Miners want foreign currency payment from Gold Board

Sep 30, 2013 News

The Guyana Gold and Diamond Miners’ Association (GGDMA) has expressed concerns about the unavailability of foreign currency payment facility and its impact on the Gold Mining Industry.
A press release from the body explained that the association has observed with concern the rise of the cost of the US dollar to approximately Guy$212 for one US dollar and wished to re-emphasize its call for the Guyana Gold Board to make partial payments in foreign currency available to miners.
According to the release, President of the GGDMA, Patrick Harding had indicated that several members had voiced their concerns over the consequences of Guyana defaulting on the Anti-Money Laundering legislation and the apparent sloth of the government to consider their request for foreign currency payments.
The release noted that several miners depend heavily of foreign currency to import parts, machinery and raw materials used in the extraction of mineral resources and are worried that an apparent drought of currency will stall development of their mining operations.
The association said that it had repeated its call for the availability of foreign currency among several other issues, during a recent meeting with President Donald Ramotar.
“While we are committed to reaching a national target of over 460,000 ounces, we cannot do this without the resources and these include essential machinery and spares that are bought overseas with foreign currency,” Harding said.
He also noted that despite the drop in the price of gold on the world market, miners have remained steadfast in their production and their commitment to achieving the record declaration of gold for the year 2013.
Minister of Natural Resources and Environment, Robert Persaud had said that since the Anti-Money Laundering Act has been stalled in the National Assembly, investors and miners are fearful of Guyana being “blacklisted”.
According to Persaud, Attorney General Anil Nandlall has since pointed out that there is uncertainty as to how the legislation will affect the mining industry.
Persaud noted that the investors and miners are fearful that the blacklisting will affect financial transactions between the local and international banks. This, Persaud said, is an enormous concern to the ministry.
Meanwhile, the Minister also made mention that Guyana’s gold declaration for the 2013 period up to September 24 stands at 353,000 ounces, compared to 313,000 ounces for the same period last year.
Persaud however said that the fluctuating prices of gold will be monitored closely by the ministry.
Persaud told reporters that due to the fact that there is a high demand for gold in India and China, the Ministry will now be looking at ways to extend their markets to the Asian countries.

Latest News

Miners want foreign currency payment from Gold Board

Related

Similar Articles

The Glenn Lall Show | December, 2nd, 2024

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

India produce dominant 60-run win over West Indies to claim 2-1 T20I...

Guyanese athletes make mark at second Kares Cross...

Minister Ramson tables historic Guyana Horse...

Trophy Stall on board with Petra-KFC Goodwill...

Topp XX and Winners Connection seeking...

GFF and MEYBA launch new kits to unite Guyanese...

Features/Columnists

A question of timing and priorities

Let the asylum seekers go: a first step for Venezuela to rebuild relations in the Americas

Upcoming elections rich with opportunities

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]

Miners want foreign currency payment from Gold Board

Share this:

Related

Similar Articles

The Glenn Lall Show | December, 2nd, 2024

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Features/Columnists

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]