– foreign revenue simultaneously increased 11.81%
The Natural Resources Ministry on Tuesday announced that gold declarations for 2019 stand at 634,905 ounces when compared to 616,223 ounces in 2018.
The Ministry in a release stated 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, Licensed Gold Dealers who purchase from small and medium-scale gold miners contributed approximately 57.69 per cent of actual declarations. These include Eldorado Mining and Mohamed’s Enterprises.
Further, the Ministry noted that the revenue earned by the Guyana Gold Board, on behalf of the Government of Guyana, 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 per cent).”
As such, the Natural Resources Ministry commended the miners who made declarations despite the many challenges and constraints faced in the industry.
The MNR also acknowledged the efforts and responsible conduct of the declarants and commended 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,” a release from the Ministry stated.
In addition, the release further highlighted that the Ministry recognises mining as a critical component of the Guyanese economy and as such, the Government will continue 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.
