Foreign companies’ gold declarations reduce

May 03, 2017 News

-small and medium scale miners maintain strong performance
With the gold sector delivering an outstanding performance month after month, it is constantly under watch particularly for any unusual fluctuations.
The Finance Ministry appears to have noticed one in this regard.
According to the Ministry, while small and medium scale producers have shown higher declarations, there has been a decline in that of foreign companies.
The Finance Ministry made this, among other related comments in its Monthly Economic Bulletin – March 2017 (see link for full report: http://finance.gov.gy/images/uploads/documents/meb_-_march,_2017.pdf ).
The report said that gold production for February 2017 totaled 63,089 ounces compared to 58,485 ounces achieved in the same month last year. Up to the end of February, the year-to-date total was 108,048 ounces compared to 94,432 in 2016.
The Ministry said that the main drivers of growth for 2017 are the small and medium sized producers whose declarations rose significantly, compared to a fall in declarations for the two foreign companies; Troy Resources and Aurora Gold Mines. The Ministry also stated that rising gold prices are partly responsible for the higher declarations from the small and medium sized miners.
While the report indicated that there is a decline, there was no statistical data provided by the Ministry of Finance in its report to show the size of the decline. Be that as it may, the Ministry of Natural Resources has confirmed that there has been a decrease in declarations by foreign companies.
Minister of Natural Resources, Raphael Trotman told this newspaper last night that the decline is “small”. While he did not provide stats in this regard, he said that this is not worrying, as the companies can easily ramp up production.
Trotman said, “If it was small miners’ declarations declining then we would be concerned.”
The Minister said that a target has been set for 694,000 ounces of gold for 2017 and he is confident that it will be met.

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