Gold exports rake in US$366M -renewed confidence by small, medium scale miners

Jun 29, 2016 News

Gold price as of yesterday.

Guyana’s gold exports for the year are on course to chalk up the biggest earnings in recent times.
Already for the first half- and it is not over yet- exports have racked up US$366M, a far cry from the US$188M for same period of 2015. This translates to a 94 percent improvement.
With world commodity prices struggling, and indications that the economy has slowed, the gold declarations and exports would be good news.
According to figures seen by Kaieteur News, small and medium scale miners have, as at June 22nd, 2016, remained the backbone of production, declaring 201,837 ounces.
Canadian-owned Guyana Goldfields, with its Aurora mine in Region Seven in full steam, remains steady, with 76,448 ounces and Troy Resources with 36,556 ounces.
The figures are significant, as last year for the same period declarations were a measly 165,976 ounces, before the second half saw a surge. There were no Aurora Mines or Troy Resources in operations then. Those operations only kicked in late last year.
As far as exports were concerned, as at June 22nd, the Guyana Gold Board had exported 72,895 ounces with dealers sending out 120,961 ounces.
With regards to value, the Guyana Gold Board for the year until June 22nd, would have exported US$80.3M; dealers –US$147.9M; Guyana Goldfield US$93.7M and Troy Resources, US$44M.
Gold declarations for this year have been targeted at 550,000 ounces, about 100,000 ounces more than last year.However, Government is already looking past that, and even hoping for the unprecedented 600,000 ounces annual mark.
The declarations by the small and medium scale miners of 201,837 ounces would represent a 21.6 percent increase over that of the same period last year and 64.1 percent of total declarations.
The figures would also spell good news for the Guyana Gold Board’s total declaration which allowed it to regain some ground lost to dealers.
Gold Board is hoping to reach a declaration target of 220,000 ounces for itself this year.
Last year, gold exports brought in US$501M.
Gold prices leaped to US$1,325 per ounce on the world market this week after news that Britain had voted to leave the European Union. The outcome of that referendum saw a rush for gold. The price slid back about US$10 yesterday.
Gold production has remained a mainstay for the country’s economy in recent years, with miners investing heavily despite a world price slide.
On Monday, Minister of Natural Resources, Raphael Trotman, credited the improve performance to more monitoring, better mining recovery rates and confidence in the industry.
Gold export earnings tipped the US$700M mark in 2013 but that was when prices had touched the US$1,900 per ounce.

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