Gold earns US$737M gold following highest declaration

Jan 03, 2013 News

– 438,645 ounces declared

Gold declarations reached its highest in recent years, ending last year with a total of $438,645 ounces, Minister of Natural Resources and the Environment, Robert Persaud, confirmed yesterday.
Given the trading prices at the end of the day, Monday, this would put the value of those declarations at more than US$737 million
“I am happy to see the highest-ever declaration of gold, other than when Omai was at its peak,” Persaud said.
“All of the declaration came as a result of the efforts of thousands of hard working small and medium-sized miners,” he added.
Persaud said that this is declaration should serve as a motivation to all stakeholders to build a mining sector that is firmly based on the three critical pillars – environmental, social and economic responsibilities.
“I wish to commend the sector and all the players as we work together to address challenges and tap more opportunities in 2013 and beyond,” Persaud stated.
Last year’s declarations was the first such since Omai Gold Mines ceased operations seven years ago.
This puts the sector as one of the highest export earners for Guyana.
Figures from the first six months of 2012 indicated that gold earnings were 46 per cent of total exports, earning US$268M.
Gold production dipped to 200,000 ounces after Omai left in 2006. Even at the height of Omai, earnings only managed to reach US$123M.
The production now is mainly due to the activities of small and medium scale miners with the dealers responsible for the bulk of the purchases.
Were the country to manage the illegal exports of gold, the country’s true figures would far exceed what was declared.
Guyana has been battling leakages of gold for years with a significant amount of gold not being declared and smuggled out to escape taxes. Brazil and Suriname are reportedly the destinations.
Recently, authorities in Curacao stumbled upon a heist of 70 gold bars worth an estimated US$11.5 million from a vessel reportedly registered in Guyana.
Media reports at the time of the theft said that 470 pounds of raw gold divided into 70 bars were taken the boat by six men wearing hoods, masks and jackets emblazoned with the English word “Police”.
Seven men have been arrested in connection with that heist.
With the closure of Omai, the government is looking to another mega gold project.
The government is banking on the commencement of operation of the Aurora mine by Guyana Goldfields which is estimated to hold over six and a half million ounces of gold.
The gold price began the New Year on a positive note as a deal to avert the United States’ fiscal cliff fueled a rally in financial markets across the globe.
Yesterday morning the price of gold climbed to $1,695.37 per ounce.

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Gold earns US$737M gold following highest declaration

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