Beneficial ownership mining companies

Beneficial ownership mining companies

Beneficial ownership reported by the reporting companies mining sector:

Table 5.16 Beneficial ownership mining companies

As of December 31, 2017, the private companies RGM and NS are respectively a subsidiary of IAMGOLD Corporation, headquartered in Toronto, Canada and Newmont Mining Corporation with headquarters in Denver, United States of America.

RGM

The operations of RGM are based on the Mineral Agreement of 1994, which was amended in 2003 and 2013, while the operations of NS are based on the Mineral Agreement between the Republic of Suriname and SURGOLD, 2013. These Mineral Agreements have been approved by the National Assembly through an Authorization Act.

The Republic of Suriname is a partner in the commercial gold mining operations, with a 5% free carried shareholders position in the operations at Gross Rosebel, while owning 30% participation interest through a Government-owned company, N.V.1, in the Saramacca project currently being developed by RGM.

With reference to Acquisition of the Saramacca concession by RGM as agreed between RGM, the Republic of Suriname and NV1 and laid down in the Letter of Agreement (LOA) dated August 30, 2016, as amended on December 12, 2016 (1st Amendment LOA) and as further amended December 8, 2017 (2nd Amendment LOA) the following payments would be made in 2016 and further.

Based on those conditions it was agreed that NV1 would transfer 100% of the ownership of Saramacca right of exploration to RGM under the following terms:

  1. RGM has committed to contribute the Saramacca Concession to the Unincorporated Joint Venture subject to Section 8 and Section 9.5 of the LOA and in accordance with the Second Amendment of the Mineral Agreement dated June 6, 2013.
  2. RGM and NV1 have reported that the establishing of an UJV for the year 2017 is not met. RG will report developments on this subject in the years after 2017 in the regarding reporting cycles.
NS

NS (previously known as Suriname Gold Company, LLC): is a fully owned subsidiary of Newmont Mining Corporation and operates and manages the mining on behalf of Suriname Gold Project CV, a Suriname limited partnership (the “CV”). NS is the managing partner, owning a 75 percent interest in the limited partnership, and Staatsolie owns the remaining 25 percent interest.

GRASSALCO

Grassalco is a 100% state owned company and was established on August 30, 1971.

The purpose of the Public Limited Company is:

  1. work in the mining, industrial, commercial and transport fields;
  2. establishing, acquiring and financing, participating in and running the management of other companies;
  3. within the framework of its normal business operations, the company will strive for a long-term welfare policy and for maximum useful employment, such as:
    a. to protect the direct interests of all whose income depends on the existence and prosperity of the company;
    b. to promote prosperity in Suriname and the development of West Suriname in particular.
NV 1

NV 1 is for 98% directly state-owned and 2% through NOB.

The purpose of this Limited Liability Company, NV 1 is:

  1. Revenues to be obtained through financial participation by entering into and maintaining a partnership with Rosebel Gold Mines N.V. (RGM), though an Unincorporated Joint venture (UJV);
  2. Performing all that is related to the aforementioned, including advising, cooperating with, participating in and running management over other companies with an equivalent similar or related purpose, all in the broadest sense of the word.
Small and medium size mining companies

Information on beneficial ownership regarding the small and medium scale miners for gold or other minerals, quarry building materials and other minerals is not made available nor available at CC&I.

The disclosure of ownership is not demanded by laws and regulations for companies that are registered at the CC&I and also not in the case of application for mining licenses.

In Suriname, disclosure of beneficial ownership is not enforced yet by the Law.

2020-02-12T00:32:13-03:00Thursday 23 January 2020|EITI Suriname Report 2017|