Small, medium scale miners rake in US$808M in export earnings

Small, medium scale miners rake in US$808M in export earnings – GGDMA

Jan 29, 2021 News

Kaieteur News – Guyana’s small and medium scale miners have accounted for more than 80% of the country’s gold production for 2020, raking in approximately US$808,587,118 in export earnings.
The Guyana Gold and Diamond Miners Association (GGDMA) in a congratulatory statement outlined that the small and medium scale miners achieved a production of 485,552 ounces of gold for 2020.
This is seen as a significant increase when compared to US$619,988,745 in 2019.
“This production accounts for more than 80% of the country’s total gold production and out performs the production of the two large scale foreign mining companies in Guyana. The production figure, while slightly below 2019, is especially significant and noteworthy given that the mining industry, in 2020, faced severe challenges caused by the global pandemic, financial and infrastructural constraints and a difficult tax regime,” the GGDMA added.
As it relates to large scale miners, GGDMA revealed that they achieved a production of 99,882 ounces.
Further, the Association noted that despite the disparities between the large scale and the small and medium scale miners, the small and medium scale miners have maintained their commitment to the production target and will continue to perform.
The Association therefore highlighted their continued efforts to lobby for the governing regime to implement additional reliefs and tax support for the local industry to increase productivity and motivate additional investment.
“The 2021 target for gold production has not yet been announced, but the GGDMA remains confident that the small and medium scale miners will once again rise to the challenges,” the statement concluded.

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