In a significant corporate restructuring move, Suriname’s state-owned mining company Grassalco has officially terminated all third-party contracts held by its subsidiary Guysure in Guyana. The decision comes with written authorization from President Jennifer Simons, granting full approval to resolve this financially burdensome operation.
Grassalco’s supervisory board chairman Berto Sampie confirmed to Starnieuws that the Guyana operations were creating unsustainable financial pressure on the state enterprise. Monthly expenditures exceeded $300,000, including $275,000 for port facilities alone, with additional costs for expatriated workers and rental properties.
The termination process will follow a two-month notice period, with ongoing discussions already initiated with Pritipalsingh Port in Guyana regarding the removal of Grassalco equipment from the premises. This measured approach aims to ensure an orderly winding down of operations.
Financial scrutiny has intensified around Guysure, established in 2021 with over $10 million in investments. The company’s ownership structure reveals concerning details: shares are held by four Grassalco employees, including suspended CEO Wesley Rozenhout, while a Guyanese legal advisor owns 20% without being a Grassalco employee—raising questions about corporate governance.
Preliminary investigations indicate irregularities in Guysure’s establishment, including backdated documentation and missing share transfer records to Grassalco. Decisions regarding share structure recovery and the $10 million investment remain pending, with Sampie noting that ‘the final word on this matter has not yet been spoken.’