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Australian company Troy Resources Limited to open Guyana's second major gold mine

GEORGETOWN, Guyana – Troy Resources Limited says it plans to open a large gold mine in western Guyana.

The Australian company says production is scheduled to start in upcoming weeks at the mine in the Puruni region near neighbouring Venezuela.

Mines Commission Director Rickford Vieira said Wednesday the mine could produce up to 100,000 troy ounces of gold a year.

It would be the South American’s country second major gold mine. Toronto-based Guyana Goldfields opened a mine last month that employs 500 workers and is expected to produce 3 million ounces of gold in about 17 years.

Gold is Guyana’s main export and generated nearly $1 billion in revenue in 2013. But earnings have dropped recently because of weaker gold prices.