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Gold Board sacks Bartica manager

Mar 06, 2010 News

– Pays top dollars for low grade gold

A manager of the Guyana Gold Board has been sacked and a probe launched following the sale of a substantial quantity of gold said to be tainted with silver.
Yesterday, both Prime Minister, Sam Hinds, and an senior official of the Guyana Gold Board (GGB) confirmed that the Bartica Manager was sent home after failing to ensure that necessary tests to ensure gold purchased were of the accepted purity level.
This newspaper understands that the gold sold may have been in the vicinity of four kilograms valued at over $25M. The entity reportedly lost $3M due to the transaction, it was reported yesterday.
While investigations are still continuing, the GGB is expected to meet shortly to discuss why procedures were not followed, and other pressing issues.
Prime Minister Hinds, whose portfolios cover the mining sector, has since requested a full report on the matter.
It was disclosed that the entity received several anonymous letters alerting it to wrongdoings last year and warning of the dealings of an Essequibo trader who would sell gold to the Bartica office of the GGB.
While the GGB’s official was unable to provide how much losses were incurred by the GGB, if any, as well as the amount of gold involved, Kaieteur News was told that it was clear that procedures were not followed.
Hinds explained that any gold purchased by the GGB has to be tested and analysed to ensure it is of the accepted purity level.
All pieces of gold sold have to go through the bench test and later a more intensive chemical analysis.
In a number of cases involving the Essequibo trader, a quantity of gold sold was only tested in part when all the different pieces should have been analysed.
It was found that the pieces that were tested showed high purity levels and were bought. However, later tests found that a greater percentage of the gold sold were not of the desired level.
The GGB reportedly incurred a substantial loss as a result.
Yesterday, the GGB official indicated that a number of technicians are also being investigated to determine whether the breach of procedure could have been deliberate.
Both the Prime Minister and the official said that the Bartica Manager was sent home because of a loss of confidence.
Hinds, while not describing the incident as a fraud, found it “odd” that the sample tests found that the gold sold were of high quality even though the rest was of a lower purity level.
Kaieteur News understands that from time to time, there have been instances of irregularities with staff. Last year, a senior laboratory technician was sent home for mis-appropriating a quantity of gold.
“Remember, you are dealing with gold— a very attractive commodity.”

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