drillship 'Yavuz'

Turkey's 230-meter (750-foot) drillship 'Yavuz' crosses the Marmara Sea on its way to the Mediterranean, from the port of Dilovasi, outside Istanbul, Thursday, June 20, 2019. Turkey had launched Yavuz, that it says will drill for gas off neighbouring Cyprus despite European Union warnings to refrain from such illegal actions that could incur sanctions against Ankara.(AP Photo/Lefteris Pitarakis)

OUR CARICOM neighbour, Guyana, which is headquarters of the Caribbean Community and Common Market (Caricom), has issued its first Extractive Industries Transparency Initiative (EITI) report, which reveals that in 2017 gross domestic product (GDP) generated by the mining sector amounted to US$634 million and accounted for 20.90 per cent of total GDP.

The mining and petroleum sector contributed US$99 million or 9.3 per cent to general government revenue. The value of exports from the mining sector amounted to US$927 million or 65.1 per cent of total exports in financial year 2017 and employment in the mining and petroleum sector was 4.2 per cent of total employment during 2017.

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