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500,000 ounces in sight as gold declaration declared highest ever
Government has confirmed that Guyana, on Monday, has recorded its highest ever gold declaration of 458,105 ounces.
According to Minister of Natural Resources and the Environment, Robert Persaud, this would surpass the previous highest level of 455,918 ounces in 2001; which included the declarations of both Omai and small scale operators.
According to the Ministry in a statement, “this is a proud moment for all those who work in the sector”.
“It shows dedication and commitment of the miners and also addresses the concerns about under-declaration of gold or the claims of gold smuggling,” said Persaud.
Gold declarations, on Monday, passed the 458,000 ounces mark, making it the highest ever recorded for the country.
According to the Guyana Gold Board, in 2011, gold declaration was just about 363,083 ounces, while in 2012, it increased to 438,645 ounces.
The Guyana Gold and Diamond Miners Association has been targeting an ambitious 500,000 ounces for this year. With two weeks left in the year, the declarations are expected to pour in, a confident Persaud said.
“…the continuous increase speaks of the commitment and conformity of the sector to the laws and regulations. As such, all Guyanese must celebrate this achievement of small and medium scale miners.”
The excellent showing by gold production has been buoyed by high world prices in recent years as the global economy suffered and investors banked on the shiny metal. Prices had reach over US$1,800 per ounce before sliding to over US$1,200 this year. It has been hovering over that amount for a few months now.
Government has been more than thankful for increase of gold mining activities which saw foreign earning surpassing rice and sugar for the last two years. It is expected to continue this trend this year.
Miners have also been investing heavily in the sector with the banks more than happy for the business. It has been reported that almost 4,000 excavators are in operations in the gold field, most financed through the banks and costing around $30M-$40M apiece.
The influx of the foreign operators in the industry, including the Brazilians, has also been seen as a boon to the country, from the many spin-offs. The performance has also managed to keep the economy looking good as sugar slumps towards its worst performance in 23 years.
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