Race on to meet 300,000 ounces gold milestone

Dec 30, 2009 News

With two more days to go for the year, Guyana is hoping to meet a significant production target of 300,000 ounces of gold.
As of yesterday, records indicated that 295,000 ounces have been declared, more than 35,000 ounces above last year.
With the price of gold on the world market ranging from US$900 to US$1100 per ounce for this year, the least Guyana would have been earning from sales of alluvial would be at least US$265M as of yesterday.
However, a significant percentage of gold production is believed to have been sold illegally so the current declared production could be way above the current 295,000 ounces mark.
The Guyana Gold and Diamond Miners’ Association (GGDMA) in a recent statement called on all miners to make a special effort to declare all gold to the Guyana Gold Board and to legitimate buyers.
This, the entity said, is in an effort to reach the record breaking target of 300,000 ounces of gold by the end of 2009.
Despite having surpassed last year’s figures and having reached the nationally set target by the Guyana Gold Board, the Miners’ Association is calling on all miners to prove that they have a higher standard in keeping with their commitment to national development.
Under the overarching theme of; “Mining too big to fail”, the GGDMA is calling on gold miners to keep to their set target of 300,000 ounces and to declare their production only to legitimate dealers and the Guyana Gold Board.
Executive Director of the Guyana Gold and Diamond Miners Association, Anthony Shields, in his appeal to miners called on them to continue to work to reach the target.
He warned miners that the industry is under threat from external forces and that all must be done to guarantee the continued survival of the industry. With 30 per cent of all foreign export earnings coming from the gold and diamond mining sector, the GGDMA is demanding greater respect for the contributions of the sector.
Gold and diamond mining in Guyana directly employs over 100,000 Guyanese.
“Gold production has steadily been increasing and once the target of 300,000 ounces has been met it will demonstrate without a doubt, that mining remains the largest foreign exchange earner for Guyana…The 300,000 ounces target is especially significant since this target will be achieved without the input of any large scale gold mining operation but rather by small and medium scale miners.”

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Race on to meet 300,000 ounces gold milestone

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