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  • Jun 30 at 11:15am
    The Caribbean Heavy Equipment Educational Center, CHEEC, is proud to present to the Suriname and partially the Caribbean Community the National Safety Council recognized Defensive Driving Training Center in Suriname. Since September 2015 CHEEC conducted Defensive Driving Training to approximately 1500 participants to the Public and Company employees.
  • Apr 28 at 10:05am
  • Mar 31 at 11:10am

    Het Surinaams bedrijf Caribbean Heavy Equipment and Education Center, is de uitdaging aangegaan om trainingen te verzorgen voor operators en monteurs op Haïti. De opleidingen zijn bedoeld om de zware machines, die worden gebruikt voor de wederopbouw van het door een aardbeving getroffen Haïti, kundig toe te kunnen passen en goed te kunnen onderhouden.

  • Jun 11 at 3:12am
    Suriname’s National Assembly has approved a deal between the government and joint venture partners Newmont Mining (NYSE:NEM) and Alcoa to develop the Merian gold project. The agreement will be valid for 25 years and the Suriname government will be paid a 6% royalty in gold.

    Newmont Overseas Exploration Limited and Alcoa Worldwide Alumina are joint venture partners in Surgold, which owns and operates the Merian gold project. Newmont holds an equity stake of 80% while Alcoa owns the rest. Merian consists of a series of saprolite and fresh rock ore bodies containing gold. It is located approximately 60 km south of Moengo, Suriname. The project involves the development of three open pits, a processing plant and associated infrastructure such as waste rock disposal areas, a tailings storage facility and a worker accommodation camp.

    Merian Can Mitigate Potential Negative Impact From Conga

    Newmont’s crucial Conga project in Peru has been stuck for a long time now due to protests from locals over environmental issues. It is supposed to be a major growth project, necessary to meet Newmont’s annual gold production target of 7 million ounces by 2017. Conga is expected to contribute 580,000 to 680,000 ounces of gold per year in the first five years of its operation.

    However, consistent opposition from local communities has forced Newmont to keep all options on the table, including walking away from the project. At the same time, the company acknowledged in its 2012 report that its inability to continue to develop the Conga project could have an adverse impact on its growth if it is unable to replace lost production. This has obvious implications for the company’s revenues as well. We think that the Merian gold project could mitigate the negative impact to some extent.

    The development of the Merian project will allow Newmont to tap a region with great upside potential. According to the latest quarterly report, first production is targeted for late 2015 or early 2016. Initial production is estimated at 350,000 to 450,000 ounces of gold per year (on a 100% basis). To put this figure in perspective, overall attributable gold production at Newmont stood at 4.9 million ounces in 2012. Also, as of December 31, 2012, total attributable gold reserves in Suriname have been estimated at 2.9 million ounces.

    Source: www.trefis.com
  • Jun 11 at 3:10am
    Toronto-based miner Iamgold Corp. (TSX: IMG, NYSE: IAG) signed a deal Thursday with the Suriname government to expand its Rosebel gold mine and extend their partnership to develop it until 2042,

    Rosebel is one of the miner's biggest operations, it produced 382,000 ounces of gold in 2012 and 385,000 ounces in 2011.

    The company said it was confident in the operation, despite falling prices and rising costs.

    Suriname, in the northeast of South America, produces gold and bauxite.

    The value of the deal was not announced, although previously Iamgold had put forward a seven-year deal that would have cost about $185 million.

    Iamgold owns 95% and the government owns 5% of the Rosebel mine.

    Suriname is discussing a draft law for a mineral agreement with U.S.-based Newmont Mining Corp. (NYSE: NEW) to develop the Merian gold project in the country.

    Source: www.mining.com
  • May 26 at 6:10am
    PARAMARIBO - Reforms at the Customs should result in an additional SRD 200 million in revenues for the Treasury. In order to achieve this goal the service intends to impose international standards in the next 18 months. Anand Ramdjielal, Head of the interim management team, says all stakeholders will informed on the new method effective as of 1 June.

    With the introduction of the new rules, containers will be checked and sealed by the Customs' foreign partner, Société Générale de Surveillance (SGS), as soon as they have been loaded abroad. The partnership was revived after a 30 years.

    Ramdjielal explains that the Customs will not be replaced, but that it merely gets foreign support from SGS. This operation will last only 18 months, during which local Customs officials will be trained in applying similar standards as SGS.

    Tumult

    Trade and industry officials complain they have scantily been informed on the plan. Fearing unrest, Ferdinand Welzijn, chair of Suriname Business Forum, hopes the authorities will inform the public soon, adding that the SGS issue has created much tumult. Wilgo Bilkerdijk, who chairs the Association of Manufacturers, takes a harsher stance stating that SGS will increase cost. Eventually, consumers will bear the brunt.

    He is incensed that a small group of dishonest businessmen now force the authorities to take measures that will affect all businessmen. Illegal activities could be dealt with locally, instead of choosing an expensive partnership with SGS. Ramdjielal hopes he can take away the bottlenecks during consultations in the next days.

    Millions

    Government import duty revenues amounted to SRD 650 million last year, earned mainly at the Nieuwe Haven Port. The Customs manager points out that most developing countries earn 30 to 40 percent more owing to the SGS system.

    Based on the revenues, Ramdjielal thinks that the government missed out on SRD 200 million because of tax evasion and under-invoicing. 'Now that the checks will be done abroad, local Customs simply have to check the documents on arrival. Inspection will be necessary if the container is opened before arrival. In all other cases importers will receive their goods almost immediately after they have arrived,' Ramdjielal explains.-.

    Source: DWTonline.com
  • Jan 29 at 2:19am
    PARAMARIBO - The government might finance its investment in the gold deals with Iamgold and Surgold/Newmont through offering bonds on the international market, Central Bank governor Gillmore Hoefdraad said during the public general assembly of the Chamber of Commerce and Industry (KKF) yesterday evening.

    Hoefdraad tells de Ware Tijd that the Bank is considering several options. If an option is chosen, it must be approved by Parliament first, so it will take some time before it is actually carried out, the governor admits.

    The Bank is already setting up a framework for the execution of this operation before a final decision is made. "Offering bonds may take four to six months," Hoefdraad says. The more favorable the markets, the better it would be for the government.

    The positive international ratings of Suriname's economy and the monetary reserves that have been built in recent years will enable the country to offer these bonds. Suriname is still unknown in this market and that is why the operation requires a high degree of transparency and professionalism, the governor says.

    At this 'Initial Bond Offering,' the government will not make deals with potential investors who approach the government at their own initiative. "Don't call us, we will call you," is the government's rule.

    Hoefdraad pointed out that the government is approached everyday by investors who want to loan the country money, but he wants to keep the country's economy "clean " and will not make deals with just anybody. The operation's success will also depend on the government's fiscal discipline, the governor adds.

    He refuses to divulge further details for now, as he does not want to raise expectations or feed speculations by making certain statements.

    Hoefdraad emphasizes that top institutes which have much experience in the area of bonds will be approached to assist the government. Ways in which local investors and Suriname's diaspora can contribute to the financing of the gold deals will be considered as well.-.

    Source - DWT
  • Jan 29 at 2:18am
    PARAMARIBO - The government of Suriname will buy the Staatsolie land currently being squatted by the EBS, the local energy monopolist. EBS is busy carrying out plans to expand its power generating facility, but in the process has included land belonging to Staatsolie at the Saramaccastraat, a move the Staatsolie management has denounced as illegal. Staatsolie managing director tells de Ware Tijd that after mediation the government has decided to pay US$ 3 million for the land.

    The government's move comes after Staatsolie had taken legal action against EBS two weeks ago. 'We had a deal with EBS that if the land was to be sold, they would be first in line, at a good price of course', Waaldijk explains. 'It was the last straw, however, when they started operations on our land without our consent. We communicated our concerns, but it did not go well', Waaldijk says. Staatsolie had given permission to EBS to use the land as parking lot. The land had been purchased years ago to build a terminal, but those plans were shelved when the oil company found a bigger plot formerly belonging to the Bruynzeel lumber company. 'We are a limited liability company, so we will not just shed the land without being paid for it', Waaldijk emphasized.-.

    Source - DWT
  • Dec 18 at 3:02am
    Suriname - It has been a great honor for us presenting the Maintenance Management Seminars held in the past years. Thanks to your participation they were a great success. The upcoming seminar 2013 that will be taking place next year, in January & February 2013. Most humbly this is to inform you that CHEEC and the Maintenance Management Consultation and Training bureau in Lafayette have presented a Multi Maintenance Management program which will cover all necessary tools you need to enhance the maintenance of your assets.

  • Jul 28 at 1:53am
    Paramaribo - Only 60 illegal gold miners [porknokkers] are still on the Rosebel concession in Brokopondo of the some 600-700 who were there in the first half of 2011. Rosebel Goldmines (RGM) is trying to remove those miners as well in cooperation with government agencies and the miners’ organization Makamboa. RGM director Tom Ohrling, after a shareholders’ meeting yesterday evening, declared that this issue remains a challenge for the mining company.

    Due to the extensive size of the concession and the many access points, it is not easy to take action. RGM cannot tolerate fortune hunters on its concession, Ohrling says, because the company is not the agency granting concessions. A solution acceptable to all parties involved is being sought together with the gold commission.

    During the meeting in Hotel Torarica, RGM presented its 2011 annual report to its shareholders IamGold and the State of Suriname. The company earned a net profit of US$ 196 million and transferred US$ 156.5 million in dividends, royalties and taxes to the State. The total turnover was US$ 608 million.

    Both RGM executives and Natural Resources Minister Jim Hok expect a new deal with IamGold to be signed before the end of this year. The Minister emphasized that Suriname is striving to have a bigger say in the company’s operations, but he did not indicate how much the State is willing to invest in this. Rosebel executive Gordon Stothart announced that “much progress” has been made, particularly in the latest rounds of talks. Both IamGold and the State have put certain demands on the table and are working to arrive at a compromise. “We are striving for a win-win situation,” Stothart said.

    RGM wants to invest US$ 550 million in the next five years and achieve a production level of 395,000 - 415,000 ounces this year. The first part of the independent audit of the books for 2006 - 2010 will be finished in August or September of this year. Suriname requested this audit during last year’s shareholders’ meeting.-.

    Source - DWT

 
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