Latest update February 20th, 2025 12:39 PM
Guyana targets 336, 000 ounces of gold in 2012
Guyana is targeting 336, 000 ounces of gold for this year since the rapidly expanding gold 
mining industry is well positioned to enjoy even more lucrative returns in 2012 as global predictions see the price for the precious metal increasing by 17 per cent, to $US1, 850 per ounce.
Last year, gold traded at an average of $US1, 569.88 an ounce, with its lowest point on January 28 ($US1, 308.25) and its peak on September 6 when it reached $US1, 921.15 an ounce.
Gold mining and investment in related industries significantly increased in Guyana during 2011 as investors moved to cash in on record prices and positive outlooks for the commodity.
According to Guyana Geology and Mines Commission, the mineral production of 2011 in Guyana was estimated to be G$136.4 billion, representing an increase of 42.2% from the value of G$92.9 billion reported in 2010.
It was noted that the overall value of total mineral production was due to the outstanding performance of gold and bauxite coupled with the high prices for these commodities, as well as increases in the output of quarry, sand and stone.
The gold subsector had an outstanding year in 2011. Domestic mine production of gold increased to 363,083 ounces, 13 per cent higher than the previous year’s record output and surpassing the Omai Gold Mine’s highest output of 354,068 ounces produced in 2001.
The sector has seen heightened investments both at the small and large-scale levels which have served to create significant employment and increased economic activity.
However, officials say that the actual gold production is often under-reported, depriving the country of much-needed foreign exchange.
Guyana has attracted international interest from the largest mining companies in the world. While the mining sector is primarily focused on gold, bauxite and diamonds, Guyana also contains deposits of semi-precious stones, laterite, manganese, kaolin, sand resources, radioactive minerals, copper, molybdenum, tungsten, iron and nickel, among others.
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