Economy buoyed by record-breaking US$850M gold earnings

Economy buoyed by record-breaking US$850M gold earnings

 Foreign currency earnings from gold exports, despite the low prices, are expected to reach a massive US$850M, making the industry one of the most resilient for the country in recent years.

Gold exports earnings estimated at a record US$850M for the year

According to initial estimates provided by the Ministry of Natural Resources, yesterday, this would mean that taxes and royalties from gold sales would rake in at least US$60M.

Yesterday, gold declarations broke several records, including surpassing the 700,000 ounces mark.
Some 705,000 ounces was recorded as declared yesterday by the Guyana Gold Board, confirmed Natural Resources Minister, Raphael Trotman.   

“Thank God, the miners and dealers for an excellent and record-breaking performance. It could not have been done without their help,” Trotman said.

As of yesterday, the highest single declaration came from the Canadian-owned Guyana Goldfields with 154,744 ounces. Mohamed’s Enterprise which has continued to lead the dealers’ declaration in recent years has come in with just over 150,000 ounces.
It is clear that there was a last moment surge to declare. On Thursday, the declaration stood at 690,000 ounces.

The 700,000-ounce mark would be remarkable considering the fact that last year it was 550,000 ounces. Prices have not gone up considerably, with world prices at just over US$1,150 per ounce.

While the large scale producers – Guyana Goldfield and Troy Resources – have boosted declarations with around 250,000 ounces between them for the year, Government, faced with a poor sugar performance and falling rice prices, have been more than heartened by the performance of the miners.

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  • Verdine Benn  On 01/06/2017 at 1:33 am

    Happy to hear this report. This confirms the fact that in earlier years the gold was being stolen or not being reported. The resources are needed to pay for infrastructure and therefore for the development of the country

  • demerwater  On 01/08/2017 at 4:26 am

    This is indeed good news; but nagging memories of Colonial exploitation just will not go away.
    So here is a suggestion. Put aside some of the income from Guyana’s mineral wealth into a fund dedicated solely. It bears repeating. DEDICATED SOLELY – to the country’s Agricultural Diversification.
    Mineral wealth is not renewable. Agriculture is sustainable.
    The sugar industry is a prime example of the Hobson’s Choice facing the Governing Class. I do not know all the ‘ins and outs’ of Industry; but I have a nodding acquaintance with the SILWF (Sugar Industry Labour Welfare Fund) and the Sugar Industry Price Stabilization Fund. Each was a cess (pardon my Scotch) on every ton of sugar produced. Many screamed “Blue Murder!!” when these funds were used for other than their intended purposes. Sadly, I cannot recall the details of the furor when the PNC government diverted some of the profit from GUYSUCO into other programs. I was at Albion; and my full attention was to more immediate problems. The PPP and the (sugar) Unions were unanimous and united in their opposition to the very idea!
    Time has passed. Hopefully attitudes have changed. I hope to see the day when the Government of Guyana, the mineral industries and advocates of Agricultural Diversification get together and agree on a plan and the funding of it.

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