New legislation likely for Gold Board

At a recent meeting between Natural Resources Minister Raphael Trotman and local gold dealers, it was announced that a new set of legislation is likely to be enacted to facilitate the smooth operation of the Guyana Gold Board. The new legislation, he noted, will benefit both sides of the table.

Proposed amendments to the present legislation include changes to the quantity of gold that may be legally possessed by a person; extension of the period within which a producer may legally possess gold before selling same to the Guyana Gold Board; introduction of a special dealer’s licence to possess, sell, or export gold; the ‘fit and proper’ criterion to be applied to persons seeking to possess this licence; increases in application fees, bonds, fines and penalties; and new regulations related to the acquisition of foreign exchange and the strengthening of the gold trading regime.
The discussions were deemed ‘fruitful’. The frank and open discussions made for a good understanding of the challenges and expectations of both the Government of Guyana and the licensed gold dealers.
In a release issued by the Natural Resources Ministry, it was pointed out that the eight licensed gold dealers were able to make a number of compromises to ensure that the views and positions of all stakeholders were given due consideration.
“Minister Trotman undertook to brief his Cabinet colleague, Minister of Finance Honourable Winston Jordan, on a number of positions the dealers have laid out, with a view to reaching a final position that could see the passage of the proposed amendments in the National Assembly after consultations with the licensed gold dealers,” the release said.
The companies represented at that meeting were GBTI Property Holdings, El Dorado Trading, Gold Bar Development and Consulting Inc., Mohamed’s Enterprise, Pure Diamond Inc., Excel Minerals Inc., Dinar Trading and Adamantium Metals.
Also present at the meeting were Guyana Gold Board Chairman GHK Lall, Gold Board General Manager Eondrene Thompson, and that entity’s Legal Officer, Stacey Weever.