Gold declaration at 400,000 oz

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Gold Declarations at the end of July 2019 stood at 400,000 ounces, according to the Guyana Geology and Mines Commission (GGMC).

In a statement on Friday, the GGMC said this is an increase from the same period in 2018 and represents an approximate average of 55,000 oz. per month.

The disclosure, the Commission said, was made by Minister of Natural Resources, Raphael Trotman, on Wednesday as he joined the Board Members and staff of the GGMC to celebrate its 40th anniversary.

The Gold Board is targeting 651,000 ounces for gold declaration this year. At the end of 2018, total declarations from all sources amount to 613,073oz, which was 6.22 per cent lower than the figures from 2017.

The Minister also pointed out that there are three ongoing bauxite operations at Linden and Aroaima in Region 10, and at Bonasika in Region 3. This is as a result of First Bauxite’s entry to the fold of bauxite producers alongside Bosai Minerals and Rusal.

According to the statement, the Minister also lauded the exemplary work of the Petroleum Division of the GGMC in preparing the nation for ‘first oil’ within the targeted period, and he commended GGMC’s embracing of Information Technology to digitize the process of applications for prospecting and mining permits and overall land management.

All these achievements, the Minister opined, have been made in the face of attempts at disruption of operations of the institution, challenges brought on by changing weather patterns that hinder effective hinterland road maintenance, and unhelpful criticism, which seek to define the GGMC as an inept and inefficient state agency. GGMC, he said, has defied its critics and continues to stand strong.

The GGMC was established as a statutory body by an Act of Parliament on May 14th, 1979 to, among other things, “promote interest in mining and mineral exploration, the development of the mineral potential of Guyana, and the production, supply and sale of minerals and mineral products.”

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