Latest update January 23rd, 2025 7:40 AM
Gold Board opening new office in Port Kaituma
The Guyana Gold Board, an agency of the Ministry of Natural Resources, says it is opening a branch at Port Kaituma, Region One.
The headquarters of the Guyana Gold Board, in Alberttown.
The expansion of that state entity’s gold trading operation to that area is slated for Monday, February 3, 2020, Gold Board said.
The office will be located in the building that houses the Guyana Bank for Trade and Industry (GBTI) – Port Kaituma Branch, Turn Basin, Port Kaituma, North West District and will be opened to the public desirous of selling gold to the board Mondays to Fridays, from 08:00 hours to 16:00 hours.
According to the Board, there are many benefits to be derived from selling gold to its branches.
These include duty free concession for operators who have accumulated sales of 500 ounces and over; security and confidentiality; reliable testing of gold purity; payout adjustments following assay testing; becoming AML/CFT compliant and accurate record of taxes and royalties.
Gold miners can also benefit from competitive prices and exchange rates; reducing the risk of product being traced to smuggling and other illegal activities; easy access to foreign exchange for purchase of mining equipment; declaration letters; incentive for firearm licence; incentive for bank loans and recommendation to foreign businesses.
In recent years, gold production has been climbing as world prices remain high.
It was over US$1,570 per ounce yesterday.
Gold has been responsible for raking in the most foreign currency in any sector, within recent years. It is being overtaken by oil now.
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