Seven firms keen on taking over Omai
SEVEN overseas firms, including one from South Africa, are interested in taking over the Omai gold mining company from the major Canadian owner, Cambior, the Chronicle understands. Placer Dome, another firm that has operated here before, is also interested in taking over from Cambior, a source said yesterday. Omai Gold Mines Limited (OMGL) last month announced that it will be forced to lay off some employees as it battles with "the realities of mining". General Manager and Vice President of the firm, Mr Rejean Gourde in prepared remarks to staffers at their Christmas party at the Essequibo River mine site, said the Omai parent company, Cambior of Canada, may give way to a bigger company. Gourde said then Omai will also have to reduce its mining rate. The Chronicle understands that representatives of the seven interested parties are due here within a week for a mine inspection and a possible transfer of interests. Gourde last month reported that the firm would have mined some 33 million tonnes of ore to produce about 303,000 ounces of gold last year. That level of mining is the greatest volume and a record in the history of Omai while the gold produced is the third highest amount because the company has been mining a lower grade of ore, he said. This will be the trend of years to come, Gourde said. He, however, assured that Omai will continue to provide challenging and rewarding employment to thousands of Guyanese directly and indirectly. Gourde said that when the company came here, it was seeking to produce two million ounces of gold over 10 years. This performance has improved dramatically and Omai will shortly produce two million ounces within six-and-a-half years of its operation. OMGL still has 1.6 million ounces to produce in about the same number of years ahead. The General Manager said he was proud of the work done collectively in maintaining the operation. However, he wished there had been greater successes in exploration of additional concessions at Quartz Hill. But he added that the new millennium may see OMGL embracing good fortune both at the present location and Eagle Mountain. In spite of the company's problems, employees received a production incentive bonus for the last quarter. During the first quarter of the year, employees received an 8.2 per cent bonus; 7.0 per cent during the second quarter and 6.7 per cent in the third. Gourde thanked the workers for their support.
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