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Guyana’s gold declarations fall from 641,828 oz. to 432,113 oz. in 5 years
Marudi Gold Mining Mountains, Region Nine (Orlando Wong photo)
Kaieteur News – Guyana is endowed with rich natural resources, including bauxite, timber, gold, diamonds, manganese, and now oil. The country is now being recognised as one of the fastest-growing economies in the world, owing to its offshore oil operations.
However, regarding Guyana’s gold industry, there has been a noticeable decline in declarations over the past several years. From 2019 to 2023, gold declarations dropped by approximately 209,000 troy ounces, according to the Bank of Guyana annual reports.
In 2019, gold declarations were 641,828 troy ounces. For that year, it was stated that the total gold declaration increased by some 4.7 percent with greater declaration from small and medium scale miners and a combined output of the foreign companies, Guyana Goldfields Inc. (Aurora Gold Mines) and Troy Resources Guyana Inc. declined by 26.6% to 186,584troy ounces
Similarly, in 2020, it was reported that gold declaration declined by 7.8% to 585,433 troy ounces. The gold subsector experienced lower declarations by Guyana Goldfields Inc. and Troy Resources Guyana Inc. to 73,155 troy ounces and 26,727 troy ounces respectively. Notably, it was stated that the outcome by the foreign companies reflected the cessation of operations by one of the large gold mining companies to facilitate a transfer of ownership, as well as lower extractions by the other large company, due to the enforcement of COVID-19 restrictions which limited the movement of workers. Also, for that year, declaration by small and medium scale miners increased.
Gold declaration declined in 2021, to 499,054 troy ounces reflecting decreased declaration by all categories of miners. Troy Resources and Guyana Gold Fields Inc. experienced contraction in output, to 16,845 ounces and 51,384 ounces, respectively. That year, Troy halted operations in May 2021, to facilitate a recapitalization of the company and was expected to resume production during the second quarter of 2022.
Gold declined to 486,415 troy ounces in 2022 reflecting decreased declaration by small and medium scale miners, while the sole operating foreign company recorded higher declarations. Guyana Gold Fields, the sole operating foreign company saw an increase in declarations to 101, 418 troy ounces at the end of 2022.
It should be noted that Troy Resources exited Guyana’s gold industry owing the country over $2.6 billion in royalties. The Government of Guyana announced in October 2023 that the company’s mining licence was terminated. Last year, total gold declarations contracted by 11.2 % to 432,113.2 troy ounces, reflecting a decline in production by small and medium scale miners and an increase in the sole operating foreign company. It was stated that AGM recorded higher declarations by 7.8% to 109,358.4 troy ounces at the end of 2023.
Moreover, Senior Minister Dr. Ashni Singh earlier this year stated that at least four Canadian mining companies are expected to start gold production as early as 2026.
He said that at the large-scale end of the spectrum, exploration activities continue to indicate very strong resource potential of over eight million ounces of gold with ongoing investment in Eagle Mountain, Marudi, Oko West and Wenot mining projects.
“Gold mining operations continue to offer profitable opportunities for both international and domestic investors and prospects for gold remain positive both at the large scale as well as the small and medium scale level,” the minister said.
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