Premier Reuben Meade. Photo credit: gov.ms

In a statement released on Wednesday, Meade said the government of Montserrat has satisfied all the conditions established for the approval of the single programming document with the European Union, which he signed on Tuesday along with Ambassador Valeriano Diaz, head of delegation of the European Union to Barbados and the Eastern Caribbean.

The EU will give Montserrat EC$55.9 million under the 10th European Development Fund (EDF) programme towards its capital development programme.

“It is the culmination of discussions and negotiations with the EU, which was finally agreed in February 2012 during our most recent visit to Brussels. The funds have been allocated to the Port Development Project and Little Bay Development. The total allocation is 15.6 million Euros to be disbursed in three tranches. In order to facilitate the draw down one of the targets to be met is the signing of a construction contract for the port project by mid June of 2013.

“The financial review by the IMF in 2011, the peer reviews conducted by the Caribbean Financial Action Task Force, the commitments to financial reforms to include prudent fiscal management and public sector reform are key components of the conditions.

“This [Movement for Change and Prosperity] MCAP led government will continue to show commitment in delivering the goods for the people of Montserrat who continue to exercise restraint as the international community continues to show confidence in our management of the economy,” the statement read.

The premier extended his appreciation on behalf of the Legislative Assembly and the people of Montserrat “to the team of dedicated and hard working public servants, the entire EU delegation in Barbados, the Commissioners in Brussels, our Montserrat UK Office, Department for International Development (DfID), the Foreign and Commonwealth Office (FCO) and the Overseas Countries and Territories Association (OCTA) for working with us in reaching this stage in agreeing to this single programme document which provides approval of this budget support programme.”

On May 1, 2012 the premier signed a memorandum of understanding with the DfID which sets out an agreement between his administration and DfID which has, among other things, “immediately triggered funding support for the first phase of the geothermal project which has been at the fore of national discussions for the past several years.”

“To this end we are in the process of establishing a geothermal unit, preparing the terms of reference for expert staff, and the tender document for the drilling operation. It must be remembered that this is phase one, the drilling of production wells and the testing. The second phase which is the establishment of the power plant will be discussed once we have proven the resource. Again, this MCAP administration is delivering the projects which will lead to sustainable development of Montserrat thus creating employment and income opportunities for many in the not too distant future,” his statement read.

The premier also released for public viewing the full MOU signed with DfID, which lays out a series of reforms that the government of Montserrat must adhere to within set targets to be in compliance and receive additional capital development funds.

By Nerissa Golden
Caribbean News Now

Buried treasure could be as good as gold for the disaster-ravaged country.

A treasure trove of gold, silver and copper is hidden in the country’s hills, and the discovery may turn out to be as good as gold at relieving centuries of poverty-related ills.

Exploratory drilling conducted in the past year has found precious metals worth potentially US$20 billion deep below the ridges in the country’s northeastern mountains. A mining company is now drilling around the clock to determine how to extract them.

Workers are poised to start mining the other side of this seam in neighbouring Dominican Republic later this year in one of the world’s largest gold deposits: 23 million ounces worth about US$40billion.

The Haitian government’s annual budget is US$1 billion, more than half provided by foreign assistance.

The largest single source of foreign investment, US$2 billion, came from Haitians working abroad last year.

Locally produced mining wealth could pay for roads, schools, clean water and sewage systems for the nation’s ten million people, most of whom live on as little as US$1.25 a day.

“If the mining companies are honest and if Haiti has a good government, then here is a way for this country to move forward,” said Bureau of Mines Director Dieuseul Anglade.

In a parking lot outside Anglade’s office, more than 100 families have been living in tents since the earthquake. “The gold in the mountains belongs to the people of Haiti,” he said, “and they need it.”

Until now, few Haitians have known about this buried treasure. Mining camps are unmarked, and the work is being done miles up dirt roads near remote villages, on the opposite side of the country from the capital.

But U.S. and Canadian investors have spent more than US$30 million in recent years on everything from exploratory drilling to camps for workers, new roads, offices and laboratory studies of samples.

Actual mining could be under way in five years.

Bon chance, Haiti.

Caribbean 360 News

Photo credit: bajanreporter.com

The firms chosen represent Bahamas, Barbados, Belize, Dominica, Grenada, Jamaica, St Kitts-Nevis, St Lucia, Dominican Republic and Trinidad and Tobago. Of those selected, the firms specialize in agro-processing, light manufacturing, fashion/garments and the creative industries, professional services and specialised tourism.

The next step is participation in a one-day coaching programme at the University of the West Indies’ (UWI) Cave Hill School of Business (CHSB), which will be followed by two virtual coaching sessions. This programme will focus on the strengthening of presentation skills and tips on making business pitches. Participants will also get to hear about the opportunities available for CARIFORUM firms under the Economic Partnership Agreement (EPA).

Break Point is a Caribbean Export Development Agency (Caribbean Export) business competition for the CARIFORUM private sector, to encourage them to take advantage of the EPA. The competition is open to CARIFORUM majority owned or joint venture firms that intend to use the EPA as a tool to immediately target (i.e. within six months) the UK and EU markets for exports. Priority areas include: agro-processing, alternative energy, creative industries, fashion/garments, light manufacturing, professional services, and specialised tourism.

Break Point is supported by the UK Department for International Development (DFID) and the European Union’s 10th European Development Fund (EDF) Regional Private Sector Development Programme (RPSDP).

Caribbean News Now

Photo credit: inetgiant.com

This is an attempt to better regulate the ‘Cash for Gold’ scheme and to prevent copper theft.

It will come in the form of the revamping of The Sale of Old Metals Act and the Old Metal Dealers Act, which are presently outdated in their provisions, since they were promulgated in 1948; and hence have failed to provide law enforcement officials with the required authority to adequately respond to the challenges currently being faced by the trade.

At a recent press conference held at the Attorney General’s Office, Attorney General Adriel Brathwaite outlined these changes and stated that they have come in light of increased negative and criminal activity regarding the sale of gold, other precious metals and copper.

“Over the years, several entrepreneurs have found creative marketing approaches to exploit the financial benefits attached to the sale of these items. Hence, the recent demand and the spiraling increase in price for these commodities on the international market have led to their attractiveness by both business persons and those with criminal interests,” the attorney general noted, while lamenting that “these entrepreneurial activities have brought with them some unintended harmful repercussions involving the criminal element and a spike in the crime of robbery against the person, theft as well as burglary.”

He continued: “This relatively new enterprise, which is commonly referred to as the ‘Cash for Gold Scheme,’ is conducted by some reputable and honest persons in the business community, while at the same time, it has attracted some questionable persons of interest. As a result, this scheme is proving to be of grave concern to police in Barbados, for left unmanaged, it has the potential to create a negative effect on the economic and social fabric of this country,” Brathwaite said.

Revealing statistics showed that in 2011 a total of 529 persons were the victims of attacks where jewelry was stolen, inclusive of robberies and theft from the person. Brathwaite disclosed this represented an increase of 34.3 percent when compared to 394 such incidents in 2010. And, of a total of 406 of these crimes in 2011, jewelry featured prominently among the items stolen.

“The reality is that several law enforcement agencies in the Caribbean have found a direct correlation between the Cash for Gold scheme and an attendant increase in crimes such as burglary, robbery and theft from the person. In addition, Barbados is one jurisdiction within which there is a discernible link between these incidents of crime and this business enterprise as within the last several months theft of chains, rings and other types of jewelry have been escalating in private as well as the public place,” the attorney general confirmed.

Noting that police intelligence sources hinted there was a direct link between stolen jewelry and its easy disposal in such non-traditional markets as clothing stores and other retail outlets, the senior government official indicated that “from several police reports some of the owners of these places of business have facilitated the disposal of stolen jewelry by allowing those persons to take selected goods in exchange for the gold. Not to mention there was also reason to believe these items were subjected to a process of alteration in appearance before being shipped to external markets.”

The minister also suggested that “a key development arising out of the Cash for Gold scheme continued to be the use of the media to generate interest in this activity, as was evidenced by the frequency with which advertisements appeared in local newspapers, thus inviting the sale of gold at arranged locations and private residences.”

He added: “This particular set of circumstances reinforced the need for the trade in gold to be conducted from fixed locations with registration of these locations being mandatory.”

Some of the proposed regulations are as follows: Record and proof of identification, which means any person engaging in the purchase of any second hand or precious metal, must provide the police with certain information of the person from whom the metal was acquired. Record of the transaction — this specifies that second hand dealers have to complete a transaction form at the time of the actual business deal. And, the second hand dealer must maintain a copy of the completed transaction form on the registered place of business for at least two years. Proof of ownership — the seller shall sign a statement verifying that the seller is the rightful owner of the goods or is entitled to sell, consign, or trade the goods. And finally, payment for sale of goods and stiffer penalties — it is recommended that penalties for breaches in the legislation should be stiff enough to be an effective deterrent. It is, therefore proposed that anyone who disregards the legislation will be guilty of an offence and will be liable on summary of conviction to a fine of $10 000 or to imprisonment for two years, or to both, or if convicted on indictment fined $50 000 or 10 years in imprisonment, or both.

In concluding, the minister reiterated government’s commitment to “crack down” on this illegal activity. However, he pointed out that it would not be without its challenges.

“The challenge for local law enforcement to effectively respond to these offences is the out-of-date legislation and this problem is compounded by the presence of various marketplaces that are willing to facilitate the timely disposal of this stolen commodity. And, we need to start regulating this legislation. This doesn’t only affect homeowners, private enterprises and public entities but it could also affect any of us sitting here. This affects us all,” the attorney general asserted.

By Theresa Blackman
Caribbean News Now