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Gold miners question cash remittances for silver

Jun 01, 2013 News

The GGDMA yesterday  voiced  its “growing dissatisfaction” over the failure of the Guyana Gold Board (GGB) to give the Association  information which can explain an almost 50 per cent drop in monies  members  have received   from the sale of silver in the last six months of 2012.
A senior official of the GGDMA explained that gold sold to the GGB by miners is smelted when it is received overseas and the silver content is removed and sold separately. This is treated as a bonus.
The proceeds from the sale of the silver extracted are remitted to the GGB and in a standing arrangement the Board keeps 50 per cent. The remainder is handed over to the miners.
Miners have agreed that their portion be remitted to the GGDMA and this arrangement has been in place for several years.
The GGDMA uses this income to finance its field and administrative activities.
The Officer  said that the GGDMA was dismayed to receive a report from the GGB indicating that 50 per cent of the sales of silver sold in the last six months of 2012 amounted to a mere $3.5 M.
The dismay, he said, was due to the fact that monies received from the sale of silver for the corresponding period in 2011 had amounted to $6.6M, almost 50%  more although production had been less when compared to last year.
He said:”We all know that 2012 was a year of record gold production. The more gold sold and smelted, the more silver is expected from the extraction process.”
“The GGDMA accordingly expected more in payments from silver, yet here it is that we are getting almost 50 per cent less when compared with what we received for the same period in 2011.”
He added: “We have top producing miners on that list. Yet alongside their names we see no payments for silver. This suggests quite incongruously, that the gold they sold to the Gold Board had no silver content. That doesn’t happen. Something is definitely wrong.”
He added that the most disturbing and now frustrating, part of the entire situation is that the Association has been asking the GGB to release a list of names of the producers for 2012 along with their production – a list which would serve as a means of estimating the possible silver content.

 

 

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