475,202 ounces of gold declared – Ministry

…predicts higher declaration by year-end

The Natural Resources Ministry is moving ahead to achieve its projected target of 700,000 ounces of gold declared for the year 2017, reporting a 475,202 gold declaration thus far.
This is according to the Ministry which is now predicting an increased production for the last quarter of 2017.
The 2017 Budget has set the target of 694,000 ounces of gold, but the Ministry is aiming for 700,000 ounces.

World market prices are being credited with the recent declaration of enhanced production by Guyana Goldfields Inc, one of the two large-scale mines in Guyana.
The Ministry revealed that small and medium-scale miners have thus far produced some 309,787 ounces of gold while the two large mining operations – Guyana Goldfields and Troy Resources recorded a production of 117,002 ounces and 48,412 ounces respectively.
Total export earnings as at September 29, 2017 stood at US$603,980,775 compared with US$575,869,243 for the same period last year. As such, the Ministry is applauding all miners “for their dedicated effort despite challenges experienced by the industry, both locally and globally”, and is seeking to “surpass 2016’s record production of 713,000 ounces”.
Not only did 2016 record an unprecedented declaration earning the country some US$730,915,229, but small and medium-scale miners accounted for some 70 per cent, while Guyana Goldfields and Troy Resources contributed the remainder.
The Guyana Gold Board recorded 451,490 ounces of gold in 2015, surpassing the 380,000 ounces targeted.
It was then Natural Resources Minister Raphael Trotman revealed the Ministry’s target for 700,000 ounces of gold for the year 2017.