canada-based Iamgold.

Gordon Stothart, Iamgold’s executive vice-president, and RGM’s general-manager Tom Ohrling are expecting that before year-end the new agreement with the government could be reached.

“Indications are that things are going well in terms of the discussions and we hope to come to a conclusion sometime before the end of this year,” said Ohrling.

Suriname and Iamgold in December 2011 signed a heads of agreement to reach a new deal by end 2012.

“I am highly optimistic that we will meet that. Hopefully soon, but obviously everybody needs to be satisfied that they are achieving their goals. We have made a good deal of progress during the last sessions and we are making headways,” Stothart added.

Rosebel’s total operating costs in 2011 reached US$302 million, capital investments US$72 million while production costs increased from US$483 an ounce in 2010 to US$611 an ounce last year. The company produced 406,000 ounces of gold last year. The outlook for this year is between 395,000 and 415,000 ounces. RGM expects to invest US$550 million between 2012 and 2016.
 
Reads : 3066






Click here to receive daily news headlines from Caribbean News Now!



Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, it will be a waste of your time typing your submission because we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code *

 


Prev    Next


Other Headlines:



Regional Sports: