2019 gold declaration at 634,000 ozs

The Ministry of Natural Resources (MNR) Tuesday evening announced that the 2019 gold declaration stood at 634,905 ounces.

The declaration was 18,682 ounces above what was declared in 2018 (616,223).

The Ministry said that of the declarants, Guyana Goldfields and Troy Resources stand as two large scale investors which, despite severe challenges and constraints, managed to have reasonably good production.

Correspondingly, the ministry said, licensed gold dealers who purchased from small and medium scale gold miners, contributed approximately 57.69% of actual declarations.

The Ministry said the revenue earned by the Guyana Gold Board has also increased. For 2019, this has amounted to US$ 111,971,234.84, equivalent to 79,702.849 ounces. This exceeds the revenue earned in 2018 (US$ 100,143,596.40) by US$11,827,638.44 (11.81%), the Ministry stated.

The Ministry commended the miners who made declarations despite the many challenges and constraints faced in the industry, not least amongst which, are a prolonged wet season and labour unrest, and is pleased that the country has surpassed the declarations of 2018.

The MNR also acknowledged the efforts and responsible conduct of the declarants and praises the Board of Directors and staff of the Guyana Gold Board who have been key facilitators of this process. As the year 2020 progresses, it is hoped that the practice of increasing these declarations continues through the recommended and accepted processes.

The Ministry said it recognizes mining as a critical component of the Guyanese economy.

As such, the Government of Guyana, and the MNR in particular, continues to promote the growth of the sector in the most sustainable way by providing regulatory, fiscal and infrastructural support to aid miners in their worthwhile endeavours.