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Small miners’ production climbs even higher

Jun 16, 2017 News

…but Troy resources, Guyana gold field fall- Quarterly report
Bank of Guyana’s quarterly report and statistical bulletin has noted that the mining and quarrying sector registered higher output of gold for the first quarter of 2017. The report said that the higher output was attributed to sustained small and medium scale mining as well as large gold mining companies.
The report said that small and medium scale miners have again done well and increased production. “The mining and quarrying industry registered expanded output of gold by 0.5 percent on account of increased production by small to medium scale miners by 4.9 percent to 103,707 ounces or 63.9 percent of total output.”
Bank of Guyana further stated that the two large foreign gold mining companies’ output declined by 6.4 percent or 4,000 ounces to 59,070 ounces, which reflected Guyana Goldfields expanding by 7.4 percent to 43,539 ounces or 26.7 percent of total output while Troy Resources fell by 31.0 percent to 15,531 ounces or 9.5 percent of total output.
The report stated that the outturn was attributable to an increase in price by 3.2 percent to US$1,231.1 per ounce from US$1,192.6 per ounce at end-2016.
The Georgetown Chamber of Commerce and Industry (GCCI) touted the increased declarations of small miners as “good news. We cannot say the report is all bad at least this is good news.”
GCCI President Deodat Indar said that the success of small miners has several spin off benefits.
He said, “They buy there machinery here, they use our transportation, they overall contribute to other local businesses.”
While Bank of Guyana report had good news for gold, the same was not reported about bauxite.
Bank of Guyana said that “bauxite output contracted by 17.7 percent on account of declines in Chemical Grade (CGB) and Calcined Grade (RASC) bauxite by 68.9 percent and 52.2 percent respectively due to fragile global market conditions. However, metal grade bauxite (MAZ) expanded by 13.5 percent owing to improved metal demand.” (Abena Rockcliffe-Campbell)

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