El Dorado leads exports as Gold Board reports 629,000 ounces for 2019

Jan 07, 2020 News

Despite a tough year, the gold industry has managed to come out smiling again.

El Dorado’s principal, Tamesh Jagmohan

Gold declarations were 18,000 ounces more than 2018, with El Dorado Trading Guyana leading with the largest amount, according to preliminary details.
Following El Dorado with declarations would be Mohamed’s Enterprise.
Yesterday, Chairman of the Guyana Gold Board, Gabriel ‘GHK’ Lall, disclosed that 629,486 ounces of gold were declared as at December 31, 2019. This was more than the 611,235 ounces declared in 2018.
It would have come in a year where road and other conditions proved a major problem for especially small miners.
Both Aurora and Troy Resources, both large scale producers, suffered as a result of internal problems and an industrial accident which saw the latter being closed and scores of workers laid off.
Yesterday, the Chairman said that the results were encouraging “in a difficult year”.
“The Guyana Gold Board has maintained a consistent approach and this has helped in improving our performance.”
Indeed, the Board is now focusing on finding a permanent home after being forced to relocate from Brickdam to Queenstown, amid a probe that staffers have suffered from fumes from the burning of gold.
The new headquarters is likely to be located next to the Ocean View Hotel. The plans are preliminary and in the early stages, Lall said.
Meanwhile, principal of El Dorado, Tamesh Jagmohan, said that hardworking miners, his staffers and stakeholders of the Guyana Geology and Mines Commission, the Gold Board, among other players, are to be fully credited for the performance.
In fact, El Dorado managed to contribute almost $5B in royalties and taxes.
“Perhaps one of the biggest areas that we should be proud of is our compliance. We are paying strict attention and collaborating closely with the Gold Board and other stakeholders.”
Jagmohan pointed out that 2020 bodes well for the sector with prices touching up to US$1,560 yesterday.
The trader said that the performance of gold has underscored the importance of the sector to the economy as it had been a mainstay to stabilise the US currency in the last decade.
Despite the production of oil now, the businessman urged that the authorities continue to pay attention and help the hard-working miners whose work affects tens of thousands of Guyanese.
These include transportation, banking, GGMC, shops, suppliers, law firms, repair shops and the lists goes now.
“Agriculture and mining are here to stay. It affects the lives of thousands. We are encouraged and projecting a far better year in 2020,” the businessman said.