Tag Archives: Guyana Gold Board

Guyana Gold Board wants to buy “all gold” directly from miners

The state-owned Guyana Gold Board (GGB) is further decentralising its operations by deploying roving representatives in mining communities, General Manager Eondrene Thompson announced Monday.

The GGB’s main office is located in Georgetown and a satellite office in Bartica, in addition to agents who are licensed dealers. But Thompson said her entity wants to buy all of the precious yellow metal being produced here.      Continue reading

GUYANA – Capitol TV News Videos – 16 November 2015

Capitol TV logoGUYANA – Capitol TV News Videos – 16 November 2015

  • Berbice Bridge – Toll reduction in two weeks
  • Miners not happy over GGMC order
  • A man found dead in a drain, relatives puzzled
  • More help for the US for Guyana
  • Police steps up its security measures

Click links below to view the TV News Videos:-

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Guyana has been living beyond its means – Anand Goolsarran

Guyana has been living beyond its means – Anand Goolsarran

$86B accumulated in debts  – Consolidated Fund overdraft about $60B
Former Auditor General, Anand Goolsarran

Anand Goolsarran

June 3, 2015 | By | By Kiana Wilburg
With respect to Treasury Bills, Guyana has accumulated over $80B in debt. And the Consolidated Fund could be overdrawn by as much as $60B.

Former Auditor General (AG), Anand Goolsarran in pointing to these startling findings, said that it paints the clear picture that “Guyana has been living beyond its means.”
To cement his point, he examined the explanation given by Finance Minister, Winston Jordan for the Consolidated Fund being in heavy overdraft.  Continue reading

Gold smuggling…Industry calls for tighter border checks

Gold smuggling…Industry calls for tighter border checks

JUNE 12, 2014 | BY  | – dealer buys the most, declares the least

Stakeholders of the gold industry are calling for tighter border controls amidst claims of smuggling to Suriname.

Stakeholders of the gold industry are calling for tighter border controls amidst claims of smuggling to Suriname.

Stakeholders in the gold mining sector yesterday called on Government to tighten security at the country’s borders, including those with neighbouring Suriname, amidst shocking reports of a large-scale smuggling operation.

At the centre of the allegations is a dealer from the North Georgetown area who is being accused of buying hundreds of millions of dollars in gold from miners and instead of declaring it to authorities, which would attract a mandatory seven per cent tax and royalty charge, reportedly opted to sell it in Suriname.

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Gold is Good for Guyana – production update – video

Gold is Good for Guyana

(Capitol News – 22nd November 2012) The Chairman of the Guyana Gold Board, Dr. Gobind Ganga, feels that it may not be necessary for the country to hold a lot of its own reserves in Gold at the Central Bank, simply because the country is a gold producing one. A prominent Gold trader in the country, Nazar Mohammed, had hinted in two letters to the press recently, that because of current financial rumblings worldwide and more so in the United States, small states like Guyana should hold significant gold reserves.

Dr. Ganga says, while he does not want to be drawn into a discussion with some persons in the private sector on the worth of holding gold, the Gold Board by its very operations has a gold reserve. The Gold Board Chairman said that Guyana earned around 517 Million US dollars from Gold exports. He noted that once the price is stable, and the miners and dealers continue to sell through the Gold Board, the country will have significant reserves daily in gold.   Continue reading

Corruption in gold mining sector under scrutiny

Corruption in gold mining sector comes under scrutiny

MAY 16, 2012 | BY  | By Leonard Gildarie

 …local consortium proposes refinery

An age-old practice by holders of large and medium scale exploratory permits to allow illegal gold mining has drawn fire from government quarters.
During a luncheon in celebration of the 30th anniversary of the Guyana Gold Board (GGB), Natural Resources Minister, Robert Persaud, said it is a major issue being tackled by his newly established Ministry.

Some of the companies involved in the illegal act are prominent ones and the guilty parties could very well face sanctions and see the seizure of the Prospecting Licence, Persaud warned yesterday during a session with reporters and stakeholders at the Sleep Inn Hotel on Brickdam.

According to Persaud, there is clear evidence, via written agreements and otherwise, of the illegal actions.   Continue reading

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