New aragonite regime ‘almost ready’ to unveil

As of Friday, February 19, 2021

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The government is working to develop a new licensing regime for aragonite mining that is “almost ready” for unveiling, a Cabinet minister has revealed.

Romauld Ferreira, minister of the environment and housing, told Tribune Business that the proposed regulatory regime will be “a big one” as it seeks to replace the existing ad-hoc permitting regime that has been in place for decades.

“What I can foreshadow is the introduction of a regulatory regime to control mining, and by that I mean aragonite,” he disclosed. Mr Ferreira said mining applicants, once granted a licence, would be restricted to a specific location and how much they can take.

“Once you get a licence you can sell your product and true market forces take over,” he added. “We wanted to regulate that space as well... I’m working very hard on that and am committed to getting it done. We’ve been working on this for a long time. We’re almost ready. We’re very determined to regulate this space and have a proper national discussion where we ventilate all these issues.

“This discussion on our natural resources is actually very helpful and beneficial on a national level because we have what the rest of the world wants, so it’s up to us to build on the work our predecessors have done before us. No one group has a monopoly on love for The Bahamas. This is something of national interest for everybody.”

Without a regulatory regime that is established in law, Mr Ferreira said The Bahamas was in danger of permitting a situation where “everybody is eating at our table and we’re providing the food” when it comes to the country’s natural resources.

proudloudandfnm 3 years, 2 months ago

ITS SAND! STOP THE MADNESS!

DO NOT MESS WITH BAHAMA ROCK! THOSE ARE GOOD JOBS AND FREEPORT NEEDS THEM!

truetruebahamian 3 years, 2 months ago

Peru has the most aragonite of anywhere and it is not anywhere near as rare as idiots are led to believe!

DiverBelow 3 years, 2 months ago

Like Oil, it's how much of a cost to extract, condition for market & transport. Peru requires digging up, transport railways, grinders, more railroads to embarkation port, ship to client. Big Expenses. Bahamas requires vacuum pumping from bar, water separation, barge transport to client, almost in one motion. Big Profit.

tribanon 3 years, 2 months ago

We all know what this is really about. Who's gunna get that first license in exchange for 10% ownership of their mining business and a promise that there will be no serious competitors. LMAO

DWW 3 years, 2 months ago

i have to agree with you. this is a political witch hunt to get something from nothing.

bahamianson 3 years, 2 months ago

Yup, someone will get 10% under the table in thier shell company that is so far removed from their name that even sherlock holmes couldnt find the connection. Our investigators of business ,political and cyber ctime arw pathetic. No one goes to jail.

proudloudandfnm 3 years, 2 months ago

Sand sells for $400 bucks a ton. Lol Let em get their 10%. Lol...

ThisIsOurs 3 years, 2 months ago

aragonite, sovereign wealth fund, ownership, entrepreneurship, youth engagement. They miss any buzz words in the list of promises?

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