This is starting to look like a trend...
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Suriname wants to revise gold mining contract with Canadian company
April 24, 2008 - 4:19 p.m.
PARAMARIBO, Suriname (AP) - Suriname wants to renegotiate its contract with a Canadian mining company because of soaring gold prices.
Natural Resources Minister Gregory Rusland said that prices have risen beyond expectations since the government signed a contract with Rosebel Gold Mines NV in 2005.
The South American country currently receives royalties amounting to 2 percent of Rosebel's production as well as payments for the use of a hydroelectric dam that vary according to gold prices.
Rosebel spokesman Roy van Aerde said the subsidiary of Toronto-based IAMGold is open to discussions.
Gold is trading at over $900 an ounce. The price of gold was around $400 when Rosebel signed its contract.
