Record breaking year for the gold industry – Trotman

…declaration stands at 690,000 ounces

…as role of Gold Board to be adjusted

With just a day left for 2016, Guyana has made a record breaking declaration in gold, standing as of Thursday 29 December at 690,000 ounces.

Natural Resources Minister Raphael Trotman said the declaration is the highest figure in any calendar year in the history of Guyana.

For 2016, the Finance Ministry had projected a gold declaration target of 550,000 ounces, an increase of 21.8 per cent of the previous year’s target.

“As announced in the National Assembly recently, we surpassed that target. Today, I am ecstatic to announce that declarations stand at an unprecedented and whopping 690,000 – the highest gold declaration figure in any calendar year in the history of gold mining in Guyana”, Trotman told Journalists at his yearend press conference.

He recognised the contribution to small- and medium-scale miners, who declared the majority of the gold along with the two large companies Guyana Goldfields and Troy Resources.

He said Troy Resources has demonstrated good stewardship of the resources and 70 per cent of the gold declared.

“The Government looks forward to all miners producing and declaring high numbers in 2017 and pledges to continue to support the industry as we aim for a total declaration of 700,000 ounces in 2017. I take this opportunity to personally congratulate the miners, the two large companies and the dealers for their good performances.”

Changes needed

Meanwhile, Trotman, while giving thumbs up for the performances, said Government has recognised that some changes are needed in the regulation and management of the gold industry. He related that in 2015, upon assuming office, it was recognised that the Guyana Gold Board had over a number of years, amassed a deficit of more than $9 billion.

According to him, this was an “untenable” situation which cannot be allowed to continue.

“This demanded a comprehensive review of the 35-year-old organisation, which upon completion, informs us that the Board has to transition into the role of Regulator and diminish its role as a purchaser of gold. In a few weeks we will be meeting with miners, miners associations, and gold dealers to define the way forward.”

He said his Ministry has fought tirelessly for the continued existence of the Guyana Gold Board as it believes that there is merit in having the organisation function as a regulator to monitor gold dealers and notes the raised voices of many miners for an increased presence of the Gold Board within gold mining districts.

He said Government will continue to look at best practices both regionally and further afield, with a view of making the Guyana Gold Board a more vibrant, effective and viable entity vital for national development.

“Early 2017 will see some significant changes in the way the Board does business”, he informed.