Gold set to surpass record-breaking 555,000 ounces production target

Sep 30, 2016 News

Gold declaration remains on track to surpass the 555,000 ounces projection set at the start of 2016.

Minister Raphael Trotman

According to Minister of Natural Resources, Raphael Trotman, mining has been doing well.
Gold declarations for the first quarter of the year stood at 161,942 ounces with authorities even forecasting a possible 600,000 ounces for 2016. That would be the highest recorded declarations.
Last year, the sector recorded over 450,000 ounces despite prices tumbling.
As at July last year, price was below US$1,100 per ounce. It has risen to over US$1,320 as of yesterday.
Gold export is the biggest foreign exchange earner for Guyana, ahead of rice and sugar. Trotman also revealed that the sector has been making positive developments in reducing instances of gold smuggling.
However, Trotman warned, those developments would only be made public later this year.
In addition, the sector has been making strides in eliminating the use of mercury in gold mining. “There is some resistance but at the same time I would say that a majority of miners are willing to comply,” Trotman said.
The elimination of mercury from mining is part of modernising the technologies used in the extractive sector. The Government has been working on an action plan aimed at minimising and eventually eliminating the use of mercury in mining.
Mercury has been playing a critical part in the gold extraction process but is said to have a devastating impact on the environment. It is also highly poisonous.

Gold is looking at another record-breaking year, government says.

But small miners especially have been complaining that changing from mercury would be expensive.
Meanwhile, for other minerals, the minister said bauxite continues to improve in production when compared to last year.
However, the mining of stones has been problematic.
The minister is expected to pronounce on stone and its availability this week.
Recently, local quarry owners complained about an announced plan to import stone from Suriname for a major expansion project at the Cheddi Jagan International Airport, Timehri.

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