What are the growth prospects, challenges, and opportunities in Suriname's mining sector?
Suriname’s mining sector is a key driver of the economy, with gold being the most significant mineral extracted. The industry has grown steadily, supported by foreign investment, advancements in mining technology, and strong global demand for precious metals. Newmont operates within a stable and supportive mining jurisdiction, backed by a well-defined regulatory framework, a predictable political environment, and a broad population overall in favor of foreign direct investments in mining as these create employment and sustainable economic development. The Government of Suriname (GoS), who has always respected agreements with foreign investors, is a strong partner, fostering an investment-friendly atmosphere with consistent governance and rule of law that minimizes the risk of sudden policy changes.
The administration in office since 2020 has demonstrated effective economic management, with an IMF-backed reform program. The medium-term macroeconomic outlook remains positive, with anticipated growth fueled by increased investments in offshore oil & gas and bauxite, reinforcing the foundations for sustainable and inclusive development. Additionally, Suriname offers adequate infrastructure, including transportation and communication systems, with further improvements expected as public investment will increase after first oil of TotalEnergies in 2028. Suriname’s hydro power availability is impacted by climate change and rising energy costs, driven by greater reliance on thermal power, may present challenges for the sector in the future. The GoS has confirmed that there currently are adequate measures in place to secure sufficient energy for the near future so that load-shedding can be avoided.
At Newmont, we recognize the importance of working closely with the GoS to maximize the benefits of our operations. The outstanding agenda and discussion topics with the GoS are limited and manageable, a testament of our stable, productive and long-term relationship. We are committed to creating long-term value for the country— not just through mining, but by supporting economic and social development, sharing expertise, and fostering partnerships that contribute to sustainable growth. Our goal is to help build local capacity and strengthen communities, ensuring that the benefits of mining extend beyond the industry itself. Newmont maintains collaborative relationships with our key stakeholders including local communities as evidenced by the written consent received from the Kawina tribe in 2024 for the expansion of our tailing storage facility project.
What are the key operations and an overview of Newmont Suriname?
Newmont is the world’s leading gold company and producer of copper, zinc, lead, and silver. The company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.
Newmont Suriname has been operating in the country since 2016, guided by our purpose: to create value and improve lives through sustainable and responsible mining. Our primary operation, the Merian gold mine, is an open pit mine located about 175 kilometers from Paramaribo, near the border with French Guiana. The Merian project is a limited partnership between Newmont and the GoS. Newmont is the managing partner, owning a 75% interest in the limited partnership, and Staatsolie Maatschappij Suriname N.V., Suriname’s State-owned oil company, the limited partner, owning the remaining 25%.
Construction of Merian began in 2014, and the mine achieved commercial production in October 2016. Today, it consists of five active open pits and a processing plant equipped with a gravity circuit and carbon-in-column leaching, producing gold doré bars. Merian operates in proximity to the Pamaka and Kawina communities, with artisanal and small-scale miners among its direct neighbors. We are committed to fostering positive relationships with local communities while maintaining responsible mining practices.
How important is the mine to Suriname's economy, infrastructure, and employment?
Newmont is Suriname’s largest foreign investor and a key driver of the country’s economic growth. Operating under a Mineral Agreement, which has been elevated to a law in 2013, we are committed to long-term investment and development. Our presence in Suriname dates to 2004 when we began exploration activities. Since then, we have invested $1.2 billion in the Merian operation. Today, Newmont employs 1,543 direct employees and 908 employees as permanent business partners.
Merian produced 322,000 ounces of gold in 2023, generating an economic value of $625 million. That same year, national direct and indirect employment accounted for 4.2% of the total national labor force, while local-local direct and indirect employment represented 63% of the total local-local labor force. Our total contribution to the national economy amounted to $438 million including $84 million in taxes, royalties and Staatsolie’s Net Revenue Share, $85 million in employee wages and benefits and $269 million in payments to suppliers and contractors. Our operations accounted for approximately 40% of the country’s gold exports and around 9% of total government revenues. Beyond financial contributions, we support infrastructure improvements and local capacity-building initiatives, reinforcing our commitment to sustainable development in Suriname. Newmont contributes to 15 of the 17 Sustainable Development Goals, one of few companies in Suriname with this impressive track record in sustainability.
How does Newmont Suriname demonstrate its commitment to environmental and social responsibility?
Environmental responsibility is at the core of our operations in Suriname. From the beginning, we have prioritized sustainable practices, focusing on reducing our environmental footprint while supporting local communities.
Through partnerships with community stakeholders, we have developed programs that promote land rehabilitation, water conservation, and biodiversity protection, while also creating economic opportunities within our value chain.
In recognition of these efforts, Newmont Suriname was honored with the United States of America Secretary of State’s Award for Corporate Excellence in the category Climate Resilience in 2024. This prestigious award underscores our commitment to sustainability and responsible mining, reinforcing our role in advancing Suriname’s economic development while protecting its natural resources.
Our key environmental initiatives include:
Water Management
Land Rehabilitation & Biodiversity
Cyanide & Tailings Management
Energy & Climate Action
These initiatives reflect our ongoing dedication to responsible mining, continuous improvement, and collaboration with local communities to ensure a sustainable future for Suriname.
How does Newmont Suriname contribute to local communities, economic development, and workforce training?
At Newmont, we believe that responsible mining goes beyond extracting resources—it’s about creating lasting value for the communities where we operate. Our social responsibility strategy is rooted in building economic and social resilience by sharing benefits, fostering local business growth, and enhancing workforce capabilities.
Our approach is holistic. We focus on direct and indirect employment, local procurement, and capacity-building initiatives that empower individuals and businesses. Merian is situated near the Pamakan and Kawina communities, and we work closely with them, as well as artisanal and small-scale miners (ASM), to ensure they benefit from our presence.
Investing in People and Economic Growth
Supporting Artisanal and Small-Scale Miners (ASM)
Our commitment to Suriname extends beyond mining. We are here to build sustainable partnerships, drive economic growth, and create opportunities that will benefit communities for generations to come.
How does Newmont use cutting-edge technology in its mining operations to enhance efficiency and safety?
Newmont continues its process of integration of advanced technologies to enhance efficiency, safety, and sustainability across its mining operations. Our commitment to operational excellence is driven by continuous innovation and the strategic deployment of cutting-edge solutions.
Key advancements include next-generation fleet management systems, such as the MineStar Fleet system, which optimize productivity, improve safety, and reduce environmental impact. Additionally, we prioritize the integration of information and operational technology while maintaining robust cybersecurity measures.
Newmont also collaborates with industry leaders through associations like the ICMM and World Gold Council to develop and promote innovative mining technologies. As advancements continue, we remain committed to leveraging these solutions to drive sustainable mining practices, enhance safety, and support a low-carbon future.
How is Newmont Suriname addressing the challenges in the Suriname mining sector?
As part of our ongoing business principles, Newmont navigates the challenges of mining in Suriname by proactively engaging external stakeholder and maintaining its license to operate in a dynamic political landscape. The company remains committed to sustainability and ethical practices, reinforcing its leadership in key areas such as Free, Prior, and Informed Consent (FPIC), fair trade policies, and sustainable mining techniques.
By staying informed about political, socio-economic, and industry developments, Newmont ensures it can adapt to changing conditions while upholding responsible mining standards. This approach strengthens our position as a trusted partner and vanguard leader, supports long-term business resilience, and contributes to the sustainable growth of Suriname’s mining sector.
What are Newmont Suriname's plans for sustainable growth, expansion, and community partnerships?
Newmont’s commitment to Suriname spans two decades, beginning with our exploration activities in 2004. Since then, we have invested $1.2 billion in the country, reflecting our long-term vision for responsible and sustainable mining.
Our approach to growth is rooted in collaboration and shared value. We have built strong, mutually beneficial partnerships with the national and local governments, local suppliers, civil society organizations, and traditional communities. These relationships are essential to ensuring that our operations contribute meaningfully to Suriname’s economic and social development.
Looking ahead, we are excited about the potential for expansion within the Guiana Shield, an area rich in mineral resources. Our focus remains on responsible growth, creating new opportunities for employment, local procurement, and community development while maintaining the highest environmental and social standards.
Newmont is here for the long term, and we are committed to strengthening partnerships, driving economic resilience, and fostering a sustainable future for Suriname.
What is your final message for Newsweek readers considering Suriname as a potential investment destination?
Our experience investing and operating in Suriname has been positive. Suriname has a stable mining jurisdiction. The country offers strong potential for growth, and we are excited about the potential to expanding our business within the Guiana Shield, fostering long-term economic development and sustainable progress.
As a 104-year-old U.S.-based company, Newmont takes great pride in upholding the highest ethical, environmental, and social standards. Our partnerships with the Surinamese government, local communities, and businesses reflect our deep commitment to responsible mining and shared prosperity.
We look forward to strengthening these collaborations and continuing to invest in Suriname’s future.
For companies seeking a dynamic investment environment with rich natural resources and opportunities for meaningful partnerships, Suriname is a destination full of promise.
