Latest update November 18th, 2024 1:00 AM
Latest News
- ExxonMobil eyeing 8th project despite Jagdeo says 7th ‘iffy’
- City Mayor slams govt. for favouring foreign companies over locals for tax concessions
- Pope Francis urges inquiry into Gaza genocide allegations
- New aircraft for GDF commissioned
- Importing truck drivers from Bangladesh, a disrespect to Guyanese – Norton
Poor declarations…Miners’ body urges Gold Board to speed up transactions
The Guyana Gold and Diamond Miners Association (GGDMA) on Friday called on miners to aggressively improve declarations.
The mining body warned that the recent shortfall in declarations, by 20% as compared to the same period last year, is having a negative impact on the Guyanese economy at a macroeconomic level. 
“As a consequence, the association is calling on all miners to recognize that, despite the lowered gold price, declarations must continue to ensure that inflation and the rising foreign exchange rates are kept in check.”
GGDMA stressed that gold is the stabilizing factor in Guyana’s economy and called on miners, members and non-members, to embrace their national responsibility to ensure that devaluation and inflation do not become a reality that will cause all Guyanese to suffer.
The GGDMA, however, said that there are several issues which have been impeding increased declaration of gold by miners.
One of the issues has to do with the length of time miners take at the Guyana Gold Board (GGB), the state-owned purchaser.
“It is the perception of the miners that transaction times at the Guyana Gold Board and its various outlets are taking significantly longer than it takes at the private licensed traders and dealers. In some cases transactions are well over one hour while at private facilities 10 to 15 minutes is the norm.”
GGDMA also called for a reopening of the GGB’s Bartica office early as possible. The branch was closed earlier as investigations were launched into fraud at the facility.
The mining association also said that there should also be greater monitoring of licensed dealers and buyers of gold.
“….the GGDMA is of the opinion that some buyers are not adequately declaring their transactions and as result are creating a negative impression about the true output of the industry.”
The Association demanded that its members to collect receipts for all gold sales transactions.
“The receipt will serve as proof of payment of taxes and is also necessary to access concessions offered by the Government to miners.
“Miners can also use the receipt to access financing and other facilities to develop their mining operations. The GGDMA, in light of the current need for increased declarations, calls on miners to continue to play their important national role and also urges the Guyana Geology and Mines Commission and the Guyana Gold Board to increase their monitoring of gold declarations not only from the miners but also from the buyers who also have a role to play in contributing to the national economy.”
The steep drop of declaration had worry Government with a meeting organized by the Ministry of Natural Resources and the Environment.
For January to May, total gold declaration amounted to 165,595 ounces as compared to 204,970.42 ounces for the same period last year.
Currently, the level of declaration for 2014 is only 34.17 per cent of the targeted amount for the year which is set at 484,562 ounces.
For the first half of 2014, the Guyana Gold Board was targeting 242,281 ounces.
Gold prices, on a continuous high for a number of years, plunged last year from US$1,800 per ounce to over US$1,200.
Miners have been urged to lower their costs to sustain their operations. The spin-offs from gold have been major for the economy with cash-rich miners buying up real estate, equipment and vehicles. Workers have been flooding the gold fields in the hopes of making some quick money.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Traditional media is still king
…Peeping Tom Kaieteur News-Election campaigns are a battle for attention, persuasion, and votes. In this digital age,... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
