Gold miners sign new pact with govt. for more duty-free concessions

Dec 16, 2024 News

---

Kaieteur News- The Guyana Gold and Diamond Miners Association (GGDMA) and the Government of Guyana has recently signed an Investment Development Agreement [IDA] for vehicles and spares for a period of two Years.

The Association will be meeting with the Guyana Revenue Authority shortly to discuss the working of the IDA and the requirements that miners need to meet to qualify for this incentive. This much was told miners when they met at the association’s 40^th Annual General Meeting held on December 9, 2024.

At the meeting miners resolved to strategise and work together for greater growth in the sector and President of the GGDMA, Ronaldo Alphonso noted that despite the many challenges the industry faced this year, it has only served to make the resolve of the miners stronger. According to a press release by the GGDMA, Alphonso explained that even with drought and labour issues the industry must work for sustainable growth and develop and capitalise on new opportunities.

According to the association, in addition to the IDA, the government has partnered with the GGDMA for the development of several interior roads and bridges and the body has also been given a fast track to getting their issues ventilated with the various government departments via the establishment of a direct mining portal. The GGDMA says it is heartened and grateful for the support that the Government continues to provide to the sector despite the petroleum boom and the rise of the construction sector. Additionally, the GGDMA sad its executives continued to meet regularly with President Irfaan Ali on the needs and support for the mining sector. “The President has been fully supportive of the sector and has worked with the GGDMA to advance initiatives that will help bolster growth. As a result, the sector was able to get several benefits including: IDA on Vehicle and Spares; VAT exemptions on spares for machinery, spares for the dredges and all industrial grease and hydraulic oils. For those miners who sell directly to the Guyana Gold Board. This is now a part of the recently signed IDA with the government and is valid for two (2) years,” the release added.

Other benefits received from the government are: addressing labour shortages in the mining sector; three new roads for the mining sector plus $2.2B in rehabilitation works are currently being undertaken by the GGMC on existing roads. Toroparau to Kartuni Road, Kartuni to Cuyuni Road, and Toroparau to Makapa Road. The opening up of lands for small and medium scale miners through Lotteries held by GGMC; quarterly meetings with the Minister of Natural Resources and Technical Meetings with GGMC and Mining Direct Portal linking the GGDMA, MNR, GGMC and the GGB have also been cited.

“The GGDMA is satisfied with the support given to the sector by the current Government, noting that several of the concessions that were returned to them since 2020 have been maintained and efforts are being made to expand benefits for miners. The GGDMA is committed to continue working with the Government to achieve joint goals for the sector and stamp out illicit activities that negatively impact the sector,” the release stated.

Members at the meeting also raised the issue of the recent shortage of mercury which has seen the price skyrocket and some dealers exploiting the situation. Mr. Avalon Jagnandan, Administrator of the Guyana Gold and Diamond Miners Association (GGDMA), has reiterated the Association’s unwavering dedication to representing the interests of all miners across the country.

Speaking on the association’s ongoing initiatives, Mr. Jagnandan emphasised, “The GGDMA remains steadfast in its commitment to advocating on behalf of our members. We will continue to actively engage with the Government of Guyana and all key stakeholders to ensure the interests of the mining community are protected and advanced.”

As part of its outreach efforts, the GGDMA hosts regular open days, providing miners with an opportunity to meet with the executive team, raise issues of concern, and seek assistance. Mr. Jagnandan encouraged all miners to take advantage of these sessions, underscoring the Association’s open-door policy and commitment to addressing members’ needs. He added that the GGDMA remains a pillar of support for the mining sector, championing initiatives that promote sustainability, growth, and the well-being of its members. The 40th AGM was held at the headquarters of the GGDMA. Marking a historic milestone, the event introduced a mini exhibition for the first time, offering suppliers and service providers an exceptional platform to showcase their products and services to the mining community.

(Gold miners sign new pact with govt. for more duty-free concessions)

(Gold miners sign new pact)

---

• AGM, GGDMA, Gold miners sign new pact, IDA, stment Development Agreement

---