Operators encouraged to mine despite reduction of gold price

Jun 29, 2013 News

…230,000 ounces of gold declared thus far for 2013

Although the gold price has significantly dropped on the international market; mining operations in Guyana are encouraged to press ahead to achieve this year’s ambitious target of surpassing 460,000 ounces.
Already, they have declared 230,000 ounces of the precious mineral, says Patrick Harding, President of the Guyana Gold and Diamond Miners Association (GGDMA) during the Association’s General Meeting on Thursday, where he was re-elected president.
Harding said that GGDMA guided miners from a declaration of gold from under 10,000 ounces to a record of 438,645 last year. In 2013, the Association aims to exceed 460,000 ounces setting the record for the highest gold declaration, surpassing, OMAI and local companies combined of 458,000 ounces.
According to Harding, the current price of gold is US$1,210 a far reduction from US$1,750– six months ago– representing a loss of US$540. He said that when prices were high, miners made capital investment that they are obligated to repay.
The Guyana Gold Board has no control of the pricing mechanism for gold and therefore miners have to be cost conscious; increase recovery rate of operations; and access to better roads will reduce transportation costs and provide more accessibility to work sites, he noted.
Extending congratulations to miners for their efforts and sacrifices made over the years he said, “This Small and Medium Scale Alluvial Gold and Diamond Mining Industry will not fail”.
According to Harding, small and medium scale gold and diamond mining industry contributes to the economy through the provision of direct employment for skilled, semi-skilled and unskilled workers. And, between 100,000 and 150,000 are provided with a source of income and employment in Guyana’s interior where there are few Government jobs.
He stressed that mining has helped to develop the infrastructure of Guyana’s hinterland region, which is connected by roads, airstrips, bridges and landing.
“Miners built shops, hotels, installed electrical facilities and communication services in communities, Mahdia, Imbaimadai, Port Kaituma, Matthews Ridge, Kurupung etc…The development of Guyana’s hinterland is directly entwined with the development and prosperity of the mining industry, which provides opportunities for Guyanese,”
He said that local firms and industries have also developed and prospered owing to this growing sector. For instance, MACORP, Genequipt, AINLIM, have benefited through sales of heavy-duty machineries and spares, and also the domestic airline services.
However, some large companies serving the mining industry increased prices when gold prices were high and those prices must now be reduced comparatively to assist miners, he emphasized.
Mining has an impact on the environment and as such, miners are responsible to restore lands to pre-mining condition after completing their operations.
According to Harding, not every area is profitable and therefore the miner may not be able to afford the cost of effectively rehabilitating that area. GGDMA is working with the Guyana Geology and Mines Commission to research techniques or systems for rehabilitation.
He said that the various areas to be researched are equipment required; soil condition of the area; reforestation and suitability of types of plant area that can be used for aquaculture, agricultural development, and eco-tourism.

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Operators encouraged to mine despite reduction of gold price

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