Minister of Natural Resources, Raphael Trotman has announced a new processing fee structure for gold miners, with fees from as low as $400.
According to a statement from the Ministry on Friday, a processing fee of $1300 per ounce from 1 oz and up to and including 100 ounces has been implemented. However, a processing fee of $1400 per ounce will be charged for every ounce starting from 101oz and for every additional ounce up to 200 ounces.
Thereafter, a downward sliding scale of $1300 per ounce from 201 ounces to 300 ounces; and then $1200 per ounce for all additional ounces between 301 ounces to 500 ounces will be used. There would be a ceiling or maximum of $400,000 for all sales up to 1,000 ounces.
For sales greater than a thousand ounces, the processing fee would be $400 per ounce, for every ounce above a thousand ounces.
The statement noted that this new structure is in keeping with the commitment made by the Minister during a discussion with miners’ representatives and earlier this month at Cara Lodge.
The release further noted that the Chairman of the Guyana Gold Board, GHK Lall pointed out that this new fee arrangement, which immediately replaces the current $2,500 per ounce fee, represents considerable compromise on the part of the minister and the GGB, especially in the face of increasingly expensive regulatory and operational requirements.
He also noted that the new fee structure is a clear acknowledgement of the contributions of the mining sector to the Guyanese economy.
The statement added that the miner associations committed to updating their members on this now official fee regime as well as the importance and benefits of executing transactions with the GGB.
