Home News 2018 gold declaration lower than 2017
…Gold Board projects 651,000oz exportation for 2019
The Guyana Gold Board (GGB) has projected that for 2019, declarations and exportations are to be pegged at 651,000 ounces.
This estimation was established in retrospect to the outcome from 2018, which turned out to be an “encouraging year” for the organisation.
According to the Gold Board, plans are on stream to manage and enhance existing emission control mechanisms, obtain a permanent operation base and fulfilling the Caribbean Financial Action Task Force and National Risk Assessment Anti-Money Laundering and Countering Financing of Terrorism standards and reduce legacy deficit on the Bank of Guyana and the Finance Ministry.
Pending capital projects are also expected to be completed during the next 12 months as well as continued training for staffers of the facility, the entity said.
As of December 31, 2018, total declarations from all sources amount to 613,073oz, which was 6.22 per cent lower than the figures from 2017. Additionally, the foreign exchange value of exports processed on behalf of dealers and the GGB came to US$443,961,666.
According to the Board, factors which led to the marginal differences between the two years were as a result of inclement weather, impassable roads, and depressed metal prices in the first three quarters of 2018. In the last quarter, there was some “strength” generated by dealers which increased the projection score.
While the Gold Board had blamed inclement weather, impassable roads, and depressed metal prices as a for decline, Finance Minister Winston Jordan in August 2018 revealed in the Finance Ministry’s Mid-Year Report 2018, which was laid in Parliament, admitted that the gold sector also suffered a decline of 9.1 per cent for the first half of the year.
This is equivalent to a decrease of 288,114 ounces in gold declaration. The report also revealed that this represented a 19.4 per cent shortfall (below the original projection set by Government).
The Minister in his report also noted that there are a number of downside economic and fiscal risks to the economy, both domestic and external, which can frustrate the achievement of the various revised targets.
Meanwhile, Natural Resources Minister Raphael Trotman acknowledged licensed dealers – Mohammed’s Enterprise and El Dorado Trading – who placed first and second respectively in the total declarations and gold export.
Following these entities were contributions from Pure Diamond, Dinar, Excel, Adamantium Metals, Guyana Bank for Trade and Industry (GBTI) Property Holdings Incorporated and Gold Bar Development.