Suriname is a gold-producing, developing country on the Guiana Shield of South America that is set among several gold producing countries including Venezuela, Guiana (Guyana), French Guiana, and Brazil that collectively account for more than 100 million ounces of gold reserves and production.
The gold mining industry of Suriname is in the early, rapid discovery phase, in which well capitalized companies can acquire exploration permits and rapidly make valuable gold discoveries for shareholders.
79North has identified and acquired two prospective projects for exploration and is developing a database for other acquisitions. The Nassau project has vast areas of artisanal mining that have not been tested by drilling. The mission of 79North is to be the dominant junior explorer in Suriname by acquiring and exploring multiple gold projects leading to the discovery of gold deposits that can be developed in this era of Suriname’s rapid discovery phase.
The Republic of Suriname “Suriname” is a small, Dutch-speaking country of about 165,000 square kilometres on the northern, Atlantic coast of South America, bounded by (Anglophone) Guyana in the west and (Francophone) French Guiana in the east. The population is approximately 550,000 people that live in the capital, Paramaribo (roughly half of the population), or in small communities near Paramaribo or near the Atlantic coast. Small groups of Indigenous people have lived in the region since antiquity.
Europeans (British and Dutch) made contact in the 16th century and developed a plantation economy with African slave labour. In the 17th century, the country became a Dutch colony and slavery was abolished in 1863. On November 25, 1975 the country became independent from the Netherlands. As a result of colonization, the country is ethnically diverse, and includes “Maroons” that are the descendants of African slaves, plus ethnic Indonesian, Chinese and Hindu immigrants, such that the original indigenous inhabitants are now a small minority.
The country is a parliamentary democratic republic based on a 1987 Constitution. On February 25, 1980, a military coup overthrew the first elected government and from 1986 to 1991 a civil war between the Suriname army and the Maroons, known as the “jungle war”, was fought in the interior. The last election was in 2015 and an election is anticipated in 2019. For a century, prior to 2016, Alcoa produced aluminum from bauxite in Suriname which was the source of most of the country’s export earnings. Large scale gold mining began in 2002 and since then the economy is based on gold mining, logging, agricultural products, fishing and a small amount of oil production. Suriname is a safe country to work in and it is the early stages of industrial development. The business case histories of the Rosebel and Merian gold mines indicate that the extant business environment is acceptable to large, multinational companies.