Omai Gold Mines Ltd.
MIGA issued two reinsurance contracts totaling $49.8 million for the Canadian Export Development Corporation's insurance of Cambior Inc.'s $150 million equity and loan guarantee contributions to the Omai Gold Mine Ltd. in Guyana. The project, to construct and operate an open-pit gold mine, will contribute substantially to Guyana's export earnings. In addition, it will create 625 new jobs and provide significant infrastructure improvements. MIGA's reinsurance covers both Cambior and the project lenders against the risks of currency transfer, expropriation, and war and civil disturbance.