Latest update October 6th, 2024 12:59 AM
Dec 04, 2012 News
Charity is home to a sub-branch of the Guyana Gold Board.
The office will be housed in the mega-mall of Alphonso Group Of Companies Ltd, at Charity, on the Essequibo Coast.
Dr. Gobind Ganga, Chairman of the Guyana Gold Board of Directors, explained that the branch at Charity could be referred as the key hub, especially at a time when the gold market is quite volatile due to the global political and economic turmoil.
“Like it or not, this is likely to continue in the foreseeable future as global currencies will continue to swing wildly in response to faltering political and fiscal structures around the world.”
Ganga asserted that the volatility will be a tremendous opportunity to make strategic intermediation in gold. The Chairman said that unfortunately this sort of not so objective decision making with a high degree of speculation is not the norm of the Gold Board.
The Guyana Gold Board, Ganga said, is an economically viable entity that provides intermediation services that benefited a number of stakeholders including the miners, the dealers, GGMC, GRA and the country at large.
Ganga added that the Guyana Gold Board intermediates approximately seventy percent of all gold declared in Guyana and “we hope that this branch will intermediate most of the gold declared in this and the nearby locality.”
Dr Ganga said this year the gold Board is likely to record a historical level of export earnings from gold which is estimated to be in excess of US$600Million.
He said that the level of export earnings undoubtedly provides for the building of resilience in the economy from both external and domestic shocks and as such gold producers are urged to undertake the necessary measures to improve productivity and efficiency so that even if there is a decline in prices, production would remain viable.
Minister of Natural Resources, Robert Persaud, who weighed in on the recent gold heist in Curacao, said that at present the Government is dealing with a huge phenomenon. The facts are still not clear that gold left the shores of Guyana, he said. He reminded miners to remain vigilant.
Persaud cautioned miners to be alert, noting that four licenced dealers were issued with licences recently.
Also present at the simple ceremony were Mr. Anantram Balram, General Manager, GGB and Mr. Patrick Harding, President of GGDMA
(Yannason Duncan).
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