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Govt. launches probe into illegal buying, selling of gold

Oct 24, 2023 News

Kaieteur News – The Government of Guyana on Monday said that it will be prosecuting persons involved in the unlawful trade of gold. In a statement issued via the Department of Public Information (DPI), the government reminded that Guyana has been grappling with a consistent decline in gold declarations.

“Emanating from a recent analysis and assessment, the Government of Guyana has noted the significant difference between the production of gold and the declaration/ sale of gold to licensed gold dealers, traders, and/or the Guyana Gold Board,” the statement said.

The government noted that the difference it is clear based on the reduction in gold declaration to date when compared to current mining activities and concomitant investment within the sector.

“In this regard, an investigation has been launched aimed at having those involved in such action face the full force of the law,” the statement said.

As a result, the government urges miners and operators of their obligations to sell all gold to licensed gold dealers, traders, or the Guyana Gold Board.

“Engaging in the purchase of gold without the necessary licenses for such activities is illegal. Relevant agencies have been tasked with immediate and resolute actions to ensure that all mined gold is directed towards licensed dealers, traders, or the Guyana Gold Board.”

Further, the government made it clear that “those found in violation of these legal requirements will face prosecution. In the case of miners holding property tenures within the Guyana Geology and Mines Commission (GGMC), they risk jeopardizing their tenures if they fail to comply. Additionally, miners involved in selling gold to unlicensed dealers or traders may not only face legal consequences but could also be restricted from further participation in the mining sector.”

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