Gold Board revenues increase by $2.2B in 2019

Jan 08, 2020 News

The Ministry of Natural Resources (MNR) is lauding what it says is another record-breaking year of gold declarations. Updated figures indicate that 634,905 ounces were declared, about 18,000 ounces more than the 2018 figures.

The Guyana Gold Board recorded more than $2B in revenues last year.

“The actual declaration for the year totals 634,905 ounces and amounts to 18,682 ounces above what was declared in 2018 (616,223). Of the declarants, Guyana Goldfields and Troy Resources stand as two large scale investors which, despite severe challenges and constraints, managed to have reasonably good production. Correspondingly, licensed gold dealers who purchase from small and medium scale gold miners, contributed approximately 57.69% of actual declarations.”
According to the ministry, it is important to also note that the revenue earned by the Guyana Gold Board, on behalf of the Government of Guyana, has also increased.
“For 2019, this has amounted to US$ 111,971,234.84, equivalent to 79,702.849 ounces. This exceeds the revenue earned in 2018 (US$ 100,143,596.40) by US$11,827,638.44 (11.81%).”
The ministry lauded the miners who made declarations despite the many challenges and constraints faced in the industry, not least amongst which, are a prolonged wet season and labour unrest, and said it is pleased that the country has surpassed the declarations of 2018.
“The MNR also acknowledges the efforts and responsible conduct of the declarants and praises the Board of Directors and staff of the Guyana Gold Board who have been key facilitators of this process. As the year 2020 progresses, it is hoped that the practice of increasing these declarations continues through the recommended and accepted processes.”
According to the ministry, it recognizes mining as a critical component of the Guyanese economy.
“As such, the Government of Guyana, and the MNR in particular, continues to promote the growth of the sector in the most sustainable way by providing regulatory, fiscal and infrastructural support to aid miners in their worthwhile endeavours.”
El Dorado Trading led the dealers in declarations, followed by Mohamed’s Enterprise.