The Studley Park Enterprises Limited now has the ability to increase its production of aggregate to supply both local and international markets.
The licences were signed on Tuesday during Prime Minister Kamla Persad-Bissessar’s visit to the island.
She said this will assist the quarry in increasing production.
“So the issuance of these licences, mining and processing, will strengthen the framework for securing public revenue from mineral extraction through royalty payments and for monitoring production and compliance.”
The quarry produces aggregate, crush run, asphalt materials, and armour rock boulders, which are sought after by both government and private sector contractors.
“Studley Park’s operations can generate business opportunities for Tobago-based suppliers through expenditure on haulage, equipment, maintenance, welding and fabrication, operating supplies, site works and support services such as security, cleaning and catering. We talk about jobs; Studley Park can help create and generate more jobs.”
Additionally, with these licences, Studley Park can now increase production to meet the demands of the international and regional markets that have shown interest in purchasing materials produced by the quarry.
“Yes, revenue locally, but when you export, you could help bring some FOREX; we all need FOREX.”
For Chief Secretary Farley Augustine, the licence agreement settles an issue that has long frustrated the THA regarding the payment of royalties.
The THA Act 40 of 1996 outlines that all taxes, duties and royalties accrued in Tobago must be paid to the Assembly. However, in the past, licences granted to Studley Park did not recognise this. Mr Augustine was pleased to learn that Energy Minister Roodal Moonilal ensured such provisions in the cabinet note that allowed for the licences.
“That Cabinet Note recognises such and puts Studley Park in a position where it is not fighting to get this mining licence because somebody feels somebody somewhere else feels they should receive the royalties and so on; it’s now in harmony with Act 40 of 1996, and we appreciate that very much.”
Also present for the signing of the licences were Minister of Energy and Energy Industries Dr Roodal Moonilal and General Manager of Studley Park Enterprises Ltd, Christian Vigil.