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Gold production increased in 2024 – Pres. Ali
Kaieteur News- President Irfaan Ali on Tuesday during his end-of-year press conference revealed that gold production has increased in 2024 when compared to the previous year.
“As of, a few hours before I came to the press conference, they told me gold has exceeded last year’s production… I don’t have the final numbers on that,” he said without divulging any further detail in relation to the increase.
President Irfaan Ali
Within the first three months of 2024, the Bank of Guyana (BoG) reported that the country’s gold declaration decreased. The BoG 2024 Half Year Report explained that total gold declarations declined by 10.3% to 188,160 troy ounces, reflecting lower declarations by small and medium scale miners.
The report said that, “The sole foreign company’s declaration grew by 35.3 percent to 68,557 troy ounces, due to continued favourable performance in their underground mining operations.”
Meanwhile, Central Bank said small and medium scale miners’ declarations declined by 24.8 percent to 119,603 troy ounces, resulting from dry weather which affected miners in the first quarter of the year while heavy rainfall stymied operations in the second quarter of the year. It was also explained that shortage of labour has been a challenge within the industry as miners sought better opportunities within the petroleum subsector.
However, despite these challenges, the subsector is expected to grow slightly by 2.1% for the year.
Moreover, this publication had reported that in Guyana’s gold industry, there has been a noticeable decline in declarations over the past few years. Kaieteur News had reported that from 2019 to 2023, gold declarations dropped by approximately 209,000 troy ounces, according to the BOG annual reports.
(Gold production increased in 2024 – Pres. Ali)
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