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Gold, diamond and bauxite $$$ reduced as sand, stone and manganese increase

Jan 16, 2024 News

Kaieteur News – The gold, diamond and bauxite sectors have recorded a steep decline in declarations for 2023, when compared to the previous year.

This was revealed by Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh during his presentation of this year’s budget to the National Assembly on Monday.

Dr. Singh reported that the gold sector recorded a decline of 11.2%, on account of lower declarations from small and medium miners.

He explained, “Total gold declarations fell to 432,113 ounces last year. The single producing foreign operator recorded an estimated 7.8 percent increase in declarations, with 109,358 ounces declared in 2023. However, this was outweighed by the lower declarations from the small and medium scale operators, whose output fell by an estimated 16.2 percent to 322,755 ounces.”

Turning his attention to diamonds, he said there was also a decline of 19.3% in declarations. In 2023, 67,444 metric carats were declared.

Meanwhile, the bauxite subsector suffered a whopping 20.4 % decline. He said that the output in 2023 totaled 525,000 tonnes. Output from the larger producer declined to an estimated 317,919 tonnes, and output from the smaller operator to 207,321 tonnes. Dr. Singh said both producers attribute their performance to external market developments that have affected demand and prices.

The other mining sectors such as sand, manganese and quarry recorded increased output. For instance Manganese production reached 314,538 tonnes, 13% higher than in 2022.

There was massive increase in sand and stone extraction which saw increases of 98 percent and 21 percent respectively. These were driven by the demand from construction activity in the public and private sectors continuing to grow.

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