A Bermuda-based gold mining firm is to resume operations in South America.

Gold Bar Development & Consulting has significant holdings in the jungles of Guyana, which are rich in gold deposits.

But the firm was forced to suspend mining operations on several occasions in the first eight months of this year because of equipment breakdowns.

The firm also received only $168,000 of a promised $4.9 million funding commitment — which led to projects being put on hold.

But Gold Bar said it had now entered into a six-month financial funding commitment from another source, with $2.24 million expected in the fourth quarter of this year and a further $2.46 million in the first quarter of 2016.

A statement by the firm said that it had generated close to $1 million in revenue since it was set up in 2012.

The statement added: “The company has made significant progress developing relationships in Guyana and identifying opportunities within the country.”

But it added that a fall in gold prices over the last two years had put many smaller mining companies under pressure.

The statement said: “The company plans to become a strategic partner in the local mining community by using a portion of its funding to help revive some of the local mining camps which are currently stalled and provide them with fuel and equipment necessary to get up and running again.”

The report explained that there had been interest in partnership working, which would allow the company to develop income streams while building up its own mining crews.

Gold Bar said it planned to invest $1 million in new, more efficient, equipment and employ 30 additional workers.