Gov’t signs 2-year concession renewal with mining associations

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President of the Guyana Women Miners Organisation (GWMO), Urica Primus and President of the Guyana Gold and Diamond Miners Association (GGDMA), Terrence Adams on Monday signed a two-year concession renewal agreement with the Government of Guyana.

According to a press release from the Ministry of Finance, this is the first time that the GWMO signed the agreement as an individual entity and also the first time that the agreement has been renewed for a two-year period rather than annually.

Other signatories to the agreement were Winston Jordan, Minister of Finance; Godfrey Statia, Commissioner General, Revenue Authority (GRA); Newell Dennison, Commissioner General, Guyana Geology and Mines Commission; and Dr. Mahender Sharma, Chief Executive Officer, Guyana Energy Agency.

Also present at the signing ceremony was Hon. Raphael Trotman, Minister of Natural Resources.

Minister of Finance and President of the GGDMA, Terrence Adams [Ministry of Finance photo]
“The agreement is the third that has been signed by Government but that it was more comprehensive and was accomplished through evidence-based negotiations,” Minister Jordan was quoted as saying in the release.

It was further noted that the signing comes on the heels of other budgetary measures that were put in place as a mark of the Government’s unwavering support for the sector and appreciation for the invaluable contribution that miners make to the country’s economy.

According to the release, Minister Jordan appealed to the miners to always be cognisant of Government’s support and urged that they in turn ensure that declarations are made in the same spirit.

“The Mining sector has benefited from significant interventions, since 2015, by way of tax concessions on machinery, equipment, fuel and vehicles for small and medium scale miners; a reduction in the Tributor’s Tax from 20% to 10% and a sliding scale percentage based on the price of gold, which replaced the 2% of gross proceeds.

“Additionally, more than $1 billion was allocated in the 2018 Budget for the upgrade of key roadways in the Hinterland, so as to provide easier travel and transportation access for miners and loggers, in particular, within hinterland communities,” the release noted.

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