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Miners meet Govt. on falling gold prices

Jul 05, 2013 News

 

 

The Ministry of Natural Resources and the Environment and its regulatory agencies in the mining sector, the Guyana Geology and Mines Commission (GGMC) and the Guyana Gold Board, yesterday met with the newly elected executives of the Guyana Gold and Diamond Miners Association (GGDMA) to discuss initiatives and interventions in light of the falling gold prices.
According to the Ministry, during the discussion, several proposals were submitted and discussed for consideration to cushion the falling gold prices.
“These will be further examined by the Ministry and its relevant agencies. As such, Minister Robert Persaud expressed his commitment to make representation to the government to examine the proposals to support the sector,” the Ministry said in a release.
Several ongoing initiatives that are being undertaken by the GGMC to support miners within the sector to cushion the impact of the falling gold prices were also discussed.
Meanwhile, executives of the GGDMA called for more effective monitoring and enforcement of mining regulations towards the sustainability of the sector, while at the same time ensuring technological advancement and a sustained infrastructural programme are in place.
Present at the meeting were Permanent Secretary of the Ministry of Natural Resources and the Environment, Joslyn McKenzie, President of the Guyana Women Miners Organisation, Simona Broomes, Assistant Commissioner of the GGMC, Newell Dennison, General Manager of the Guyana Gold Board, Anantram Balram, and other technical officers within the sector.
Gold prices from a high of over US$1,900 per ounce fell to the lowest in recent years at just over US$1,230. It has started to climb again, but somewhat slowly, yesterday hovering around US$1,250 per ounce.
Mining, for the last couple years, has become the biggest foreign export earner for the economy, with workers and miners investing in all aspects of the industry for possible profits.
The banks have been lending, too, with excavators and other mining equipment selling like hot cakes, despite the hefty price tags.
The drop in price, fueled by the European economic crisis, has more than worried the miners.

 

 

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