Mining Companies Included

Mining Companies Included

Based on the financial data available at the Ministry of Finance, it has been concluded by MSG SEITI that  3 companies of the mining sector are considered material for this sector. Additionally, a group of small-scale gold miners associated in SHMR is added to the list mainly because of the importance of the small-scale mining in the mining industry.

Consequently, the entities of the Gold Sector included in this report are:

Nr. Name of company
1. Rosebel Gold Mines N.V.
2. Newmont Suriname LLC
3. NV Grassalco (100% state owned entity)
4. A collective of 15 companies associated with SHMR
5. N.V. 1

Table 4.7 Reporting companies Mining Sector 2016

N.V. 1

N.V. 1 was initially not identified by MSG as a reporting entity within the scope of the EITI-reporting. In the data reconciliation it was noted that transactions were executed between RGM and N.V. 1.

N.V. 1 is considered a company that received payments from a reporting Company based on an agreement between the Government, NV 1 and RGM. For materiality reasons for EITI 2016 NV1 is included in the integral reconciliation for 2016.

Small and medium size companies (SHMR)

SHMR has 40 (forty) registered associates with 66 mining rights of which 29 are holders of the ‘Right to Exploration of gold and other minerals’, and 37 are holders of the ‘Right to Exploitation of gold and other minerals. All members are legal corporations, registered at the CC&I.

15 associated companies have agreed to authorize the Board of SHMR to represent them in the M.O.U. regarding the EITI-Suriname 2016 report. These 15 companies are together holder of 14 (fourteen) rights to exploitation and 12(twelve) rights to exploration.

Of the 15 participating companies, 5 are committed to prepare an Annual Report.

Though this group was not in the scope based on materiality set, but as informed by the board of the collective of the 40 small scale mining right holders, they execute their business in a different structured legal environment compared to the large companies. As laid out by the board they face a different set of circumstances, influencing their daily operation as well as the continuation of their business due to their experiences of deviations in requirements and discriminatory conditions.

Out of the 40 companies associated with SHMR collective, 15 companies have committed to enter the EITI Report 2016.

The group that entered the EITI-reporting cycle 2016 consists of the following companies:

Nr. Name of company
1. Sarafina NV
2. Brothers Goldmining NV
3. Volcanic Resources NV
4. NV Suriname Diamant Company
5. NV Nature Beauty
6. Augusta Mining
7. U&T Group
8. Canasur Goldmines NV
9. Caribbean Minerals Company NV
10. Roraima Stone Industries Ltd
11. Gonini Mining Company NV
12. Eagle Resources NV
13. Sarakreek Resource Corporation NV
14. China Mega Suriname Mining Investment Company NV
15. Nana Resources NV

Table 4.8 Reporting companies within SHMR 2016

2019-12-16T12:55:10-03:00Monday 16 December 2019|EITI Suriname Report 2016|