Lall against proposal for Gold Board to cease purchase of gold

By Devina Samaroo

Chairman of the Guyana Gold Board (GGB), Gabriel HK Lall is in disagreement with proposals for the entity to stop buying gold and become a more regulatory body.

At a news conference on Friday, Lall told reporters that some legislative reform recommendations are in the pipeline and it is currently engaging the attention of Raphael Trotman, Minister of Natural Resources.

When contacted today, Trotman told News Room that the government is doing a legislative review of the entire sector and will be looking at the laws which govern the Gold Board as well as the Guyana Geology and Mines Commission (GGMC) and the Guyana Forestry Commission (GFC).

The Minister noted that recommendations are being made for the Gold Board to stop buying gold, however, no definitive decision will be made until the necessary consultations are conducted with stakeholders.

The law presently states that the Gold Board must purchase all gold produced in Guyana. Lall, however, noted that the State must have a presence in the gold business.

“The State needs to have a presence in the buying of gold,” the Gold Board Chairman said.

Meanwhile, General Manager (ag) of the Board, Eondrene Thompson also shared a similar view.

“I think it will give gold board more leverage in the gold industry,” Thompson noted.