Once prices remain strong, gold performance will rebound – GGMC Head assures

Gold declaration has seen a steady decline from 2016 to 2023 due to several factors but the Government believes there is still hope with several measures in the pipeline to curb smuggling and increase production.
Head of the Guyana Geology and Mines Commission (GGMC) Newell Dennison during a press conference on Wednesday noted that the sector is confronted with unprecedented climate-related and other phenomena over the recent years including flooding, COVID-19 which led to the pause of all activities, and drought.
He noted that many people have also moved to work in the agriculture, construction, and agriculture sectors. However, he said measures including investment in technology, deployment of more resources, hosting of lotteries, processing of land applications, and more, are being implemented to help the sector improve.
With these measures, he said, “as long as the price remains strong, there is expected to be a rebound in the gold performance.”
To ensure more gold is declared, the Guyana Gold Board (GGB) will intensify its mobile exercise within gold-producing regions to provide an accessible space for miners to declare their finds.
Minister of Natural Resources Vickram Bharrat told media practitioners that the GGB will intensify this exercise in areas with the most miners.
“We’re going to start the mobile unit operating in Lethem to get the gold from Murudi and other areas that they can sell to the Guyana Gold Board at a fixed date, time, and place in Lethem. We will try to do that in the Puruni, Cuyuni and Mazaruni area as well,” so that all of the gold produced is declared, he said.
Minister Bharrat pointed out that gold mined in Guyana must go through the formal channels which include the GGB, the dealers, and the licensed traders.
Further, stricter measures will be put in place to enforce the use of a production sheet by miners to declare their findings.
“The road ahead for gold and gold production in Guyana is a bright one,” he said alluding to investments by Reunion Gold which is set to start in 2027, Zijin Mining which is pursuing underground mining, and Omai which has restarted operations. The Government is also looking to tackle gold smuggling.
Asked if this is a contributor to the low gold declaration, the Minister did not give a direct answer. He said “We know our country. We know the resources we have to monitor mining in Guyana and the terrain and borders. What we do find out and what information is provided to us, we act on it.”
“If you ask me if gold is being smuggled through the formal channels out of Guyana, I would say no. It is not, because we have checked the system,” he added.
For 2022, the declaration was 486,415 ounces; for 2021 it was 499,054 ounces; in 2020 recorded 584,291 ounces and in 2019 some 634,905 ounces.
In June, the US instituted sanctions against Guyanese businessmen Azruddin and Nazar Mohamed for gold smuggling. Subsequently, three persons attempting to smuggle 240 ounces of raw gold through the Cheddi Jagan International Airport (CJIA) were arrested and charged.